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Forex Discussions
Trading Systems and Strategies
How I Turned a Losing Trade to a Winning Trade.
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[QUOTE="asiaforexmentor1, post: 26568, member: 11894"] Forex Trading Strategies – How I Turned a Losing Trade to a Winning Trade. [img]http://www.asiaforexmentor.com/webpages/goldinsidebars.gif[/img] Forex trading pair: GOLD = XAU USD This is an interesting trade on the forex pair XAU USD. In the chart above, we see a series of forex price action inside bars. (Highlighted in the blue box) Meaning bars that are smaller than the previous bars. When a series of inside bars like the above happen. It means that price is having an indecision of where to go. It’s like it is gathering momentum, for a burst out of either side. Which could either be up or down. So what happened in this scenario is that we placed 2 pending orders. A buy and a sell. These 2 orders are marked by the gold line (entry) and the red line (stoploss). So the buy order triggered. (Gold line -Entry) and we got in on a buy trade. With that, i took away the pending order for the sell trade and made it a stoploss for the buy order. Forex Trading Strategies – How I Turned a Losing Trade to a Winning Trade When i trade, i would usually have 2 take profit targets. So that when take profit 1 is hit. Which is marked by the purple line. I would have taken my first profit off and shifted my stoploss for position 2 to break even. By doing so, i am also on the “SAFE” side. As price may hit Take profit 1 and reverse back down. And as i have taken profit a TP1, my 2nd position’s stoploss is shifted to breakeven. So i am in a FREE trade. So whether or not it may hit TP2. I have already gotten profits. In this scenario, i have taken profit at TP1 and my 2nd position has hit my stoploss for breakeven. So i’m out for this trade. From this scenario you can see that i am not always perfect. No one is. By trading on the above method, we are sure that our account size will grow consistently. Forex Trading Strategies – How I Turned a Losing Trade to a Winning Trade Lets look at what happen next. [img]http://www.asiaforexmentor.com/webpages/goldinsidebars2.gif[/img] Price went right down after which. So if i hadn’t had a TP 1 and TP2 method. I would have kept my stop loss at the red line. And made a loss on this trade. BUT By doing playing the above method. Instead i have gotten profits.. I hope you gain something from this post. Let me know if you did. Ezekiel Chew [/QUOTE]
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