Ivan, I just have a question or 2 regarding your usd/cad trade, would you mind me asking here or in a pm. I do not want to get your thread off track. I enjoy looking at it since I am new to FX. Thanks Darren
Thanks. I was just wondering, what kind of of stop are you using for this first off? I am just trying to get a feel for the type of trading being done in this thread. I am new and just following along on what people see in charts that makes them trade, things like that. And also what did you use to come up with this trade( I dont mean divulging a strategy), a weekly daily hourly chart etc... Your AUD/USD trade I can clearly see the trend and why I think you made the trade, which was a great trade! Now looking at the chart of the cad I am struggling to see why or where. Now please dont take that as a knock or disrespect or anything like that. I am totally new here to fx, so to me this just helps me learn and see what others see. So if you have the time I would appreciate it. I know the thread is for trades, and I am still on the demo and wont go live for a while. I trade the minis in the mean time. But actually would enjoy this much better so I follow your threads closely. Thanks again
Short, AUD/USD 250,000 units @ 8060 for 80. (notice range getting smaller and smaller). I'll address the USD/CAD post when I get to work this morning.
I stopped posting my stop points because I didn't feel comfortable with them here. But just for you, I'll give away that my stop is in the 1.0790 range. For the CAD trade, see a piece of the graph i have attached. I am expecting support to be broken in the rising channel.
Thanks so much Ivan, looks clearer to me now! I appreciate your time and great trading. I am slowly learning my patience for the longer term trading where I see a better risk reward then my scalping, which is what I do in the futures but ,its tougher on the emotions and sometimes my r:r is not what it should be. Hopefully in a month or 2 I will go live on fx once I get something down I am comfortable with. I don't use indicators just price action and s/r. Thanks again.
No problem. And just so you know, I continue to struggle with letting winning trades ride. I invariably close them too early and kick myself later. It's a struggle I've been dealing with all along.
Yes I am in that camp as well with letting winners ride. Thats why I scalp so I dont feel as bad, so it will be a tough transition for me to have say a 50 pip t/p and not take profit when I am up say 10 or 15 pips and the trade still looks good. Much easier to let ride on the sim but hey gotta learn somehow. I look forward to the time I can post my trades along with you guys, but for now I am watching and learning from you guys. Thanks
You shouldn't feel/think that way about your trades. If you take a profit (or loss) it's over, move on. Of course, learn from your mistakes, too. But when you begin to question your actions, like you indicate above, if affects your decisions going out. Take your 50 pips here and there. The money adds up. Increase the size as the account grows. You know this.