Really shocked today. Open two positions on USD/JPY long and NZD/USD short.
It is really a big issue I am facing with trade management. Both pair move 45 + pips then I move my SL to BE,thinking that price will not come back but unfortunately price stop me out and move towards my predicted directions. Only had 5 pips from two pair where I can easily get 80 pips or may be more.
I can feel your pain⌠It always happen to me, that why I am trying to learn how to master my emotions to overcome this issue. Everytime I came across this scenario, I just encourage myself at least entry is rightâŚHahaâŚ
Dun know when then can reach Nikitaâs level⌠Still learning everydayâŚ
Since I was missing good entries, I decided to enter pending trades. I set 2 of them yesterday (I know itâs Friday, but saw a good entry point). And both hit my tp. If I was in front of my pc, I would have netted an additional 40 pips each from both trades. But canât complain.
Made 92 pips and done for the week.
nzd usd (W, M and D was down): price got rejected off my weekly sr (marked in red), I was 10 pips late with the entry
sell nzd usd @ 0.7884, sl : 0.7905, tp: 0.7837, tp hit for + 47 pips
usd cad (M, W, and D was up)
price was rejected off my daily sr @ 1.1152
buy usd cad @ 1.1160, sl: 1.1149, tp : 1.1205. tp hit for +45 pips
I would really appreciate any comments on this as it will help me improve my trading (I am still demo trading). So far didnât have solid monthly gains to trade live.
Your entry was good. NZD / USD pair has very good setup, managed to get 31 pips at last. I have same problem unable to watch the market all the time. I was long on USD/JPY but stop me out at BE before it shoot up.
Thanks sharebazar for your comments. Much appreciated. I get so upset when I miss great opportunities. But thatâs how it goes and I wish I could stay home and trade full time (Maybe when I make a couple of million dollars
Since I missed some good entries last week, I am going to try setting pending orders. I know I might have more loosing trades. But with a full time job, it is extremely difficult to be in front of the pc all the time.
eus usd
M , W, D down
Set a sell limit order @ 1.2573, sl : 1.2585, tp: 1.2521
chf jpy
Not sure about bias. No trading
eur gbp
M : Previous month hit my monthly SR @ 0.7756, price seems to be rejecting the SR.
I think bias is up
W : UP
D: Going up and coming closer to my weekly SR @ 0.7873
I am going to skip this pair and the price is too close (about 30 pips) from the weekly SR. Last week also price rejected this SR.
No trading until the bias is clear
gbp chf
M bias is up, but price is too close to my M SR @ 1.5508.
skip the pair
nzd usd
M : down
Price bounced off M SR @ 0.7713.
skip the pair
usd cad
M : up
price is too close to M Sr @ 1.1238
eus usd
M , W, D down
Set a sell limit order @ 1.2573, sl : 1.2585, tp: 1.2521
I think your SL is very tight, is there any reason you put it there, may be soon you will get the entry filled but there is high probability that it will hit your SL as well.
Your are trading according to the bias but without confirmation, which is risky in my opinion.
You are 100% correct. Thanks man. I set the sl and tp based on hourly tf. My trade opened and hit sl. I forgot I open the trades based on D, W and M tfs. My fault.
No going to wait for a short opportunity at my monthly SR @ 1.2648.
What do you think about setting a pending order around this area or wait until it bounce off? I am scared that I might miss the opportunity.
Price already broke that level and retracing back for BPC.
donsis a great set up your in the money now , every trade is totally individual . How many pips does one want ? does the person have the time to sit infront of the PC? . I like your trade so make some pips.
Unfortunately, my trade hit the SL. I was not in front of the pc (usually sleeping during uk session, got to give your mind and body a break too).
I had my sl around 75 pips. It went up 50 pips and retraced and hit sl. If I gave few more pips into y sl, I would still be in the money. Now waiting for another entry.
Lessons learned.
I have a question regarding eur/usd. As we can see, Monday & Tuesday, the daily bias is up. Does it mean that now we have to look for a buy when trading with the daily bias?
For me I will wait until I get the daily bias short then I will look for short entry.
May be by tomorrow we can see where the price will go. No trade on EU today I will look for different pair to trade today. According to daily bias it is ok to look for long entry but I donât feel comfortable to trade against W bias.
I would like to ask your comment on usd/jpy. As you see, weekly bias is up. Yesterday is a pullback candle, but nonetheless, it is still a bull candle. So how would you interpret this? As in how safe do you feel if you were to trade this pair OR no trade at all for this?
If you look at the pair how fast the price drop from last couple of weeks. If you draw a horizontal line around 0.7970 and 0.7950 area you will see price broke the support and last week price almost retrace back to the support line which is now resistance. I was waiting to go short on Tuesday but when I saw Monday candle closed bullish so I give more time and keep monitoring the price.
According to last weekly TF bias was bearish so I will only look for short and when market retrace back to around 0.7925 area I was waiting for the signal to open short position, then price move to .0.7950 resistance area and when I see that 07:00 am GMT 1HR candle closed bearish I open the position at 08:02 am GMT.
I am not good at explaining stuff hope you understand what I want to say.