Lewis Nicolson
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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
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! 🙂
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 :((((
Thanks very much! 🙂 means a lot. I really like this style of trading. Its so simple and effective.
Anyway, Another question for you. I’m not struggling too much with holding positions, I am now really starting to trust my targets etc. One thing i sometimes have trouble with is trailing stops when there is little price action to tuck the trailing stop behind. For instance, on AUDUSD today (typing this out it has now hit my original target, but i will continue with that i was going to say). I was in a position where i was able to tuck my trailing stop behind price action at the 38.2 retracement for break even. However once it was around 3:1 ratio, i sometimes get a little uncomfortable leaving my trailing stop at break even cause i would like to lock in some profit. Would you advise against this and just let the market movement give me places trail the stop, or would you lock in some profit?
It was a nice 4:1 trade as well 🙂
Cheers,
Lewis
Hi team,
I would just like to thank Rich for everything, i was lucky enough to skip all the pain that most traders go through of loosing money at the start their trading journey. This strategy is like a cheat to the markets once you get the hang of it hahaa
Anyway, I’m just curious about December, I read quite a lot that December is a slow month of the year. From your experience, (or anybody in this forum) is this the case?
Also, last week, is their any explanation to the spike that happened on the 3rd? i didnt see any news or anything with it?
Cheers 🙂
Lewis
Yeh, a while back I put it on the forum about the news going against me. And the slippage was quite drastic, like took way more pips off me than my stop loss was at.
Anyway, Its good to see newcomers to this forum. So welcome 🙂
Cheers,
Lewis
you would need to be very careful with that. That move came from nonfarm payrolls. If it went against you it could of left you with a few bruises.
Had a great month. majority came from shorting USDCHF, USDCAD and buying AUDUSD. 8% ROI thats taking 1% per trade. Thank you very much for the help. Still only going to trade 1% until january, then i will bring it up to 2% a trade.
Thanks 🙂
Lewis
Cheers,
This is the post I tried to make the other day, but it didnt appear on the forum? I’m guessing thats it working again.
Ok, I am going to get it. Its not too expensive as well, and lets you do manual trading with the historical data which is what i was wanting to be able to do.
haha i just tried to post on the new thread and its doing this same… when i hit submit, it just disappears?
**EDIT** i seem to only be able to post on my thread
Hi,
I just tried to post a new thread and it hasnt seemed to of worked.. just checking to see if there is any problems?
To explain the market execution a little better, i will use this image…
Today, I was going to take a trade on the 7am open GBPUSD (first engulf). So i typed out my my order, The stop loss was typed in around the same level as the top purple line of that candle, and then i had a line 1 pip below that candle (bottom purple line). This candle then became invalid because the market traded up past my stop loss so i closed that order.
The next engulf candle was valid. So prior to that candle even being printed, i had already had the stop loss in place and target with the line 1 pip below the lowest price of that candle. So when the next candle past that line i then hit market execution.
(that sounds pretty confusing to read, but just read it a couple of times and it should make sense)
Anyway, doing it that way doesnt leave the order saying the market “must differ from market price by 20 pips”
the market then moved down a nice 2:1 ratio, so i took the profit and ran.
