16 live trading example4 creating more profiles
Ok. Here we are with more live trading, we've. Just recently placed. This, particular, trade. An. Inside, bar a breakout, using. Daily bars this. Is also a breakout, of the. Channel, of the. Last. Three days highs, and lows so, it's a channel breakout as well as an, inside. Bar break app so, this is good we've got this trade on. What. We're going to talk about now is. Expanding. Our trading. Opportunities, so here's what we're going to do. We're. Going to go over to file. Go. Over to profiles. And. Go. To save as and. We're. Going to go to. Usdchf. Handle. Sticks. One. Okay. So, just name your. Profile. The same way. Just. Like that. There. We are okay, now, here's what we're going to do, what. We want to do is we. Want to. Use. A different currency, pair and, we're going to use the US dollar Swiss, franc, but. We're going to have the same kind of profile, setup here so here we go. Drag. Drop. Drag. Drop. Drag. Drop. Drag. Drop. Drag. Drop. Now. Here's something that you'll notice is that. When, we do this. All. The. Trading. Lines, from, our orders showing. Where our orders would be are gone that's because we. Don't have any orders in this particular. Currency pair but. We do have orders, and the. Euro. Dollar US dollar just, pop, back over go. To profiles. Okay. Here, we go. Okay. So. The. Whole, point. Of this is that you. Can create, profiles. Like this for any number, of currency, pairs you may have your very own favorites. Or you, just may, want to follow along with what. We're, showing you here and develop. Your own favorites. One. Of the reasons. That, I like. The euro dollar US dollar is because it's. Traded. It's very liquid, and we, want to trade in those. Currency. Pairs that, are as liquid as possible that's, what we're striving for. The. Euro, dollar US. Dollar, the. US dollar, Swiss. Franc. The. Pound dollar and. The. US, dollar, Japanese yen all very liquid, and there are others that are liquid too but in, the majors, which are the ones which contribute, the most volume, to. The forex market. These. Are the four that we. Typically concentrate, on although you can look into other areas and trade pretty, much anything you want as long as, you. Have your risk control, in place have your parameters, only have everything all set so. I'm. Going to pop back over here to. US. Dollar Swiss franc okay there we go that's everything, we were looking at before just. In the, form of the. Wonderful. US. Dollar Swiss. Franc and as. You can see. Lots. Of interesting, things. You. Look around and find, you. Know find. Patterns. And trades that are of, interest to you the, nice thing about. Technical. Analysis, in general and patterns in general is that you. Can not only apply. The. Same principles. To. Various. Timeframes of, charts such as. Monthly. Weekly, daily, but. You can apply them to different currency. Pairs as well and things.
Such. As our simple principle, of the. Inside. Bar. Can. Work very very, well in fact. You. Pop through here we. Can take a look at a couple of these here monthly. The work our way back and take a look wherever, is there an inside bar okay, there, is an inside bar there, is a breakout. Now. Two different ways to trade inside, bars as we stated before either. The breakout of the high and low of the inside bar or the high and low of. The, bar preceding. Or as, some people say engulfing. The inside bar so. This broke out to the downside, it didn't, ever go back up to get stopped out and it. Continued. Down so far so, that's that's, a good trade this, internet of itself is. Actually. An inside bar so it's a big inside, bar right here. Here's. Another inside bar break out that low that's. Looking good here's. Another thing to. Consider. As, well take, a look at this monthly inside, bar bar, right here if you're considering, trading, it, think. About the size. Okay. This is you. Know this is a thousand, pip bar so if, you're. Trading on either side of this, then. You're, talking about a thousand, pip if you're going short you're talking about a thousand, pip stop. Loss on the other side of that if you're going long you're talking about a thousand, pip stop loss on the other side of that so, the the, size of. The. Bars. The. Magnitude. Of the move makes a big difference. To some. May, have the pattern, that you're looking for but, not. Be. Of, the. Right type, of range. Or volatility, that, fit. Within your risk parameters, so, for instance this. Month. Right here well, that's almost. 2,000, pips big. Big. Move, so. You may not want to trade that particular, inside bar so you may look for something, you. Know smaller may, look for something along these lines that's. Still big, monthly, trading a monthly charts period. Requires. Either. A. Lot. Of capital. Either. That, or. Scaling. Your trades, your. Lot size as such. That. You. Could take, these particular, types of trays if we're taking trades like this and we're, looking at 500 say. Five hundred pips, eight. Hundred pips four. Hundred pips so if you're looking at five hundred pips, we. Would essentially be looking at a, little. Bit over three times what we are, currently looking at with five. Thousand, our five thousand dollar demo account here right so. We. Have. To have. Fifteen. Sixteen. Thousand. Dollars in that area for that to work out sits 555, so. As that goes up you basically, if. You're looking at risk three percent, you. Basically you, look along here and you take. Say. This particularly bar the high - the low of this particular, bar and, you see up there that it says okay it's a it's. 814, basically. Multiply, that times 33, you get a rough idea of. Where. You should be, with. Regard to, the. Standard. Trade 814. Pips. With. A lot size not. A standard, not a standard lot size of one but. A lot size where, the. Each. Pip where, each pip is one dollar rather than each, pip being ten dollars like in standard lot size so it'd be twenty-five. Thousand, dollars and you multiply that times ten, for doing a, standard. Lot keeping. Those risk parameters some. People choose to. Risk. Larger.
Amounts They choose to. Choose. Less conservative, ways, of trading I guess is what I'm attempting to say here, in. Preserving. Your capital, of course that just makes good sense just stick, within. One. To three percent and. Because. You don't know no. One's right all the time and you don't know when you're going to be wrong next, and, why. Have. One, mistake. Cost. You your entire account doesn't, make sense does it no so. Ok. And. Close this out and. Here. Here. Is another profile, another. Another. Set of opportunities to trade in this market, could. Look at the very same thing here. In. This daily chart. And. We. Don't have a clear-cut inside, bar here this this, particular day may end up being a, clear-cut. Inside. Bar, with. This green bar here engulfing, all of it but we don't, have one really clear cut right there so we, could try to break out either side of this I like to wait for an inside. Bar before we make. A particular move, in that. Direction we. Could see if we could do this on a weekly basis. It's. Already broken out of there, the. Week's just starting, so we can't really tell very much about that. So. We're just kind of again, just kind of taking a look at. Some. Of the different types of markets. Now. Let's, pop. Down here. Profile. Save as yes. You already know what I'm going to do next don't you. We're. Going to do Great British, Pound u.s., dollar. Candlesticks. One this, doesn't necessarily, have to be. Candlesticks. The way we're we're. Trading it using inside bars currently. But. We'll, be looking at some additional things and. Candlesticks. Will be one. Of those. Using. Candlesticks, will be one of those trading methods that you find very handy, okay, here we go. Okay. So. We're. Going to drag and drop, drag. And drop, again. We're just creating another profile. And. Creating. Profiles. Gives. Us additional. May. Give us some additional, trading, opportunities. That's what we're that's, what we're looking for rather. Than simply. Waiting for one particular currency pair to. Do. All the things we'd like to see it do we. Multiply our. Opportunities. By, multiplying. The, number. Of. Trades. That we get involved in, in. Different. Markets. That's. A basic principle of, diversification. But, we have to be careful, because it has to be a truly. Diversified. Trade, and I'll, talk to you more about that in a. Bit. But, for now let's. Take a look what's. It larger charts here and. See. What, the Great. British Pound has to offer today. That's. Interesting, on the monthly okay, this actually, is kind of meandering. Along there, the. Weekly, is of course following suit. And. Daily. Is okay nothing. We. Could look at things.
Maybe. Some bottoming out here due to. These. Particular. Types. Of candlesticks. Actually. There we have. An. Inside. Bar. And. We could actually trade. The. Inside bar let's take a look. One. Fortunately we can't because. 267. Pips plus you add three on one side for, 273. On the other side for. 273. Outside. Of our, risk parameters, so that's a trade we would pass on you pass on trades outside of your risk parameters. Because. Taking those trades can. Get you in trouble now. When. The daily seems like it's too big and a particular, currency pair of course you can always look for those same patterns in. Smaller. Timeframes like, the four hour here. Four. Hours very. This. Is a very popular. Time. Frame to trade and it. It's. Short term enough, for those, who. Enjoy. The action, itself a forex trading, because. It can provide a lot, of trading opportunities. While long term enough. To. Produce, some, nice, meaningful. Moves as we can we can see here actually. See hit right here break. Out of that inside, bar. Access. To both sides that's, another, technique called. Fading. The breakout so. You wait for it to break out one side and. You. Then. Place. Your pending. Order on the. Other side, of that. Bar prior to the inside bar. And. In this case if you're going. For. The first gone long. Grabs, them in down. Here. Short. To. Stop yourself out. But. You want to stay short. Another. Inside bar here. And. This inside bar you, can see spending top we'll. Talk about candlesticks, but. Spending. Top inside. Bar and. The. You. Can see here the. Slowing. Down of that particular, downside, momentum. Going. Back up that's. Actually called an outside, bar when, the high is. Higher, than the previous high and the. Low is lower than the previous low that's. Kind of the opposite, of an inside, bar another. Inside, bar no. Breakout to the downside. There. Is a breakout here to the upside. See. Yeah we would have still, stayed. Long based upon a. Breakout. To the upside and, once you're in an inside bar trade. It's. Going in your direction let. It continue in your direction. Right. So. We still be long still be long still in line then. You. Could do the trade again. The ends the breakout of the inside bar itself or the bar prior. To the inside bar. If. You're doing that to the short side. You. Can see all these things here which mean that upside momentum is slowing down you can see that in these candlesticks, at the doji, and the spinning, tops here. But. Nothing, I would trade in particularly right here looking at the at the 4:00 hour or even the one hour but, again it's here, in case. You want to come back and take a look at the pound, dollar or we both. Want to do that later so. Okay we're going to pop over here and basically. This. Is our exercise, in profiles. It's. Another. Very. Popular currency, pair to trade. Pump. In here and let's just. Set. Some Pro Center profile up, sorry, sure. The wrong one no. Property put the wrong thing in there just put it in it whatever you pop over the top of it every place is the previous currency, pair anyway. It's. Pretty neat huh yeah I love the way this works - so. Okay. Okay. So. There we have it. Let's. See what the. US. Dollar Japanese yen looks like. Monthly. Could. Be some bottoming out there and see weekly what the weekly looks like. Okay. It's, approaching, some. Previous lows back. Here from December, of 8 that's interesting. Daily. Let's, see what things look like.
Okay. Japanese. Yen really. Could. Really get moving. See. Any particular. Pattern. That we may be interested in here so. Okay. Let's see for our. Hey. Again. Just show you have, to be selective, and. One. Hour. The. One I was still in a. Break. Out of. This. Particular inside. Bar below, that inside, bar this, one doesn't look too, not. Down there so. I'm. Not necessarily thrilled. About these. What. I'm seeing in these particular trades, right here so we'll probably just. Get. Back and take another look at those. At. Another, time. Here. We are back at our. Euro. Dollar US dollar trade, nothing's happening, so there's. Nothing else to do here. But. We've got some additional profiles set, up and. The. Takeaway as they say the things. To be learned in this particular. Continuation. Of training, real-time is. That. When you do find. Good. Patterns. And. Good, trades like. Inside bar breakouts, then, you can do those on a number, of different time frames, as. Well. As a number of different currency, pairs, so. This, it, always gives us something some. Potential, that's, somewhere. And something. That we can do all. Right. Until. The, next module will will be we'll be looking at live trading once again thank, you.
2018-09-20 04:46
