Trading TRO SR RR style

[Fxtraveller]

TRADE N#7; -23 pips

2009.05.20 @ 14:31
EUR/USD breakout, at 1.3709, SL at 1.3686
I've just commented on the fact that its not sage to buy after a rally at a days high, and did it few minutes AGAIN !

Is there any other reason that might explain failure of these trades?
Note to self: need to think about a better stop loss, SL is too big comparing to TP.

[Fxtraveller]

TAKING the piss (excuse my language).
EURUSD 1h later.
I could say "should have waited and stayed", but this would be against the rules.

It seems that the price stalled because everybody was waiting for US treasury secr. to open his mouth, and thats when it blasted away. Need to watch out for the news

[Fxtraveller]

TRADE N#8; +8 pips

2009.05.21 @ 09:15
EUR/JPY breakout, at 130.73, TP at 130.81

[Fxtraveller]

at 9:30 London time the GBP Retail Sales and other News were to be released. "Somehow", 10 minutes before that somebody already got the info..... and I missed the trade. unlike TRO. shame ((

[vladv]

Fxtraveller,what indicators do you use for this trading strategy?And what settings for them?

[Fxtraveller]

vladv,

the blue/red dots- TRO FIBS SR, its free
TRO SR RR- donational

Breakouts- just trade when a dynamic SUP/RES is broken. The highs and Lows showed by TRO SR RR are preferred, but not necessary.TP= 5 pips +, SL= Low of the candle that broke the S/R (I use M15, but u are free to do so on any time frame).

Reversals- Wait for new Low/ High. Wait for price reach Go Long/Short Triggers. enter the trade. SL- 1 pip below Sup/Res. TP= whatever. Works on M15,M30, H1, H4, D1.

Always trade with H1.

[Fxtraveller]

TRADE N#9; +5 pips

2009.05.21 @ 09:10
EUR/JPY breakout, at 133.09, TP at 133.04

Note: I did not trade the Low of 21 candles, I traded a simple Fib breakout, but it looked like a reliable trade.

Note: need to remember TRO's question about if you had a billion dollars, had one trade to execute, one TP and one SL, how and when to trade. So, I will enter trades only when I'll confidence that it is LIKELY to be profitable. Nothing less.

[TheRumpledOne]

Not sure why you have the TRO SR RR and the TRO DYNAMIC FIBS SR TRAIL on the same chart... isn't that overkill? LOL!!

[Fxtraveller]

TRO,
TRO TRAIL might let me in the trade few pips earlier if there's a reversal. (always with H1). I see these potential trades on a chart, but I always miss them )))
For now, I had only used tro sr rr and dynamic fibs.
I wait for ideal setup when price moves, candle closes (h1) with a wick of less 10 pips, and next H1 reverses immideatly and triggers Buy/Sell. If H1 already opens below/above the riggers, dont you consider that as too late?

[TheRumpledOne]

No... I don't consider that as too late.

Trade what you SEE. If you SEE price moving one way, then trade that way.