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Placed short position order just below stop for continuation , will leave stop at 40 pips with a target of 36 pips while I go to work on my last night shift.
P2: A batch of FX market trades
- Thread starter peter2
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Long positions stopped out for a loss of 24.5 pips (slippage included) , which is a loss of $98.24
One short position now open that will run while at work .
If Peter is happy for me to continue in this thread I will resume tomorrow with my thoughts and trades.
One short position now open that will run while at work .
If Peter is happy for me to continue in this thread I will resume tomorrow with my thoughts and trades.
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Second short position taken at 1.17434 with stop and target in same location as first position giving me a risk of just below 2%.
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I'm happy to see someone continuing the thread but I think it should be done with the same intent. I've always tried to be educational and interesting. A chart always makes a trade that is based on chart indicators (like pivot levels) more interesting. It also helps others to follow along if they're really interested.
It would be of interest if you'd post a brief description of your setup. This doesn't mean outlining your whole TP in detail. Just a note that you're trading movements between two pivot levels with a directional bias is enough for most readers to understand what's happening.
At the end of the week (or month) post a brief summary with some stats eg. 5T, +1.8 units of risk. This would show that you're running a business and have some accountability. I'm not concerned by the P&L in dollars. The R values are enough. This allows you to focus on the trade and not the dollars.
Why R values rather than pips? R values allow for the size of the initial risk as they may vary each time. A win of 200 pips is nothing if the trader risked 300 pips initially. If the 200 pips was a +5R profit then we'd all know that it was a good result for the week.
These are my suggestions only. Of course you're free to post whatever you like.
It would be of interest if you'd post a brief description of your setup. This doesn't mean outlining your whole TP in detail. Just a note that you're trading movements between two pivot levels with a directional bias is enough for most readers to understand what's happening.
At the end of the week (or month) post a brief summary with some stats eg. 5T, +1.8 units of risk. This would show that you're running a business and have some accountability. I'm not concerned by the P&L in dollars. The R values are enough. This allows you to focus on the trade and not the dollars.
Why R values rather than pips? R values allow for the size of the initial risk as they may vary each time. A win of 200 pips is nothing if the trader risked 300 pips initially. If the 200 pips was a +5R profit then we'd all know that it was a good result for the week.
These are my suggestions only. Of course you're free to post whatever you like.
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Thanx Peter I will try to organize it better and was going to add a chart of the trade tomorrow.
I was trying to show live trading and what I was thinking at the time and my decisions.
I was trying to show live trading and what I was thinking at the time and my decisions.
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Position size and Stop loss position determines Risk on Capital
Number One Rule , once entry stop placed it will not be removed and can only be reduced. NO EXCEPTIONS.
Number One Rule , once entry stop placed it will not be removed and can only be reduced. NO EXCEPTIONS.
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Price has just reached the first part of my forecast and I would have placed the third short position on had I not been at work. The stop would be placed at the same location as the first two to keep risk below the 3% . Currently in losing position and will see if second part of forecast is fulfilled or price continues up and takes my stops out.
Now I could have placed a stop entry short position at the pivot but did not want an order sitting in the market if price had moved down to my target while I am at work.
Looks like I have been stopped out.
Now I could have placed a stop entry short position at the pivot but did not want an order sitting in the market if price had moved down to my target while I am at work.
Looks like I have been stopped out.
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Two losing trades for a loss of 2.48%
A= 0.30R
B= 0.93R
A= 0.30R
B= 0.93R
