Originally Posted by cwar
Could you mark your entry price and bar of entry?
Cwar, I try and provide a screenshot of my broker platform (black background with the arrows) that show my entry points. For example, if you reference the gold trade I posted previously (see screenshot below)...the gold down arrow shows my short entry & the blue up arrow shows my corresponding short cover ie trade close (via manual close).
TP hits are demonstrated by a green circle & stopouts are demonstrated by a red circle. We'll undoubtedly see examples of both as this thread continues, the idea being that we see less of the latter.
If you're asking for specific entry numbers so you can follow along, I'll do my best to provide those. That being said, if anyone is following along with the chart, zones, etc...I would hope a quick glance at my chart would reveal obvious entries.
I should press that I look at these levels as zones. A lot of people get completely stuck on to-the-point entries. I take an opposite approach & concentrate on higher quality setups...trades that I want to be in and don't mind entering a little early or even a little late.
If you see a horizontal line (or I sometimes use a blue area marker or red rectangle), I'm looking to enter generally within 5p of that zone for 1hr charts, 10p for 4hr charts and strong daily levels I don't mind getting in even earlier <20p.
This flows into the next questions...
Originally Posted by Tjmj90
What is your favorite currency pair to trade?
Also, i would love to hear your philosophy concerning setting stops and take profits if you use them
Edit: What time do you do you do the majority of your trading?
SL & TP...yes, I always use these. Going back to my selection of levels, I want to stick to prime, higher quality setups. I want to trust the setup enough to have good sized stops to avoid spikeouts but also be able to close the trade down manually (at a loss) if I believe the level has been invalidated.
TP & SL are just like trading in general...there are thousands of different ways to trade profitably but finding one that suits your personality, risk tolerance, etc is key. I prefer less stopouts, lower overall risk per trade (I average 1.5-2% per trade and will scale this up to 5% depending on my confidence). Of course, personal goals & account size also come into play. A trader that I've traded with daily for a couple of years now prefers closer stops and pin pointing entries. It works for him. I do the opposite...wider stops, wider entry range. Works for me.
Re: trading times, London is my preferred trading time. For me on PST, it's midnight to 9am.
Re: fav pairs, nothing in particular. I have a thing for eur/jpy but I know that's simply an emotional attachment as the biggest scores of my career have always been with EJ. That being said, catch this pair off a strong S&R level you'll likely be rewarded well. Catch this pair off a strong level in the direction of the trend, you can take the rest of the month off.
Like in poker, your favorite hand preflop may give you the warm and fuzzy and that confidence it generates is certainly important...but equally important is to remain unattached and understand that your favorite hand (or forex pair) doesn't mean squat post flop/once the trade is on.