848evo
Long

[TRADE SETUP] (RR:5.08) EURGBP Possible Bullish Break

FX:EURGBP   Euro Fx/British Pound
919 10 16
EURGBP             has broken the upper TL and first resistance level. Waiting for PA to break above the strong upper resistance level before entering the trade. Good RR ratio, will wait and see.

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***** HOW TO READ THE CHART: The red and blue lines represent clusters of BUY/SELL orders. The thicker the line, the stronger the cluster. Red = SELL, Blue = BUY. Grayed Out = Cluster Hit & Gone.
Congratulations! Your chart has been selected to be highlighted as the post of the day. This is a great example of using market swings as values of support and resistance.
Reply
848evo walker.england
8 months ago
Thanks Walker! I appreciate it :) hopefully my bank account will appreciate it too ;)
+1 Reply
peter.kralmail
8 months ago
I have only one question, why tight stoploss?
Reply
mustard peter.kralmail
8 months ago
They want the trade to fail?
Reply
848evo peter.kralmail
8 months ago
That's just a general SL for visual reference, I trade openly, meaning I don't use SL because I am able to sit in front of a computer and monitor my trades in realtime. Unfortunately this trade would have failed based on those trade parameters, but I see on the D1 chart PA is simply re-testing the broken falling TL, so I moved my SL. Please do not take my visual reference as absolutely trading points, everyone needs to use MM (money management) to monitor their trades, the market is NEVER 100% predictable and you need to be able to constantly adjust your trades as PA changes.
Reply
peter.kralmail 848evo
8 months ago
Trading without stoploss is a huge risk. No matter if you sit behing PC or not. How can you calculate position size if you are not using stoploss?
Reply
848evo peter.kralmail
8 months ago
I agree and I don't recommend it, but it's the way I was taught to trade. Technically, I do use a SL, but it's miles away (around 500 pips) just in case of a black swan event, but i'm always out of a trade before it ever hits. Think about it, how often has a sudden spike hit your SL in a trade just for PA to resume direction and continue? Now, when a trade is already a good amount in profit, I will move my SL to BE+5. Calculate position size? I don't need to, I'm aware of how much equity I'm chewing through and I only have 3-4 active trades open at a time, so I can easily manage my money. Again, I know this is going to probably go against everything you've been taught, but this was the way I was taught by a 20 year veteran in equity markets and they were also a partner in a brokerage, so they know what the brokers see and I was taught these trading methods to avoid broker tactics like stop hunting.
Reply
peter.kralmail 848evo
8 months ago
Well, you can avoid stop hunting by script that will automatically close your trade without setting standard stoploss on your trading platform. Or you can enter on area, where retail usually have stoploss. Or you can use ECN brokerage, they don´t need to stophunt their clients (your loss is not their profit). But thank for your honest answer and good luck.
Reply
848evo peter.kralmail
8 months ago
You should be aware stop hunting will happen on ANY brokerage platform, Market Makers with tons of money can move price up or down just enough to trigger SL's in their favor. MT4 scripts that "hide" your SL don't work, they hide them, but when PA hits the SL, you're trade is still closed. Just because the brokers can't see your 1 trade doesn't mean they don't see the other 99 traders placing SL's in a certain area, they will still see a cluster to be targeted. And you're right about ECN brokerages not hunting SL, but that doesn't mean the majority of market makers aren't, they are the ones who move price to hunt SL's, not your individual brokerage.
Reply
pecktrading
8 months ago
i was not understanding why you chose to go long on this trade. once price breaks a level of support it usually either goes up just a little further to take out another close level of resistance or it retraces back to the past support or to the most active trend. I would look to go long on this once it retraces back to the current trend bounces off of it and has started to rise again breaking a counter trend break
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