That’s my overall plan for scaling in. Let’s make us a good gift for Christimas btw (I know there’s a bit it until there), but we prepare. Also, closed my USDCHF buy with 6€ profit.
Should I still trade USDCHF? Also, there is this strange correlation between CADJPY and USDCAD. To me they are sells both.
But if the CAD rules, they cannot be both sells, since if one falls, the others needs to rise. But regarding CADJPY, although I told this, all JPY pairs are still falling. It’s a bit controversial. See this 4h candle.
When one starts to move/ retrace, is the same on the other currency pair. But this is contrarian. So if this 4h candle closes entirely/ as a rejection, on both pairs, completely different directions are confirmed. Thought to place a sell on CADJPY since both on D1 and H4 looks great but is a mind game.
Edit: you should see my my chart on the PC where I have a lot of moving averages awsome colorued. That really looks like a Christimas tree lol.
i think u should focus on pairs that move and have clean clear entries.ofc don t buy UC and sell UJ for example, but don t get too caught up and complicate things, keep it simple. is the trend down or up? is there volatility today or small candles, rangy type of situation? if i buy or selll here, where is the next support or resistance where price mght stall? do i have room for 1to1 or 1to 2 RR? where can i place my stop? that s all u need to worry about. do this over and over and u ll see where u do mistakes and what ur doing good. i can t stress enough< don t try to pick tops and bottoms with a small account or trade daily and 4hrs where u need large stops and the mistakes will cost u way more. i know what others are saying, but unless u wanna be trading micro i d suggest sticking with top down and entries on 1 hr.
cheers
i m short already EJ, liked the 1hr double top, break of the support and retest, i entered on the 5m because the 4hr is still at support even tho weekly is down trending and daily 2. keeping in mind that on daily it took out the last lower high made. so it s not as clean and clear from that perspective, but from a scalp perspective was ok ish. tp1 hit which is 1to1, now i m still contemplating if to move already to BE or to wait see if TP2 can get hit and then move stop.i see it more bearish then bullish, but could also go up. if u r not in already i d stay out as it s consolidating.
1hr chart… that would be my target, but it s right on the 200 ema so it s stalling, that s also 1 of the reasons i ve aproached it as a scalp on 5m entry
edit TP2 hit as well, stop is at BE, will try and manage it on 1hr chart
post some charts? entries, exits, reasons etc…if anything we can all learn. just saying that u made profit doesn t cut it…what if u was just lucky? even i don t believe in luck but…charts
short on the 4hr, stop few pips above the ema (plus spread)
same thing here, target the lows if possible, make it a risk free trade and let last position run in case…
also i m stalking kiwi yen, it broke out of that range, with the main direction, so i m waiting on a pullback, 4hr or even 1hr if price is volatile and won t retrace that much to sell.
on the 1 hr could look something like this, that is ofc assuming it s gonna move a bit further down before retracing, the smaller rectangle is an area where i d be interested to short it if it s gonna retrace right now. the second rectangle represents 50 fib, emas, previous support tunrs resist etc… the more confluence the better
dude, post charts, entries, exits, reasons why u entered and exit, i don t care bout the statement, i m glad ur doing well, but posting charts will do also urself good, not to the rest of us. don t be smug after few winning trades, or think u know it all, cos u don t, no1 knows. so i ll ask again, post charts with price action!!
that s your balance, 39 bucks? also very good, u need to trade less and be more picky, take the trades that inspire more confidence and u think have a higher chance of winning, specially when u have a small account. also it can t be that difficult to make some notes on ur chart after u took the trade(notes meaning why u took it) and take a screenshot. i do this on every trade i take, to journal them and see the results, P%L ratio etc…no matter i post here or not. dude, try to create some good habbits, wait for those high probability trades, wait for that area of value,(thus also the SL will be smaller), do not add to a position in te middle of nowhere, add only on confirmed pullbacks etc… do this and u ll start to see ur trading change…don t do these things, and u can then blame the world and that is a scam
u recall that some trades that ur not sure or by the time ur thinking to get in, i m already thinking to get out of that particular trade…well that comes with experience, eyes on screen and just practice practice practice.
if i were you i d try and do this as a plan and keep it simple:
1 trade only in the direction of the trend (weekly, daily) if there is a trend
2 always go for atleast a 2to1 RR or take half at 1to1 and let some run etc… that s down to u but if u wanna grow a small account u wanna try and have the RR on ur side
3 risk max 5% meaning if i have a small 1k account for example, what i would do is risk 50 bucks to make 100. now u can say well, what if u have a bad day, well in a bad day i might lose 2, or 3 tops according to my entry style, but if when i win i bank double my loss, then u should be ok.
4 do not overtrade!!! cos if u do, and even so u shouldn t lose 20 trades in a row, cos that would mean ur doing something fundamentally wrong.so if u don t overtrade, u have clear rules and u know what u need to look for, what are ur high probability trades and u only wait for those, u can grow that small account as a fast pace and still be comfortable with ur risk (as long as u know what ur doing ofc and ur not chancing it#).
and 5 BE PATIENT or atleast try to force that into ur trading. instead f risking 0.001 mini, u say ok, i m gonna risk 50 bucks to make atleast 50 or 100 etc(depending on how u aproach MM) and i m gonna have PATIENCE and wait for those particulat setups that i know have a higher chance of succes. in this way u don t overtrade, u can compound, u force patience and u create some very good habits.
this is only my opinion ofc, but that s how i d go about growing a 500 or 1k account etc. and if u risk a fixed % of ur account on each and every trade(u never ever change that %)
ur risk per trade will increase while ur account grows(ofc meaning ur doing something right). give it a thought, u don t need nothing fancy to make money in any market, u need a simple aproach that u can duplicate time and time again. that s how u also gain consistency!!! so far u have had consistency in losing, therefore u need to change ur habits to have consistency in winning.
cheers
5m chart and 1hr chart, late entry on 5m cos price already moved 400 something pips, but as long as the candles are bullish, i m a buyer(talking bout daily and weekly in simple terms).also i lowered my risk to 2%, i usssually do 3, 4% if the setup is textbook.
so 1hr simple pullback, went to 5m, again a small pullback, entered. i took profit at 1&!, at 2&1, i moved my stop at BE and i ll look at it tommorow afternoon, whatever happens it s a risk free trade with banked profits already(and i do this even tho sometimes might just come back and stopped me out when i had 50 or more pips in profit with my last position,but sometimes it will just keep going, making that small 5m entry trade a huge winnner.)
i was also short AUDCAD which hit my TP1, and i moved stop at BE cos i saw that price was struggling, same thing on NZDCAD on 4hr chart entry, i moved to BE after givin it multiple chances and even some news events to try and push lower, that didn t happen so…
edit> 1 trade i took in last 2 days (EURNZD buy) and it might not look like much but it s 100 pips profit so far, so will see tomm how things go.
cheers
what u talking about lol? ur mocking me huh? i been trying to help you and ur taking the piss lol
i wouldn t sell euro right now against kiwi, nzd is very weak across the board/
pound kiwi, weekly and daily major resistance, weakness seen already, divergence on daily and 4hr, 1hr double top, break of that an a pullback, my bias is down, but since i have that channell and the 200 ema right below supporting price, i d rather wait for a break of the 200 and the channel and sell the pullback(possible scenario#)
EURGBP, bounce of major weekly and daily support, tdline break, bullish bias, waiting on a nice 50% or more pullback to go long, a bunch of confluence around that 8474 lvl
audchf, i d wait for a daily pullback back to that level, trendline, fib, previous support turns resist etc, for now that volume off the lows tells me we re likely gonna get a pullback (ussually low vol means higher chances to continue. high vol means expect atleast a pullback, range enviroment etc, atleast that s how i look at it).
