I don't think this answer makes sense, sorry - not meant to offend you. Of course, first and foremost, when it comes to trading, one has to be a realist as in everything in life. I'm smiling at your second sentence - there's little to know about Forex, and why should forex brokers (how do you define their quality ???) be able to help me ? Do they have a functioning crystal ball ?
... but is it doable in reality ?
- Thread starter janbillian
- Start date
I don't think this answer makes sense, sorry - not meant to offend you. Of course, first and foremost, when it comes to trading, one has to be a realist as in everything in life. I'm smiling at your second sentence - there's little to know about Forex, and why should forex brokers (how do you define their quality ???) be able to help me ? Do they have a functioning crystal ball ?
I'd now close the long US$ vs CAD position at a loss, around 50 pips, and switch to short ! Now trades at around 1.3540 . SL would be placed around 35 pips above entry, TP around 100 pips below.
All short positions in the €uro would now be closed (if not already closed), having to realize a loss or in the case of the € / CAD short, the SL would have been triggered @ breakeven.
Important is, if the underlying you've bet on has gone in your anticipated direction half of its profittarget - e.g., you've a 3R profittarget, half of it would 1.5 R - the Stop loss level is pulled onto your fill price so you realize no or only a little loss.
Important is, if the underlying you've bet on has gone in your anticipated direction half of its profittarget - e.g., you've a 3R profittarget, half of it would 1.5 R - the Stop loss level is pulled onto your fill price so you realize no or only a little loss.
I'm now a bull for the pair € vs JPY, would be long now @ 120.66, place the stop loss 40 pips below the entry and the profittarget would be 120 pips above entry. SL would be moved to BE if the pair goes 60 pips into my favored direction !
Last setup for this week - in Palladium (PALLADIUM on tradingview for the CFD quote), I'm bearish. I think a short position would make sense, SL should be placed 120 points above entry currently trading at around 1923, profittarget would be 220 points below entry. Again, SL should be moved to BE when price moved half its profit target in one's favour.
... 2 hours later, and the long position in € vs Yen woud have to be closed at a loss - the dreaded whipsaw. It's now actually a shortsetup, markets can move so fast & setups switch so fast. Now place the SL in the short position 40 pips above entry, TP 150 pips below. The pair currently trades @ 120.35 .
For my fellow Germans - if there are any - or those of you who understand my native language, Markus Keil is a native of Germany who now resides in Switzerland. His approach is completely different from trendfollowing, he scalps in futures contracts, positions are sometimes closed within seconds. It is time intensive, but he's very good at it. Began with 1,100 US$ in 05/2020 and was to trade this account up to more than 3,300 US$ - a > 200% return. He now will try again, with 10,000 US$ starting capital - here you can follow him on YT :
Strong setup in the pair € vs CAD now, SL could be placed only 20 pips above entry. Profittarget I'd place 80 pips below entry, the pair currently trades @ 1.5292 . All trades need to be monitored, of course, any market can move very fast and change from "short" to "long" and vice versa.
Ouch, the SL got triggered immediately and one would now actually be long in this pair, at around 1.5310 as the new bar opened above the EMA34. Profit target would now be 1.54 , SL would be placed at around 1.5285 .
I think Euro vs JPY is now a good setup for a shorttrade, I see a potential of a 4R trade (profittarget would be 4 x the SL level). The pair currently trades @ 120.05, I would initiate a short position right now, place the SL 150 pips above entry and the TP 600 pips below entry, at around 114.00 .
