This is what i do every day, every week...every month

[Loppan]

Hello there gasanvill!
Taking a quick look at profit charts reveals alot of stopped out breakevens, like myself :D! How do you deal with your stops? B/E as quickly as possible or w8ing?

My question is how do you deal with being stopped out and then watching price go in the right direction? A quick entry again at the same price or do you admit defeat?:p:)

[gasanvill]

Hi Tony!

I really like this method of trading. It is very close to what I am trying to pull off. I just swore that I would never rely on any indicators at all, just price levels (S/R, trendlines, pivots, fibo’s), candlesticks, and moving averages (just to get an idea of trend).

A few questions:

1. How many trades do you average per day/week? Ever go a day without a trade?

I made two otr three trades per day. Of course, there are days when i don´trade, specially on Mondays and Fridays. There´s got to be a really good oportunity on Monday or Friday to trade on those days.

2. Any COT reports or other fundamentals?

The most important news for this pairs are arround 7.30 am EST befores NY opens. I try to staw away. I like to trade at 10:00 am EST because that´s the time of more volatility.

3. What do you do if you’re trading London and there’s European news? That can hurt too, no? You keep CNBC going in the background or have some newsfeed?

I only trade long during London open. If the news are bad for the Euro then i don´t trade.

4. Average stop loss size? Average profit target?

My stop loss goes from 15 pips to 35 pips. It depends of the condition of the market. My system has a very high win/loss ratio, son my profit targer is usually the same as my SL. As soon as prices cross my PT i take half profits and move my SL to breakeven, that way i ncrease my risk/reward

5. How many things do you look to confirm (points of confluence)?

Usually only one: pivot point. If there is another one, then good. As i told you, i only trade long during london open. If i see price arround S1 or S2 i go long, but i look for confirmation in the 5 min (higher higs and higlher lows)

6. So it took you 2 years, now I don’t feel so bad that I’ve still got a burn rate (this May will be the first anniversary of opening my demo account on FXCM). So how did it go, you had a burn rate, then broke even, then finally profited? How did your peaks and valleys go on the way to where you are now?

I opened and account with US$ 250 and blew it. The i opened a second account and lost 30%. Since then, i´ve been making 15%-17% monthly.

Thanks for sharing!

You are welcome!

[gasanvill]

Hello there gasanvill!
Taking a quick look at profit charts reveals alot of stopped out breakevens, like myself ! How do you deal with your stops? B/E as quickly as possible or w8ing?

My question is how do you deal with being stopped out and then watching price go in the right direction? A quick entry again at the same price or do you admit defeat?

Hello Loppan!

I never place a second trade only beacause i was stopped out. I wake up when london open, make my analysis and place my order, then i go to sleep. If i was stopped out, then i try to make a new anaylisis and trade at 10:00 am EST. One thing i have learned is: dont do revenge trading, that will kill your account.

[gasanvill]

So here is my plan for today
As you can see, EUR/USD has been down for three days, so is time for a little bounce. So i will look for long opportunities tomorrow at london open

[gasanvill]

Three times price touched the pivot point this last three hours. That was good opportunity to go long and take some pips, but i missed because i was sleeping

[noobpipsx]

really nice…

[ReaperKK]

Nice to read your thread, I trade roughly the same way as you using S&R lines things like that.

I also trade GBP/JPY, I made 3.59% on my account this morning from 10am EST to 11am. There was a pretty strong move to R1, collected first stage profit at R1. It couldn’t break through. R1 was also the weekly and daily low so it had become a pretty strong resistance point, if you look now you’ll see the price bouncing off.

[TonyIommich]

@gasanvill

Three times price touched the pivot point this last three hours. That was good opportunity to go long and take some pips, but i missed because i was sleeping

Interesting. So would you just get in at a low price near that level, or would you wait to see price move up and clear a certain resistance level before acting on it?

As for the GBP/JPY trade by ReaperKK, you got in at the pivot (140.65)?

I have one confusion, on my Metatrader the pivots are awful close together on Monday, because I think it takes the calculations from Sunday which obviously has very little range. Do you use the pivots generated from Sunday or Friday’s data?

Thanks!

Btw, I’m on meetpips.com, Tony I, if anyone cares to join me and critique my trades…

[SDC]

Which pivot points are you using gasanvill ? I have regular pivot points on my chart I dont have one at 1.3414 like you did though my nearest one is S2 at 1.3407

[gasanvill]

I´m taking my pivots frm dailyfx:

Forex Pivot Points

[gasanvill]

As i said yesterday, today there was a good opportunity to go long during london open.

Take a look at my chart!

I didnt take it right away, because prices werw not arround any pivot point, but i waited for a coulple of higher highs and higher lows in the 5 min chart, and a cross above the central PP, to go long.

Took profits at R1!

[ReaperKK]

I’m short in EUR/USD now, going to close out one position soon and move up my other position to BE.

[ReaperKK]

As i said yesterday, today there was a good opportunity to go long during london open.

Take a look at my chart!

I didnt take ir right away, because prices werw not arround any pivot point, but i waited for a coulple of higher highs and higher lows in the 5 min chart, and a cross above the central PP, to go long.

I wasn’t awake for that but there was a good move.

[gasanvill]

I wasn’t awake for that but there was a good move.

I made a mistake, that wasnt the chart, take a look at my chart again :o