My charts are basically for my brother's studies but for those of you who may be following or watching my ideas, please take my ideas with a grain of salt. My style is very different from the majority and can deplete your account if you are not careful especially that I don't use stops. I was trained to trade this way back at the old company where I took my apprenticeship so I'm very comfortable trading this way :)
EUR/NZD. Daily chart. I removed my algos again sorry... This is another continuation trade. I'm showing you this because even though I'm not using stops, I still have to do something to protect myself when price goes south. The small green line is my entry point and below it is a scale. Notice that I scaled it roughly around 100 pips, which means that if price goes south to -100 pips, then I'll exit or close this trade. I move the scale up as price goes up and basically the scale acts like a trailing stop but done manually. My maximum tolerance is around -500 pips meaning that I can still sleep like a baby and trade again the next day fresh as a daisy :) My other safety net is my baseline (yellow diagonal line) but sadly, if price is way too far away from the baseline, sometimes it can go over -500 pips which is painful so I try to chase price with my scale to minimize my loses.
About Support and Resistance, I told you before that I don't use them, actually that is a lie but not totally. The way I look at S/R is that they are probable key areas where the big banks may do some stop hunting so whenever I have a live trade near a strong S/R, I'm on the lookout if price will shoot up or down. If I'm trading long and price shoots up, I'll just let it run and quickly exit when I feel that price is losing momentum. If it shoots down (against my trade), usually I will just let my trade run if it's only a few hundred pips and see if it will bounce back again because usually it does especially if it's a stop hunt candle, but I will exit and accept my loss if it's intolerable. If it's not, then let my trade run for months or maybe years and wait until price goes back, and with this being said, there may be times that I may have to add more money in my account just to keep my account running. And if I can't tolerate it anymore or I ran out of money to add, then I accept my loss and accept that I lost another trading account... Remember that I have another trading account which acts like a safety net for me so even if one went belly-up, I can still trade with the other. Remember bro that you don't have to follow my trading style because it can be dangerous but as of now, I still haven't lost an account doing this. Also remember that I was trained to trade this way so doing the same thing on your own account can be very scary. This style is basically not for privateers because of the grit and endurance and the readiness to accept to lose money if things really goes south but I know some of my seniors who went solo and they have the same mindset too. This is only a part of our money management and there are still other ways we do it... it can sound crazy but if you are not comfortable with it, you can adjust your scale or maybe use a trailing stop so that you have some protection. I'll show you my charts and show you the reason why we prefer not using stops when I go home. Cheers!
EUR/NZD. Daily chart. I removed my algos again sorry... This is another continuation trade. I'm showing you this because even though I'm not using stops, I still have to do something to protect myself when price goes south. The small green line is my entry point and below it is a scale. Notice that I scaled it roughly around 100 pips, which means that if price goes south to -100 pips, then I'll exit or close this trade. I move the scale up as price goes up and basically the scale acts like a trailing stop but done manually. My maximum tolerance is around -500 pips meaning that I can still sleep like a baby and trade again the next day fresh as a daisy :) My other safety net is my baseline (yellow diagonal line) but sadly, if price is way too far away from the baseline, sometimes it can go over -500 pips which is painful so I try to chase price with my scale to minimize my loses.
About Support and Resistance, I told you before that I don't use them, actually that is a lie but not totally. The way I look at S/R is that they are probable key areas where the big banks may do some stop hunting so whenever I have a live trade near a strong S/R, I'm on the lookout if price will shoot up or down. If I'm trading long and price shoots up, I'll just let it run and quickly exit when I feel that price is losing momentum. If it shoots down (against my trade), usually I will just let my trade run if it's only a few hundred pips and see if it will bounce back again because usually it does especially if it's a stop hunt candle, but I will exit and accept my loss if it's intolerable. If it's not, then let my trade run for months or maybe years and wait until price goes back, and with this being said, there may be times that I may have to add more money in my account just to keep my account running. And if I can't tolerate it anymore or I ran out of money to add, then I accept my loss and accept that I lost another trading account... Remember that I have another trading account which acts like a safety net for me so even if one went belly-up, I can still trade with the other. Remember bro that you don't have to follow my trading style because it can be dangerous but as of now, I still haven't lost an account doing this. Also remember that I was trained to trade this way so doing the same thing on your own account can be very scary. This style is basically not for privateers because of the grit and endurance and the readiness to accept to lose money if things really goes south but I know some of my seniors who went solo and they have the same mindset too. This is only a part of our money management and there are still other ways we do it... it can sound crazy but if you are not comfortable with it, you can adjust your scale or maybe use a trailing stop so that you have some protection. I'll show you my charts and show you the reason why we prefer not using stops when I go home. Cheers!