Home-Based Trading Career Pathway & Journey...

[WklyOptions]

training eyes to "see" poor T1 setup

Hi, T2W traders,

This is a quick post on the attached H4 chart on GBPUSD.

I posted this chart to help those traders that have downloaded the free ePDF "Tracking Big Money Trends" - and able to understand and apply the concepts of T1 and T3 rules/criteria for multiple time frame analysis.

OK - lesson on GBPUSD chart (H4 as the T1 chart):

1. At the right edge - it appears as if the H4 chart shows a bearish trend & momentum.
2. The H4-T1 chart showed MACD < 0, and MACD Fast Line sloping downwards, and the Fast Line < Slow Line.

So on a word-for-word basis, it appears that the H4 chart would have a qualified T1 bearish trading setup.

However - ALERT! :!:

Traders would do best to grasp the essential concept ---> the strategy is to find a Dominant Trend on the T1 chart - and then attack/exploit Pullbacks against that Dominant Trend.

If you zoom out of the H4 chart - you can clearly see there is NO DOMINANT TREND to the downside. If fact the GBPUSD is in a trading range on the H4 chart.

Understand?

The absence of a strongly trending bearish T1 chart pattern = NO DOMINANT TREND. :idea:

Especially important for new traders - it is often much easier to trade in strongly trending chart patterns - and to avoid chart patterns that are in "congestion" (or "indigestion" as many of my trading colleagues call it).

Learning to avoid weak/inappropriate trading setups (even if rules/criteria "ok") is an important skill-set for the profit-oriented highly focused/selective trader!

Hope it helps some here. Please feel free to post your questions or chart setups.

Thank you.

WklyOptions

 

[kc8flq]

Hi, KC,

Just a quick follow-up on the NZDCAD trade off the T3 Hourly chart.

The trade hit +1R (50% exited) - then stopped out. Net = even.

Okay, no problem! Next trade please!

Regards,

WklyOptions

Sorry for the long overdue reply WO, we finally got our bundle of joy that we've been waiting on!

My NzdCad Trade wasn't so fortunate. But no worries, just 1 trade in the trenches of many trades.So on to the next.

I happen to see 3 pairs setting up, but haven't looked deeply into any yet, UsdChf, EurGbp, and GbpChf. I'll be looking further into those 3 to see if everything looks like a go or no-go. 2 of those pairs look to be trending nicely on the weekly and monthly t/f's. If they should happen to setup, I'll post my charts and the stats for the trades.

KC

 

[WklyOptions]

... we finally got our bundle of joy that we've been waiting on!

KC

Hi, KC,

So v happy for you and family! :clap: Can't imagine a more lovely "gift"!

FYI - if you have the time - look at the AUDJPY on the T1=H4 time frame. I've attached the chart here. Note however that if AUDJPY on H4 continues to the UPSIDE, then most likely this setup may be negated.

Still in the pending mode for now - but I will be alerted if and when the T3=M15 chart sets up properly.

We'll see...

Best regards,

WklyOptions

 

[kc8flq]

Good Evening WO and T2W members,

Here's the latest That I've seen while looking thru my charts. It's the CadChf pair, using H4 as T1, and M15 as T3.

UP TREND
-T1 MACD FL > 0, check.
-T1 MACD FL > SL
-T1 MACD slopes, up, check
-T1 move pullback against trend (candle close), check
-T3 MACD < 0, orderly pullback, check
-T3 MACD FL turn up, resumption of dominant up trend WAITING patiently for this.


KC

 

[kc8flq]

ChfJpy

And another to just watch develop.

It needs a pullback on the hourly chart.


KC

 

[WklyOptions]

Hi, KC,

Thx for the heads up on the charts.

Just a brief comment on the CADCHF on T1=H4. See the attached chart.

1. The T1 H4 chart does not show a strongly up-trending pattern. In fact the T1 chart price action is more consistent with a trading range - "congestion indigestion" price action.

Although the T1 H4 MACD criteria is fulfilled, and the T3 setup - if and when it happens - may turn out to be still profitable or at least breakeven, the T1 H4 price action would not qualify as a DOMINANT Trend price action.

A quick look at the CHFJPY chart with T1=Daily indicates a bearish trend & momentum bias. It is definitely more clearly trending than the CADCHF T1=H4 chart.

Just note however that if the CHFJPY T3=Hourly chart setups up according to the trading plan, there is Key Support at about the 111.700 - just something to watch to setup Target Profit objectives.

Regards,

WklyOptions

 

[kc8flq]

1. The T1 H4 chart does not show a strongly up-trending pattern. In fact the T1 chart price action is more consistent with a trading range - "congestion indigestion" price action.

Note to self, amend the rules to include:

1- A step for MACD lines to be diverging, widening between the two, and

2- A step for recent swing high or low broke for trend continuation.

Now for the next block of trades.

Onwards and upwards

KC

 

[kc8flq]

G'morning WO and other T2W members,

While looking over a trade setup from last week that carried into this week, I noticed something that peeked my interest that warranted a question.

I've outlined it in yellow on the T3=1H UsdChf chart, and T1=D. Would the setup on the T3 chart be negated since the T1 candle is in the direction of the dominant trend?


KC

 

[WklyOptions]

G'morning WO and other T2W members,

While looking over a trade setup from last week that carried into this week, I noticed something that peeked my interest that warranted a question.

I've outlined it in yellow on the T3=1H UsdChf chart, and T1=D. Would the setup on the T3 chart be negated since the T1 candle is in the direction of the dominant trend?


KC

Hi, KC,

Nice job - great detective work here! :whistling

U are correct - the valid T3 Hourly setup occurred the next day when the T1 Daily closed to the upside.

Some traders would consider still testing the T3 Hourly setup on a T1 up day - however - the data sets tested were applied to a T1 close down day (for long setups).

If you apply the full methodology of using T2, T3, T4 (not covered in the free ePDF manual) - then there is an alternative long entry even following a T1 Daily up closing day. It would require the integration of information from T3 and T4.

The benefit of using T4 analysis - even if the T3 setup fails, most likely the T4 entry setups offered at least a quick hit to the +1R zone - where u can exit 50% of the bet - and at least lock up a break-even opportunity.

But - specifically looking at only T1 and T3 - your interpretation is correct. I would pass on that T3 setup following a T1 up close.

Great work! :smart:

Regards,

WklyOptions

 

[WklyOptions]

Looking inside Binary Options trading...long post...

T2W traders,

I've been trading binary options much more extensively over the past several months. I use both Nadex and Euro type binary options. These two types have very different properties and applications even though both expire 0 or 100.

The Nadex binaries are available on for US residents. This is unfortunate for traders outside the USA - as the Nadex binaries offer fantastic and plentiful opportunities to trade Out-of-The-Money (OTM) strikes that can become In-The-Money (ITM) at expiry. This allows us Nadex binary traders to be able to trade binary options where we can achieve Reward/Risk profiles better than 1:1.

Nadex binaries have Daily and Wkly expiries - so I am very familiar with the volatility effects of the various OTM strikes. In addition Nadex binaries allow the trader to be able to exit at anytime desired - and at "fair" prices. Liquidity is also very good.

Nadex offers 2-hr expiry binaries also during the NY trading session. These are great for me to trade against 30min to 2hr trends and breakouts while achieving Reward/Risk profiles > 1:1. :clap:

Again - the properties of Nadex binaries are much more similar to the wkly options on the CBOE that I trade heavily with. And with Nadex - I can often hedge winning positions quickly to lock up profit windows.

Nadex disadvantage: no short-term binary expiries for < 60 mins.

The Euro binaries are much easier to trade and apply - these options are all At-The-Money (ATM) at the time of entry. There are Turbo expiries as low as 30-secs, 60-secs, 2 mins, and 5 mins. These Turbo binaries have the big disadvantage of payouts of about 70%. Win $0.70 per Risk of $1.00. Not attractive. Because of this low payout, it is essential to have a winning accuracy of > 60%.

Euro binaries also have expiries at 15mins, 30mins, some hourly also. These have better payouts - up to 80% to 85% to 95% for the most liquid assets like EURUSD in the most liquid trading period (like during overlap of London & NY sessions).

Still - with Euro binaries - due to its lower than 100% payout and short-term expiry - there is effectively little chance to hedge or lock up profits. Hence trading Euro binaries require a trading system that is highly focused on explosive directional momentum trades that carry thru the expiry time period.

The primary advantage I use Euro binaries is to trade short-term opportunities in the 5min to 30min time frames. For example, trading momentum/volatility in the first hour or so. Or trading momentum/volatility after key economic news.

If I want to trade/setup before key economic news, I can setup OTM strangles using the Nadex binaries - and do it effectively just mins before news release is scheduled.

No matter Nadex or Euro binary trading - the downside is that it is 0 or 100 at expiry. Unlike swing trading forex or index using wkly options, where I can go for an entire "swing leg" to the upside during pull-backs, and go after multiple +R returns using wkly options, trading binaries require a different approach.

I've found that I have to trade many binaries laddering up from a pull-back setup in a long trade. So, I may have to trade 10-20 Nadex 2-hr binary options for a swing leg that lasts 2-3 days. Or trade 10-20 Eurostyle 15-min binaries to trade up a swing leg that lasts 3-5 hrs in duration for that trend.

It is an interesting difference however vs trading one wkly option for a swing leg up. For example:

1. Wkly option trade swing leg up - Risk $100. Duration 3 days (or 18 hourly bars).
a. Let's say winner - Net Return (+$400) or (+300%) since I use OTMs.

Contrast with using Nadex 2-hr binaries OTM - each trade risk $25 using OTMs:

2. Nadex 2-hr binaries = trade 18 bars = trade 18x. Assume 5 losing bars (down bars causing 2-hr binaries to expire OTM). Assume 13 winning bars b/c trading upside momentum swing leg.

a. 13 winners (Risk $25 per trade) expire ITM - avg return (+$35 or more).
b. ($35 profit) x (13 wins) = (+$455).

c. 5 losers for that Nadex binary = (-$25) x (5 losses ) = (-$125).

d. Recovery trade(s) following recovery laddering = recouped 5 winners.
e. Recouped 5 winners going OTM into ITM = (+$35) x (5 recouped winners)
f. Recouped 5 winners = (+$175).

g. Net net for Nadex campaign = (+$455) + (-$125) + (+$175) = (+$505).

In summary - trading the Nadex 2-hr binary method resulted in more "opportunities". Even though have more losses - the net impact is increased profitability - and with much lower initial bet at Risk. The wkly option campaing had a bet of $100 and profit of (+$300 net). The Nadex binary laddering strategy had bets of $25 and overall profit of (+$505) in this example. Understand? :smart:

Key Lesson Learned: Opportunity Factor > "+R" factor for professional traders. Look at the gaming industry - on avg, casinos pursue anywhere from $0.01 to $0.05 per $1 bet by its patrons. Tiny "+R" ratio - but b/c of huge #s and opportunity factor - these casinos are highly profitable. :idea:

Please take the time to go over the above discussion and items again - so that you understand the concept of increasing your trading Opportunity Factor within the framework of a Trading Plan. :!:

This is why I have not posted as many wkly options trades recently. My wkly options trades are all hedged and adjusted dynamically to get Cost Basis to zero always. No panic - no worries - just auto pilot trading.

My time during the trading day now is spent very actively attacking momentum swing legs using Nadex binaries (for hourly bars that are T3 or T4). Or I use Eurostyle binaries for short-term momentum swing legs (M5, M15, M30 bars that are T3 or T4).

In this past week alone - I have entered and closed > 30 binary trades PER day! And using lower bet size, still have significantly increased profitability daily.

I will post some instructional Nadex binary sequences on a separate Nadex binary thread here in the Home Trader section.

I will also post some instructional Eurostyle binary sequences on a separate Eurostyle binary thread. By the way - I only trade Eurostyle binaries with payouts of 85% or more on M15 and M30 T3/T4 sequences.

Well, that's plenty enough intro for now on Nadex & Eurostyle binary trading - at least as to my trading bias and approaches. :whistling

If you have any questions on binary trading - please do not hesitate to post here or PM or email me directly. I always endeavor to answer all PMs and emails.

Thanks for your time, patience, and attention.

Regards,

WklyOptions

 

[WklyOptions]

Binary Options trading resources...

T2W traders,

I've been trading binary options much more extensively over the past several months. I use both Nadex and Euro type binary options...

T2W traders,

FYI - I use Boss Capital and GOptions for my personal Eurostyle trading. THIS IS NOT AN ENDORSEMENT. I am NOT an affiliate marketing agent for these firms.

Most binary firms are NOT regulated by any regulatory authority. Even if regulated by CySec for example (24 Options, StockPair?), it does not mean much to me - as it is unclear that the funds are segregated and deposited funds are NOT used by brokerage firm for leverage or their own trading (contrast this vs Nadex which is regulated, holds funds segregated, and not allowed to use client funds for leverage or its own trades).

So - open only small account deposits - grow profits, withdraw initial deposits. Then can be more aggressive. And - keep testing the binary firms customer service team frequently. I Skype and email at least weekly - plus withdraw every 2 weeks (more below). :whistling

However, after many reviews and trading over weeks, these two firms have very strong customer service help and very good withdrawal procedures AND withdrawal payouts.

I conduct "Closed Profit Sweeps" every 2 weeks. It is a way to "train" these firms and brokers to expect executing payouts to me directly every 2 weeks w/o their excuses, delays, etc. Try to implement system-wide procedures for trade execution, profit withdrawals, etc. Train your brokerage firms! :idea:

I strongly recommend = DO NOT ACCEPT BONUS DEPOSITS for binary trading accounts! These deposits require excessive trading turnover - and effectively will lock up your deposits indefinitely!

IF - and WHEN - you have Closed Profits - AND you have already withdrawn more than your initial $$$ deposits, then you can consider opening additional accounts with Closed Profits. These new accounts funded by Closed Profits can be assigned to receive BONUS deposits - and then plan on trading heavily in these BONUS accounts to free up your capital asap. Most Bonus Deposit accounts have some requirement like 30x capital turnover - be sure to get precise details and understanding BEFORE accepting any BONUS DEPOSITS. :smart:

There are many YouTube videos on trading binary options:

1. 5-digit Martingale using 60-sec or other expiry schedules. May be profitable - but you need a large bankroll here. And note - in a 50-50 "bet" with 80% payout, you need to win > 60%.
2. In a 50-50 game, it is NOT unusual to be hit with losing streaks 7-9 in length. So the Martingale or any other progressions used must be able to endure/survive these losing streaks.

Note - I use a specific trend and momentum filter - if after 2 consec losses on a binary ladder - I must WAIT the laddering process.

I WAIT for a re-entry trigger back into the primary trend and momentum and continue with the bet schedules.

3. Some YouTube videos advocate trading 1-bar reversals off Bollinger Bands, perhaps with Stoch +/- RSI +/- CCI overbought/oversold zone filters. May be okay. But problem is only 1 trade - then what if lost?

Again - I have found trading WITH the Dominant Trend - AND - Dominant Momentum is more risk-averse and better profitability.

Any books on binary options trading? I can only cite a couple that I have read and studied in great depth:

4. "Unleash the Power of Binary Options" - I think free right now if you visit their website and opt-in via email (www.binaryoptionsexperts.com). Well-written but very wordy and long e-book. Offers some basic technical analysis on divergent patterns, Fibos, trading setups. They organize 3 counter-trend setups. Plus some 7 trend-following setups. There are several "Flow Diagrams" to systematize their trading procedures. Summary = recommended reading, but choose only 1-2 Flow Diagrams and become Expert at these 1-2 procedures.

5. "Inside the Black Box: Trend Continuation" - ePDF manual by SR&P trading group ([email protected]). Price? Short ePDF trading manual - detailed breakdown of all phases and procedures of exploiting high momentum setups. Remember, momentum is a CRUCIAL variable for successful binary trading!

6. "Daytrading Income: FX Binary Options" - ePDF manual by SR&P trading group ([email protected]). Price? Short ePDF trading manual - details precisely how to select the correct binary expiry vs swing legs. Also detailed procedures to establish profit-oriented binary laddering campaigns. Includes bet schedules.

(a) Note on SRP ePDFs = my experience with these ePDFs: very short ePDFs designed for experienced traders. They focus on teaching thru few examples but breaking down every step of the process. Many T2W readers may want more "meat" - but these ePDFs were written as Trading Plans for experienced traders (fortunately and unfortunately!). :idea:

(b) Note on (4) thru (6): I am NOT AFFILIATED with Binary Options Experts or SRP. I am not compensated by either one. However, I believe their products are worthy to add to any professional trader's library of good trading books.

In closing - I believe that many T2W traders and retail traders in general may benefit from the increase in binary trading exposure we are seeing. However, profitability can be summed up by LEARNING and FOCUSING on:

7. Match correct binary expiry period with the swing leg under consideration.
8. Managing losing sequences in a binary laddering process.

Hopefully through some of my upcoming binary posts, some traders can begin to apply binary options consistently to earn at least even $25-$50 USD per day! This is $500-$1000 USD per month - not insignificant! Once this is proven - and repeated many times - it can easily be ramped/scaled up. :clap:

Any questions? Observations/constructive input? ''

I will begin posting my binary examples and results this week soon. Thank you.

Regards,

WklyOptions

 

[kc8flq]

Good morning WO, T2W members,

Here's my latest setup. The last few days has been somewhat hectic so I haven't been able to sit and study the charts like I'd like to but as time permits.

The setup is a daily=T1, hourly=T3. I've been studying the trend reversal pdf from SRP. Nice short concise setups. Next on the list after will be the trend continuation. Wish I would have known about these guys years ago. Thank you WO for sharing them!
I know I have a ways to go with it all, but it's definately a step in the right direction.

KC

 

[WklyOptions]

Good morning WO, T2W members,

Here's my latest setup. The last few days has been somewhat hectic so I haven't been able to sit and study the charts like I'd like to but as time permits.

The setup is a daily=T1, hourly=T3. I've been studying the trend reversal pdf from SRP. Nice short concise setups. Next on the list after will be the trend continuation. Wish I would have known about these guys years ago. Thank you WO for sharing them!
I know I have a ways to go with it all, but it's definately a step in the right direction.

KC

Hi, KC,

Always v nice to hear from u! And even better to find that your "trading eyes" are very well focused! Hoorah! :smart:

Just a quick note on the T3=H1 chart. From my MT4 chart, and please check your own T3=H1 chart, the H1 red pivot LOW bar that is shown - did not have MACD < 0.

The ideal pull-back setup for T3 is to have a LOW pivot with MACD < 0 to really indicate that there is a "washout" of the weak long players!

I hope I'm not discouraging u in any way! :clap: Just making a detailed observation to the setup.

Your trade price levels - and trade management points - are CORRECT! :clap:

Nice job - would have resulted in at least a "free trade" if exited 50% at +1R.

Very nice effort and focus yet again!

Best regards,

WklyOptions

 

[WklyOptions]

Good morning WO, T2W members,

... I've been studying the trend reversal pdf from SRP. Nice short concise setups. Next on the list after will be the trend continuation. Wish I would have known about these guys years ago. Thank you WO for sharing them!
I know I have a ways to go with it all, but it's definately a step in the right direction.

KC

Hi, KC,

Yes, SRP traders really know their charts and risk mgmt plans!

Unfortunately they do not market their services - too busy trading, managing risks, and mentoring their clients to challenge them into becoming larger traders!

However, many retail traders may find their ePDFs too short - and the details almost too precise - to follow along with focused eyes.

Retail traders think "more is good" - thicker books, more diagrams, etc. Pro traders think "clarity/focus is better"!

When applied with the likes of your learning ethics and "eagle eyes" focus on the charts - I think many retail traders and T2W traders can really learn to consistently "see" - then isolate and stalk - and finally "execute flawlessly" the trade to its conclusions!

I, too, recommend the T2W traders to reach out and study the Trading Plans and trade management execution steps of pro-level traders. SRP has ePDFs on Trend Continuation, Trend Reversals, Momentum trading (for Binary trading), etc.

T2W traders can contact SRP: [email protected] (email directly)

KC - since you are obviously becoming a skilled Trend Continuation trader, just imagine (and continue to encourage and motivate yourself) the trading opportunities that will open for you IF and WHEN you also begin to master the Trend Reversal criteria and its Trading Plan.

Then add on top of that - momentum burst trading - from Binary Options to multiply out the Opportunity Factor and enhance Net +R gains....

That my friend, is your road map ahead of you. Definitely some pot holes, speed bumps, "tolls" yet upcoming in your journey, but you are clearly becoming a proficient "trading EDGE" high-performance road machine! :clap:

Remember - your education and the costs necessary to get you to achieve very specific and precise trading skills-set are well worth it. And education, technologies, risk management = these will all become the Dominant tools of your chosen career!

Once you are readily available and can truly commit to trading professionally, undoubtedly you will become a very proficient and profitable trader! I can already see you have all the essential traits thus far.

SRP will have all the required necessary ePDFs for you as you continue to challenge and grow in your trading passions, awareness, focus, and executions. They even have very precise alerts/technologies directly tied in with their Trading Plans! Very high level stuff - not cheap - but precise and accurate.

Disclosure: I use SRP ePDFs and technologies - for many yrs. Just like I use OpVue, TradeStation, etc. for many yrs! I am NOT an affiliate for SRP. I am NOT compensated by SRP.

In fact - I "pay" to SRP for their technologies!

I only raise the SRP profile - to share with T2W traders a strong EDGE-based resource if they choose to pursue it further. Just like KC has done and clearly we can see KC's "trading eyes" becoming very well-focused in Trend Continuation setups!

That's it for now - been a long trading session since the Tokyo & London & NY sessions. Net (+15u) on 7/28, currently Net (+5u) for 7/29. Will look at Tokyo session later tonite.

Hmmm...time for a break/nap!

Best regards,

WklyOptions

 

[kc8flq]

Hi WO,

My eyes were actually looking a little further to the right. :cheesy:

And after that momentum burst right after, told me that the shorts were shaken out.
So was it a wrong entry when the momentum candle actually closed above the MACD?

KC

 

[WklyOptions]

Hi WO,

My eyes were actually looking a little further to the right. :cheesy:

And after that momentum burst right after, told me that the shorts were shaken out.
So was it a wrong entry when the momentum candle actually closed above the MACD?

KC

Hi, KC,

Well, the objective in the T3 pull-back is to isolate the very LOW pivot where the T3 MACD is < 0. The 1st red low pivot I circled would have been that pivot - except that the MACD (T3) was still > 0.

The area you are indicating on this last chart you attached - your statement is correct. It would NOT have qualified as a pull-back pivot LOW price point.

That is one of the problems with tracking and stalking Trend Continuation setups. Many times, the setups fail to precisely hit the T3 criteria and then the asset just "takes off" immediately in the momentum burst you described.

Alternatively, in the more advanced ePDF "Inside the Black Box: Trend Continuation" manual, it goes into details and alternate entry points to make certain traders will not "miss the boat" (using other time frames in addition to the T3).

Also - from a practical trading perspective - I know personally it can drain the "mental capital" (mine is already draining way too fast! ) if setups I am tracking continue to "fail" to meet its criteria.

That is why going forward, when you get to the point where you are trying to capture and pull $$$ from the markets, you will find it best to "invest" in some form of technology-based alerts/setup/stalking software or service. It will save you from feelings (and negative emotional energies ) of exasperation and frustration from failed setups, etc. Well worth it! Allows us to focus exclusively on Entry and management of setups/trades that DO qualify - and not worry about the rest of the setups. :idea: :clap:

Going back to your example here, the T3 setup would not have been completed - and then price takes off in a hurry to the upside.

Your next point of challenge and learning with regards to Trend Continuation setups = to learn how to enter on failed T3 setups! :whistling

Regards,

WklyOptions

 

[kc8flq]

Hi, KC,
However, many retail traders may find their ePDFs too short - and the details almost too precise - to follow along with focused eyes.

Retail traders think "more is good" - thicker books, more diagrams, etc. Pro traders think "clarity/focus is better"!

I've been there, more is definately NOT the way to go. The more complicated the system or method, the harder it is. I've finally realized the K.I.S.S. way is the ONLY way to go.
I don't understand why traders have to try and reinvent the wheel.... just doesn't make sense

Your next point of challenge and learning with regards to Trend Continuation setups = to learn how to enter on failed T3 setups! :whistling

I'm already challenged enough :cheesy:

I'm looking forward to learn any and everything I can.

I, too, recommend the T2W traders to reach out and study the Trading Plans and trade management execution steps of pro-level traders. SRP has ePDFs on Trend Continuation, Trend Reversals, Momentum trading (for Binary trading), etc.

T2W traders can contact SRP: [email protected] (email directly)

You (T2W readers) will not regret getting in touch with them!
Unless of course you fancy the complicated way.


KC

 

[kc8flq]

Trade update

Trade update on EU from last week,

Tgt 2 just realized, tgt 1 was hit last week before the close.

KC

 

[WklyOptions]

Trade update on EU from last week,

Tgt 2 just realized, tgt 1 was hit last week before the close.

KC

Hi, KC,

Good follow-up discipline for yourself - and also for sharing w T2W on follow-up results achieved.

Too many posts with recommendations, etc. - but no follow-up on end results. Profitable trading - and strong educational posts to share w T2W traders - should always include the end results. It is never about the win vs loss. :smart:

It is about the trader's journey - the excitement and direct feedback/observations that his/her trading "skills" are producing results. With ongoing debriefs, adjustments to the trade plans, etc., it is all about the excitement, self-trust, self-confidence, to see one's trading skills getting stronger = the journey to achieve daily or weekly or monthly profitably = is making forward progress! :clap:

That is what makes learning, trading, sharing, and self-discovery along the trading journey so fascinating and exciting.

BTW - I know you had initially started with:

(1) Target 1= 50% at 1R, 50% at 2R.

Since you are now gaining the trading skill to be able to select out strongest DOMINANT TRENDS on T1 charts, I suggest you adjust on the next new "campaign" to implement a more aggressive trade management formula to see if the T1 trends will continue as indicated by charts:

(2) Target 2 = exit 25% at 3R. If Target 2 is hit, the remainder position is now at 25% of the original position. Move remaining 25% remainder to Stop-Loss at 1R. Net = (+1.25R).

(3) Final Target 3 = exit 25% at 5R. Zero Remainder. Net = (+2.5R).

As part of your Trade Management Standard Operating Procedure (SOPs) = make sure after EVERY trade Adjustment is made - you must check to see if there are any older OPEN trades (like Stop-Loss or Profit-Limit orders) that are no longer valid for the trade management - and then CLOSE any/all of these invalid open orders.

Make sure that all open orders are accurate and valid ONLY for the current remainder positions. We must prevent and avoid getting filled on some old open order that was left behind in error! :whistling Understand? :idea:

Well, pls keep us updated on all of your trade setups and outcomes.

We all appreciate learning from the "right edge" of the charts! :clap:

Regards,

WklyOptions

 

[kc8flq]

(2) Target 2 = exit 25% at 3R. If Target 2 is hit, the remainder position is now at 25% of the original position. Move remaining 25% remainder to Stop-Loss at 1R. Net = (+1.25R).

(3) Final Target 3 = exit 25% at 5R. Zero Remainder. Net = (+2.5R).

As part of your Trade Management Standard Operating Procedure (SOPs) = make sure after EVERY trade Adjustment is made - you must check to see if there are any older OPEN trades (like Stop-Loss or Profit-Limit orders) that are no longer valid for the trade management - and then CLOSE any/all of these invalid open orders.

Make sure that all open orders are accurate and valid ONLY for the current remainder positions. We must prevent and avoid getting filled on some old open order that was left behind in error! :whistling Understand? :idea:

Hi WO,

Thank you for the suggestions, will start implementing on the next trade.

Shouldn't be too hard to secure any open orders or trades. The way I've trained myself is to put pending orders in, and they NEVER go in without having a stop and target tied to it.

For example, if my lot size is 1.0 (full size forex lot) and I'm placing them 50%, 25%, 25% per your suggestion, then I'll place 3 seperate pending orders with stops and targets tied to each individually.

I like to be sure and thorough with my orders.

Once I start checking into options later after I get my head wrapped around the entire method, then I'll have to experiment (with a demo of course, at least until I know the platform) with that side of the process. Once I do know the method and feel comfortable and completely natural with the process, then I'll be looking at subscribing to their market scanners.

So I know I got work ahead of me, but it's nothing that can't be worked through.

Hard work doesn't guarantee success, but without it you don't stand a chance...

Onward and upward...
KC