@D00M_20XX Why not combine both strategies?
I’m too inexperienced at this stage. In time I’ll be very experimental, but for now I’m only concerned with profitability over dynamism.
Yup. Italians mostly snub UK pizza, I think it’s more American in its origins, like our coffee. She likes Fatto a Mano, a small Neapolitan chain down here in Brighton, though complained merrily about the Ricotta last night.
Her brother is a pro chef in Rome. He goes to Bir & Fud in Trastevere, kinda touristy but famous among those who know for its pizza and craft beer. Lievito 72 also recommended.
You might guess I know more about pizza than trading!
Have to check the charts later for slow-moving winners
1 Like
So, for this experiment, you said you took some profits before you normally would just to make the thread more interesting.
-
So how do you determine when to take your profit and move along? For example, USD/CAD. It has been bouncing up and down, but trending up for the last several weeks, more importantly, trending up the last 2 months. It goes up but then gives back some of those gains. Is it a good idea to take incremental profits during the rise or is it more wise to wait until you feel it is getting close enough to one of the lagging line levels when you take your TP?
-
Do you ever increase your position on a pair beyond the initial entry?
-
On average, it seems my SL/TP ratio is roughly 1:1 depending on where Chikou Span is set. Is 1:1 roughly what it should be or am I doing this wrong?
-
Why post your winning strategy? If this is your moneymaker, why share it out? It seems that people who are successful in this business usual keep their edge to themselves. Don’t get me wrong, your insight and feedback has been much appreciated bud, just curious that’s all
1 Like
EurCad
ChfJpy
AudCad
EurJpy
@The_Baller What are your thoughts about these to sell for the next week or two?
1 Like
@Dev22 and @The_Baller I would like to test my analysis skill against the master.
My two cents.
EURCAD - Monthly chart direction is short. But H4/Daily chart is yet not aligned with monthly chart. I wait. Support line 1.40388
CHFJPY - Monthly chart direction is short. H4/Daily chart is aligned with monthly chart. I skip because it’s not 3R or above. Support line 103.756
AUDCAD - Monthly chart direction is short. H4/Daily chart is aligned with monthly chart. I skip because it’s not 3R or above. Support line 0.88131
EURJPY - Monthly chart direction is short. H4/Daily chart is aligned with monthly chart. I skip because it’s not 3R or above. Support line 113.533
Interesting, thanks. I’ve put some small sells in and will see how they go over the next couple of weeks
In a nutshell, on the monthly.
EURCAD - short.
CHFJPY - short.
AUDCAD - short, no idea where this could go to.
EURJPY - short.
6 Likes
what does’t mean 3R?
Once you start making decent returns from trading, pizza knowledge will come in handy.
1 Like
Look like USDCAD turning south again what is your thought?
baller, one thing I’ve noticed looking at your charts is that there seems to be a lot of ares in the middle of your S/R zones where the price has bounced around, along with several touches on the lagging span, that some could consider as valid S/R levels, but you are not treating them as such. I’ve noticed on charts I’ve drawn messing around with this, I’ll have several more s/r levels on a pair than you do, and I feel like it’s muddying up my charts.
Any tips for recognizing a valid s/r zone against invalid ones?
1 Like
All nicely in profit. Loving this laid back style of trading
2 Likes
Chances are on the monthly chart there won’t be a lot.
There might be a recent top top, and the last bottom bottom and then something in the middle.
Like this.
There might be several on lower time frames, but I don’t really pay attention to any of that.
But nothing is certain in terms of what is valid and what isn’t.
5 Likes
3 Likes
Hi @The_Baller,
What kind of take profit approach would you be using if you weren’t making this trading journal? I get that you would probably leave things open for longer, but how much longer, and when would you close them?
Also, I should say thank you. I am giving this approach a go and its great so far.
One more question if I may. The approach doesn’t really need to have such a high risk profile does it? I mean, you just do that because your experienced and comfortable with it right? I am trying it out just with 1% per trade risk at the moment, thats why I’m asking. Thanks again! Also this thread has been and continues to be a great read.
3 Likes
You would have to identify potential support or resistant levels/areas and aim to take profits there. It could be weeks or many months.
There isn’t a correct answer, you could take them when you’re content with what you’ve made. You could simply take them like the majority, on a risk reward basis. Or you could just take profit in chunks and keep going back in.
You can risk 1% or even less if you wish.
I do it because I know it works, and bigger risk means bigger rewards, long term.
4 Likes
Baller,
You’ve been a great help.
Have you decided where you’re taking this journal next?
1 Like