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Hello,
I have 3 pairs on my watchlist for the upcoming days with some scenarios I identified. They show some well defined levels with some precise bounces.
I marked my trading plan on them.
GBP/CHF: I have a pending buy limit on 1.4269. Second scenario will be a sell limit at 1.43768 if we break the level and come back to make a retest.
AUD/USD: That's the setup that will probably play out as the first one. I have pending limit buy order at 1.0204.
EUR/JPY: Very well defined range between 106.585 and 104.8. I am waiting for a breakout to either site and then trade the retest.
Happy pipping
I have 3 pairs on my watchlist for the upcoming days with some scenarios I identified. They show some well defined levels with some precise bounces.
I marked my trading plan on them.
GBP/CHF: I have a pending buy limit on 1.4269. Second scenario will be a sell limit at 1.43768 if we break the level and come back to make a retest.
AUD/USD: That's the setup that will probably play out as the first one. I have pending limit buy order at 1.0204.
EUR/JPY: Very well defined range between 106.585 and 104.8. I am waiting for a breakout to either site and then trade the retest.
Happy pipping
tbirdtrader
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Nice setups. You also have a 38.2% fibonacci confluence on the gbp/chf. In my opinon it is almost an A+ setup, however we do have an unfilled gap and the immediate retest that took place after the level broke last.
Well done, mate.
Well done, mate.
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The reason I reduced my risk was the movement of price prior to reaching the level.
I prefer volatile moves where we move straight to the support/resistance level. This will give a higher probability that we will see a bigger reaction at the actual level. WHY? The reason behind this is probably that the big players try to intimidate the weak players (amateurs). On a fast bearish move, traders will probably look for opportunities to jump on the short-train. But at this point the big players are already planing to get out and reverse their position to get long.
AUD/USD didn't move down straight but stalled infront of the level before it went down to touch it. When I saw it stalling infront of the level I reduced my position.
Grading your setups and reducing position size on the ones that don't like an AAA+ setup will give you an additional egde over time.
AND:
EUR/JPY broke 104.78 to the downside. I have my pending short on the level and will be selling a retest.
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Itook a EUR/USD short this morning from 1.3495 area. Didn't work out as you can see.
As I grade my setups I risked 0,5% on this one as it wasn't one of the better looking ones.
Now my account is back to break-even. A little frustrating but as long as I can stick to the rules, analyse my trades and learn crawling around b/e isn't too bad
Thought: Keep on taking the mediocre setups with less risk or stick to the A+ setups with bigger position size.
As I grade my setups I risked 0,5% on this one as it wasn't one of the better looking ones.
Now my account is back to break-even. A little frustrating but as long as I can stick to the rules, analyse my trades and learn crawling around b/e isn't too bad
Thought: Keep on taking the mediocre setups with less risk or stick to the A+ setups with bigger position size.
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yes, yes.. I am still alive and (kinda) trading. As I am no fulltime trader (yet) I have a lot of other projects going on and cannot watch the fx markets to the extent I would like to. Especially last 3 weeks have been pretty busy.
So 2 weeks ago I couldn't spot any trades and took two mediocre setups (fortunatelly with only risking less then 0,5%) which didn't work out.
Last week there was a great setup and I got stopped out by a few pips because I moved my Stop-Loss too fast too close to my entry and got stopped out for -0,5%:
This week there was another great setup I took yesterday and it did work out and gave me a little over 1,5%. (Here you can see how risk control works out. This one trade made up what I lost on the previous 3 trades!!!!)
So overall I am 1% above my initial starting deposit and for November I am up something around 0,8%. These numbers aren't impressive but the key is that I managed my risk well on all my trades and sticked to the plan.
Goal for december: Watch markets more often. Scan daily for good setups. DON'T INTERFERE WITH THE TRADES!!!
Who hasn't read the statistic that 95% of the ppl blow their account within the first 6 months!??! Guys, stick to your gameplan, control your risk and don't gamble.
So 2 weeks ago I couldn't spot any trades and took two mediocre setups (fortunatelly with only risking less then 0,5%) which didn't work out.
Last week there was a great setup and I got stopped out by a few pips because I moved my Stop-Loss too fast too close to my entry and got stopped out for -0,5%:
This week there was another great setup I took yesterday and it did work out and gave me a little over 1,5%. (Here you can see how risk control works out. This one trade made up what I lost on the previous 3 trades!!!!)
So overall I am 1% above my initial starting deposit and for November I am up something around 0,8%. These numbers aren't impressive but the key is that I managed my risk well on all my trades and sticked to the plan.
Goal for december: Watch markets more often. Scan daily for good setups. DON'T INTERFERE WITH THE TRADES!!!
Who hasn't read the statistic that 95% of the ppl blow their account within the first 6 months!??! Guys, stick to your gameplan, control your risk and don't gamble.
