FX Trade Setups, Entries, Management and Exit

[Purple Brain]

Got to step away for half an hour. Stop still at 7519. I've put in a limit buy to close at 7456.

 

[Purple Brain]

nzd/chf stopped for -13 on full risk. MFE 1.

Bad trade not just in being stopped for full risk - again, but for not quitting when I saw there wasn't any momentum. Price topped briefly at the Daily S1/49 average, I thought the momentum had switched to down, entered short and watched it find solid support on the century/weekly S2 level.

I kidded myself with all sorts of bearish interpretations of candle formations it was worth hanging on in the full knowledge my new criteria for staying in a trade is that it was moving in my direction - not that it wasn't moving too much in the other.

It's not easy this.

 

[scholfield]

Got killed on oil today.
10 trades with 8 losers! Down about 60 ticks.
Not sure if it was because it was inventories day, but I couldn't read it at all today.
Shame there's no Cl daytraders here to compare notes with.

Luckily I done exceptionally well on the ES. (3 trades. 3 winners. +90 ticks) making it an OK day, despite my oil trading

 

[Purple Brain]

Got killed on oil today.
10 trades with 8 losers! Down about 60 ticks.
Not sure if it was because it was inventories day, but I couldn't read it at all today.
Shame there's no Cl daytraders here to compare notes with.

Luckily I done exceptionally well on the ES. (3 trades. 3 winners. +90 ticks) making it an OK day, despite my oil trading

So your oil tanked?

I suspect even the best and the brightest have days like that, but take solace in your good fortune on the ES.

Wouldn't know where to start trading such diverse asset classes as commodities and indices. I have enough trouble losing money slowly enough on FX.

 

[Liquid validity]

Got killed on oil today.
10 trades with 8 losers! Down about 60 ticks.
Not sure if it was because it was inventories day, but I couldn't read it at all today.
Shame there's no Cl daytraders here to compare notes with.

Luckily I done exceptionally well on the ES. (3 trades. 3 winners. +90 ticks) making it an OK day, despite my oil trading

You use Ninja (seen screenshots), try this:

Account performance tab > periods tab (set to daily).
Set mode from standard % to currency.
Allow yourself a maximum daily loss, max daily drawdown and max daily number of losing trades.
The levels you set for them are down to you.
I would start with max loss / drawdown of around half of average daily profit, or account %.
Will need tweaking depending on how you trade.

Stop for the day when the first one of those 3 is breached, or is likely to be
breached by another losing trade.
If you tend to scratch a lot of trades, you may not need to limit the number of
losing trades as max drawdown and max loss will still apply.
Everyone has crap days, all you can do is limit the impact.

 

[Purple Brain]

After a small push up the Yen appears to be weakening again which means aud/jpy long, eur/jpy long (favourite), nzd/jpy long are all candidates.

 

[Purple Brain]

eur/jpy long stop will be at 133.25.
aud/jpy long stop at 92.29.
nzd/jpy long stop at 81.32.

I'll only be taking one, if any, of these positions as I don't want more than one lot of full size Yen exposure.

 

[Purple Brain]

nzd/jpy long at 81.77 stop 81.32.

 

[Purple Brain]

nzd/jpy stop up to 81.66.

 

[Purple Brain]

nzd/jpy had broken up through the monthly R2 and yesterday's high so I moved the stop up to 5 pips below the monthly R2.

 

[Purple Brain]

nzd/jpy out at 81.78 for +1 on 45 risked. MAE 5. MFE 6.

 

[Purple Brain]

nzd/jpy - once it had broken through yesterday's high and the monthly R2 I expected it to carry on with significant momentum. It may just be pausing before continuing on up, but I don't want to sit on a position that isn't behaving like I think it should for me to want to stay in.

 

[Purple Brain]

aud/usd long looking possible.

 

[Purple Brain]

aud/usd long at 9383 stop 9356.

 

[Purple Brain]

aud/usd stop to b/e.

 

[Purple Brain]

aud/usd stopped out at b/e.

 

[Purple Brain]

The suggestion to develop a trading plan was one of the best pieces of advice I have been given. In the process of specifying what I was doing I relaised I shouldn't be doing it. So I threw the methods away and then I threw the trading plan away.

I suspect I may have thrown the baby out with the bath water.

Go back to what I was doing. Take out the legacy stuff and the stuff I now know to be extraneous. Keep only that which is the most basic universal truths of trading. Add in the new, good stuff (momentum, price action etc.). Write trading plan. Test trading plan on reduced risk/position size.

 

[Purple Brain]

eur/cad long at 3928 stop 3910.

 

[Purple Brain]

All I have on my charts apart from the price, are s/r levels and two moving averages; the 49 and 17 for context. The s/r levels I use to set stops, assess price action around them for entry on a potential breakout and for potential loss of momentum in their proximity for exit.

I'm looking for what is moving most, so slope of price and profile with respect to prior highs/lows.

eur/cad stop to b/e.

 

[Purple Brain]

I'm using smaller stops and therefore larger position size. On the basis a move is more likely to cover 20 pips than 40 in my trading timeframe and given the nature of my methods, I'm planning on taking profits on smaller absolute pips rather than attempting to target home runs.

I limit risk by moving the stop behind the price rather aggressively and expect to get taken out for more small losses and b/e trades than winners.