Get started

Ichimoku_trader

Wait for the Easy Set-ups and the purpose of Trading I often have traders ask me, how can I get alot of trades? And my response is that is the wrong question, the purpose of trading is to make Money, Period. It is, imho, to make as much money as you can in as few trades and in as little of time as possible. Although I have several methods of trading, the SS MA method, shown here is my absolute favorite. It has an 87% success rate with a healthy 3-1 RRR. That said, I often ask those same traders "If you could consistently make 6-12% per week but could only take 2 trades, would you do it?" The answers are surprising as again, imho, anybody that says anything but yes really needs to rethink why they are trading. You should not be trading for the excitement, you should not be trading just to hit buttons. You should be trading so you can sit on a beach with the cocktail of your choice in hand. to that end, I would implore you to come up with your best trading methodology and trade only that. As I have prominently posted between my monitors, as a reminder to myself "Wait for the easy set-ups and don't do anything stupid in the mean time" :)
Education
by AGold54
20
GBPAUD MA Short + 83 Pip PotentialAlthough I am not keen on taking trades as the London session is coming to a close, I think we can take advantage of a pullback after this morning strong move down. Entry = 1.8577 Stop = 1.8597 Risk = 20 pips Profit target = 1.8494 The projected Daily KS and Senkou A confluence Reward = + 83 RRR = 4-1 ** for my Peeps from Apiary be aware, and take the appropriate precautions, that the spreads will widen significantly between 4pm est and 7pm est., If you take this trade make to account for it by widening your stop during that time and account for the risk protocols.
Short
by AGold54
Continued GBP Weakness? - Ichimoku GBP/USD Short Trade SetupThis is the same setup from a week ago, but I am continuing to look for more entries as we try to break down price structure support. I entered off the setup last week but I will be locking in some profit if we continue to fall and continue to take additional small positions if it progresses down. I would issue a word of caution as we approach fractal levels and the flat kumo level to the left of price as those levels are typically tough to break through. If we fail to break that price structure or maintain this trend below the kumo, this setup may become invalidated.
Short
by The808Trader
1
How I trade News with high probabilty and a Great RRR :) Trading news can often be a nightmare especially trying to trade at the time of release as brokers often widen their spreads and slip orders to the extreme of the spike. This is a high probability method with Great RRR As you can see the market spiked up on worse then expected AUD GDP news. then the market went into a consolidation, and this is key to finding great entries. After the market consolidated for at least 60 minutes, look for a support level for a buy and a resistance level for a Sell. Place a limit order at the support/resistance level with stop appropriate for the pair. (in this example I am trading GBPAUD - my fav, so I use a 20 pip stop) Place your profit target at 5x your stop. This gives you a Robust 5-1 RRR. let the trade unfold. If you have any questions, either place them in the comments or message me Hope this helps :) Allen
Education
by AGold54
6
When Not to TradeSometimes it is better not to trade. Today for me, was one of those days. I was extremely tired, which happens from time to time as I get up at 1:30 am my time to trade. This can lead to mistakes. Today's trade idea is a good example, although GBPAUD was in a bullish run and I was looking and posted an idea for a pullback trade, there was signs of a reversal. I believe if I was awake and thinking clearly, I would have seen these signs from the beginning. Fortunately, I was able to close my long trade for a small gain (+ 5 pips). The following is a list of indications that I missed because I was tired. First, The market had already pulled back and bounced off of my moving average, so it is less likely to happen again; Second, the Ma was flattening, as opposed to staying in an uptrend, which is never a good sign; Third, I missed that the market had hit the 60 min Senkou A, which can always be expected to provide resistance; Fourth, The market fails to hold bullish as evidenced by the long wicks. Moreover, This is a great indication that the market is getting ready to reverse and a great selling opportunity IMHO, Trading is hard enough without making avoidable mistakes. I hope this helps others Allen
Education
by AGold54
2