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    Thread: [second attempt] 66187983 trading with basics

    1. #1
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      Default [second attempt] 66187983 trading with basics

      Login 66187983
      Investor uunbrt21


      strategy explained in my previous attempt: https://forum.mt5.com/showthread.php...04#post7719404
      Like always, I am going to be trading with simple trading concepts like fibs, bar patterns, S & R and trendlines. I am more of an intraday trader or scalper than a swing trader but will give this a try.
      Mostly my trading strategy involves taking higher timeframes as reference but since I have to hold my trade over at least a trading day, I will try to use the higher timeframes for trade entries too.

      Regarding Fibs, I use it simply to know how much price has retraced and I mainly like taking trades when price retraces 50% of the fibonacci.

      Regarding bar patterns, if they appear in a good S/R area, I trade them no matter what pattern it is.
      S&R area, I usually plot them around psychological levels like 100 50 75.

      Trendlines will be used to know if the price is continuing the trend or going for reversals.

      This all looks confusing at first, but when you use them again and again, it will be quite simple and easy.
      One thing I would like to add is I rarely trade based off of news.

      In my later posts, you can see that my chart has two indis plotted down which are ATR projections & spread. I don't use them at all and I entered them since my charts usually show nothing not even the pair name and timeframe.
      I have uploaded them here: https://forum.mt5.com/showthread.php...79#post7888579


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    3. #2
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      Default

      ticket no. 822016539
      eurjpy buy 250.00 lot
      entry price : 140.59

      Reasons for entry:
      The reason for entry here was the same as my first trade in the previous attempt i.e price breaking the resistance.
      Price broke the clear resistance at 139.50 in monthly chart. And since we are talking about monthly timeframe, Price has a huge tendency to respect the break or anything that goes in it.
      Market had been spiking due to NFP news. But Eur/Jpy didn't spike much and it continued its original up movement and I entered the trade after market had time to settle down from the news impact.

      Spoiler Spoiler:


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    5. #3
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      Default

      ticket no. 823340901
      eurjpy buy 50.00 lot
      entry price : 141.37

      Reasons for entry:
      Price made a gap when the market opened this week. The gap was filled later on and I looked for opportunities to trade it.
      For me, when the price makes a gap after breaking a significant support or resistance clearly, I enter a trade in the direction of the market after the gap has been filled.
      After price filled the gap and made a higher low which made it look like double bottom, I entered the trade.


      Spoiler Spoiler:


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    7. #4
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      Default

      ticket no. 823391568
      eurjpy buy 50.00 lot
      entry price : 141.48

      Reasons for entry:
      Whereas the previous trade was entered using M15, this trade was entered using H1 timeframe.
      Price made a good bullish candle and since the trend was in my direction, I entered the trade.
      Not much reason to this trade since this was more of an addition of position than a trade in by itself.


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    9. #5
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      ticket no. 822990842
      eurjpy buy 250.00 lot
      entry price : 141.59

      Reasons for entry:
      This was actually a pending order set before the previous two trades were entered.
      This was set just above a minor resistance 141.54 in the expectance that if price broke this area, it would go in my direction for quite some time. The area was respected by price but price later on broke it quite easily and triggered the order.



      Spoiler Spoiler:


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    11. #6
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      Default

      All the trades were closed around the same time and at around the same level.

      The bull candle closing above the minor resistance was quite good when looked through higher timeframe. But the series of candles after that were all decreased in size and as such, I analyzed that price might be looking to retrace/ reverse and since I was not sure whether price was going to retrace / reverse/ continue, I decided to close my trades while my trades were still in good profits.

      Spoiler Spoiler:


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      Default

      Mate, I tried to chase you by gambling in a single trade and got stopped out

      Good luck. You are already at the top. No need to take huge risks.


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    15. #8
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      Quote Originally Posted by Toxic     
      Mate, I tried to chase you by gambling in a single trade and got stopped out

      Good luck. You are already at the top. No need to take huge risks.
      still a lot of time left for you to catch up and overcome me , hopefully I will still be at the top by then


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      Quote Originally Posted by deathstar     
      still a lot of time left for you to catch up and overcome me , hopefully I will still be at the top by then
      only with four trades you can get so lot of profit, how if you make 10 trades then...really great trading bro
      hope i can chase you but i think its quit impossible


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      deathstar (12-14-2013)

    19. #10
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      Quote Originally Posted by sasuke     
      only with four trades you can get so lot of profit, how if you make 10 trades then...really great trading bro
      hope i can chase you but i think its quit impossible
      It is very much possible Best of luck, there's a lot of time left.


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      sasuke (12-11-2013)

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