Seeking consistency

This is a discussion on Seeking consistency within the Trading Journals forums, part of the Reception category; Originally Posted by Leia I'm intrigued to see if this multi time period screen shot post legibly I have placed ...

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Old Jun 22, 2012, 8:19am   #409
Joined Dec 2009
Re: USD CAD 4H short to 1.00 50?

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Originally Posted by Leia View Post
I'm intrigued to see if this multi time period screen shot post legibly
I have placed an order at the 50% re-tracement of this 4hour candle to reduce my risk to 35pips and see a lot of space below to potential daily support (previous resistance) at 1.00 50 (a risk reward of over 4 times, should the trade plan work out))
Multi chart post is quite legible
However trade result shows the importance of stops!
This one not only failed to work out, costing me 35pips, price is now at 1.03 00, some 100 pips off my entry, so had I not got out with a -35pip loss on this trade I would now be sweating on a -100pip one
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Old Jun 22, 2012, 8:36am   #410
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EUR JPY long to 102.00?

Leia started this thread Daily trend (top right chart) is down
However, price has broken and is holding above D20ema and has broken and closed above the D descending trend-line and broken and closed above the recent D range

4H trend is up (top left chart)
price has retraced to 50% of the previous 4H upswing and printed a 'hammer-ish' trigger candle and rejected the 'dynamic' support provided by the 4H 20ema

I have placed an order long @ 100.75, with a stop at 100.35 (-40pip risk) and a target of the previous D swing high @ 102.00 (+125 pips reward), 'R' = 3, should the trade plan work out

I fully appreciate that 'with trend' Daily time-frame traders will be eying this level to enter back in short on this pair, which is the whole nature of trading and why I have a stop in place, should they be 'right' on this occasion.

I read recently that trading is not about one trade, or achieving a phenomenal success ratio of trades, but about consistently applying your (personal) trading 'edge' over a large series of trades that overall provide a greater financial win than loss

This implies that it is the combination of success ratio and Risk to Reward ('R') factor that are important. If you win 50% of your trade setups (flip of a coin!) with an 'R' of 2 or greater your account will grow. (therefore you can be a successful trader with a win ratio that is lower than 50%!)
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eur-jpy-long-102.00-r3-.gif  
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Old Jun 22, 2012, 10:36am   #411
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cable long to 1.58 30

Leia started this thread Daily trend is down
However an ascending channel has been in place for all of June on the daily (top right) time-frame
Yesterday saw price retrace 61.8% of the last 4H upswing and print an inside bar (now supported by a 'hammer'). Top left hand chart

I have entered long at 1.56 10 with a stop at 1.55 75 (risk -35pips) with a target of the daily swing high at 1.58 30 (220 pips reward) R=8
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gbp-usd-long-1.58-30-r6-.gif  
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Old Jun 22, 2012, 5:40pm   #412
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Re: cable long to 1.58 30

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I have entered long at 1.56 10 with a stop at 1.55 75 (risk -35pips) with a target of the daily swing high at 1.58 30 (220 pips reward) R=8
Stop hit for a loss of 35 pips @ 1.55 75 (price has been to 1.55 55, so again my stop has prevented too large a loss)
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Old Jun 22, 2012, 6:17pm   #413
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Re: EUR JPY long to 102.00?

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Originally Posted by Leia View Post
I have placed an order long @ 100.75, with a stop at 100.35 (-40pip risk) and a target of the previous D swing high @ 102.00 (+125 pips reward), 'R' = 3
Price has reached 1.01 22 (+47 pips) as this is more than my risk I have now moved my stop up to a break even position. I also observe the 4H 20ema has acted as 'dynamic' support on three occasions in the present 4H up swing (since the 4H moving averaged crossed to the 'long' direction) and the 4H ma's are diverging (strengthening upward trend)

Will it end before my target is reached @ 102.00?
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Old Jul 5, 2012, 6:14am   #414
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NZD USD daily range set up

Leia started this thread Both my daily and 4H indicators (moving averages) are pointing to the upside
However price action for this pair indicates a reversal (lower) may be setting up at this previous support level (now potentially turning into resistance)
There is little obvious support until the 0.78 60 level

I have therefore placed a counter trend order @ 0.80 30 with a stop above 0.80 65 (risk - 35) and a target @ 0.78 50 (reward +180), which is over R5
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Old Jul 5, 2012, 6:29am   #415
 
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Re: Seeking consistency

Nice trading methodology Leia........ Very similar to mine.............. I trade the AUD_USD,,,,, mostly, but I understand your NZD charts as very similar to my Aussie outlook........... The only difference is that I have a smaller profit target before a reversal........ The Aussie is going up in a 5th wave soon and then going down very hard................But I am short aussie tonight............ Before I buy it, for the last gasp up for a while............
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Old Jul 5, 2012, 6:44am   #416
 
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Re: Seeking consistency

http://www.trade2win.com/boards/trad...ur-usd-22.html

There is my last post,,,,,,,,,,,,,,, I am going to change my title to AUD_USD soon.......
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