like here, the red bit is where i shorted at resisatnce, because on the dailies it wasn't a great pullback, so i forced it onto the hourlies,which didn't end well. had i waited, the perfect setup ocurred on the correct TF.
just gotta be patient and take the stellar set ups on DAILIES
just gotta be patient and take the stellar set ups on DAILIES
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sorry didn't see this till now.
it's not really a system, its just a method-trend following.
As of yet i am not riding trends, just grabbing a swing in the middle.
Buy support in an uptrend, short resistance in a downtrend, so yeh, it could be dumbed down to buying/selling pullbacks to 50 ema and trendlines.
But hey, pips are pips
shadowninja
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What makes the difference between a good trader and a bad trader is how they cope and survive a drawdown. Take the dotcom boom. Everyone was raping the market in the late '90s like they were trading gods; buy anything with a ".com" in the name. Then the bubble popped, the market forcefully bent amateur traders over and without even a drop of KY, gave these traders the biggest anus-widening attack they'd never dreamt of in their darkest nightmares. This will happen many, many times to you. It will happen when you are at your most confident. How you cope with real money will determine your future.
virtuos0
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Did you close your losing trades or are they still active?
virtuos0
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Personally I'm sitting out this week all together, I've been caught out by thin-liquidity shenanigans too many times in the past. As expected we've had some ridiculous stop runs in CHF and JPY.
BUT if I was in an underwater position right now I would be assuming that it's going to come back. The whole Dubai thing caused a return to 'risk aversion' but is that really the kind of event that is going to cause a move aware from the short dollar carry trade? I think not personally. That's the problem with hard stops, and being away from the trade, how can you evaluate whether your underwater position is one you want to close or one you should be adding to!?
Just one of the many hurdles you will need to jump as a part-timer. You might want to think about how you can best adjust your strategy to suit your present circumstances..
puts/calls instead of stop losses was a thought but don't really get options.
weeklies too are an option, day-traders' news and the odd volatile day wouldnt shake me out as much, plus i'd be following the fundamentals more, not just the trend, well, following a weekly trend on audusd for example with gold trending up, US gdp declining, stock market heading higher, etc, fine tune entries on dailies
weeklies too are an option, day-traders' news and the odd volatile day wouldnt shake me out as much, plus i'd be following the fundamentals more, not just the trend, well, following a weekly trend on audusd for example with gold trending up, US gdp declining, stock market heading higher, etc, fine tune entries on dailies
lol, i just realised, with 2% risk on my losing trades, and assuming i had , on average 1:1 R:R i would only be in 6% drawdown.
peanuts!
going to weeklies to trade some pin bars, i think using price action only is a bit pfft, some people do it and pwn, and others do it as an easy way out to trade, taking somebody else's rules. like trader_dante , he does it, but he altered and tweaked with the set ups that james16 presented and made his own kind of principles and mental map, based on experience. whilst others just want the whole template, and once it stops working they **** their pants off.
despite that, pin bars, real pin bars, are exceptional off weeklies, in fact i did myself the duty of backtesting the probability off weekly pin bars on GBPUSD , with 1% S/L and 1.5% TP target, 56%, and if you go for 1% risk 1% reward it's easily up there 60-65% .
still, dubai news was the news event which lost me 800 pips.
also, going to try best to hedge every position where possible, i was just so short USD that the dubai announcment ****ed me over when the stock market fell, etc
peanuts!
going to weeklies to trade some pin bars, i think using price action only is a bit pfft, some people do it and pwn, and others do it as an easy way out to trade, taking somebody else's rules. like trader_dante , he does it, but he altered and tweaked with the set ups that james16 presented and made his own kind of principles and mental map, based on experience. whilst others just want the whole template, and once it stops working they **** their pants off.
despite that, pin bars, real pin bars, are exceptional off weeklies, in fact i did myself the duty of backtesting the probability off weekly pin bars on GBPUSD , with 1% S/L and 1.5% TP target, 56%, and if you go for 1% risk 1% reward it's easily up there 60-65% .
still, dubai news was the news event which lost me 800 pips.
also, going to try best to hedge every position where possible, i was just so short USD that the dubai announcment ****ed me over when the stock market fell, etc
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over the past 2-3 weeks i've also been quietly demoing three pairs intraday on the 5/15 minute timeframes, EURJPY EURUSD AUDUSD, they are obviously correlated so when i see a long signal i want to see a long signal on at least 1 of the others, and long.
i've been using pivot points but can't yet make sense of them. over the next month im going to conservatively get that 6% back, taking it real slow
i've been using pivot points but can't yet make sense of them. over the next month im going to conservatively get that 6% back, taking it real slow
