A more true statement has never been said! 
If we do not move our SL to BE per wave. Then how many pips into profit should we consider to move SL to BE?
I see sometimes I got stopped out of a good trade because my SL was @ BE and exactly at that point, price would start a new wave and move again in my anticipated direction.
I am considering in such case I possibly entered to early?
What I do and I cant say its right. Usually lets say I went in 2 lot with a 20 pip stop. I will take profit on 1 lot at 1:1. Now keep in mind that is actually not 20 pips. It would be 40 pips. Since I went in 2 lots with a 20 pip stop 2X20=40. So I would wait till then if the market looks to be moving strongly in my favor then I will just move stop to BE and let the whole position ride. If it looks to be shaky then I will take profit on 1 lot and move stop to BE. Now when trailing my stop down past BE. I will use a lower time frame such as the 1hr and trail my stop to the 125% (I use fibs fr this so its really 128%) level of the previous waves support or resistance. This way price had to break support or resistance a good ways to get. I still get stopped to see price move in my direction again these things happen. Hope you understand what I mean
Spot on. I do that myself Bob, however only when I have at least 2 lots open.
If I went in with only one lot, then it gets tricky as I donāt want to close a part of the position which is so small to begin with. I guess this is greed too.
Yes this is true it is greed but you have to remember greed is not a bad thing as long as you do not let it control you. After all why are we trading the markets anyway. People can tell themselves what ever they want to help them sleep at night. In the end we do it for money its the greed that has bought us here.
Now for your question if only carrying 1 lot then I will use either method which ever comes first.
Very trueā¦
Had a couple of āahaā moments in quick succession and now see why my analysis was so rubbish.
Hopefully do better tomorrow but probably testament to how good the method is that I only managed to take one trade so far this week:)
You on the right track. Keep in mind tomorrow is friday and markets can act stupid as profit taking is going on
You see, Monday and Friday are both not good days to trade.
So, all of a sudden this 24 hour market really gives us only 3 days to trade in a week.
And then we have to wait for proper setups for higher probability trades.
So choppy markets atm. Had only 2 trades this week. How about other memberās here ?
Yeah, around there myself. Daily bias seems hard to determine. I just made this trade though:
Short GU; Daily bias down, downward trading channel:
H1:
D TF:
This weeks been ruff. 4 Trades done so far which I never do. 3 went for a loss and 1 went for a huge 4 pips. I took another long on the AU at 1.0125. Moved stop to be this morning. Hoping to see it retest the 1.02 figure today. If it does this will move me back to break even on the week. I have been in bit of a slump lately with taking a loss last week and this week I am fighting to get back to BE. We will see how this plays out.
I borked a short on A/U earlier but also just sold G/U.
Stopped out. I have a lot to learn. Can anyone help me with what I did wrong please?
Haha, well that couldnāt have gone more wrong! Iām calling it quits for the week, 3 trades 3 losses.
Yeah, I just saw that huge bull candle.
See, GU went up real fast, no real reason I can think ofā¦
I canāt think of what you did wrongā¦ but for sure you did right by having a SL.
I was long AU and GU yesterday right at the bottom where they started going up around round numbers.
But I got out around 3pm CST before end of financial day.
This is where I would have taken partial profits and let the rest of the position go into the next day because both of the AU and GU are at my target areaā¦ (GU actually shot up even more)
I see a HUGE reversal candle on M15, would it wrong to jump back on the horse?
I see that one too. Hmmm wondering if we should pull the trigger, or call it a day (week)
Itās so tempting but Iām thinking
- Itās Friday so predictability is down
- Only a few hours till London close
- Bad RR