Hi Me4x,
Thank you for your analysis of my trade.
You are absolutely right.
I am very risk averse to losses , so what I usually do is catch the move in the 5 minute chart and then go to the one minute chart for my precise entry. If the 1 min chart confirms the move then I go for it.
however If I see a change in the 1 minute then I exit immediately. Most times even before there is a reversal in the one minute, if it even looks like it is approaching a reversal in the 1 minute then I will come out immediately.
Please tell me what you think.
Is this a good practice?
How Can I do it better?
What should I change?
I do come to the trade room, but most of the times I am there usualy in the UK session its pretty quiet. If you see me in the room in the US session, I'm not there, just logged on.
But I will participate more and share my thoughts.
thanks,
see in the chat room
Thank you for your analysis of my trade.
You are absolutely right.
I am very risk averse to losses , so what I usually do is catch the move in the 5 minute chart and then go to the one minute chart for my precise entry. If the 1 min chart confirms the move then I go for it.
however If I see a change in the 1 minute then I exit immediately. Most times even before there is a reversal in the one minute, if it even looks like it is approaching a reversal in the 1 minute then I will come out immediately.
Please tell me what you think.
Is this a good practice?
How Can I do it better?
What should I change?
I do come to the trade room, but most of the times I am there usualy in the UK session its pretty quiet. If you see me in the room in the US session, I'm not there, just logged on.
But I will participate more and share my thoughts.
thanks,
see in the chat room
DislikedTradeguru - absolutely nothing wrong with your setup, you need to understand one thing that price action is never in a straight line down/up, it tends to retrace. So with your entry you did not give it enough time to develop, by that I mean, you entered @ 1.0123, your stoploss should have been about 18 pips which is 1.0141 and if you notice it never reached that, at the time you exited the lags ,macd, stoc were still down, later if you notice the price went to 1.0085 = about 40 pips !!! So, once you enter, set a SL, and wait for the ind to actually CROSS to confirm that trend is reversing, stoc came close to to the zero line but never crossed up. Hope this helps and I have seen you present ain the trading room but no chat - why, participate with your questions, man !!Ignored