Thanks for responding. If my risk is $100 for example I don’t know how much pips this is. It can be 10 pips or 500 pips I adjust the lots I trade to make my risk always $100 I would never take a 1R:1R If I have 50% hit rate because -$100 + $100 = $ 0,00 But I think you suggest to make my risk smaller then $100 (small Lots) in this case. Is your maximum loss in a normal trade always the same amount of money? Or is it depending much on your Risk:Reward ratio?
I have the same problem with moving to early to BE or a to small trailing stop. But better small money in the pocket then SL hit
Nice trade setup Sharebazar. I was looking for a sell from the top of that wave but I mist it and I was not sure where it was going Why did you take this trade?
My R:R is always depend on individual trade, before I open a position I check how far price can pull back and when I can place a trade and how much I can loose if I open on particular price. As nikita mentioned that always save the capital.
I am adding half of the profit to my capital and keep half for the loss management, so if trade goes against me then I will close the position before I make more loss.
Once again price move more than 100 + pips without me. I open the position in very good time and price on GBP/AUD pair but did not managed to hold it long. I will try few new things from this week lets see how it works.
Hit my trailing stop in both trade on GBP/CHF pair. Tried new things and it works in first attempt. Divided half the lot and open separately and keep trailing one position and one move the SL to BE. Total gain 111 pips from two trade.
Both position closed yesterday, BE one I fixed the TS for 30 pips, once the price move bit further my TS hit. I open this position early and I was waiting for another to open but I just waited bit longer to open in better price.
[QUOTE=“sharebazar;633184”]Hi TC Holland Both position closed yesterday, BE one I fixed the TS for 30 pips, once the price move bit further my TS hit. I open this position early and I was waiting for another to open but I just waited bit longer to open in better price. <img src=“301 Moved Permanently”/>[/QUOTE]
I believe The most important step, from a newbie to profitable involves a midstep.
The Step of stop loosing money from the account.
When that is achieved than the next step of being profitable can be attained.
Its difficult doing anything when we keep loosing money on each and every trade and cannot cover back even the losses.
Its important for us to acknowledge when we hit this spot.
Where we go from there on is up to the individual traders efforts and diligence.
All this method can do for a trader is help hit that spot.
Full engulfing buy candle last month. Shows that buyers are back and are strong.
Its much more accurate to read individual candles higher TF because of the amount of data in it.
Thats why min 5 candles are often full of false signals
Line marks where the possible retrace might come to before continuing north.
Drop down to WTF and line is refined further based on nearest historical price rejection. Wave is easier to see this way. Often, institutional players have repeat orders on the same spot and this is how we find out where that spot is.
We can count on price being rejected solidly from that area. This is also how we minimize our SL.
DTF can be used to further refine our entry point, or watch for candle formations here in the future. A solid pin bar here means up the risk and hold on for a hundred or two hundred pips in most cases.
H4 is used for our entry methodology when price eventually comes down to it. If it doesnt, than too bad.
This is how I mark my monthly or even weekly trades.
Weekly candles offer solid returns too, if coupled with bias and retracement points marked out. Often, price will not go more than 50 or so pips from these extreme points.
Hi Nikita with your valuable support and help I have managed to stop loosing money and get profitable trade. I am very close to the spot you mentioned above. Give me some advice what will be the best way to progress. What you did when you was in that spot.
I was also had a position on AUD/JPY but I move my SL to BE and eventualy closed my position with 3 pips. Anyway that was a lesson for us to becareful next time when we think to open position on end of the month.
I am bit confused about the EUR/CAD pair, Not 100 % satisfied at present to go short. But daily candle close with long wick, so I will wait until to see some good opportunity. May be tomorrow london open will create opportunity.
I am for a long time on the spot at keeping my account on BE(demo) But I thought it was impossible to make profit But last week when I was reading one of your posts I had my EUREKA moment, my ah, ah moment. It is not the system that somebody is using for trading that is the most important but to see and understand how the market moves makes the difference. Using your way of reading the charts helps me a lot Still work to do on training this method, finding SL an money management
Another Price Action thread - good to see that some people are moving away from throwing 50 indicators on their charts hoping to make sense of all of it.
The more raw the chart is, the easier it is to understand what is happening in my opinion.
