Pair GBPUSD is now approaching 1.24, I'd move the TP to 1.23 and the SL on entry price, so no loss is realized if the trend reverses to uptrend or alternatively, to 1.25 in order to secure a small profit. EDIT : Same with GBP / CAD, would pull the SL to breakeven or slightly below to secure a small profit !
system? the market is a trap......if not which idiot is going to buy high and sell low? they are forced to.....the shorts are forced to close by buying high and the longs vice versa... any 'system' that does not take this reality into consideration is only depending upon the uncertain movements of the markets to make money. you can make money without knowing the direction of the market if you understand risk management. however if you understand that market are a trap and learn to trade this then the money you make increases hugely. ultimately you need to increase your risk reward.......it is not about a system or strategy or knowledge about market......if you do not make make than you risk you are always going to be in danger of eventually blowing your account. any business is always going to be about what you put in and what you get/take out. how do they trap you......any reversal signal when there is a trend will not work......or it will fail or end up a trap.. meaning that you will get a reversal signal and then most often you will get a confirmation signal- like a bar breaking the low of another bar, in a sell signal,- and then the trap is sprung.....the market reverses up and then everyone is chasing the market up-longs and shorts [who are buying back what they sold] that is what fuels the trend........ so forget all the bull shit you see in technical analysis books..... if you can spot this process this trap then you will make huge money. if this trap is not there then market will chop
if you do not understand this trap then the only way is to trade probability......that is why you hear so much about probability and high probability trades.
i do not think so it depends whether you understand what causes and sustains a trend. i dare say not many people know that. if you dont then you only have probability to trade with and so what you say applies. and why on earth would you restrict your profit to 2 or 3 or even 10 times risk when there is a trend...... as long as trends sustain there is no point in getting out. unless you have no idea how long it will sustain.....which again comes to the question of whether you know why a trend sustains
You're welcome to post setups here in "my" thread, padutrader. Preferably the way I do it, with entrylevel, SL & profittarget.
O.K., my "final final" FX setup I present for this week. I think the pair EURCAD looks like a good short candidate here. It's now trading around 1.5240, I'd initiate a short position with a 40 pips above entry SL, and 160 pips below entry profit target.
+ (markets will close in a few hours) a long setup for the pair USDCAD (US$ vs canadian Dollar), I would initiate a long position @ now around 1.3589. SL would be placed 60 pips below entry price, Profit target would be as of now 150 pips above entry / fill.
%% Its not doable for me because i never found one of your indicators useful [or barcharts much help unless IBD uses them]; less is more.
When it comes to trading, almost everything can be considered doable. You just need to know more about Forex and get help from the best forex brokers and you’ll be able to do good in any aspect you want, whether it is about earning the profits more than what you have expected.