pretty cool… what currency pairs?
right now I’m up 40 pips in aud/usd on the downtrend… and i closed out 11 of nzdusd.
Hoping to get some pips out of a couple other pairs but I will post my log when I get to close all or most of them out
2Dyekid:
Hey, how much percent of your capital are you risking? And remember, you have to add all open positions together.
less than 2%
caught some nice downtrends today. I started a new account at 100:1 ratio to make it more realistic if I have to start with $500.
traded .05 lots
Closed out as soon as the trend started to lose momentum. Pulled in 135 pips
http://img854.imageshack.us/img854/1663/picture10j.png
I did use some SL’s this time… waiting to see if I can open a position long on the AUD USD now that it has hit a resistance zone
Demo trade for at least a few months before jumping in.
Long at resistance?
You mean SUPPORT?
Pay close attention to that move down. That was no timid approach.
Momentum is a barrier crasher.
yeah i re-entered short it just broke the support* level lol.
what do you guys recommend for a trailing stop?? 20-30 pips?
You’re a bright kid;) Think outside the box. Trailing stops will cost you money more often than not.
alright I’ll keep that in mind
Fractal points are recommended to trail stops behind…if you are long, then a bit below the last fractal; if short, a bit above the last fractal.
pulled in 218 pips last night off usdcad and audusd… they both hit the floor/ceiling for now so we’ll see what they do
re-entered short usdcad re-entered long audusd
EDIT: added a stochastic indicator with 20+80 levels to show overbought and oversold
Are you basing your decisions on multiple timeframes, or just a single one?
multiple… I use the hour to determine the long trend and the 15 to find an entry point. 4 hour for longterm too
made some bad trades yesterday later realizing it was reaccumulating on most currency pairs.
I’m switching to the bbands and rsi indicators to see if I can get a better trend confirmation before entering a trade. also added fractals to see previews highs and lows
Hey Dye, too bad on the trades…live and learn. Glad you keep coming back and sharing your experience. This forum was a bit tough on you when you first dropped in, but you held your ground and did alright in defending yourself and your plan. Glad to see you are sticking with it.
How are you doing in managing your trades once you are in? I mean do you see it go against you and push the button and exit, or do you have stops set, or do you give it some room to recover and then exit? I ask because when I first started I would see a position start going bad and I would hit the exit immediately only to see the position usually recover, if not fully at least partially. What I learned was to keep a close eye on it and wait. I could usually manage my way out of a trade with much less of a loss than what I initially thought I was going to get taken for. Good Luck
yeah I never get into any really bad trades… THey do go south sometimes but I try and hang in there to see what happens. Now I’m just trying to find a good system to get a better grasp on entry points and if the market is being overbought or oversold
For whatever reason, I am starting to like you a little bit. BUT!!!
“I try and hang in there to see what happens.” Another rule to remember, Never chase a loser.
Cheers buddy!
well if I can tell it’s not going to create lower lows then I stay in as long as i can. Usually trailing stops.
I’m going to see how good these bollinger bands and RSI are… also combined with stochastic on a 14 slow period, hopefully I can choose my entry’s better