Trade opportunity?
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Hi Lewis, if you’re at 3:1 (and not pursuing a big ‘run-on’ opportunity) you could certainly think about bringing your stop in closer. Try zooming into the smaller timeframes to pick up on a bit of usable price action if there’s nothing prominent on the 15min. If there’s absolutely nothing to use you might simply settle for a location that gives you a nominal 2:1 return, or whatever you felt most suitable on the day.
Ofcourse, I didnt even think of that haha cheers.
quite gutted right now, lost 2 attempts of getting into another aususd short yesterday down to 0.70826, and today the engulf signal didnt come so couldnt get involved and thats it on its way down now without me :((((
Hi Lewis, have a play around looking at engulfing patterns on the 5min. I don’t want to rush you into it if you don’t feel comfortable, but now you’re familiar with the way everything fits together it could be a way to open up more potential entry points . Just be careful not to over-abuse them – they’ll come thicker and faster than the 15min ones 🙂
Cheers,
I will start to have a look into them in January. Tbh, I also should start looking into the 5min cross over, will need to go over them for a bit as well. I havnt been using them as much as i could have! 🙂
Hi team. Happy new year everyone 🙂
I’m currently in this situation with eurusd, its came against (it probably will break it whilst im typing this, but for names sake) resistance, would you prefer to let price action let you pull your stops down, or would you pull it down to break even at this point based on the fact it could turn here potentially turn here?
ps, off to a great start for the year. 4 out of 4 winners and one break even 🙂
Cheers,
Lewis
Enjoyed reading your traders nest email about wins vs profit. It is something i have not actually looked at too much in terms of statistics, although when my excel sheet does sometimes have a batch of negatives in a one go, im not too bothered, i for some reason kind of assume a winner is round the corner haha.
surprisingly i thought my strike rate would of been higher than this. but since trading my larger account i have made 72 trades and only 26 of those have been winners, 9 have been break even and 37 losers. Very happy with the ROI as well, currently at 14% and i only trade 1% of my account.
Longest string of losers was 7 in a row (split up by 1 break even). longest run of winners was at the start of January at 4 in a row. risk to reward seems to sort this problem out though 🙂
So it is probably good to let new people coming into the course to expect losing trades, they happen all the time, more than i realized haha.
Cheers,
Lewis 🙂
Just thought i would pop in to say I had another cracking month for feb +6.99% 🙂
Currently sitting at 3.86% for march, but i have only took 2 trades and we have a lonnnng way to go haha… and depending on how my long on eurusd & audusd pan out today it is going to change haha.. will be closing them before nonfarm though!
All the best,
Lewis
Hi Lewis,
Great to hear you’re doing well 🙂
There was a bit of a whipsaw reaction to the jobs numbers wasn’t there?
Most of the uplift consisted of minimum-wage positions, not quite the ‘economic growth’ immediate headline numbers might have suggested!
yeh, i just stayed out of it.. had i stayed in, my eurusd trade would of lost… i only took 7pips on friday hahah.. better than nothing.
I think i need to look into why the news moves the market.. Right now, i just make a judgment purely based on how many bullheads it has on economic calender hahaha 🙂
After a nice week abroad for easter. payed by this strategy. Looking forward to getting back on the grind 🙂
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