Mar
28
Hello folks,
Today Friday I haven’t taken any trade (as you probably know by now I dislike trading on Fridays), but I can finally show you the CADCHF trade I entered two days ago.
I had already taken half of the lot size out at +106 pips and trailed my stoploss to breakeven on the remaining portion of the trade. Well, unfortunately price retraced last night just enough to kick me out of the trade. So all in all +106 and +0 on this trade, which averages at +53 altogether. Not a bad trade.
Here’s the video:
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29 March, 2:38 am
Hector,
I have a comment regarding the exit. 0.9700 seems at historical low and there got to be a strong rebound from that level. Do you consider exit your full position and search for entries again after reversal of the rebound?
I already saw several videos in your blog where the rebound from major S/R levels knocked out the stoploss or even caused loss. Like the NZDUSD trade last month 0.8100 was at a historical high. It would be really difficult to reach the full target 0.8400.
Do you consider bending your rule a little, i.e. exit full position for major S/R levels or historical H/L levels?
Thanks for all these wonderful videos. Also please consider my proposal again :-)
29 March, 7:31 pm
Hello Patrick,
I personally don’t pay that much attention to whether we’re at historical H/L (which it’s not the case on CADCHF by the way). As long as the MAs are pointing down, I continue searching for shorts. And as long as support levels continue to breach in a downtrend, I continue searching for shorts. As you can see, I am pretty thick and square-minded in my trading hehehe. The way I see it is: if it’s working for me, why should I meddle with it?
PS: 0.9700 is the level to watch now before looking for new short opportunities.
-HECTOR-
31 March, 12:54 am
Hector,
Thanks for all the great videos and the very thorough explanations you make.
My comment is regarding your exit. I like taking half off at the point you did as this is a pretty logical place for the market to trade. I just have a comment about the exit on the second half of the trade. The pullback we get doesn’t really negate the triangle breakout (because we don’t trade back into the triangle), and, after quite a big down move a pullback is to be expected. I think the stop on the second half should be just inside the triangle. While this exposes you to more risk it should give you better profits when the breakout is confirmed and the market really capitulates.
What do you think?
Thanks again for the vids.
31 March, 11:22 am
Hello Gavin,
It really depends on how aggressive a trader wants to be with his positions. I am personally a conservative trader so I’d rather secure stop to breakeven than risking a profitable trade turning sour on me. If you get stopped out at B/E, you can always re-open the position later on for the small cost of the spread.
But I certainly recommend everyone to experiment with their risk levels to find the sweet spot they feel comfortable with.
Cheers,
-HECTOR-
31 March, 7:11 pm
Very nice blog with intersting videos..
Do you have a complete track records..?
31 March, 10:25 pm
Thanks Tradercafe, glad you enjoy the blog.
You can see 11 months worth of trades at the Track Record section up top in the menu. Just avoid going through Feb 2008, I sucked that month :p
-HECTOR-
1 April, 2:33 am
Hi Hector,
Is your metatrader linked to your EFX account, or are you trading with MIB?
As i noticed in your videos that you have the entry and exit trigger lines, or is that just for display purposes.
Thanks Fabio
1 April, 2:38 am
Edit my last message,
not MIB (Men in Black) i mean MIG lol.
Thanks Fabio
1 April, 1:22 pm
Haha MIB :)
Anyway, no you cannot bridge EFX with MT4 as far as I know; there are some non-official APIs that can do that but they’re not supported by EFX/MBT.
-HECTOR-
1 April, 11:14 pm
Hector: Do you see the retracement slowly forming on the GPBAUD (Weekly Time Frame) ? Do you think this is GO if it breaks around 2.1400 level ?
Regards,
Daniel
1 April, 11:53 pm
Hello Daniel,
I would have liked to see a retracement to 2.2200 where the previous swing low would help us as resistance. However we’re banging right now onto the downtrendline. Finally, we’re forming a typical bearish flag formation (zoom into the daily for a clearer picture). A breakout to the downside of the flag’s bottom could indeed give some long-term short opportunities.
-HECTOR-