GBP - The British Pound

[Minsk]

on GBP-USD  too late, I wasn't fast enough to process it all and get the order in on m15
I did spot it though, so progress
 

[immy]

on GBP-USD  too late, I wasn't fast enough to process it all and get the order in on m15
I did spot it though, so progress
 



 

You can still try to get in. I have a limit buy order 
I can see that you are too young in the trading game, you can't see the volatility and momentum. I will not be dropping to m5 or m15 for today's market. Its not as volatile. Stick to the Banana signals and incorporate the limit orders. Limit orders do the SAME thing as the m15 or m5 entries 

Meanwhile EU also had a TC and box break. lovely setup. did not catch it 
 
 

[immy]

on GBP-USD  too late, I wasn't fast enough to process it all and get the order in on m15
I did spot it though, so progress
 




 

You can still try to get in. I have a limit buy order 
I can see that you are too young in the trading game, you can't see the volatility and momentum. I will not be dropping to m5 or m15 for today's market. Its not as volatile. Stick to the Banana signals and incorporate the limit orders. Limit orders do the SAME thing as the m15 or m5 entries 

Meanwhile EU also had a TC and box break. lovely setup. did not catch it 
 
 

 

Cancelled
 

[immy]

Post Trend TR, with a triple top. Nothing to do for now 

[immy]

There is one I won't take... This is the concept of the H1/M5 where you see price moving on the h1 chart. You drop to m5 to get an entry after a trend candle on h1. But here, before I dropped I already see support levels and the important price level of 1.20... hence staying away (I don't trade on m5 anyway) 

 
ps: well, I'm short already so that's another reason. I am just sharing this for those who would like to trade the H1/M5

[immy]

There is one I won't take... This is the concept of the H1/M5 where you see price moving on the h1 chart. You drop to m5 to get an entry after a trend candle on h1. But here, before I dropped I already see support levels and the important price level of 1.20... hence staying away (I don't trade on m5 anyway) 

 
ps: well, I'm short already so that's another reason. I am just sharing this for those who would like to trade the H1/M5

 

It worked beautifully... hopefully someone got this 2 legged pullback banana signal. The 2 legged signals work far better in forex 

[immy]

I always go for AT LEAST 5R and I manage my trade accordingly. 

I never ever will give back 5R of profits. No, that's not how trading is done. Trading is all about risk management and managing drawdown. 

If you're 4.9% up and you don't do anything about it, you're a dummy. 

You should either lock in 1-2% of profit by moving your SL or close some part of the position to bank profits. That is called "risk management". 

Giving back profits is also BAD RISK Management. 

SL Move to Entry Level at +2 profit
SL Move to 1R at 3R profits
SL Move to 2R at 4R. 

After that, you make the decision whether you want to allow this trade to run further or wait for 5R to be hit. IF price goes to above 4.5R and then turns around, I will not LET it go past 3R. I will move SL to 3R. 

But there is one rule about this. 
The Decision to Move SL is ONLY made at the CLOSE of the candle and based on the CLOSE of the price, not the spike. 

In the picture below, SL is at 1R because price closed just over 3R. Notice that it almost touched 4R but that is just the spike. And NEVER make a SL move decision mid candle. 

[immy]

I always go for AT LEAST 5R and I manage my trade accordingly. 

I never ever will give back 5R of profits. No, that's not how trading is done. Trading is all about risk management and managing drawdown. 

If you're 4.9% up and you don't do anything about it, you're a dummy. 

You should either lock in 1-2% of profit by moving your SL or close some part of the position to bank profits. That is called "risk management". 

Giving back profits is also BAD RISK Management. 

SL Move to Entry Level at +2 profit
SL Move to 1R at 3R profits
SL Move to 2R at 4R. 

After that, you make the decision whether you want to allow this trade to run further or wait for 5R to be hit. IF price goes to above 4.5R and then turns around, I will not LET it go past 3R. I will move SL to 3R. 

But there is one rule about this. 
The Decision to Move SL is ONLY made at the CLOSE of the candle and based on the CLOSE of the price, not the spike. 

In the picture below, SL is at 1R because price closed just over 3R. Notice that it almost touched 4R but that is just the spike. And NEVER make a SL move decision mid candle. 

 

 

[immy]

There are some late session signals that appear after a clean move throughout the day. 

They work well if you manage your stop loss correctly and also know WHY you're taking this setup ... Because on D1 you see something has happened 

Some levels have been broken, some consolidation some TTR has been broken... or other are some fundamental reasons acting as a catalyst in the market as well... etc etc

 
 

[eaxh]

I always go for AT LEAST 5R and I manage my trade accordingly. 

I never ever will give back 5R of profits. No, that's not how trading is done. Trading is all about risk management and managing drawdown. 

If you're 4.9% up and you don't do anything about it, you're a dummy. 

You should either lock in 1-2% of profit by moving your SL or close some part of the position to bank profits. That is called "risk management". 

Giving back profits is also BAD RISK Management. 

SL Move to Entry Level at +2 profit
SL Move to 1R at 3R profits
SL Move to 2R at 4R. 

After that, you make the decision whether you want to allow this trade to run further or wait for 5R to be hit. IF price goes to above 4.5R and then turns around, I will not LET it go past 3R. I will move SL to 3R. 

But there is one rule about this. 
The Decision to Move SL is ONLY made at the CLOSE of the candle and based on the CLOSE of the price, not the spike. 

In the picture below, SL is at 1R because price closed just over 3R. Notice that it almost touched 4R but that is just the spike. And NEVER make a SL move decision mid candle. 

 

GREAT POST with clear exit rules. I have thought about if i change to 5R targets..But then i think.... WHAT IF it goes to near 5 R and then reverse. I would DIE (just a little) 

SO, great examples there