The £10K Gamble - [The Journey]

Usually this.

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Hello guys. Do we enter when there is a breakout and close of the monthly or weekly candlestick?

You can do either, both work well.

Does this strategy for beginners work well in higher times?
I mean, drawing s/r on a weekly chart and entering positions in the daily.

Thanks

Howdy, Sent some love while reading everything in this discussion. Tons of knowledge sent in such a simple form. I only have one question, how do you use/setup your trailing stop with your trades? @The_Baller Thank you for the fishing lessons, time to hook them profits.

@The_Baller, trying to follow your thinking for a trade. It looks like you made a trade on 08 July 2019 for EUR/NZD. It looks like you may have missed closing this out for more profits when it reached the peak around late August. Is there any reason you didn’t sell at that time?

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Got one more for you. You recommended shorting GBPAUD and USDJPY back in late July. I understand why you suggested shorting USD/JPY (it was trending down), however, GBPAUD was trending up overall on the monthly but down on the weekly. Any reason why? Monthly should take precedence over weekly, correct?
GBPAUD (monthly)

GBPAUD (weekly)

Also, it looks like it was an unfortunate call because right after late July, it trended up and has been trending up since July 2019. At what point would you having got out of this trade?

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So trying to learn how you read charts and going back over some old calls. Apologies for all the questions, still a newb trying to learn.

At the time, you said EURAUD was long, the rest (USDJPY, EURCHF, CHFJPY) were shorted. But they all changed direction shortly after and went the opposite way, except CHFJPY, that sucker tanked down for a while.

Were you able to make profits, esp with EURAUD, it immediately went negative until Dec 2019. Did you just hold this until then or how did you handle?

EURCHF took off and it doesnt look like EURCHF went down again until Jan 2020.

Here’s what I mean:

EURCHF
47 AM

EURAUD

Just dropping in quickly.

Slow week.

But still making that pizza dough.

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Definitely done for the day.

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Hey @The_Baller I’m still following your thread and seeing so much benefit from your simple approach, however I’ve always been tempted but intimidated with scalping.
I had a foray into it last week, made a bundle, then lost it at 5pm when the UK100 retraced towards market close :roll_eyes: there’s a lesson there I’m sure.
Aside from that, have you got a few sentences on your scalping workflow? Is it just figure out the market your looking at (up/down/sideways) and then look at the 5 or 15 min for entries on S/R?

Cheers!

Nice to see you here and still going strong @BenP

This is always the case, even for me. With scalping its more of a mindset thing. I’ve seen people tell me if you’re aiming for 10 pips or and you’re risking 10 pips - you have to accept the loss, and they’re the same people that move their SL up when its gets close to being hit.

This scalping thing is purely a volume game, if you can stick to a simple strategy and you know it will win 7/10 - that’s good enough.

But there’s always a lesson to be learnt from having a dabble at scalping.

This is pretty much it. But for scalping you don’t have to go all out on the monthly and weekly, you can just look at the daily and see where that’s going, uptrend or downtrend (ignore sideways) and flick it to the 5 or 5 min chart and get going.

On these time frames I’m simply looking for breaks in minor S/R levels determined by the cloud setup.

You can see both of these entries were way more than 10 pips. About 170 down and 100 up.

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This is so true!!

Thanks as always for taking the time @The_Baller.
So you’re using the cloud to filter buys/sells (above/below) and then S/R for entries?
Or is your entry the moment PA breaches the cloud?
Can you point at the entry candle maybe, just so I’m clear on how you’re using Ichimoku.

Cheers ears.

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wow man that;s fantastic because I have been watching Kei Japanese Forex Trader on youtube speaking about ichimoku in extreme detail then you came in mind, so I checked back in the the tread to my suprise witnessing you speaking about the baller indicator Ichimoku and its scalping uses. OMG awesome day!!!

@The_Baller when is the best time to exit such trades?

Hey @The_Baller… Phew! I finally read the whole thread. Massive thanks and respect for this candid experiment (eye opening) and for your willing availibility to respond to never ending questions. Big Up.

Too right I think that’s the key, and I am struggling to put my head around how you can have up to 6 open positions at a time, 10% risk on each and long drawdowns as common occurences, and not run out of margin.
Do you keep an eye on your free margin before placing a new order? I am still learning, perhaps there is something I don’t understand about margin trading.
Thanks again and happy trades!

It’s pretty simple stuff and it all boils down to something discussed on here a lot, position sizing.

I could risk 10% of my balance and go in big and heavy at 1 lot. It means my stop is 357 pips away - what are the chances of getting hit, not that high but you never know.

Now lets look at the same scenario, but with a sensible position size of 0.5 lots.

image

The stop loss is 715 pips away, still risking 10%.

I’ve had trades go against me 400-450 pips now and again so the first scenario would have stopped me out.

I’ve never had trades go against me 700 pips, ever.

I know if I open 6 trades, all risking 10%, the chances of all 6 getting hit is pretty slim.

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When it hits your pre-determined take profit or stop loss, 10 pips, 20 pips whatever you’ve decided.

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The cloud is basically showing you the S/R levels. When price is under the cloud, the green line of the cloud is the 1st level of resistance and the red line is the 2nd level of resistance and vice versa, if price is above the cloud, the green line is the 1st level of support and the red line is the 2nd level of support.

I’m simply waiting for price to break the 2nd level of this cloud, either way and I’m looking to go in.

Again, this is a 15 min chart, so although SL positions might look far away, they are gonna be 20-30 pips most the time.

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Understood, that’s clear. Go for less greedy TP and wider SL erodes margin far less than ambitious TP with tight SL. Small gains but fewer losses. Thanks a lot for the screen shots. Happy pizzas.

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