whats ur sl in the usd/cad trade?and tp?
i think this was a loss trade?
Hi, trade short on EurUSD wasnāt entered because didnāt appear a resistance in the lows. Pair continued to rally until the high. There I did not entered the trade also.
Hi SR Player could u help analyse the above trade it was a failure
Iāll do the with my next few posts to help youā¦
I manually draw them, however the indicator is very close to the way I draw them, settings depends on how far back you want to recognize significant SR levelsā¦All levels are drawn off the DAILY on the indicator
thenx i finally managed to oepn an account with axi trader is there any particular strategy u would advise me to study to help with this strategy?
also i noticed the usd/cad trade was a failure was the analysis wrong or is it just one of those times that the trade goes wrong
the thing about this strategy is if u win once u need 3 more bad trades to take ur profits so am very optimistic
The difference between the wicks and the bodied candlesā¦will provide examples on next few trades to help youā¦
40 pips stop and 140 pips profit on this oneā¦I am still in this oneā¦entry at 0.99300
ok i had put a 20pips sl and 60pips tp nway no worries am still demoing till am consistently profitable
i see ur targeting a lower low do u always use a 40pips sl?
Yes correct mario777 30 points
Hi njokie
I am still short on the USD/CAD hasnāt failed as per the chartā¦
Yes be optimistic because you gain more than you lose on trades. For example if you win 100 pips on a successful trade and you risk 30 pips on a lossing trade then you are going 3 steps forward and 1 step back, constantly growing your equity, itās mathematics its the only logical aspect in the markets, everything else is random.
ok i must appreaciate you showing ur trades and where u enter am surely in few months we shall have moved foward i wanted to ask how do u manage ur trades i see the usd/cad is doing good do u book like half profits or u set sl and tp and let it play either way?i beleive this is an important aspect in successful trading ad love to hear your take
Hi SR Player after opening the live account in axi trader how do u access the trading room in trading it website?using which login detials?they r taking too long to respond though ad ask u hope u dont mind
SR, was just curiousā¦ Couldnāt you use Fibonacci Retracements to trade the same way you are now? If I simply take a swing high and swing low point and draw Fib lines in the direction of the trend I come up with the same entry points as you have. Any thoughts on this?
If you know the overall big picture trend of the market, it also seems that you could use say a 1 hour chart as well. The lower time frame chart seems to still echo the 4 hour chart but could be suited for more of a day trading style rather than swing style.
Hi njokie
No, the stops and profits are dependant on the size of the zones and where the previous highs/lows are located, they will vary depending on timeframes and also the size of the impulsive move versus the correction phase.
You are welcome njokie, its the only way of learning this any strategy, being transparent.
I dont move stops, if anything I might re-adjust my profit target to maximize the opportunity, I feel confident in my risk management selection and the basis for trading this way, this is the reason for not fearing any situation as a trade selection.
It was instant access for me, not sure whyā¦
Hi 43 north, you could definantly use fibs aswell to cater for this strategy. The only thing is a clear direction of trend must be established in order to trade off the right SR levels. I wouls definantly use higher timeframes when using fibs as they are deemed more stable.
hope this helps
SR Player so before looking for levels the first most important thing is to know the impulsive move right?am trying to use the indicator to locate some impulsive before anything else
am looking at the trade for usd/cad for last week seems like its retested a low do u normally enter again as in adding to your positions i think it takes alot of patience coz it started going up i would have exited my position in panick i see one has to stick to your entries and exits and not mess the risk reward am really waiting to see how it plays out thenx for this great lesson ur helping me/us to be disciplined