Need help on clarify trade setup

[schuon]

Hello,

I'm stalking EUR/USD and afraid to HIT THE BUTTON because every time I enter my trade it seems to go the opposite direction. I'm interested in "Current wide channel". Take Tuesday report for example. The range is 1.3329 to 1.2922. The current market price is 1.3192 so it within my range to play, I think. From Joe's chart, S/R numbers for my range is 1.3219/1.3170. If I understood it correctly, my trade should be as follow. Please correct me if I am totally off.

Currency Pair: EUR/USD
Entry: 1.3192 (mkt order)
Stop Loss 1.3170 (support according to Joe's S/R numbers)
TP1 1.3259 (67 pips -- resistance according to the candle)
(monthly goal) 200 pips
TP2 1.3310 (51 pips -- next resistance according to the candle)
BE+1 ?
R/R ratio 1:3
(gravy train) to be monitored

Also, I have some more questions:
1) How do I calculate BE+1 please?
2) Is it okay to combine chart reading with information provided by Joe as I did above? Or should I be sticking to one method/tool?

Thanks in advance.
Sovanna EUR/USD

[sarath]

BE+1 is nothing but moving your Stop Loss to TP1 or higher.

It is good to combine your chart analysis with Joe's numbers. I do it for visibility as I follow daily candles.

Until a candle formation is complete for the day, no right decision can be taken. Hence, I use Joe's numbers to predict the upward or downward movement of the candle for that day.

sarath

E,P, Canadian

[schuon]

Thanks Sarath. Last night's order went well so far. I entered three lots and two got stopped out. I guess the last one is called the gravy train. woohoo!

The first several times, everything went South. Although this time I am in the winning column, I'm not convince whether I've done the right thing. So here I go again averaging up.

EUR/USD 4/28 4/29
Entry 1.3193 1.3309
Stop Loss1.3170 1.32.68
TP1 1.3259 1.3362
TP2 1.3310 1.3407



The chart is showing up. Given Today's news, I'm following the money so I added two more lots.

Sovanna, EUR/USD, AUD/JPY, USD/JPY, GBP/USD

[schuon]

Things are changing too fast. Daily chart shows positive for me so I bought another two lots yesterday after the rally. When the price dropped, I got stopped out. I am trying to figure out why it went down all of sudden. Had I looked at the 15 minutes chart, I would have notice that I was going down. Thanks to Joe's S/R number, I was able to minimize my lose (still paper trading). Basically, everything I gained early now evaporated :(

I cannot be trading at 15 minutes interval. I've no time to watch it. At this time, I'm not comfortable in setting up trade and walk away yet. Unless, I setup trade for both directions with appropriate stops. It seems to be a lot of works compare to buying stock with protected puts. Then, walk away.

I must be doing something wrong. Sorry, I feel a little stressful here only after a week of having exposure to Forex.

[ForexJoe]

Greetings Sovanna, EUR/USD, AUD/JPY, USD/JPY, GBP/USD,

Your posts suggest doing too much to quickly...

If new to program, I applaud your effort stalking 4 pairs, yet your remark was

I cannot be trading at 15 minutes interval. I've no time to watch it. At this time, I'm not comfortable in setting up trade and walk away yet. Unless, I setup trade for both directions with appropriate stops. It seems to be a lot of works compare to buying stock with protected puts. Then, walk away.

I must be doing something wrong. Sorry, I feel a little stressful here only after a week of having exposure to Forex.

If time restrains are issues, scale back on pairs to learn at slower pace... Then when time permits - study more and take on more...

Thanks for your effort in advance, I want you to have success.

Attempt for next week to place trades in OU Daily/Weekend Reports

See if this helps you not be as frustrated also. Keep me posted

Thanks

Forex Joe

[dcantin]

Can someone clarify for me what Joe means
when he says "clear" a number in his reports?
I have been going through videos and webinars
but must have missed this class.
Thanks for the help.
Denise EUR/USD

[Ricky Tse]

Can someone clarify for me what Joe means
when he says "clear" a number in his reports?
I have been going through videos and webinars
but must have missed this class.
Thanks for the help.
Denise EUR/USD

Hi Denise,

It means that the price must go through (clear) that particular price point that Joe has suggested or it will be likely to bounce back and go the other way.

One way to trade is suggestion is to have TP1 to set right before the number that is needed to be clear.

Thanks,
Ricky - E, P, S, Y

[dcantin]

Thanks for your help.
I wasn't sure if I was supposed to wait to enter the trade until after it cleared that number.
Thanks a lot.
Denise

[schuon]

Hi Joe,

Good advice. I've scaled down to two pairs: EUR/USD and AUD/JPY. I was under the impression that we have to stalk all four majors :)



Greetings Sovanna, EUR/USD, AUD/JPY, USD/JPY, GBP/USD,

Your posts suggest doing too much to quickly...

If new to program, I applaud your effort stalking 4 pairs, yet your remark was



If time restrains are issues, scale back on pairs to learn at slower pace... Then when time permits - study more and take on more...

Thanks for your effort in advance, I want you to have success.

Attempt for next week to place trades in OU Daily/Weekend Reports

See if this helps you not be as frustrated also. Keep me posted

Thanks

Forex Joe

[ForexJoe]

You need to stalk one currency pair and execute trades on that pair at very least in each OU Forex Daily/Weekend report and keep results in journal.

If possible, execute all recommendations in each OU Forex Daily/Weekend report consistently to learn how markets operate without journal results - except on pair you stalk.

See if this further helps situation...