You're right to a certain extent. Therefore, it is not advisable to trade corrections. It is possible, but not desirable. If there is a target in the direction of the impulse, it is better to work with pending orders.
Hellena`s Journal
- Thread starter Hellena Trade
- Start date
I only make trades with pending orders. And yes - not for all ideas, because often I need confirmation in the form of a pattern or when I am sure that the momentum has really started to develop. I have a test account where I test these trades. So far about 60% of the trades are profitable. The main thing is to observe risk management.
I regret a bit that on gold I didn't close all the positions in the upper levels. I closed some of them with a profit, and some of them went to breakeven.
You probably learn how to trade from the Professional writers / talkers.
Unfortunately, those are not professional traders.
Based on your postings, the success rate is going to be < 1%.
That means you wouldn't be able to earn $$$.
You have to increase it to say 30%.
As mentioned, you have to track your STOP, reward : Risk ratio ...
Also you need to have an edge (6th sense or whatever) to bring up the success rate.
Based on your posting #1, you don't have an edge because you focused purely on TA.
You need to have worldly fundamental holistic pictures or some other edges.
Unfortunately, those are not professional traders.
Based on your postings, the success rate is going to be < 1%.
That means you wouldn't be able to earn $$$.
You have to increase it to say 30%.
As mentioned, you have to track your STOP, reward : Risk ratio ...
Also you need to have an edge (6th sense or whatever) to bring up the success rate.
Based on your posting #1, you don't have an edge because you focused purely on TA.
You need to have worldly fundamental holistic pictures or some other edges.
Well done!
EUR/USD (4H): Long to resistance area of 1.07923.
EUR/USD (4H): Long to resistance area of 1.07923.Well. Maybe that's true, but I like my trading, let I have about 5% profit per month. I like knowing that I have a small but stable profit.
(UPDATE) DJI (4H): Long to the resistance area 39156.49.
Colleagues, perhaps the price will reach the target without closing the gap. It can happen and the price will close the gap later. This gives us a hint that the 38458 area will still be worked out in the future.
I recommend to set trade to breakeven.
(Breakeven=Risk Free: Move Stop loss to the entry level).
(UPDATE)
SPX500 (4H): Long to 100% Fibo lvl 5209.
Colleagues, the price has almost reached the target. I assume that a small correction is possible, but I expect the scenario to be completed.
I recommend to set trade to breakeven.
(Breakeven=Risk Free: Move Stop loss to the entry level).
(UPDATE) Oil (4H): Long to resistance area of 84.42.
Colleagues, the price is about to reach the support area. But in any case, I am considering only long positions. Price is taking too long to update the low of wave “4”.
EUR/USD (4H): Long to resistance area at 1.08843..
Dear Colleagues, I believe that the price is in the impulsive movement of the senior wave “3” and in the junior corrective wave “2”.
Therefore, I expect the price to correct to the area of 50% - 61.8% Fibonacci levels at 1.07217, then I expect the upward movement to continue and reach the resistance area at 1.08843.
(UPDATE) GOLD (4H): Long to resistance area of 2358.71.
Gold is starting its upward movement again. The price has updated the local high of 2328.500 and this means that I again expect the scenario to be completed.
I recommend to set trade to breakeven.
(Breakeven=Risk Free: Move Stop loss to the entry level).
Colleagues, perhaps the price will reach the target without closing the gap. It can happen and the price will close the gap later. This gives us a hint that the 38458 area will still be worked out in the future.I recommend to set trade to breakeven.
(Breakeven=Risk Free: Move Stop loss to the entry level).
(UPDATE)
SPX500 (4H): Long to 100% Fibo lvl 5209.Colleagues, the price has almost reached the target. I assume that a small correction is possible, but I expect the scenario to be completed.I recommend to set trade to breakeven.
(Breakeven=Risk Free: Move Stop loss to the entry level).
(UPDATE) Oil (4H): Long to resistance area of 84.42.
Colleagues, the price is about to reach the support area. But in any case, I am considering only long positions. Price is taking too long to update the low of wave “4”.EUR/USD (4H): Long to resistance area at 1.08843..
Dear Colleagues, I believe that the price is in the impulsive movement of the senior wave “3” and in the junior corrective wave “2”.Therefore, I expect the price to correct to the area of 50% - 61.8% Fibonacci levels at 1.07217, then I expect the upward movement to continue and reach the resistance area at 1.08843.
(UPDATE) GOLD (4H): Long to resistance area of 2358.71.
Gold is starting its upward movement again. The price has updated the local high of 2328.500 and this means that I again expect the scenario to be completed.I recommend to set trade to breakeven.
(Breakeven=Risk Free: Move Stop loss to the entry level).
SPX500 (4H): Long to 100% Fibo lvl 5209.Well done!
SPX500 (4H): Long to resistance area 5282.3.Dear colleagues, I assume that the upward movement in the senior wave “3” will continue, but after a small correction, presumably to the area of 50% Fibonacci level 5117.0 . Then I assume the continuation of the upward movement to the resistance area 5282.3.(UPDATE) EUR/USD (4H): Long to resistance area at 1.08843..
Colleagues, the price is moving towards the support area at 1.07217. After reaching this area, I expect the beginning of the upward movement. I remind you that I do not recommend entering short positions and consider only long positions. Well done!
DJI (4H): Long to the resistance area 39156.49.
DJI (4H): Long to the resistance area 39156.49.