FX Trade Setups, Entries, Management and Exit

gbp/chf if the current bar does not exceed the prior bar's low then at close, there will be a new local low on the 08:45 (BST) bar which would be supportive.
 
I don't go into trades for the purpose of catching news events. I'd rather avoid them altogether. So when I get a big move in one bar, I tend to grab it as a windfall. More often than not, I wish I had stayed in. Probably will do so in this case too.
 
Good idea PB............happy to conttribute when i get more time .....hope others contribute

N
 
Getting long signals on aud/usd, but price has retraced so far below the 49 average, I'll need it to confirm support again before considering a trade.
 
eur/cad finally came off the fence and decided to head down. Miles from looking like it's going to pull back up to the 49 average, but I'll put it on my watch-list just to give myself something to do.
 
gbp/jpy has shown support (11:45 BST) after dipping below the 49 average earlier (07:15 BST). Not doing anything interesting at the moment, but with so few pairs showing much of anything at all it's a start.
 
eur/cad heading back up to 49 average. Will intersect if it continues its move at around the same level as the daily pivot point at 3724. Stop will be placed at 3750 which is 10 pips above the most recent level of resistance as evidenced by the price action.
 
gbp/jpy heading down to 49 average and could meet it at around the 158.00 century level or yesterday's high just a few pips above that. Stop will be placed at 157.80, 10 pips below today's open.
 
eur/cad looks like it might be coming of the 17 average in which case I'll be going in one quarter normal position size.
 
Got a couple of minor entry signals on the long gbp/jpy, but not enough to convince me to go in. It's coming off the 49 so no quibbles in terms of price response to mean, but the last high at 12:15 BST was lower than the spike at 09:30 - which is not technically valid anyway - but also lower than the two 'normal' bars that followed the spike. It's also put in a slightly lower low, so I'm not disposed to enter long, nor to follow this pair any further at the moment. Off watch-list.
 
Hi PB,
Purple Brain said:
This thread is more interested in the thinking behind the entries and exits and in-play modifications to the trade than verifying the realities of the actual trades called . . . I'm more interested in the thinking behind each trader's actions for each trade.
Click to expand...
(y)

Purple Brain said:
. . .I'm really into R:R rather than absolute P&L.
Click to expand...
Anything to do with R:R is contentious ground that provokes fierce debate. One reason for this is that it's common for traders to set their take profit level (reward) at a fixed multiple of their stop (risk). The issue here is that it's often arbitrary - with a 3:1 multiple being common place. If a trader goes to great lengths to carefully select their stop placement, doesn't it follow that the take profit target would also benefit from the same careful analysis? Also, and this is the bigger issue IMO - the idea of price moving to any profit objective is pure speculation - as no one has any real idea of what the future holds. For that reason, I prefer a discretionary exit, prompted by price, indicators or the runes etc.

Purple Brain said:
I trade the 15 minute chart. I take purely directional trades. My bias is determined by the slope of a longish moving average 130 periods and the price in relation to that. The price has to be the 'right' side of that moving average which discounts me taking any major reversals.

I also have a 49 moving average which also needs to be the 'right' side of the longer term average. The price needs to be the 'right' side of the 49 average and I'm looking at it to pullback to the 49 average to see it there is any support. This, more often or not, occurs if there are other technical support/resistance levels at that point. Who'd have thought.
Click to expand...
Here's an old thread that might be of interest to you: "Trading Day by Day" by Chick Goslin (book review) The topic centres on a book of the same title that got everyone very animated at the time - you can see it here.

Enjoy!
Tim.
 
Last edited:
timsk said:
Anything to do with R:R is contentious ground that provokes fierce debate. One reason for this is that it's common for traders to set their take profit level (reward) at a fixed multiple of their stop (risk). The issue here is that it's often arbitrary - with a 3:1 multiple being common place. If a trader goes to great lengths to carefully select their stop placement, doesn't it follow that the take profit target would also benefit from the same careful analysis? Also, and this is the bigger issue IMO - the idea of price moving to any profit objective is pure speculation - as no one has any real idea of what the future holds. For that reason, I prefer a discretionary exit, prompted by price, indicators or the runes etc.
Click to expand...
I didn't mean R:R in terms of set targets timsk; simply when you go into a trade you are risking a known number of pips for any given trade. When you exit your trade - under whatever basis you do so - you have made a certain number of pips.

My comment was simply requesting traders to state how many pips they risked on each trade and the number of pips gained on closing. So what was their R:R not what is their R:R. Why this interests me so greatly is that the majority of my winning trades are sub 1:1. And my losing trades are always 1:1. I was hoping to find what it is I'm doing wrong that limits my profitable trades but not my losing ones.
 
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