huseyin.karagozoglu.1
Short

Wave count for gold

FX:XAUUSD   Gold/U.S. Dollar
641 9 0
My wave count is stil in progress..1705 zone is acting as a resistance,so I opened new shorts at 1705,waiting for the TP=1660 level... SL=1712.....R/R= 450/70=6.42... very good reward/risk ratio...lets see...?



Short Entry...1705
SL................1712
TP................1660
R/R................6.42
BE.................1694
PZ.................1660-1671
D....................4





snapshot
My breakeven level(=BE) is 1694,so if the close decreases below 1694,I move my SLat 1712 to my entry point: 1705...
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My profit zone(=PZ) is located between 1660-1671....my Delta= 4....this is for realization...I also use a factor named Delta(=D) to correct this profit zone...for example the price has entered my PZ territory and seen 1667 as lowest,then I move my SL(in this case trailing stop off course) to 1667+ Delta=1667+4=1671....if price comes back to 1671 trade is closed...and the profit is locked...:)
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My lot size is selected according to "fixed ratio money management system",which allows me only to lose %10 of my capital per trade..(this is my choice,I dont want to lose more than 10 percent)...my initial SL is 70 pips away from my entry,so if my SL is hit,I lose 10 percent..not more..

With help of this method,Money Management and Risk Control concepts are unified in a practical manner.
,
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In general;my trade plan consists of 5 subconcepts:

-entry/exit strategy: This is made according to EW,TA indicators,floor pivots,etc..

-money management: determination of lot size,not to make more than a certain amount of loss

-risk control:determination of percent of capital,that can be lost per trade; R/R ratio

-trade management:use of BE ,D,PZ ,to trail the SL

-disciplin:psychological comfort to follow the rules as a whole...

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I think ; this short trade may last 2-3 days,depending on the volatility and on the structure of the subwaves of the main 5. wave downwards...
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good luck to everyone,we need it...:)
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Patience makes the master...:)
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good luck! The market has seen 1711.70 as the highest and my SL=1712....first resistance for floor pivots is 1711.80,so this may be a reversal point?...just waiting...
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stopped the loss..:(
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