Hi Bob,nanningbob wrote:If you are new just go from line to line. Enter, take profit at the next line set a pending above it and go to the next line. Be a singles hitter. When you get the hang of that go for doubles. Remember market moves are slow at the beginning of the week with Mondays sometimes providing excitement. The big moves of the week are usually Thurs. and Fridays. Yesterday I just did the beginner thing. I profited at almost every line and set a pending for the next line. I just kept going and then left one trade on each pair and went to bed. Got up this morning and they had all run. The gbp/jpy ran 230+pips yesterday I got 200+ of them. I had some overlap on some trades because I let some go two or more levels. Crossing weekly pivot/daily pivot are great trades. Ride them until the Weekly mid pivot or daily Support1. Then take profit and set the next pending above the line. If the market continues the move you are in if it doesnt you made a profit. Keep doing this until you get a feel for market moves. It takes years to develop a sense of the market but it comes from trading day in and day out. Until then one line at at time. You will make money and your confidence will grow. Dont get fancy. Trade a lot size that you arent afraid of blowing your account. Day by day 1/2% here 1% there then boom big day 6% for me yesterday. All of a sudden its the middle of the month and your account is up 5-20%. That is what it is about. That day by day grind it out and then the big day comes once or twice a month and your sitting on a nice month.GSForex wrote:Newbie question Bob. For these JPY pairs, how do you control how to take profit? You don't know when the price is going to stop, today itself, USD/JPY had around 160 pips with 2 pauses.nanningbob wrote:I may have created a monster. 12 levels on the gbp/jpy and it popped 230+ pips yesterday. I only went with 6 levels. 1145 pips in one day for all my trades. dang. 6% increase of my account. I will take that. I am having a great month. Something happened yesterday that never happened before but every single pending trade I posted entered. 52-10 yup I posted 60 trades in one day. Because I had so many going I would just TP every 20-30 pips so I didnt get caught in a reversal big bang on the account. Well they just kept going. If I had hung onto every trade and not closed, egads, but I remembered last Thursday so played in conservatively. 1000 pip day and I played it conservatively, dang that sounds stupid but it is what I did. Only two trades left on the board. a eur/nzd and aud/chf I like both of them and kept them. I think every single trade I posted just before the euro open hit profit, I will have to check later but that was quite a run.Gertje wrote:Maybe this will work, attached Criminal Criminal Criminal Cowboy Cowboy IBFX trade analyser output.Gertje wrote:Just the 7 majors, Will post details tomorrow.Staedtler wrote:Gertje wrote:I'm going out for Japanese food this weekend; 3500 pips.....
how many jpy pairs were you trading ? lol... 3500 pips my ass
I still trying to comprehend what would be the best strategies to NOT MISS the runs while you are sleeping.
Could you post your today's executed trades so I could analyze them.
Thanks so much!
Thanks for 10.4 & this guidance on working on being a singles hitter first!
Stop Losses I find difficult to maximise profits.. with this single hit approach do you suggest the 240ma as SL ? or 240ma for 1st level, and then maybe the previous line on subsequent levels? (so that if 2nd trade reverses it would negate the 1st win).
If 240ma is used for each entry, then if last entry reverses that would wipe out all the prev. profit lines.
Or is it 240ma for each entry, but close the trade based on experience(?) and/or CSS.
Any help on SL suggestions v. much appreciated (from anyone)
Cheers
