Daytrading Currencies

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Quote from Instant Karma:

I don't avg down on all trades but with my core strategy , i do..
In a nutshell, after i get a buy signal i place an imaginary box that defines an area below the buy signal price and i " buy in this area". i will either add once to my position or stop then re-enter or both... Rinse and repeat depending on how "fussy" price action is...until the whole process shows a profit. The whole process taking place within the limits of this imaginary box/ buy area.. If price exits the buy area going south i go flat and lick my wounds...and look for another long entry...short signal is the same just upside down...
The risk is larger than the reward.. but the risk/reward ratio doesn't tell the whole story, the winning rate should be included in the equation.
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Can you draw a pic of the box you're talking about using? I'm just curious. It sounds slightly similar to what I do.
 
Quote from 1a2b3cppp:

Can you draw a pic of the box you're talking about using? I'm just curious. It sounds slightly similar to what I do.
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Pretty simple stuff...look for reversal usually involving breakouts (no catching falling knife..no bottom fishing..) i get a buy signal wait for price to rollover into support area..scalp/buy into red box

In the chart, red circle is buy signal, red square is buy area
>>> buy leaning on support
In a short setup >>>short leaning on resistance...

Note that i won't talk about the indicators that i use to trigger buy/sell signal and time frame..

Let's use the charts kindly provided by Oilfxpro...

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33ji9mr.jpg
 
Quote from Instant Karma:

Pretty simple stuff...look for reversal usually involving breakouts (no catching falling knife..no bottom fishing..) i get a buy signal wait for price to rollover into support area..scalp/buy into red box

In the chart, red circle is buy signal, red square is buy area
>>> buy leaning on support
In a short setup >>>short leaning on resistance...

Note that i won't talk about the indicators that i use to trigger buy/sell signal and time frame..
More...

So basically you are waiting for a retrace after a buy signal, correct?
 
Quote from 1a2b3cppp:

Cool. I am a fan of buying pullbacks.

What is your exit strategy? Did you discuss it and I just missed it?
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Sometimes when i trade a setup, it's not 1 setup = 1 trade...it's 1 setup = 1 or multiple trades until the whole process shows a profit.. size varies according the P&L, the deeper into the red the greater the size...
 
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