Exit at 1.644
Profits: +60 pips

I had to close, system confirmation, even though it might still climb higer

-Rudy

New Trade:

Entry: 1:33 at 1.6385
T/P: looking at 1.6460 Or system confirmation for close

Same setup as previously

-Rudy

Unfortunately i didn't close at that resistance level, so i closed on balance..

Not too bad of a day... about 100 pips

-Rudy

Hi,

I have over 200 pips from 1 long trade that I entered yesterday at 1.6166.

I have a different problem about position sizing.

I allocate 3% Risk to all my trades. If that is $300, and my stop is 30 pip wide, my position size is calculated as 1 lot.

The problem is that since all stops are not same, the position sizes can differ, lets say 0.2 and 1 lots. I have 200 pips on 0.2 lots, and a 30 pip stop loss on the 1 lot trade. So 200 pips made $400, and just 30 pips lost $300!

My 200 pip win is almost a waste now.

Does anyone else has this problem? How do you handle this?

Thanks,
JForex.

Hello to everyone...

Today levels I will enter on:

Support (going long)
-1.6305
-1.6205
-1.6105

Resistance (going short)
-1.6495
-1.6595
-1.6660

All levels +/- 5 pips depending on how the market is moving...
I already entered on short at Resistance 1.6420
And all trades on these levels: take profit is approximately 20-40 pips

I will also post any other trades as my system confirms...

-Rudy

Can you please discuss your entry/ stop/ takeprofit strategy?

Thanks.

Hey, Aside from these levels i have a system there i have more detailed strategy on exit and take profits...

but these levels i post are very good points to enter on because they are strong support and resistance levels.. based on historical data.
and take profits are generally 20-40pips like wise a stop should be place 10 pips above the level.. but all this is depending on how the market is going.

For instance the level i posted today : 1.6495 I shorted there and made some 50pips (a stop was not necessary because most of these levels they don't break right away), that's aside from my system trades that earned another 170pips. (8/10positive trades)

If anyone would like i could post those trades.

-Rudy