Pair:
AUDJPY
Position: Short
Time Chart: 30m
Stop Loss: 81.361
Risk Pips: 76.5
Risk %: 3
Lot Size: 3,949 units
Take Profit: 79.096
Reward Pips: 150
Validation for this trade…
This trade was placed based off of my personal judgement including but not limited to: Support & Resistance on Weekly and H4 charts, Heiken Ashi candlesticks being congruent with EMA(200) on Weekly and Daily charts, and the 30m chart showing congruency with the Weekly, Daily and EMA(200).
Managing Risk…
Looking at the chart, I consider previous levels of Support, Resistance and Consolidation in order to first determine where to place Stop Loss. SL is placed 10 pips beyond previous structure extreme. Then the Take Profit is placed at least 2:1 of the # of SL pips from the starting point (unless there is a Support, Resistance, or Consolidation level before where 2:1 line would be placed. In this case, TP must at least be a 50 pip reward profit for me to want to take the trade. Lot Size is always based off of a risk percentage between 2-3%.
Other Factors Not Talked About Here…
My overall philosophy of the Forex market would take an entire book to write about. However, to keep it simple, I make sure to always trade with a Stop Loss and Take Profit no matter what. I consider Volume to be my greatest indicator (which I do check before every trade). And I just trust my judgement in knowing that the markets now have acted in the same exact way for hundreds of years. Nothing has changed. I keep that in mind with every trade. I’ve tested well over 15 different strategies for weeks (and sometimes months) at a time. I’ve been live in the market and I’ve also traded Demo. At this point I’m just doing a lot of testing before I jump back into it with a live account.
AUDJPY
Position: Short
Time Chart: 30m
Stop Loss: 81.361
Risk Pips: 76.5
Risk %: 3
Lot Size: 3,949 units
Take Profit: 79.096
Reward Pips: 150
Validation for this trade…
This trade was placed based off of my personal judgement including but not limited to: Support & Resistance on Weekly and H4 charts, Heiken Ashi candlesticks being congruent with EMA(200) on Weekly and Daily charts, and the 30m chart showing congruency with the Weekly, Daily and EMA(200).
Managing Risk…
Looking at the chart, I consider previous levels of Support, Resistance and Consolidation in order to first determine where to place Stop Loss. SL is placed 10 pips beyond previous structure extreme. Then the Take Profit is placed at least 2:1 of the # of SL pips from the starting point (unless there is a Support, Resistance, or Consolidation level before where 2:1 line would be placed. In this case, TP must at least be a 50 pip reward profit for me to want to take the trade. Lot Size is always based off of a risk percentage between 2-3%.
Other Factors Not Talked About Here…
My overall philosophy of the Forex market would take an entire book to write about. However, to keep it simple, I make sure to always trade with a Stop Loss and Take Profit no matter what. I consider Volume to be my greatest indicator (which I do check before every trade). And I just trust my judgement in knowing that the markets now have acted in the same exact way for hundreds of years. Nothing has changed. I keep that in mind with every trade. I’ve tested well over 15 different strategies for weeks (and sometimes months) at a time. I’ve been live in the market and I’ve also traded Demo. At this point I’m just doing a lot of testing before I jump back into it with a live account.
Trade closed: stop reached