Is Forex Profitable?

[rrr2015]

No, they are not templates, they are indicators. I do let my trade run with trail stop till they are stop out. EURAUD, last 2 positions already stop out.

thanks for your reply ... so you basically use these indicators to gauge the sentiments of various pairs & your entry using pivot points?

may i know the stop & target (in pips) and how long typically the trade lasts?

i notice you like to trade EURJPY, UDJPY instead of EURUSD, AUDUSD. is there particular reasons?

thanks ... me also still learning

 

[blurinvestor]

you use your basket as a alert? base off 1 min chart? but if you are using stop limit order, the basket will not really be necessary? will you also use the basket higher time frame as well? or only that particular pair higher TF? how do you pair the sequence?

No, I don't trade based on M1. The indicators are from M1 - D1, I have 6 monitors to track each currency. There are times when AUD monitor shows all green and CAD monitor shows red then they give me some edge on my trade.

As for basket breakout I use M15, especially when price consolidate for hours.

Buy/Sell limit/put depends on the situation. My prefer method is wait for price to come to me.

 

[blurinvestor]

thanks for your reply ... so you basically use these indicators to gauge the sentiments of various pairs & your entry using pivot points?

may i know the stop & target (in pips) and how long typically the trade lasts?

i notice you like to trade EURJPY, UDJPY instead of EURUSD, AUDUSD. is there particular reasons?

thanks ... me also still learning

I do have a road map for each pair I wanted to trade. Mapping is done during weekends. Then on weekdays I use indicators to gauge and make decision.

I use Pivot, Month open, daily open are just a reference points to see price movements. Other traders might use MA200, etc for their reference.

I trade all pairs.

 

[blurinvestor]

Example of my road map

Open 10 positions at 104.xxx. Move stop lost to BE (break even) plus 5pips.
As price reversed take half from the table; continue to trail stop 3 positions and leave 2 positions at break even plus 5pips.
When price reach target close 3 positions if they survive the trailing.
Move last 2 positions 10pips below first target and trail from there.

 

[blurinvestor]

Meanwhile have some fun -

 

[blurinvestor]

Just about to post this that I missed the boat.

This happened

 

[blurinvestor]

I guess rider have the very fun of learning how to accurately predict the market - just throw some random number USDJPY - 104 by end of week, EURUSD will hit 1.220. IF either one hit target them tell the world your prediction got power. If no target hit just buried them.

By looking at the left on D1 and W1 I draw the horizontal lines that I assumed price might pay a visit -

really amateurish method that I blurry followed.

 

[blurinvestor]

Everyday, review and same process - delete thursday buy limit set new buy limit, stop loss at yesterday open.

btw risky to play JPY now, I might get caught on the wrong side. This childish games will only end when both side signed on dotted lines.


Mid year US treasury and debt might catch up, again this is my rubbish assumption please take it with a ton of salt

 

[blurinvestor]

LOOK LEFT be it Forex, Crude Oil or Gold.

Price movements are the same, I just have to draw areas of interest and wait patiently.

Watch this video till you understood-ed the concept.

 

[rrr2015]

i noticed those are fibonacci levels
D1 & W1 means daily & weekly?
so you position your entries at extension ends of D1 & W1?

By looking at the left on D1 and W1 I draw the horizontal lines that I assumed price might pay a visit -

really amateurish method that I blurry followed.

 

[blurinvestor]

i noticed those are fibonacci levels
D1 & W1 means daily & weekly?
so you position your entries at extension ends of D1 & W1?

fibonacci levels based off weekly pivot.

Yes, D1 & W1 means daily & weekly

My entries -

When price moves up to my Sell Area 1, place a sell stop below to wait for price to come to me.

If price move further up to Sell Area 2 move sell stop below area 2.

Sell limit is set at extension to catch a spike up.

With a map, I can make decision in less than a minute.
What decision do I have to make, that is how much I want to give market.
This decision help me to let go of loser and let the winner runs.

I never map how much I want to win but always how much I can afford to lose. I can only tell you my target I want to give market with 100% accuracy and let market to decide how much it wants to give me.

 

[ipaq4444]

fibonacci levels based off weekly pivot.

Yes, D1 & W1 means daily & weekly

My entries -

When price moves up to my Sell Area 1, place a sell stop below to wait for price to come to me.

If price move further up to Sell Area 2 move sell stop below area 2.

Sell limit is set at extension to catch a spike up.

With a map, I can make decision in less than a minute.
What decision do I have to make, that is how much I want to give market.
This decision help me to let go of loser and let the winner runs.

I never map how much I want to win but always how much I can afford to lose. I can only tell you my target I want to give market with 100% accuracy and let market to decide how much it wants to give me.

after the trade is fired how will you use your basket to steer the decision?

 

[5star_pundit]

wat instruments to use for forex trading

 

[tiertime]

wat instruments to use for forex trading

i am using Pepperstone Trading Platform...

If you sign up for any forex account via a cashback website, you can get cash backs for every buy/sell trade you make:
https://www.cashbackforex.com/#aid_165623

 

[rrr2015]

thanks! can share one roadmap for this week?
i presumed weekly fibo pivots will stay the same for rest of the week?

fibonacci levels based off weekly pivot.

Yes, D1 & W1 means daily & weekly

My entries -

When price moves up to my Sell Area 1, place a sell stop below to wait for price to come to me.

If price move further up to Sell Area 2 move sell stop below area 2.

Sell limit is set at extension to catch a spike up.

With a map, I can make decision in less than a minute.
What decision do I have to make, that is how much I want to give market.
This decision help me to let go of loser and let the winner runs.

I never map how much I want to win but always how much I can afford to lose. I can only tell you my target I want to give market with 100% accuracy and let market to decide how much it wants to give me.

 

[blurinvestor]

I need to know what I'm doing with my trade. Hence, I need to have a plan.

Above candle chart doesn't tell me much. I need some reference points to know the price movements.

I marked Opening price of Month, Week and Day. Now, the chart make some sense to me. Price now is above Month/Week open.

I plan to BUY when price is above Month/Week Open. I will wait for price do go below 131.040 before putting a buy limit at 131.043. If price drop below Month Open, I will not enter any trade.

If the trade is executed the STOP LOSS will be at Month Open 130.975. This is first week so only Month Open, else STOP LOSS will be at Week Open.

Above is just for my own practice, I trade my plan.

 

[blurinvestor]

Outlook changes so does road map - look for BUY.

Just follow my road map. I know there are times when my global positioning system might give wrong direction. But I got this right, thanks Market for being generous.

I have to follow my own outlook and map.

 

[blurinvestor]

I have learned that it is safer for me to learn how to map out my own road map by looking to the left of Daily and Weekly charts. Demo and demo then Demo and demo again.
And having a plan - Plan like I will buy when price is above monthly / weekly high. Demo and demo again. Forward test, don't do back test because sentiments changes.

source: Australia police discourage use of Apple maps app after rescues

 

[blurinvestor]

My entries -

When price moves up to my Sell Area 1, place a sell stop below to wait for price to come to me.

Sell limit is set at extension to catch a spike up.

With a map, I can make decision in less than a minute.
What decision do I have to make, that is how much I want to give market.
This decision help me to let go of loser and let the winner runs.

I never map how much I want to win but always how much I can afford to lose. I can only tell you my target I want to give market with 100% accuracy and let market to decide how much it wants to give me.

Price had entered into my first area of interest.
Can price move further up? Most probably but I know how much I can afford to lose.

 

[blurinvestor]

Here come the missiles, close all and run for life.