Canceled EU long, becoming too close to supply zone a nasty 4h snare at supply. I would just pause with euro longs for another second.
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Canceled EU long, becoming too close to supply zone a nasty 4h snare at supply. I would just pause with euro longs for another second.
EJ has come off of a supply level, but consider how ardently price transferred out of the circled area. Compare that to price has moved off of the supply level.
I will have the ability to observe this level (circled) during class tonight hopefully. It's also possible that I will be forced to participate in discussion over some instances I should be reading seeing changing regulations of retirement planning. I'd rather put my thoughts in a blender.
1st chart: EG 1h, long at need
2nd chart:
L- euro futures weekly showing long wicks at provide
M- EU weekly showing the same
R- dollar index weekly showing long wicks on-demand
3rd chart: Weekly gbp futures in a supply level.
I'm surprised that we are not seing more selling on the gbp futures, this may signify the supply is in the next level, or maybe further into this level.
Because of euro's supply level, and I will be careful of my eurgbp long. The pound's yearly candle did not seem quite as bearish as euro's.
Because of these things I think I will be moving my stop to break even though I'm given the chance by the market. If Not I'll look to take profit quickly.
It seems as though the markets in general may be reaching a turning point. As we view new amounts appearing (on smaller time frames) I will be putting my limit orders in their roots.
Here is a 1h EU chart. The blue is a major supply level from the weekly/daily, along with the darker blue is the supply level. I'm going to place a few shorts up there.
Hi Frankkn
Thanks for the Information. I am new to FX but not new to trading. I have been setting limit orders over or under daily resistance in daily trending
currency pairs I take a 20 to 40 pip take profit and a 100 pip stop loss. I search for the currency pairs which break the most about the daily chart and set the orders upward and allow them to happen. I make sure its break by allowing it break by ten pips until my limit order hits. If I am watching my trades any trade that goes into profitability at 15 or so pips I shall set my stop actually so the worst damage on such trade are the spread. I am still learning the FX terminology and 50% has been made by me this month on my own clinic account YES SORRY PRACTICE ACCOUNT. I am not to excited about it since it's such a egy. What do you believe to simple to hold up. Any insight would be greatly apreciated. Thanks.
Hey JJ I will respond later on. I'm on lunch now, and don't have time.
Following is a screen shot of EU since my last one. The distribution zone with my limits wasn't even approached, along with a new distribution zone was made now.
I transferred my two brief limit orders into this zone.
Originally Posted by ;
For me, I would not go anywhere near that risk:reward. One loss is going to kill you. When the month has started careful saying things like 50. You need to be risking a large% on each trade to reach 50% profit at the first week of the month. If you make 50 percent in 1 week, using a rr of 1:5, imagine what sort of damage an weekly (or even month) would do to your account and plogy.
My stops may alter from 35-100 pips and my TPs are always at least 100 pips. I won't move my stop to break even until price has tested my entrance or has moved a large amount (such as 50 pips). Because I'm attempting to produce hands SL to BE is too large of an issue for me. If I pick the correct levels, do not risk a lot of, and set my TPs away than my SLs the rest works itself out.
Another furnish level was made. This is a revealing. I am using bigger stops, smaller position dimensions, and tighter TPs (2 x risk). That is because this is the source level following the one I watched on the outside of this curve, and I feel as though I am chasing price.
When this supply level doesnt hold I will be placing more orders in preceding one.
Here is another limitation sell on a gbp/cad distribution level. I don't like how impatient I'm feeling. It sucks to be unable to watch volume.
Perhaps limit orders will keep me from accepting those dumb trades though. We are going to see if my account is bigger or smaller in the end of the week/month trading like this.
In five weeks, I should have a 4 week period at which I'll be in a position to actively trade mornings (EST). When I'll be in a position just like I've been to actively trade Then it is unclear. It is high time that I get polished using these limit orders.
Hi Frankkn
Yeah I hear ya. I am definately not up 50% this month. I supposed with this system in a month of trading. My oanda clinic account enables 20 to 1 leverage. At first I was using way too much of that leverage on each trade a few times all of it got lucky to win. There are approximately 10 good currency pairs that I have been trading.
I'm familliar with risk to ruin as I'm humble but profitable from the stock market (it took me two years of trading to become profitable). I've ventured here only because of the advantages of FX trading (leverage, 24 hour per day trading, and also no minimum of 3 day trades per week). If possible, really wish to trade both.
That I definately will scale down my trades. What percentage of your capital would you risk in each individual transaction and do you enter multiple trades simultaneously?
Thank You for the information I'm not the only real type I think I only got excited and had to say some thing since I do not understand a single FX trader and my friends that I preech to could give a crap.
Oh yeah and thanks to the info again am very interested in studying this method.
I shall see if I will post some charts as well if thats cool.
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