Swingtrading forex

I am taking a stab at short gbpusd @ 1.2623 wiht 14 pips stop, 14 pips target for 1% risk. The reason is hidden divergence with the trend on hourly. EDIT: stopped out.
 
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cvds16 said:
I am taking a stab at short gbpusd @ 1.2623 wiht 14 pips stop, 14 pips target for 1% risk. The reason is hidden divergence with the trend on hourly. EDIT: stopped out.
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your reward risk ratio is 1:1 which is very bad unless your success rate is very high.
Have you done historical analysis and check the success rate?

Typically we target RR ratio 3:1 or better.
definitely for today, it will be virtually impossible to target RR ratio of 3:1
 
If I tried to trade 3:1 I would get horrible results since my succes rate would drop drastically. 1:1 seems about just right to me on these hourly setups. Not everyone of them will work out; that's life. I only risk 1% on each of them.
 
cvds16 said:
If I tried to trade 3:1 I would get horrible results since my succes rate would drop drastically. 1:1 seems about just right to me on these hourly setups. Not everyone of them will work out; that's life. I only risk 1% on each of them.
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well. I target RR 3:1. When market is in my favor, RR can be > 10:1 (not for currencies).
 
maxinger said:
well. I target RR 3:1. When market is in my favor, RR can be > 10:1 (not for currencies).
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I have got that swinging currencies but obviously you do not get those opportunities every day so it all comes to the same on total money made
 
seems I can adjust my R:R to 2.5:1. 3:1 seems to be overdoing things. I am short again gbpusd @ 1.2634 with a target of 1.2576 risking 1%.
 
cvds16 said:
seems I can adjust my R:R to 2.5:1. 3:1 seems to be overdoing things. I am short again gbpusd @ 1.2634 with a target of 1.2576 risking 1%.
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When I see the gbpusd chart, I definitely wouldn't want to trade.
Perhaps we have different approach / tactics / strategies.
anyway all the best.
 
padutrader said:
not much of support...
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Are you kidding me!!!? To be unable to see the support level I mentioned, one would have to be blind! I'm not saying the pair won't break through. In fact, I think it is more likely to do so (eventually) than not. But it most certainly is having to put up quite a struggle while trying to get it done...

GBPUSDM15.png


As I said, this is not a swing play for me. I can easily scalp 10 to 20 pips profit off of every bounce. Where I see MONSTER resistance likely to come into play is in the region of 1.2567, where the pair was rejected back on December 12, 2018 and January 4, 2019.
 
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yes, I have 1.2615 as support too, then 1.2605 and then 1.2600. I think we will see that last one today were I will take off some of my shorts I sold yesterday at 1.2625 leaving my smaller trade open till 1.2574
 
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