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?
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.
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.
After giving it some thought, I’ve decided to keep this going with the £10K live account for now.
Although I could easily knock up a £100K demo account, connect it to Myfxbook and make big money. trading big on a demo and on a live account are two different things.
Baller - thank you again for putting up this journal and for taking the time to answer everyones questions. It is very cool of you. I had a quick question regarding determining the current trend. On the chart below what would you say is the current trend if any and would you feel comfortable making a trade with this trend?
