Reasoning:
The price at potential support:
Trade Levels:
Entry: Buy limit at 0.9705 - T1: 0.9813 - T2: 0.9950 - SL: 0.9640 - Average RR: 2.71
All my trades will have Risk of capital per trade of 2%
Stats before this trade:
Number of trades: 4
Winning Trades : 1 Losing Trades: 2 Still active: 1
Net return: -0.4%
Remember
-Never risk more than 2-3% of your balance on a single trade. And If you are a beginner 1%.
-A Single or few trades result is not important. Whats important is the net return at the end of the month, quarter and year.
Best
Technician
The price at potential support:
- Long term rising trend line
- 78.6 Fibonacci retracement for major bullish wave
- 1.618 Fibonacci extension for latest bullish wave
- RSI Oversold and showing divergence
- Long legged doj candle
Trade Levels:
Entry: Buy limit at 0.9705 - T1: 0.9813 - T2: 0.9950 - SL: 0.9640 - Average RR: 2.71
All my trades will have Risk of capital per trade of 2%
Stats before this trade:
Number of trades: 4
Winning Trades : 1 Losing Trades: 2 Still active: 1
Net return: -0.4%
Remember
-Never risk more than 2-3% of your balance on a single trade. And If you are a beginner 1%.
-A Single or few trades result is not important. Whats important is the net return at the end of the month, quarter and year.
Best
Technician
Komen:
Moved stop loss to entry level.
Komen:
Missed first target by few pips. Trade closed at break-even.
I teach my experience conclusions in 10+ trading strategies. PM me for details and cost.
Moving to higher and higher TFs 1h --> 2h --> 4h --> 8h --> 1d - ... - choosing <2 Reward/Risk ratios - ... - splitting targets in 2 - ... - etc. etc. - all in the hope to finally be on the right side of the market... and in spite of all these tremendous efforts, success doesn't come... what comes is account breakdown, slowly (because of the 2% risk per trade involved) but surely (because of the W/L of <25% combined with R/R of <2)... it is mathematics, the foundation of position build-up, trade management and risk management in trading.
Why? With all the due respect for the efforts and everything you guys believe in, I tell you why: because S/R based counter trend trading does not work, in spite of whatever whichever trading guru tells you, did never work and will never ever work either... but on the chart it looks good, as a setup, every setup gives you hope... but trading should not be based on hopes and prayers but statistics and math... right?
Why? With all the due respect for the efforts and everything you guys believe in, I tell you why: because S/R based counter trend trading does not work, in spite of whatever whichever trading guru tells you, did never work and will never ever work either... but on the chart it looks good, as a setup, every setup gives you hope... but trading should not be based on hopes and prayers but statistics and math... right?
Balas
@Technician, again you prove how biased you are. Average RR For the trade is 2.71. And win ratio is 25% only got 4 trades, which is a very small sample. To get a real average you need a sample space of hundreds of trades. Buddy, you need to educate your self and stop attacking me for no reason.
Balas
@Technician, this was no attack on you buddy... this was only a recapitulation of the facts... I would never attack the person, whoever it would be, I have no right to do so... but let me have at least the freedom to "attack" a trading style/system that is not working... whether it is you who uses it or anybody else, there are a lot who do that anyway
Balas
Komen dibuangkan
@Technician, the funny thing is that nobody has to teach nobody here... what is working and what is not will be decided by the account growth (or wipeout) rate...
Balas
@Technician, you see? I can be constructive as well... I promised the moderators, after I was banned for some time for citing a saying of Ralph Nelson Elliott's about the "sucker's play" he was naming the 3rd wave (or C wave), that I will be constructive and I keep my promises...
Balas
@Koryphaeen, okay man, lets be constructive, I will do my best to change your view :)
Balas
@Technician, that's what I'm talking about man... let's do it! Although: I was learning S/R and candlestick patterns based trading when I did my CFTe learning courses at IFTA... I was trading S/R in my early days... I was buying S/R and candlestick based trade signals from various "traders" also in my early days... they didn't worked out, I only lost a lot of money on them, couldn't make a proper winning strategy out of them which also statistically had to be proven right... and one thing is sure: S/R IS THE MOST SIMPLEST TRADING STRATEGY EVER, IT'S PRACTICALLY A NO BRAINER... support turns into resistance and vice-versa... looking left to spot structure levels bla bla bla :) and if it would work, we would all be gazillionares, even the newbies, right? not hard to understand the mechanism...
Balas