GBP - The British Pound

[immy]

Closed the Trade with $12,967.92 Profit. It was at $14,500 at one point, missed the target of $14,634 by 0.3 Pips... 

That hurts more than the profit I have banked. Trust me it hurts more that it missed my target. Such is the HUMAN crazy brain and emotional system. 

 
 


 

I understand what you say though. Like damn a draw/tie and I could have won.....
Good thing is , you banked a great profit. I now see it would have hit your TP, but it could have turned around too. 
And no worries about any targets this month , how nice it that, day 1 and job is done  
 

 

My mistake was going to the 5 minute chart...I will NOT do that again 

I will just let it run. an hour later, its hit that number and far below it. 

but I went to US30, (thanks to my years of experience) and made a quick 2K trade to hit my month's target. I'm done now

Have a GREAT LONG WEekend EVERYONE 

[Minsk]

@ Immy: you went to m5 to take the trade on GBP-USD. What pip size do take for SL/signal candle on the m5 timeframe? 
if 1H = 20 pips, divide that by 12, you get like a 1pip SL, so you need a tiny signal candle.
Or is that not the right way to think about it?

[immy]

@ Immy: you went to m5 to take the trade on GBP-USD. What pip size do take for SL/signal candle on the m5 timeframe? 
if 1H = 20 pips, divide that by 12, you get like a 1pip SL, so you need a tiny signal candle.
Or is that not the right way to think about it?


 

My advice: 

F*** M5. 

Trade the Hourly Chart and Let it run towards targets but at least 3 to 5R should be your average. IF you catch a trade with a TIGHT SL then let it run and hit 5R. What is a tight Stop loss? well if the ADR of a pair is 100 and you found a stop loss of 15 or 10 pips, its a tight SL. It means that if you got in towards the start of the move and got in, you have a high probability of 5R winner if it goes in your way, even within the same day. GBPUSD, I had 15 SL, I was 100% sure that if is the DAY of moving, then 15 x 5 was possible. and it did. it. 

Don't do H1/M5... feck it. 

That is only for people who like to day trade. For those who are still lost in trading the shorter time frames. I can GUARANTEE you that you will make money on H1. Making money on M5 or M1 is VERY VERY VERY hard. 

ps: what you wrote is not correct. IF you drop to M5 for a trade, you will then take a signal on the M5. that's it. I took the trade on limit sell order with a 15 SL. 
 

[Minsk]

@ Immy: you went to m5 to take the trade on GBP-USD. What pip size do take for SL/signal candle on the m5 timeframe? 
if 1H = 20 pips, divide that by 12, you get like a 1pip SL, so you need a tiny signal candle.
Or is that not the right way to think about it?



 

My advice: 

F*** M5. 

Trade the Hourly Chart and Let it run towards targets but at least 3 to 5R should be your average. IF you catch a trade with a TIGHT SL then let it run and hit 5R. What is a tight Stop loss? well if the ADR of a pair is 100 and you found a stop loss of 15 or 10 pips, its a tight SL. It means that if you got in towards the start of the move and got in, you have a high probability of 5R winner if it goes in your way, even within the same day. GBPUSD, I had 15 SL, I was 100% sure that if is the DAY of moving, then 15 x 5 was possible. and it did. it. 

Don't do H1/M5... feck it. 

That is only for people who like to day trade. For those who are still lost in trading the shorter time frames. I can GUARANTEE you that you will make money on H1. Making money on M5 or M1 is VERY VERY VERY hard. 

ps: what you wrote is not correct. IF you drop to M5 for a trade, you will then take a signal on the M5. that's it. I took the trade on limit sell order with a 15 SL. 
 

 

the concept op D1 / H1 was more appealing to me actually. I don't have time for m5. Though  I might catch a move sometimes.
All depends on where I work. Read: can I use my own laptop next to my work laptop. Most employers won't like it.
I work from home most of the time. At this project that's possible. If I move on to another project at another company, maybe not.
So larger tf suits me better.
 

[immy]

@ Immy: you went to m5 to take the trade on GBP-USD. What pip size do take for SL/signal candle on the m5 timeframe? 
if 1H = 20 pips, divide that by 12, you get like a 1pip SL, so you need a tiny signal candle.
Or is that not the right way to think about it?










 

My advice: 

F*** M5. 

Trade the Hourly Chart and Let it run towards targets but at least 3 to 5R should be your average. IF you catch a trade with a TIGHT SL then let it run and hit 5R. What is a tight Stop loss? well if the ADR of a pair is 100 and you found a stop loss of 15 or 10 pips, its a tight SL. It means that if you got in towards the start of the move and got in, you have a high probability of 5R winner if it goes in your way, even within the same day. GBPUSD, I had 15 SL, I was 100% sure that if is the DAY of moving, then 15 x 5 was possible. and it did. it. 

Don't do H1/M5... feck it. 

That is only for people who like to day trade. For those who are still lost in trading the shorter time frames. I can GUARANTEE you that you will make money on H1. Making money on M5 or M1 is VERY VERY VERY hard. 

ps: what you wrote is not correct. IF you drop to M5 for a trade, you will then take a signal on the M5. that's it. I took the trade on limit sell order with a 15 SL. 
 








 

the concept op D1 / H1 was more appealing to me actually. I don't have time for m5. Though  I might catch a move sometimes.
All depends on where I work. Read: can I use my own laptop next to my work laptop. Most employers won't like it.
I work from home most of the time. At this project that's possible. If I move on to another project at another company, maybe not.
So larger tf suits me better.
 







 

I was reading the comments again and thought I have to clarify this. 

You or anyone can go to M5 to get a, what we would call "a cuter" entry but that comes with one more layer of complexity. 

When you drop to m5, you're not actually going for an M5 trade. No. 
 

2022-07-02_10-24-39.jpg

 

You are essentially finding a spot to get in, when you've missed your entry on H1. That is what happened to me. 

When I initially posted the chart, pointed out the Support and gave my reasons not to take it, I thought I was right. Trading is like this. I soon realised that I was wrong. I realised that I might not get an entry and this thing was going to blast off, off those H1 and Daily lows. It is a strong down trend in deed. 

So I did look at M5, but in reality, I simply set a limit sell order off the Swing lows of the H1 (levels to the left). 
My first limit sell order was set just below the H1 signal, which I missed. But I was impatient and lowered it to the swing low. I just did not want to miss it. 

AS you can see from the charts my original entry, PO on The banana signal or the limit sell below the low of the banana, will also have worked. 

2022-07-02_10-26-07.jpg

 

Luckily for me, this resulted in an even bigger trade since the signal was 25 pips and my entry was based on 1% risk at 15 pips. 

 
 Moreover, the question of, why was I looking for that 7R target, Why not 10 or 5, was this just an arbitrary number? 

No, the reason was twofold. I was complacent on this account and realised I was running out of time. So I found the situation where I thought 7R was possible and took the trade to win the challenge in 1 Trade with already down 2.1% on the account. So, ye,s I was down 2.1% on the evaluation phase 2 of this account and I had not traded with focus on this account.  So I made that my priority and actively started looking for good trades. Only 10 days were left. 

Here is what I saw. I saw on the Daily chart that there were previous levels. I target those, and I thought that once price "jail breaks" then there would be nothing to stop it until it reaches those previous levels and the big institutions will begin to buy. And that is what happened. 


 

2022-07-02_10-34-20.jpg

 
 
 
 
 

[Minsk]

@ Immy: you went to m5 to take the trade on GBP-USD. What pip size do take for SL/signal candle on the m5 timeframe? 
if 1H = 20 pips, divide that by 12, you get like a 1pip SL, so you need a tiny signal candle.
Or is that not the right way to think about it?











 

My advice: 

F*** M5. 

Trade the Hourly Chart and Let it run towards targets but at least 3 to 5R should be your average. IF you catch a trade with a TIGHT SL then let it run and hit 5R. What is a tight Stop loss? well if the ADR of a pair is 100 and you found a stop loss of 15 or 10 pips, its a tight SL. It means that if you got in towards the start of the move and got in, you have a high probability of 5R winner if it goes in your way, even within the same day. GBPUSD, I had 15 SL, I was 100% sure that if is the DAY of moving, then 15 x 5 was possible. and it did. it. 

Don't do H1/M5... feck it. 

That is only for people who like to day trade. For those who are still lost in trading the shorter time frames. I can GUARANTEE you that you will make money on H1. Making money on M5 or M1 is VERY VERY VERY hard. 

ps: what you wrote is not correct. IF you drop to M5 for a trade, you will then take a signal on the M5. that's it. I took the trade on limit sell order with a 15 SL. 
 









 

the concept op D1 / H1 was more appealing to me actually. I don't have time for m5. Though  I might catch a move sometimes.
All depends on where I work. Read: can I use my own laptop next to my work laptop. Most employers won't like it.
I work from home most of the time. At this project that's possible. If I move on to another project at another company, maybe not.
So larger tf suits me better.
 








 

I was reading the comments again and thought I have to clarify this. 

You or anyone can go to M5 to get a, what we would call "a cuter" entry but that comes with one more layer of complexity. 

When you drop to m5, you're not actually going for an M5 trade. No. 
 2022-07-02_10-24-39.jpg
 

You are essentially finding a spot to get in, when you've missed your entry on H1. That is what happened to me. 

When I initially posted the chart, pointed out the Support and gave my reasons not to take it, I thought I was right. Trading is like this. I soon realised that I was wrong. I realised that I might not get an entry and this thing was going to blast off, off those H1 and Daily lows. It is a strong down trend in deed. 

So I did look at M5, but in reality, I simply set a limit sell order off the Swing lows of the H1 (levels to the left). 
My first limit sell order was set just below the H1 signal, which I missed. But I was impatient and lowered it to the swing low. I just did not want to miss it. 

AS you can see from the charts my original entry, PO on The banana signal or the limit sell below the low of the banana, will also have worked. 2022-07-02_10-26-07.jpg
 

Luckily for me, this resulted in an even bigger trade since the signal was 25 pips and my entry was based on 1% risk at 15 pips. 

 
 Moreover, the question of, why was I looking for that 7R target, Why not 10 or 5, was this just an arbitrary number? 

No, the reason was twofold. I was complacent on this account and realised I was running out of time. So I found the situation where I thought 7R was possible and took the trade to win the challenge in 1 Trade with already down 2.1% on the account. So, ye,s I was down 2.1% on the evaluation phase 2 of this account and I had not traded with focus on this account.  So I made that my priority and actively started looking for good trades. Only 10 days were left. 

Here is what I saw. I saw on the Daily chart that there were previous levels. I target those, and I thought that once price "jail breaks" then there would be nothing to stop it until it reaches those previous levels and the big institutions will begin to buy. And that is what happened. 


 2022-07-02_10-34-20.jpg
 
 
 
 
 

 

Thank you for sharing your thought process and what you looked for, this really helps me in understanding more about how and why and where. 
This is a way of thinking about trades I have yet  to  learn. Where to maybe enter if no banana signal on 1H, and where to exit, big/small SL. Is a trade's target viable. The standard 3R and/or 5R might not be the smartest exit. 


 

[immy]

again I need to clarify....

The standard 3R and 5R , either or combination is actually the SMARTEST idea. Period.

if your average winners are 1:5 , you only need 16.6% win rate to remain breakeven. Think about it.... 

Money is not in "high win rate"... it is in HIGH Risk to Reward Ratio....

You may be 5% down and just ONE trade will bring you back. Another will put you into 5% profit. 

Focus on the 3 and 5R winners. 


ps: Only people with a real passion for trading and making money will succeed. 
Those who claim to have made 200Rs on a tiny account, then go for holiday ... fat chance.
Those who take the next month off so that can holiday then they will take the challenge? little chance.... people who are really into it, those who really want to succeed, can't wait. they don't do holidays. 

[Minsk]

again I need to clarify....

The standard 3R and 5R , either or combination is actually the SMARTEST idea. Period.

if your average winners are 1:5 , you only need 16.6% win rate to remain breakeven. Think about it.... 

Money is not in "high win rate"... it is in HIGH Risk to Reward Ratio....

You may be 5% down and just ONE trade will bring you back. Another will put you into 5% profit. 

Focus on the 3 and 5R winners. 


ps: Only people with a real passion for trading and making money will succeed. 
Those who claim to have made 200Rs on a tiny account, then go for holiday ... fat chance.
Those who take the next month off so that can holiday then they will take the challenge? little chance.... people who are really into it, those who really want to succeed, can't wait. they don't do holidays. 

 

Well that's good news, the simple 3R or 5R makes life easier then trying to figure out good exits. 


 

[Minsk]

This one was nicely on it's way to make it to 3R.
But decided to return. I was more or less expecting that. Due to 4th July.
Result BE.

[immy]

Theere was a tight trading range followed by a breakout. IT was looking great, but unfortunately did not give us a signal