[FX] Guardian FX Corner

[Guest DFWGuardian]

I don't typically share my forex stuff unless people ask, I've tried offering a service for people to follow and just got ABSOLUTELY obliterated with hate. 

Thought about posting a give away to follow my trade for 12 months (I charge my family friends a whopping $50/m to follow me), but as it would require a Min $100, and more realistically $500-$1000 for proper risk management. I'll let this post be an idea for interest in the topic. 

Here is the account I started with, my larger money account follows this so I can share it without showing all my monies ;) and this is the account people follow. (not sure this will post right?

I've only been trading for about 3 years now, nothing crazy, not anywhere near perfect. 2019 has been a hellish year to trade due to low volume and ranging markets. But it's taught me lots of lessons, mostly psychological approaches. Plan on sharing various setups, my ideas, entries, etc etc. Just various input for others to follow / interact. 

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First Post: let's see what we can do in terms of layout with this one

PAIR: AUDJPY

Looking for a buy with this harmonic pattern setup. The pair had a bullish breakout towards the end of June, but has been in a 100 pip range forming a bullish ascending triangle for almost 30 days now....

The pattern formed at the lower end of the triangle, along two areas of support based on two algos I use. One algo = orange lines, the other algo = black line 

Seems it's going to work beautifully with the layout :D!

Being as Harmonic patterns you're looking for an "area of interest" to make a pivot, I tend to have multiple entry points to build a position vs just one entry. As being 100% on the mark is virtually impossible.

When the lime green bar finished on the 1hr chart, it formed a pinbar, as it was on the first part of the support area, I entered here.
The second entry was based on a R:R setup, I took the predetermined harmonic TP, my chosen SL, and put an entry that made it 3:1. That way if the market decided to go to this level, I had a great R:R :)

With a 3:1 R:R (Reward to risk) you only have to win 33.3% of your trades to make profit. So if you can be right 1 out of 3 times, you make money!

IE: if you risk 1% per trade, and lose the first 2. You're down 2%, but if on your 3rd trade you win, you get 3%, netting you a 1% profit :)

I try and average 2:1 across all trades at the BARE minimum. I try to take very few trades with less than 2:1. 

That's all for now :) I may try and post a few times a week if anyone is interested, or just wants to see some stuff I do. With my account size, I can't properly make a living off what I do (I risk 1-3% max), but my goal is to one day have trading be my main source of income :)

Edited July 25, 2019 by DFWGuardian

[MephistoPheles]

I’m 100% down always wanted to understand forex 

[NitrogenX]

Interesting post man, I've been trading on and off for almost 8 years now, so it's always interesting for me to see other people's styles. I primarily stayed in standard stock exchange, as market hours always appealed to me most. As you would imagine with this, I took mostly a swing-position stance on my portfolios depending on the market sector. I've dabbled a bit in forex, but took a larger stance on crypto around late 2015/early 2016.

I found that the volatility of crypto allowed me to actively trade along side my stock portfolios, and with the crypto surge at the end of 2017, I'm sure you can imagine how that went since I already had an established portfolio on 3 exchanges lol. I don't manage my crypto as much anymore as I recently liquidated about 60% of my wallets, but I'll probably get back into it after a break.

I was in a similar position, hoping to have trading be my primary source of income and was able to see it through, but I've come to find as I've grown up that I'm a work-a-holic and enjoy doing other things than looking at my 4 monitors. That's not to say I have to work, I was actually able to reach a position of financial independence that I'm comfortable with, but a part of me still likes working a job. Also, because I want to at least put the degrees that I'm about to finish with to use instead of having that feeling like I wasted my time lol.

Edited July 25, 2019 by NitrogenX

[Guest DFWGuardian]

13 minutes ago, NitrogenX said:

Interesting post man, I've been trading on and off for almost 8 years now, so it's always interesting for me to see other people's styles. I primarily stayed in standard stock exchange, as market hours always appealed to me most. As you would imagine with this, I took mostly a swing-position stance on my portfolios depending on the market sector. I've dabbled a bit in forex, but took a larger stance on crypto around late 2015/early 2016.

I found that the volatility of crypto allowed me to actively trade along side my stock portfolios, and with the crypto surge at the end of 2017, I'm sure you can imagine how that went since I already had an established portfolio on 3 exchanges lol. I don't manage my crypto as much anymore as I recently liquidated about 60% of my wallets, but I'll probably get back into it after a break.

I was in a similar position, hoping to have trading be my primary source of income and was able to see it through, but I've come to find as I've grown up that I'm a work-a-holic and enjoy doing other things than looking at my 4 monitors. That's not to say I have to work, I was actually able to reach a position of financial independence that I'm comfortable with, but a part of me still likes working a job. Also, because I want to at least put the degrees that I'm about to finish with to use instead of having that feeling like I wasted my time lol.

Yeah I feel you on that, I wouldn't be against solely trading. But the account size I'd need to be where I want to be, will take a while I think, joys of having higher goals in life ;) And to replace my current income will take some time. I think you ALWAYS need multiple sources of income/interest to be vested in. If not you get bored with life, and can't afford the expensively beautiful platforms like EC ;)

Wish I had a larger position in BTC than I currently do, but didn't care to pull out my FX funds to buy more. 

In the end, as long as you like what you do, can live the life you want, that's the goal you should work towards. Sounds like you're pretty close to there already though :D So I congrats you on that :)

 

EDIT1.0: What sectors have you found your love for the most? Not necessarily the ones you've made the most, but that kept your interested?

Edited July 25, 2019 by DFWGuardian

[Rithmatist]

All i need for Trading is guppy’s mma indicator  

 

take Netflix for example:

I could see before the “ropes” are getting closer and are tight together (like pulled) with indicates there is a lot of tension and. It’s just a matter of time when it’s going to explode, and you can use fundamental news also as an entry point or confirmation of breaking resistance.

Edit: Nice post tough, glad you finally posted a track record  it’s interesting indeed to see different trading styles.

will checkout the chart more deeply later.

Edited July 25, 2019 by Rithmatist

[Guest DFWGuardian]

1) shorting stocks is risky business in a hella bullish market

2) you can't just blindly follow an indicator in my honest opinion

3) entering right before earnings, based off an indicator, is just gambling

 

EDIT: I'm not hating on your trading style btw <3 Just not for me :)

UPDATE: 

RBA news went against me, I don't like trading smaller pip trades like this through news, but my SL was wide enough I felt, and was in profit, so either

1) takes me back to a hair below BE

2) I go pretty heavily in profit

Trading through news / earnings is a gamble, sometimes it pays off, sometimes it doesn't :) 

Edited July 25, 2019 by DFWGuardian

[Rithmatist]

3 hours ago, DFWGuardian said:

1) shorting stocks is risky business in a hella bullish market

2) you can't just blindly follow an indicator in my honest opinion

3) entering right before earnings, based off an indicator, is just gambling

 

EDIT: I'm not hating on your trading style btw Just not for me

UPDATE: 

RBA news went against me, I don't like trading smaller pip trades like this through news, but my SL was wide enough I felt, and was in profit, so either

1) takes me back to a hair below BE

2) I go pretty heavily in profit

Trading through news / earnings is a gamble, sometimes it pays off, sometimes it doesn't

I am not just following an indicator blind, Ofc there are other important factors You have to look also in what kind of trend you are, is there momentum?, is there a pattern being formed?, look at other time charts and see what they are telling me, this indicator I can just read very clearly what the market is doing, 

I disagree about your 3th point tough, I shouldn’t trade against the moving market if all charts are bullish and I see no indication in the month/week/day chart it’s going to reverse then I am not going to go bullish against the market, this Netflix stock is, my bad example, only used to show my indicator.

and it’s not really gambling if you can control the risk, just set a trailing stop loss

Take the BTC chart for example,

we are now looking at the day chart, I don’t know what you see from this, lol only I see a lot of tension, and a pattern is being formed, it’s also testing resistance and support, in this case I would do nothing and wait it out.

Edited July 25, 2019 by Rithmatist

[Burns]

Just tell me when to buy/sell and we got a deal 

[Leejey]

Which indicators are these on the chart?

I'd love to talk to you a bit more via discord

[Guest DFWGuardian]

2 hours ago, Leejey said:

Which indicators are these on the chart?

I'd love to talk to you a bit more via discord

Gambit Suite = Divergence + B/C entry points ("verified turning points"
Bottom on is my custom indi :P

2 hours ago, Burns said:

Just tell me when to buy/sell and we got a deal 

haha maybe ;)

 

UPDATE: The news continued the downward movement into the rest of the night, hit my stop loss by 0.7-1.0 pips xD Going to be kind of pissed if it turns here, but is what it is.

my USDMXN position, closed 2/3 at the 19.18 area, had a re-entry at the 50% retracement, but both positions got stopped out
- the original remaining 1/3 hit the BE price
- this was the actual SL of that re-entry (fked up this chart xD)

Sucks to wake up to multiple losses towards the end of the week after having a good week -_-*

Closed my GBPAUD position, to cover some of those stupid loses -_-*
Forming a 4h Pinbar, 2h bearish engulfing, so will have my full 3/3 out of this trade. Hopefully comes back and hits my re-entry, but if not meh.

PS: some of the more "riskier" plays, I only do on my bigger account so no1 else is taking the risk. So you won't see them on the account listed here. As I take the more solid plays on it for peeps to follow :P

Here's an example of a trade I just do on my own, and not what others follow.

Confluence of support, pushed lower due to news, won't be in it long, but will see what I can get out of it :3
UPDATE: Yeah I was in this trade for 14 mins, covered 1/2 my losses on the AJ trade :P

Edited July 25, 2019 by DFWGuardian