July 3, 2020 | +50 Pips | Short Term Trading

#1
Good Morning.
4th of July is coming up and US banks are closed today. Therefore it is probably not the best idea to trade a lot today because there is good chance that we will see a lot of random price action.

Still I tried to find some trades this morning and the first attempts did not work out. I then set a level alert at 1.24871 (GBPUSD ) with the idea to go short from there.

I go short when the following conditions are met:
1) Price reaches level alert (1.24871).
2) Price action slows down in front of resistance.
3) ProFx shows me that the price is slowing down and the multi oscillator is rolling over.

4) If the price goes above the resistance and stays above I will close my position.
5) If the price breaks out to the upside I will close my position using the emergency exit button.
6) If the price hangs around at the resistance level I will reduce my position (close half button) to reduce my risk.

7) If the trade works out I will move all stops to break even as soon as possible.
8) I will close some parts of my position on the way down to pay myself.
9) I will close parts of my positions when the price slows down (ProFx shows me that).
10) I will close the rest when the momentum stops.

profx_day_trading_03_july_2020_chart.png
profx_day_trading_03_july_2020_chart.png (26.32 KiB) Viewed 855 times

Risk/Reward and Result
Risk: 4 Pips for the position I entered to early and 3 Pips for the other position.
Reward: 1:3 or better.

How it played out

profx_day_trading_03_july_2020.png
profx_day_trading_03_july_2020.png (48.52 KiB) Viewed 854 times

What was done well and what could I have done better?
(-) As a lot of new users watch the account I felt antsy to place some trades.
(-) I entered first part of the position early and exposed myself to more risk then required.

(+) Solid trade idea based on ProFx and support and resistance.
(+) Closed trades when ProFx told me that the price is slowing down.
(+) Though I knew that the move might continue, I did close my positions in the right moment and did not overstay for the 'jackpot'.
(+) I cut all forced trades quickly and no harm was done to the account.

Summary
  • +50 Pips
  • 15 Trades with a total volume of 5 lots
  • +1.6%
profx_day_trading_03_july_2020_2.png
profx_day_trading_03_july_2020_2.png (15.85 KiB) Viewed 849 times

I look forward for your feedback to post trade ideas and details in the most useful format.
Alexander

Re: July 3, 2020 | +50 Pips | Short Term Trading

#3
Swing Trading on the 4 hour and daily chart
There will be some differences in signals but overall the results will be pretty much the same because trades are kept long term and it does not matter much if you are sometimes a bit late or early. For users who trade on this time frames, v 6 and v 7 will serve them equally well.

Conclusion: ProFx users who trade on the H4, Daily and Weekly chart will get the same results with both versions.

Trading M30 and H1
Thanks to level alerts and earlier signals after overextended price moves, v 7 will outperform v 6 over time. Entry and exit prices will be better and win rate will be a bit higher than with v 6. Thanks to the new position management, level alerts and volatility info, trading will be more efficient with v 7.

Conclusion: V 7 will do a better job for ProFx users because the benefits of the slightly better entries, level alerts and position management ads up over time.

Short term trading on the M5, M1 and tick chart
The new position management allows the v7 user to act very quickly and as result entries and exits will be more precise. V 7 is also faster around corners what translates into better risk/reward ratios.

Today is a good example. V6 would confirm the trade one bar (5 pips) later. The risk wit v6 would have been 9-10 pips while it was 3-4 pips with v7. Over time a few pips here and some more there makes a large difference when it comes to short term trading.
new_old.png
new_old.png (3.41 KiB) Viewed 824 times
Conclusion: ProFx users who are interested in short term trading really need v 7 because having the possibility to enter, exit and modify trades fast and with high precision matters a lot when it comes to short term trading. If you try short term trading with the order Meta Trader order buttons you will get permanently robbed by other traders. With the ProFx 6 panel you will be quicker but still to slow. With version 7 users have a tool to be as fast as prop traders are and that translates into a lot of fun and consistent results.

I hope this helps. Please let me know if you have further questions.
Alexander
cron