Thanks a lot for your fast reply! MM = Money management - Wikipedia, the free encyclopedia
nice one man
Hi All I hope everybody is making money, yesterday was good manage to make 36 pips but today hit my SL lost 30 pips, still waiting for the price to drop around the support then I will place a buy order.
Havenāt got any trades yet this week using this strat. I find the price action and correlation to be off (maybe its just me).
OK I just went long at 1.3116 on EU because of the double test of support and the trendline (and of course it is with bias). Correlation isnāt exactly how I would like but other than that it seems okā¦
I have a 30pip trailing stop because of upcoming resistance levels and the 4h is still bearish looking although that could be because of the Chinese announcement earlier.
1H EU
4H EU
nice entry and SL.
Thanks nikita Iāve really been working on my patience and drawing proper S/R levels and trendlines which is definitally starting to pay off (especially the patience).
I had the TP set at 1.31853 and price hit it and reversed at 1.31859 Iāve never had a TP that accurate before and Iām not gonna lie, it feels pretty good :D.
Love it when that happens. Makes me feel so smart lol. Nice trade pays to have patience from time to time
Yea bob I agree with you, it makes me feel pretty smart haha. Problem is it also makes me feel lucky which is a feeling Iāve come to hate in this business because if I feel that I was āluckyā for winning a certain trade that shows (to me anyways) that I wasnāt fully convinced in my reasons for entering and should not have entered, win or lose. Although I suppose this one was different because I was confident I had made the right decision (well, as much as can be had in trading) and just happened to have my TP set where price reversed.
Anyways, I was reviewing my trades for this week and I wanted to correct myself above when I said I hadnāt taken any trades using this strat. I did in fact take two trades on monday. One on AU hit my TP for +35 pips and one on EU hit my SL for -17 pips bringing my total bagged pips (from this strat) this week to a little more than 70 (I entered a loser for -14 pips yesterday).
Always look at bias and price levels.
NFP EU gave a no brainer trade today with a SL of about 15 pips.
Im done.
Use a good money management and compounding chart and all you need is about 20 solid trades to be making serious money.
Always remember, the least you should aim for is 1 to 1.5
Very good day for the forex trader who is following this method to trade, once again thanks to Nikitafx, I have closed my trade early as I was bit confused about the NFP report, still took 39 pips. I hope everybody does the same.
Finally some decent pa today! Its been pretty lousy this whole week. (At least the hours that I trade)ā¦
NZD/USD and AUD/USD have been pretty good, pretty consistent uptrend with consistent PA. And even Cable has been pretty good, imho - overlaying the 240 and the Hourly has given some nice, predictable setups.
ST
They do, but unfortunately the good setups on those two pairs usually happen when Iām asleep or working (although my job is pretty lax and allows me to keep an eye on the charts through my phone and PC most of the time.). As it is Iām lucky to get 5 hours of sleep a night.
I trade two other methods as well which allows me to be much more picky in my setups and still pull in a good amount of pips a week.
Yes, sorry, was not meaning to knock. I tend to sleep 00:30 - 05:30 as it is, and have been frustrated to see some lovely setups off the end of the 00:00-04:00 bar on the 240 chart for those two pairs. It did occur to me to set my alarm for 03:50 then go back to bedā¦ but I get little enough sleep as it is lol.Anyway, youāre absolutely right, of course, that that is one of the frustrations of trading intraday. Sorry if I came across critical, not my intention.
ST
No insult taken Simon. In fact it didnāt even cross my mind to be insulted haha. Besides that I like honest criticism and now that I look back on the AU and NU charts I see a few that I should have seen. I suppose that once I gain more experience I will miss less good trades and pass on more bad ones. The same thing occured to me to try setting an alarm near the end of the same candle, but every time Iāve tried it so far I never even heard it go off :31:. Guess Iām just a deep sleeper lol.
Phew! Thanks for taking it well, I read my post back and feared it was a little clumsy. We all miss setups, I am sure - I look back over Friday morningās charts and see a couple of sitters, now, yet at the time I never saw them. Could have been a 3% off two trades morning, sigh.
Iām a deep sleeper, too - I am still kicking around the alarm idea but Iām just not sure itās really me. So I am doing a few more weeksā monitoring after the event, seeing whether it is really necessary. You can never do too much researchā¦
(And sorry to be slow to this, long weekend off)
ST
You are a gentle giant ST.
gentle in your response and a giant in knowledge.
Those who cannot take some truth are welcome on not to comment.
Have a good one chief
Hey Nikita,
Iāve been looking at the markets recently and I am not sure whether I got the bias thing correctly.
You mentioned about looking at the previous day candles to determine the bias for the day. However there were quite a few times where daily candles changed directions. Instead, my current thinking right now is to look at 4H and 1H charts and look at the HH, HL, LH and LL to determine the bias.
On that kind of thinking, I entered the EU yesterday on a short trade at the green line, with my stop loss on the red and targeted profit on the yellow line. All these three lines were kind of significant resistance / support lines on my chart.
Could you give me some comments on this?
D TF is a guide for me to decide if I am only going to buy or only looking for sell today.
When you have Bias change direction abruptly for a few days in a row, than we know that price has reached a significant S & R level on D TF.
This is where picking entries on H1 and H4 and being very thrifty with our SL comes into play.
If we are not sure, than we dont trade. Simple as that.
So we pick entries based on H1 and H4. Buy or sell, we use DTF.
Make sure your profit target is atleast 1.5 times larger than what you are risking.
That way, even if you only have 5 profitable trades out of ten, your account will still grow.