Your thoughts on this trade, ANYONE

You sound like my kind of trader… exit this thread and move directly to EU monthly! LOL!!! I’d have a hard time taking an opposing view! :smiley:

Ok now I’m confused… are you telling me I am a moron or that I got the right idea??

LOL!!! Yes looking to the weekly or monthy, I’d say you are 100% right!

Edit: That wasn’t sarcasm… just genuine suprise to find a newb that wasn’t fixated on the 5m or 15m TF! :smiley:

Ok, thx I was confused by all the laughing out loud you were doing LOL! Truth is, I probably will do some day trades off the 15m but only if it looks like a perfect shallow pullback and ill buy the breaout(new high/new low) but only in the direction of the daily/weekly trend. Meaning, if the trend is up on the weekly, and then trend is up on the daily, and if trend is up on the 4h, ill go long on a shallow pull back break out trade. All I want is to go with the trend lol.

Yeah flag trades are good on the shorter TF’s if you can stayed glued to the monitors all day. I pretty much watch them 18 hours a day on and off, but I trade for a living so its allowed! LOL

Personally for sanity sake I look to 4h, 8h, daily and weekly. But I do have a 5m and 15m 80% win rate strat up on GU. I like to take the odd 7/10/20 pip trade around eight times a day off this just to keep me from messing with the longer trades on EU.

If your trading off the 15m then you really need not worry about anything more than the 4h… possibly daily. Weekly is often much longer depending on how your trading?

So anyways… to come full circle… I’m short off 1.42 looking to PA to do a lower high from 14/7 (for you heathen US types 7/14) and head south a spell. 03:35 here will hit the hay till London and see if I’m right?

I mean even for someone who only wants to do 5m 15m TF they should look for the direction of the trend on the daily/4h. Wow, around 8 daytrades per day and swing trading also, 18 hours of charts daily… Hope you keep coming back here and keep giving me pointers. BTW you said keep your eye EU, currently it looks good as far as my two trades. (USD/CAD and USD/CHF trades, both SHORT)

Edit: Wondering if I should put a tight stop on USD/CAD and lock in some profit. Is this the newb in me talking? I would take half and move stop to breakeven, but im only trading 1 unit of demo money LOL!!!

Thats 18 hours a day for 31 years! Count the collateral damage! Now that warrants a noose or a big LOL!

Well no more ForSex, Anne made me change my name, how dare you Anne!!?? lol just kidding
anyways just letting anyone who cares know that ForSex is now me. TheNotoriousP I P!

Haha! I personally like this name better! :wink: Thank you for doing what we requested.

Update;

The USD/CAD trade from a day or two ago is working in my favor. But its hitting support on the daily. So because im only trading one unit of demo money, im gonna exit the trade and PRETEND like ive taken half off the table and moving my stop to breakeven. The reason im doing this is because I belive this support its hitting is going to be strong, after this support is broken theres a long way down till the next support so naturally this support will probably be a tough one to break. So, taking half at .94696 stop loss to .95550 target for the remaining half position .94500 (right above the -0.618 Fib ext)


USD/CHF trade looking much better now.

USD/CAD is now making a 3-4 year new low and next support is .9050-.9100 I might let this one run for a while and move stops down as time goes by.

USD/CHF If it ever makes this new 4h low that will be its all time new low… so ill probably start tightening the stop on that and let it run too.

Just went short on the 5m chart on EUR/USD, still not great at the shorter time frame but I strongly feel that this recent move up is gonna have a pullback before it does what it does next. .4576 is not out of the question in the near future… who knows.
I figure an entry here would give me a tight stop that im comfortable with. And actually if my stop gets hit i will reverse my position and go long.
Anyways… stop to break even at PT #1 and hoping for PT #2.

EDIT: Took half even tho it didnt quite reach my full PT #1, so my stop is at b/e and im gonna leave it be. Its basketball time, remember to exercise traders! :wink:


EUR/USD PT#2 wasnt reached and I got stopped out (little bit below breakeven to cover the spread) on the other half of my position.

usd/chf took a bad turn… news ?

usd/cad doing good

UPDATE

EUR/USD ended up stopping me out. I think I mismanaged the trade. Moved the stop down to breakeven too early. It ended up reaching PT #2.

USD/CHF closed out for a +73 pip profit. Closed out due to end of week.

USD/CAD already took half off this one(+54 pips), stop at break even, but this one made a new daily low, so im gonna keep it.

Very good week overall.

notorious, funny how in trading two people can have the same idea, except on different timeframes and systems. Last night I was beating the Bushes for someone to hit size at 4444, no takers, oh well, I ain’t uncle Georgie so I can’t move the market myself.

The Ever Not Uncle Georgie VIPER

one thing that stands out for me is that your risk to reward ratio seems off.

for example if your stoploss is hit you will lose more than you would have gained from your take profit.

It is better to have a take profit that well exceeds the potential for loss since there will always be winning and losing trades and you want to average out more winnings than losses.