tradeprofits
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In the upcoming months, I will do my very best to post my thoughts on (what I find to be) possible good trade setups along with more specific details about the way I intend to trade them. I will be doing this both through videos and text, all depending on what seems most appropriate. I will do my best to have the posts out in a timely manner.
I will mainly focus on 1- and 4-hour timeframe setups. The main basis for the trades will be trend line breaks, hence not a lot of focus on fundamentals. Keep in mind that many of the setups will be based on the 4-hour timeframe and because of this I am likely to keep trades open overnight (which would be the Asian session for me, as I run on GMT+1). I will however, do my best to be square when going into the weekend.
When I look for a setup, it will, as mentioned above, mostly be based on the break of a trend line. Now not only will I wait for the break, but also for the close of the candle in question; this is, in my opinion a key aspect, as this will minimize the amount of fake outs, which we will be caught in every now and then. With that being said, obviously we don’t want to enter a trade where we patiently have been waiting for the close of a candle, and in the meantime it´s be running too many pips in one direction or the other, as that possibly minimizes the risk:reward of the trade to a less than favorable level. How many pips is too much is impossible to state here, as that obviously is very trade specific, but I will do my best to elaborate on this for every single setup.
For every single trade I will specify a specific stop loss level (no mental stops here guys; all stops are hard stops). Once again this is very trade specific, hence this is not based on a fixed pip count but more on recent levels of significance as support or resistance.
I will do have my best to have a profit target for each trade as well, but I might not be up to date on this at all times, and because of this you should check back in this thread from time to time to look for further updates on this. I will often look to take our partial profits if possible and let the final half run for further profits.
IMPORTANT:
Things can go bad and there are never any guarantees. Because of this, you need to have a very strong focus on money management! If you do follow along with the ideas posted in here, that will be your responsibility, and I highly recommend that you apply a solid money management approach. Risk no more than 1% (at a max) on any given trade. That will be the same if we have a trade with a 300 pip stop or a 50 pip stop! Never put too much of your account balance at risk on any given trade. Make sure to adjust your position size, all depending on the stop loss. The risk exposure for a trade with a 300 pip stop should be the same as for a trade with 80 pip stop!
That will be it for now guys. Next time we will look at the first possible setup.
I will mainly focus on 1- and 4-hour timeframe setups. The main basis for the trades will be trend line breaks, hence not a lot of focus on fundamentals. Keep in mind that many of the setups will be based on the 4-hour timeframe and because of this I am likely to keep trades open overnight (which would be the Asian session for me, as I run on GMT+1). I will however, do my best to be square when going into the weekend.
When I look for a setup, it will, as mentioned above, mostly be based on the break of a trend line. Now not only will I wait for the break, but also for the close of the candle in question; this is, in my opinion a key aspect, as this will minimize the amount of fake outs, which we will be caught in every now and then. With that being said, obviously we don’t want to enter a trade where we patiently have been waiting for the close of a candle, and in the meantime it´s be running too many pips in one direction or the other, as that possibly minimizes the risk:reward of the trade to a less than favorable level. How many pips is too much is impossible to state here, as that obviously is very trade specific, but I will do my best to elaborate on this for every single setup.
For every single trade I will specify a specific stop loss level (no mental stops here guys; all stops are hard stops). Once again this is very trade specific, hence this is not based on a fixed pip count but more on recent levels of significance as support or resistance.
I will do have my best to have a profit target for each trade as well, but I might not be up to date on this at all times, and because of this you should check back in this thread from time to time to look for further updates on this. I will often look to take our partial profits if possible and let the final half run for further profits.
IMPORTANT:
Things can go bad and there are never any guarantees. Because of this, you need to have a very strong focus on money management! If you do follow along with the ideas posted in here, that will be your responsibility, and I highly recommend that you apply a solid money management approach. Risk no more than 1% (at a max) on any given trade. That will be the same if we have a trade with a 300 pip stop or a 50 pip stop! Never put too much of your account balance at risk on any given trade. Make sure to adjust your position size, all depending on the stop loss. The risk exposure for a trade with a 300 pip stop should be the same as for a trade with 80 pip stop!
That will be it for now guys. Next time we will look at the first possible setup.
