You’re welcome!
I made bank on USD/JPY but still waiting for the Euro to get some love.
Could be coming this week. I’ll be watching for sure.
Nice, will test this strategy. Originaly was only in 5m, but are you guys having better results in which other timeframes? and how you guys use psar in the strategy?
Hello,
Welcome to the forum.
To answer your questions:
I find the strategy works in all timeframes, but the smaller the account, the shorter the timeframe is my suggestion.
If your account balance is under $5,000, I think the M1 to H1 is the way to go. For H1, most pairs work.
I may be the only one using the PSAR. I love it for M1 and M5
Here is what it looks like on Eur/Usd M1, set to 0.002/.2.
You can see that once the London session starts, it gives great signals. Same with NY session.
Advanced PSAR users:
2 PSARs on same chart. Use one for SL position.
Open trade on first PSAR to change direction. Close trade on first PSAR to change direction.
Pink PSAR - 0.002/0.2
White PSAR - 0.0009/0.2
Getting the love today! My EURUSD long is in profit! Moved the SL to lock in some profits.
Any tips on your exit strategy? I had a 30 pip SL. I’m 50+ pips from my entry. Moved the SL 50% of my SL above my entry. No rhyme or reason on the amount other than to lock in some profits but not get too tight to price. Maybe switch to a trailing stop? I right at a potential resistance level of 1.0925.
Having a look back at my post about this for some ideas
Interesting! I’m in the same position again! 50+ pips from my entry.
Way to go!
My exit strategy is a convoluted mess. I look at the cumulative win or loss from all of my trades together and then go back and look at the charts to see which ones I think still have a strong chance of making more profit. If I have a few that look like they have that good chance, then I can let my eur/usd run for a while until it comes close to that big resistance level. Otherwise, I will just look at a closer resistance level and cash out.
Do you look for price to break through that level for some amount of pips to stay in, or some amount of pullback on that level to get out?
The king is live right now
I will most likely be closing around 1.1.
And of course, since I’m on the golf course I’ll be missing the king of Forex live session. 
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Okay, I’m back from the golf course.
My sl for Eur/USD is around 1.11.
If it doesn’t get there then starts pulling back, that means all of my other open trades are making more profit.
Awesome. He Made about 1500. He really is good
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Non Farm Payroll used to scare me, now its one of my favorite days. 
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Got ate up by EURUSD in the last two days. Not fun. Was hoping for a bounce up off 1.0835 (bottom of my resistance zone), but I guess the jobs report had other ideas. Stopped out. Ugh.
Germany is in a mess, so the Euro has no reason to go up. US might have another rate rise to come. Eurusd buys would only be short retracement moves for me. Don’t bet against America
Trading thoughts:
In my opinion, the SL IS the reason people lose trades. If traders put the SL in a traditional place, they will lose like the overwhelming percentage of traders do.
I added another long position to my Eur/Usd so now price only has to get halfway to my original entry to BE. This strategy could continue another few times.
If it looks like there is no chance price returns to the original entry, I’ll close that entry and continue to work the trade until its a win. The market gladly takes our money because it knows we don’t have the patience to give trades the time they need to be successful. How much time is that? Its whatever time it takes.
I go with small entry sizes because I want to keep any pain at a minimum, and because I always hope to be adding entries along the way.
Managing open trades may not be fun because it can mean taking away the pleasure of daily trading while we wait for days, weeks, or months to get into good profit. But we know deep down, that’s how the big boys play. Surprisingly, it is less stressful, and very rewarding.
I still enter trades with the expectation of a fast profit (Kof mostly). When it turns into a marathon, shift to managing with D1 chart.
All the options open up. The D1 trade can run its course or it can be closed if all one’s open trades (on all pairs) add up to a desired profit level, even if the D1 trade is a loss.
I find when I have a D1 trade open and it has been in a losing position for days, I more than make up for the negative profit of it with other winning trades on other pairs. Then, I continue to manage the D1 trade until that is a win as well. I’ve been working on hedging so that its a race to see which pair gets the profit first. Then I make sure the other one makes a profit.
As I’ve said many times lately, it barely matters if I chose the initial price direction correctly. There is ALWAYS a pullback and learning how to manage it for success is the greatest skill that can be mastered in Forex trading.
One man’s opinion.
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I think there’s always a trend within a trend within a trend. So maybe you got the first one wrong, but like AT says, there’s always a pullback and then back to the stronger trend.
USD going nuts! Was just down 30 pips on a USDCAD long and now I’m up 20 pips. In 5 mins.
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