Fxprotrader
Long

GBPNZD: Bullish Gartley Completion at Lower Parallel

FX:GBPNZD   British Pound / New Zealand Dollar
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Bullish gartley completion at lower parallel of an upsloping median line

Entry: 1.75212
Stoploss: 1.74617
Profit targets: 1.76707 & 1.78222

** If price reaches the first target we should move our stoploss at breakeven to second position

Gartley pattern:
60pips SL ??!!!It is a lot !. You SL hit. Ex: I play with a high number of units... 60 pips loss means almost 800 $.

My SL is rarely beyond 10 pips... sometimes I push it to 15 pips. But the trick is to get the right candle...
Reply
Fxprotrader BabasNumbaOne
@BabasNumbaOne, Absolutely not mate. Stoploss should be placed based on structure and determine how much your position would be in order to risk a certain amount of your account. So this 60pips depending on your position could be $800, $80 or even $8,000. The key is rik/reward to make money even if you win 50% of your trades.. I hope this helps, thanks for your comment..!
Reply
BabasNumbaOne Fxprotrader
@Fxprotrader, Thanks for the answer ProTrader!.

Yes you are right ! Stoploss should be placed based on structure, But Drawdowns are despicable. What I do is I wait for the right moment. What I mostly see is that traders are impatient, They could have the right setup the perfect structure but they get in too early or too late. Then They have a drawdown of 30, 40 50 %. Which is not recommanded.

What I wanted to say is that When u think that you have the right setup, the right structure and everything seems to be good, you have to wait for the right candle. You can use many many indicators, pivots points, candle patterns, fibo retracements, etc to determine the perfect candle to get in and minimize your drawdown.

Until now it works for me! still not perfect (started learning about trading 8 months ago) and in my fxbook i am at 58 % win ratio. and when I loose, I loose 5 pips, 10 pips, max 15. (depends on RR but max 15)

I do agree that the amount of money lost or won is not important. But when you know that 10 pips == 100 $, You take the bet wayyyyy more seriously than if it's a dollar.

I always follow something I heard, beginners worry about the profit, professionals worry about risk. And Risk includes drawdown... For me a drawdown of 60 pips is unimaginable. It's either I am on the right candle, or I wait for the right one.

Anyway I just wanted to know what is your opinion on SL, Drawdowns etc.

I love your work, I am still learning and I try to learn from everybody here that makes sens !. Thanks for your answers, Keep up your good work.
Reply
Fxprotrader BabasNumbaOne
@BabasNumbaOne, Well done mate..! It looks like you have a plan and you work a lot on your mindset.. Kee the good work up..!
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