The way I begin the process it to find the impulsive moves in the market as this defines the direction I am trading. This is done by looking at the dynamic moves off daily, h4 and even 1 hr, once these are found I highlight the significant lows/highs in the market to create the zone…If a strong down move is in place which is highlighted by the indicator also, I will wait for significant lows to be broken, then retest the same lows and short it.
Yes the cable has been in an impulsive move in the last 2 days, therefore use the oscillator if you wish to tell you this by it generating a big peak, when it retraces back below zero then look for a support zone of a previous high to long.
If your 6 profitable trades are making you 125 pips each and your losses are smaller than this, than you are on you way to profitability.
You are right about the girls, have three of them at home… They keep me in line. I am tracking better as far as the impulse moves etc. I use Thinkorswim platform and can not use that indicator. I wonder if a different indicator could function similar, possibly the Awesome Oscillator?
As far as my wins and losses, I have been very conservative on my T/P marks which has essentially worked out to be a 1:1 R/R ratio so my losing trades have been equal to my winning trades as far as dollar amount but I have had twice as many winning trades. I will continue to fine tune and perfect this as I work through my strategy.
hi SR Player i went in the trading room yesterday and yes i noticed they trade ranges but am not sure of their entry but sure enough their trades r goooooood now would u mind to clarify for me their entry or what u meant by" They wait for a range to break then wait for an entry off a range zone as such," yes its a woman and i like it lol i think women we r going somewhere with this fx thing nway kindly enlighten me on that part
i come at 8am here in kenyan and in sydney its 3pm so well not much time in the room but its all good
43north, each to their own, just remember though when your success rate drops so will your profit due to the 1:1 ratio. I realize its not as easy as it sounds however gaining more profit compare to the amount you risk will ensure longivity as a trader when your success rate drops. We must cater for great times in trading aswell as bad times, having a safety net as part of your arsenal is essential, whether its the system your trading stops working or the management of the trade is poorly done at times we must prepare to sustain the ultimate goal, to make money consistantly…
Yes I agree those range trades are great, best thing to do is to sit in the sessions about the ranges because she will run by everything with you, I have found them to be extremely generous in time, best thing at no cost, its free as you know. Explaining the ranges by text is difficult, just go in there and ask her questions…I know one thing she makes alot of money with these ranges as I have also followed her closely, she is the real deal!!!
Don’t get me wrong, I will adjust my RR ratio as I get more comfortable, I fully agree with your opinion on this. Also I believe I find my Impulse indicator. In Thinkorswim it is called ElliotOscillator and looks and acts just like yours…
Yes I like that one…hopefully it will retrace all the way back to those lows, the AUD had been moving quite strongly down today because of CPI data that was released earlier.
Could you look at ur usd/cad chart 4h looks like it retested another low then it went down.am just wondering could we have short at the wrong retest what precautions do u take to make sure uve taken the right previous lows in case of a short
njokie, thats the name of the game, thats trading, NO ONE in the world knows what the market will do,where it will stop, go, down or up… we can only assume then apply what we know in terms of our strategy…This example just goes to show how powerful these levels are.
it was pretty much the same as the audusd setup you posted (because of the high correlation), which one i took as well. but the audusd trade just worked out better. however, the kiwi trade was also in profit
I think you mean this retracement on USD/CAD that I designed in the chart below. When it touches the blue zone (I put an arrow also) we should short. What I did not figure out is to define the SL and TP. Can you help on this?
Assuming the entry will be 0,9900, from my setup the SL should be 0,9910 (-10 pips) and TP 0,9890 (+10) because of small support zone… this gives 1:1 ratio. Shouldn’t we avoid this trade?
Another question is, on average, how many trades you have per day?
Hi SR Player this trade was a failure too i had noticed an impulsive move in 1h but now looking at 4h it wanst quite an impulsive one i think i shdnt trust 1h before checking the 4h and probably the daily.
ok i move on well the gbp/usd is still on but moving like a snalil lol.SR i had this brilliant idea but i realise its not soo brilliant that is when ur profits move to the size of ur risk say if u had risked 40pips and the trade goes into profit with 40pips then u close half of the trade size and move the rest to break even av seen most traders advise that now think critically i relaise if fo some reason u get 4 trades clsoing at breakeven and 2 trades hitting ur sl before putting break even its a zero sum game i mean ud be heading nowhere av just decided to say this incase theres someone there toying with this idea
the thing is a big reward compared to risk fullstop.i also read an article by nial fuller who took ramdom trades with 1:3 risk reward ration and he ended up having positive in his account the trades were not based on any strategy it was just buy this sell this.goes out to show the power of good risk:reward well am determined to prove this with my trades.
Hey SR Player. I Just found your post last night. And it looks like it’s been really helpful so far. I’ve got a few questions about some of the graphs you posted though. Take a look.
Also here’s a chart of gbp jpy 15m. Could you help me clarify what went wrong with this one? It looked like it made a higher and retraced, but it didn’t bounce. it just kept going through. Did I not identify the right support or something?
