rkss thoughts, processes and trades (focused mainly on GU and EU)
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Thread: rkss thoughts, processes and trades (focused mainly on GU and EU)

  1. #1
    I would love to start of by declaring this as my trading diary, where I could insert my way of thinking about the Forex market with GBPUSD and EURUSD being of the main focus. I have been trading for 4 years.

    Why this thread/journal?
    A colleague of mine in addition to a 10's of different people I have met;'ve always had a curious fascination with seeing how I trade and were constantly curious to understand the way I sustain myself. A lot of them need me to be their mentor. Frankly, I don't have enough time for assisting each and every one of them. I rather just exchange .

    But, for them, and anyone else that has interested about my nature of trading, I have this diary written that explain the way I think, process the information given by the market, and the way I trade.

    Why forum?
    I really do have my own site where I will keep putting up similar information, but my objective to post my trades and thoughts here is so I could have them critiqued and discussed with other traders. Please constructive articles only.

    How do I trade?
    I use a combination of handling my emotions, money management oh..and yea my method as well. My method consists of: Support and Resistance, Price Action, Chart-patterns, Candlestick Analysis, Trend-lines, Volatility Bands and most importantly (my gut feeling or intuition, honed after days and days of screen-time)

    In case you were wondering what rks about the title means? It's really a extremely complied algorithm, assembled from a historical language. If we were to possibly try to decode the three letters, then it might possibly reveal as much information that. . .err. .uhm. .okay, they are just my name initials.

    love.

    P.S.. These aren't likely to be trade signals, but more my thoughts that point you towards a way of how I see things. It's all up to you to decide just how to take that.

  2. #2
    Http://rksinvesting.com/blog/wp-cont...64-300x133.jpg


    My ideas for the GU are explained on the chart. In Terms of the technical details:


    LONG
    Break of 1.5388, in either a momentum or candle close form.
    Aggressive SL #8211; 1.5330
    Conservative SL #8211; 1.5310
    TP #8211; 1.5460-1.5470, however this may vary based on momentum.
    When we do move long though, we could possibly see it move up to 1.5550 area this week.

    SHORT
    Break of trendline and reversal patterns to verify reversal
    Aggressive SL #8211; 1.5380
    Conservative SL #8211; 1.5400, nice round number.
    TP #8211; 1.5300-1.5310, given not the greatest RR(Risk benefit ), but my usual RR#8217;s are extremely variable. Some times they're 1:1 but largely it is x:y where x and y are determined by many factors happening in real time.


    happy trading!

  3. #3
    See to the number's aforementioned as guidelines as your x:y should always adapt to the market.

    It is NEVER fixed.

    I really don't like the theory whatsoever of having certain quantity of take profit or a certain quantity of stop loss since it is absurd to me!

    Why would you wish to shut a winning trade? Simply let it last have a trailing stop. . .because chances are the trade that is making you money will make more money.

    This goes for your stop loss too. You can't place a'20 pip stop loss' no! It must be variable under market conditions, support/resistance, high/lows!

    Utilize the xy formula for your risk benefit.

    In which you will always milk the market for the most cash. As well as prevent your losses early ASAP.

  4. #4
    Ok, this is exactly what was happening in my charts for the EU. I took this commerce in the break of the resistance line highlighted in red, additionally pointed out by the red arrow. I hadn't had a opportunity to update you all in real time, because that could have been better than showing you men a chart in hindsight. I'll try to do that next time.


    Trade Analysis (4h chart) -

    http://rksinvesting.com/blog/wp-cont...03-300x130.jpg


    After breaking up my upper trendline/channel, I didn't just jump in the trade since I knew the first resistance isn't too far away.


    I am glad I didn't as well, because price stopped right there, as well retraced a bit. Fortunately I had been seeing all this happen in real time. My trade entry afterward became the high of the last candle (aka the black one) as though it breaks that, it would have no major resistance aside from another resistance line. As you can see the rise lasted until it closed near another resistance line.


    Notice: When you see a break of a particular scalp lineup or support/resistance line pay close attention to the momentum of the market. In other words, pay close attention to the rate at which the price is changing(increasing or decreasing). Don't just enter only because it broke online, we need to work out if the move is in fact legit. If anyone needs more clarifiion on trading momentum together with scalp/support/resistance lines, I would be happy to explain.

    Reasons and process for this trade:


    - (Illued by the green arrow chart above) First upper trend-line break to inform me that the downtrend of EU has stopped to get a bit.
    - (Red arrow) Break of the high with momentum along with the rest of the resistance close to the red arrow.


    Also for the longterm:

    http://rksinvesting.com/blog/wp-cont...12-300x130.jpg


    Overall Sentiment for EU is BEARISH for your Upcoming few candles at least, unless we see a break and close of the MAJOR top trend-line, but till then, anticipate a retracement from that same trend-line.


    happy trading!

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