Aliassmith Beats a "Dead Horse"

[aliassmith]

Very interesting actually;
Only looking at my EU trades for the last 1,5 week and trading with no interference...just open and let it run...

78% was profitable
Of ALL EU trades 81% reached X1 and 65% reached X1.5.
This means that based on these trades it's more profitable if I don't interfere with my trades and just let it run to 1,5 or take a loss.

I will investigate the X1 vs the X1.5 a bit deeper because there will be slightly less trades to X1.5.
This is because in my analysis the trades run to X1 and are closed after that so a new trade can be opened.
If trades run longer, less trades are being opened because I would still be in a previous trade.

So I have learned a lot today...now see if I can make it work, ha, ha.

So...I'll let my trades run from tomorrow on.
I will investigate if I will go for X1 or X1.5. At least I know that I shouldn't close a trade for less than X1

Good question! thx

Great job!

Great to see you read and then study your trading based on my recommendations. Its really the only way to bond with what you are doing.

You won't trade like me. You will mold this to be useful to you.

[Jhx]

Very interesting actually;
Only looking at my EU trades for the last 1,5 week and trading with no interference...just open and let it run...

78% was profitable
Of ALL EU trades 81% reached X1 and 65% reached X1.5.
This means that based on these trades it's more profitable if I don't interfere with my trades and just let it run to 1,5 or take a loss.

I will investigate the X1 vs the X1.5 a bit deeper because there will be slightly less trades to X1.5.
This is because in my analysis the trades run to X1 and are closed after that so a new trade can be opened.
If trades run longer, less trades are being opened because I would still be in a previous trade.

So I have learned a lot today...now see if I can make it work, ha, ha.

So...I'll let my trades run from tomorrow on.
I will investigate if I will go for X1 or X1.5. At least I know that I shouldn't close a trade for less than X1

Good question! thx

So you mean enter, place your SL, your TP, and either take a profit or take a loss?
Cons is that it's very 'rigid' if price changes its course I suppose. The positive of that is that it takes a lot of thought out of the equation; I mostly found myself not learning from taking split second decisions within the candles or planning throughout the trade, that's why I'm mainly doing 1:1 or similar right now.

[aliassmith]

Very interesting actually;
Only looking at my EU trades for the last 1,5 week and trading with no interference...just open and let it run...

78% was profitable
Of ALL EU trades 81% reached X1 and 65% reached X1.5.
This means that based on these trades it's more profitable if I don't interfere with my trades and just let it run to 1,5 or take a loss.

I will investigate the X1 vs the X1.5 a bit deeper because there will be slightly less trades to X1.5.
This is because in my analysis the trades run to X1 and are closed after that so a new trade can be opened.
If trades run longer, less trades are being opened because I would still be in a previous trade.

So I have learned a lot today...now see if I can make it work, ha, ha.

So...I'll let my trades run from tomorrow on.
I will investigate if I will go for X1 or X1.5. At least I know that I shouldn't close a trade for less than X1

Good question! thx

So you mean enter, place your SL, your TP, and either take a profit or take a loss?
Cons is that it's very 'rigid' if price changes its course I suppose. The positive of that is that it takes a lot of thought out of the equation; I mostly found myself not learning from taking split second decisions within the candles or planning throughout the trade, that's why I'm mainly doing 1:1 or similar right now.

The market changes, that is why I use ATR(12) to judge volatility.

Entering a SL and TP is rigid. SL placement is a skill but it can protect your account. Some people don't use them, your choice!

TP is a suggestion to help not getting spooked out. Exiting is also a skill.

[Don_xyZ]

Very interesting actually;
Only looking at my EU trades for the last 1,5 week and trading with no interference...just open and let it run...

78% was profitable
Of ALL EU trades 81% reached X1 and 65% reached X1.5.
This means that based on these trades it's more profitable if I don't interfere with my trades and just let it run to 1,5 or take a loss.

I will investigate the X1 vs the X1.5 a bit deeper because there will be slightly less trades to X1.5.
This is because in my analysis the trades run to X1 and are closed after that so a new trade can be opened.
If trades run longer, less trades are being opened because I would still be in a previous trade.

So I have learned a lot today...now see if I can make it work, ha, ha.

So...I'll let my trades run from tomorrow on.
I will investigate if I will go for X1 or X1.5. At least I know that I shouldn't close a trade for less than X1

Good question! thx

So you mean enter, place your SL, your TP, and either take a profit or take a loss?
Cons is that it's very 'rigid' if price changes its course I suppose. The positive of that is that it takes a lot of thought out of the equation; I mostly found myself not learning from taking split second decisions within the candles or planning throughout the trade, that's why I'm mainly doing 1:1 or similar right now.

It works on M5 or M1 and 1.5 R or less because the price will move very fast. However, if you aim for bigger R then you must be nimble. If you trade patterns you must also be flexible to allow crooked forms.

[Yirbu]

So you mean enter, place your SL, your TP, and either take a profit or take a loss?
Cons is that it's very 'rigid' if price changes its course I suppose. The positive of that is that it takes a lot of thought out of the equation; I mostly found myself not learning from taking split second decisions within the candles or planning throughout the trade, that's why I'm mainly doing 1:1 or similar right now.

Like Alias said entering and taking profit is a skill. Because I am inexperienced I do not have these skills (yet).
That means that my decision will impact my trading (never know what you're gonna get) and I don't want that. If it helps getting on track....great.
In a later stage I can always work on developing my skills to enter and exit. Right now I would be more that happy with a positive statement
Let's see what it brings the next couple of days.

[westcountry]

Hi Alias and Yirbu -
Its been a while, good to see everyone is working hard and keeping things going.

I was trying to configure my FIBO tool indicator to plot the SL, 1X, 2x, 3x, etc like you both have in your screenshots, but no luck. If anyone could point me to a FIBO tool that could be more easily configured it would be much appreciated.

Keep rocking it!
-West

[Yirbu]

Hi Alias and Yirbu -
Its been a while, good to see everyone is working hard and keeping things going.

I was trying to configure my FIBO tool indicator to plot the SL, 1X, 2x, 3x, etc like you both have in your screenshots, but no luck. If anyone could point me to a FIBO tool that could be more easily configured it would be much appreciated.

Keep rocking it!
-West

Hi West,

My fib settings are 0=Entry, 1=SL, 0.5=50%, -1=X1, -2=X2, etc...

[westcountry]

Thanks - let me try that.

[Yirbu]

Today I started trading a bit more enthusiastic as usual because of my new rules. (only trade EU, go for 1R and don't interfere)
Price wasn't that enthusiastic and was not moving predictable no setups came by where I felt comfortable enough to trade.
I decided to try again after lunch.

In the mean time there were 2 setups (1st two red arrows) that I probably would have taken, resulting in one win and one cost trade.

220707 - EURUSDiM5.png (156.26 KiB) Viewed 1174 times

When I was back I took my first trade and immediately regretted taking that trade. I guess I was too eager to trade.
Due to my new rules (I can close mistakes but I'll have to live with stupid trades) I was watching the trade unfold.
Suddenly price turned and rushed towards my TP near the daily open (blue line). 1R in the bag.

When price came back up (Z-line) and formed a petite pin bar I shorted it again.
I actually wanted to lower my TP at the z-line of the previous big green bar but price was faster and I got my 2nd TP for 1R.

I have some mixed feelings because I don't think normally I would have taken these two trades. They were a bit messy and risky.
Not to long after that there was an inside bar, SMA sloping nicely and I jumped in aiming for yesterday's low (red dotted line)
Got another 1R.

In the end I got 3R...it doesn't feel like I was completely in control but the result is good and my last two trades went how I pictured them to go.
Note that all these trades would have given me 1.5R very easy.
In the end I should be happy with 3R

[Jhx]

Today I started trading a bit more enthusiastic as usual because of my new rules. (only trade EU, go for 1R and don't interfere)
Price wasn't that enthusiastic and was not moving predictable no setups came by where I felt comfortable enough to trade.
I decided to try again after lunch.

In the mean time there were 2 setups (1st two red arrows) that I probably would have taken, resulting in one win and one cost trade.

220707 - EURUSDiM5.png

When I was back I took my first trade and immediately regretted taking that trade. I guess I was too eager to trade.
Due to my new rules (I can close mistakes but I'll have to live with stupid trades) I was watching the trade unfold.
Suddenly price turned and rushed towards my TP near the daily open (blue line). 1R in the bag.

When price came back up (Z-line) and formed a petite pin bar I shorted it again.
I actually wanted to lower my TP at the z-line of the previous big green bar but price was faster and I got my 2nd TP for 1R.

I have some mixed feelings because I don't think normally I would have taken these two trades. They were a bit messy and risky.
Not to long after that there was an inside bar, SMA sloping nicely and I jumped in aiming for yesterday's low (red dotted line)
Got another 1R.

In the end I got 3R...it doesn't feel like I was completely in control but the result is good and my last two trades went how I pictured them to go.
Note that all these trades would have given me 1.5R very easy.
In the end I should be happy with 3R

Since I'm also attempting the dead horse, can I ask you your entry criteria or how you're entering your trades? I think I'm having difficulties with the entries