Nett +10 pip

Probably not the nicest one I had, But it could have. I assume the strong demand was around 1.3295 . BUt that level got stopped out and it went lower at 1.3263 until it fiercely went back up. SO Entered long on Market order at 1.3280 and 1.3285. TP at 1.3312 because it was a previous demand that failed which in turn becomes a supply. SO I exit there for a +27 pip profit . The earlier trade got stopped out for -17 pip. So a nett +10 pip was adequate for my daily target.

Initial plan was to BUY at 1.3295 pending orders with a SL at 1.3277.

Initial plan was to BUY at 1.3295 pending orders with a SL at 1.3277.

BUt as soon as it drop towards 1.3263 and holding that price bouncing off sharp, I entered a long as per Bull Trend. Exiting at the Minor supply from a former failed demand.

Initial trade -17 pip loss But after the market order trade, +27 pip profit. SO a + 10 nett

Initial trade -17 pip loss But after the market order trade, +27 pip profit. SO a + 10 nett

What did I learn ?

Enter a market order for a baseless demand instead of a pending order.

What did I do best ?

I was confident and did not feel a thing when I got stopped out instead continue on focus to enter a long at a lower or cheaper price then before.

What should improve or change ?

Market order for baseless demand or supply.

What’s next ?

SLEEP and wait for another day for a new breakout at 1.34000…. when is it happening ??…

REAL live Statement

REAL live Statement

 

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11 thoughts on “Nett +10 pip

  1. Sowrabh Behl says:

    Haji, you place some big bets on small pips. How do you emotionally handle that hundreds of dollars are being moved around for each tick that moves in your trade?

    • Haji says:

      Just don’t feel anything about it. I know I have a stoploss in place and that’s part of the plan if I get it wrong. Meaning you just deal with it and move on. There is nothing to emote about. That’s how I feel. I don’t bother about it. Because I know that the risk of trading involves money loss as well. You just need to discipline yourself and get use to it. I have a limit to 2 consecutive loss where I will stop trading and best to trade the next day or whenever I feel sober about it.

  2. Austin says:

    Haji,

    I’ve been following your blog for awhile, and I’ve read all your old blog posts.
    I’m just starting to get back into this style with available time.
    I just started looking at Point and Figure Charts, do you use a different box size and reversal amount for all the different timeframes?

    I tried emailing you a couple months ago, but I think my email got sent to your spam filter, because it included links to my blog (where I was practicing and logging every trade using this style).

    This style fits my personality, but I had a few problems with my last attempt. I was aiming for 5 pips, and I had a default stop loss of 10 pips. This usually allowed me to have a stop loss past any demand or supply level. Also, I didn’t really have any trend bias on the longer timeframes (which you seem to incorporate in your trading style). I would have many consecutive trades that were able to make the 5 pip target, but since my stop loss was twice as big, those gains could be quickly wiped out. I can see the potential of this style, but it is more difficult than I imagined after trying it out live. So, there is definitely more to learn.

    The next couple of months I will be working on improving with this style.

    Thanks for the help and all the information that you share.

    It’s much appreciated.

    Austin

    • Haji says:

      HI Austin

      Thank you for reading my blogs, new and old. You must be my greatest fan! 🙂 I use 2 box size and 3 reversal setup in all time frame. Sorry to hear about your email. It’s true, I never got them.

      Aiming for 5 pips still is good but if you incorporate a larger time frame trend, that,s right. Its like scalping but effective entry. How I use my stoploss is the risk size, and I extend it to 10 pips extra. eg. If the risk was 7 pips, then I add additional 10 into 17 to avoid being stop oout, since spot market tend to whipsaw at some point. BUt the reward I use is 3 times the risk, so 7 X 3 = 21 pips as a profit target.

      Definitely so much for you to learn as well. Best you have a backtesting tools such as forex tester. BUt the problem with forex tester, they dont have point and figure to backtest. So candlestick pattern of finding a level or base is the only skill you can improve on. Point and figure is straight forward, looking for a strong imbalance is the definitive supply and demand level.

      IM glad that my blog manage to get through people and learn. Love to hear your progress in the future..

  3. Sow says:

    Haji,

    If your putting your 10pip further then in actual fact your RvR is pretty bad. its 17pips risk to 21pips reward. which is almost 1:1.

    Do you have a ‘mental stoploss’ at your supply/demand level stop loss and if price goes beyond that area you make the decision to close or do you keep it fixed at 10 pips below your supply/demand?

    • Austin says:

      Thanks Haji,

      I definitely have been practicing with forextrader already.
      I’ll try resending those emails later today.

      In your Point and Figure configuration are you leaving price to use “HighsAndLows” or do you change it to use the the “Close” in your calculation?

      So the box size of 2 in NinjaTrader, actually means means 2 pips in this case. Correct?

      Thanks again,

      Austin

    • Haji says:

      I keep it fix below my supply and demand. Initially I had been using 5 pip below the supply demand but it tends to get hit at some point. Yes it does tend to average of 1: 1 RR. That’s some part of the reality of it which people never realise.

      • Austin says:

        Thanks Haji. Just finished your new blog (which I didn’t know existed in your knowledge base section). Also, I tried to send you another email yesterday. I don’t know if I have the correct address. I found the address kubur78@hotmail.com from the comments in your old blog. I actually don’t know if you really use this address or not.

  4. Samir says:

    Hi Haji,
    I pray that you are in good health. I have tried to send multiple emails to you at kubur78@hotmail.com and h,warithu@gmail.com. I have not got any reply. I have been following your blog and want to purchase your ebook. Please reach out to me.

    Sam

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