interesting quotes

http://www.forexfactory.com/showthread.php?p=3684074#post3684074

seting the profit target.
Rob(ptice action) asked me by pm thats why i am explaining.
first of all remember u have to change your trading plan day by day until ur fully confident .change your bad habits.train ur self to trade like a robot.
what does it mean?
it means everyday keep doing whats works for u and dont do what does not.
review your trades every night .while u u are trading mark them if u can .where u entered and where u exited and why.that will be very first step to become a successfull trader.
if u are biginner set stop to 3:1.what does it mean is that u can have more wrong trades and still make money. and if u still dont make money there is no need to worry.
after that if u think your profit target doesnot reach 3:1.
than reduce it to 2.5:1.and still if u think ,your trade does not reach your profit target.than reduce it to 2:1.
it doesnot mean u cant get out of the market if momentum changed.allways manage the trade actively
when u will find a R:R ratio that suits u .stick with that.
if u are experiance u can go for low R:R ratio.but u need higher hit rate.and u have to be very fast.
every person is diffrent and their risk tolarence as well.some people doesnot have gut to hold a possition too long.some loves to hold onto trades.
now i will tell u how i manage the trade in fx day trading.i manage difrent time frame diffrenly.i will call it its an Art.
what i have found is in fx day trading.most of the pairs will give u 2:1 then it will give u a pullback .thats why my basic profit target is 2:1.but if i see it was first or second impulsive move of the the current intraday trend than i will hold it as long as momentum stays strong.if its 5th or more than that than will close most of the trades for 1:1 .and i manage quick in and out.dont wait for bigger R:R.
specialy choppy day if i trade i manage to get quick in and out.u cant expect bigger move in the choppy market.
choppy days mean supply and demand (sellers and buyer) levels are equally respected by the market .
those days are tough to trade.if u can spot .stop trading as soon as u realise its a flat day.or if u trade,do that very carefully.

Daily Metals Commentary

Good metal and market commentary

http://www.nsfutures.com/dailycom.cfm

04 March live trades

Today was a good setup day. I made a couple of trades.

1 trade: Sold AUD/USD at H1 resistance. Made everything correct. But didn't pay attention to Big Round Number 0,9000. Price hit my stop loss and reversed. -1R loss.



2 trade: Bought USD/CAD after breaking up hourly PinBar. Price made also double bottom.

Closed 1/2 at first big resistance. Stop remains belov pinbar. Second half is still running.



3 trade: Sold EUR/JPY Hourly PinBaar. Closed 1/2 at  big support. Closed 2 half at breakeven  05 March. Bad trade management, cause i scared and didn't followed my plan to hold second part of this trade till stop-loss hit (stop above pin) or further falling.



AUD/USD  = -1R

USD/CAD = 1/2 half +1R

USD/JPY = +0,5 R

04 missed setups

04 March Analysis

EUR/USD

Price brpke 1,3676, but then drop to 1,3653.

Buy after clear breakout of 3676 and retest.

Sell after breakdown 3440 and retest. Or sell after 3676 failed breakout or lower resistance levels

Resistance 1,36538   1,3675

Support  1,3580;  1,3515 ; 1,3440.

GBP/USD

Trend is down.

Buy after breakout  1,5060 and retest.

Sell  after break of trend line + 1,4950 and retest.

Good sell is when price will come to weekly resistance 1,5268 (+61,8% fibo)

Resistance: 5060

Support:  1,4950 ; 1,4826



USD/CHF

Currently in range. Buy after break out 1,09377 and retest.

Sell after break down 1,0695 and retest.

Also we can sell if price will approach resistance 1,0834 ; 1,0871

Buy if price will touch support 1,0614 and bullish priceaction.

USD/JPY

Priced broke weekly support 88,27. At H1 price forming IB. Sell it.

Risky buy, after bullish PA at level  88,80.

Ressitance: 89,50 ; 89,92 ; 90,50

Support:  88,52 ; 88,28

AUD/USD

Yesterday price hit daily resistance 0,9090 and stalled there. Now we have down turn.

Sell if price will go up to 0,9023 and will form some good PA.

Resistance: 0,9023; 9065 ; 9090

Support 0,8956; 0,8935

USD/CAD

If price will retest 1,0395 – sell. If price breaks it and retest – buy.

Resistance: 1,0380, 1,0395 ; 1,0408

Support: 1,0195



EUR/JPY

If price will test monthly resistance 121, 01 and form bearish PA – sell it. If price will go down to levels 121,21 – 121,06 and will form bullish PA – Buy.

Resistance: 121,01 ; 121,56

Support:  120,21; 120,05 119,40

EUR/GBP

EUR/GBP formed 2day IB.  We wait for break levels  0,9142 or 0,9022.

Support: 0,9022

Resistance : 0,9142

Sell at resistance 91,42



GBP/JPY

Yesterday I missed touch of 134. We will for buy if price will go down to 132,15 and forms bullish PA.

Resistance 134; 134,63;136,60; 137,82

03 March setups on H1

Today we have some setups. Not A++, but  B- setups.

03 March Analysis

EUR/USD

Buy after breakout of 3676 and retest.

Sell after breakdown 3440 and retest. Or sell after 3676 failed breakout or lower resistance levels

Resistance 1,36538   1,3675

Support  1,3580;  1,3515 ; 1,3440.

GBP/USD

Trend is down.

Buy after breakout  1,5060 and retest.

Sell  after break of trend line + 1,4950 and retest.

Resistance: 5060

Support:  1,4950 ; 1,4826




USD/CHF

Currently in range. Buy after break out 1,09377 and retest.

Sell after break down 1,0695 and retest.

Also we can sell if price will approach resistance 1,0834 ; 1,0871

Buy if price will touch support 1,0695 and bullish priceaction.




USD/JPY

Buy if price will touch weekly support  88,27.  If price breaks it, sell after retest.

Risky buy, after bullish PA at level  88,80.

Ressitance: 89,50 ; 89,92 ; 90,50

Support:  88,52 ; 88,28




AUD/USD

Sell if price touches 9090. Strong resistance.

If price breaks it, then buy on retest.

If price breaks down  0,9023 and retest – sell. If we will see bullish PA on 9023, then buy.

Resistance:9065 ; 9090

Support 0,9023; 0,8975




USD/CAD

If price will retest 1,0395 – sell. If price breaks it and retest – buy.

Resistance: 1,0380, 1,0395 ; 1,0408

Support: 1,0195




EUR/JPY

If price breaks down 121,01 and retest – sell. If breaks up and retest 121 – buy.

Resistance: 121,01 ; 121,56

Support:  120,21; 120,05 119,40




EUR/GBP

Support: 0,9022

Resistance : 0,9142

Sell at resistance 91,42




GBP/JPY

BUY At support 132,15

Resistance 134; 134,63;136,60; 137,82

If price will touch 134, look for sell