Here’s the last one.
I should have waited until price returned to the blue 20 EMA. But I’m pressed for time again today and I’m hoping for one more good setup at the next high impact news.
Eur/Gbp
Photo below
Here is how a professional would have handled my last trade.
This is why I say that if I were more efficient at it, the sky is the limit. I made 19 pips. But the professional would have made over 40.
Add 10\pips on G/U.
@AmericanTrader When trading KOF strategy, do you know roughly how many pips away from the MA you would consider a good distance to take a trade?
Not really. Just a bigger candle than the last several is best.
At the risk of this being confusing…
The last trade I just won was a buy going back toward the 9 ema. The overlay indicator with the multiple red and green thin lines shows RSI (kind of like overbought and oversold). Price broke below the lower RSI and below the 9 ema. So I entered 3 buy orders. Price returned to the 9 and I am now at 53 pips in total wins this morning.
I am reaaaaaaaaaly looking forward to the day when my entries are full lots.
I’d be taking my $500 profit for the day and getting ready to hit the golf course.
What exactly is the signal for the buys here?
Its still part of the overall King strategy. Entry is when you believe there is enough distance between the 9 ema and price to make a profit if price returns to the 9 ema. More weight is given to the 9 and 20 as to where price will return to than the 50 and 200 emas because we are scalping.
A little off-subject, but does anyone know of a good trade manager to calculate lot sizes and quickly add TP and SL where required?
It’s the drawdown I’m struggling with. You’re -20pips. When would you close out and accept a loss?
@Blackie1980
Just about never.
There is always a pullback. Always.
I was down 100 pips on this one.
Doesn’t matter.
Practice with 0.01 lot size until you gain the confidence, or choose a strategy that fits you better. But I assure you, you will experience more losses on any other strategy I’ve tried.
Keep practicing King, and you will find losses are very rare. You control the trade. You WILL be successful.
2 Likes
So regards drawdown, I’m thinking that longer term down trend could push the limits but pullback is what is allowing closure for profit.
In the latest trade you have several positions I guess some of the earlier entries are closed with less profit and perhaps even minor loss but the pullback would give later entries profit to counteract/offset.
Or perhaps you have never been in that position and it always turns good
Watching with interest 