#010 DCA EURJPY Short
I think I could maximise my margin and potential by entering on another trade that is not correlated (or at least doesn't have any currency that I have already opened with this DCA method.).
Besides taking trades on a pullback, I think I could also maximise the markets 50 50 potential by entering trades on its push wave aka Impulse Wave. Pull wave being Pullback or retracement.
So, here's the plan. I enter on a push for 100 units (0.001 lot / 1 cent SGD) and if price hits my TP, all is good. If price pulls back, and goes into a drawdown, I would enter on the pull wave for 100 units also.
If I enter on both push and pull waves, I have the option to exit on the 1st trade's breakeven, which equates to my 2nd trade taking profit which means I make money on EURJPY.
If I go into a further drawdown, and enter on my 3rd or subsequent positions, I would look to exit at the middle point of all the open positions. The middle point would provide me an opportunity to exit for a breakeven on all my positions. I would also still continue to risk 100 units on all other positions.
I have the option to enter on a bigger lot size, so that I could compensate for all the losses quicker and not have to wait for price to hit the middle point before I could breakeven. But that has its risk.
I could also enter on a bigger lot size and hope to get out for a small profit, but that is even riskier.
I would hope to enter and exit as soon as possible to minimise the stress I have to handle.
2008SGT 22112024
Besides taking trades on a pullback, I think I could also maximise the markets 50 50 potential by entering trades on its push wave aka Impulse Wave. Pull wave being Pullback or retracement.
So, here's the plan. I enter on a push for 100 units (0.001 lot / 1 cent SGD) and if price hits my TP, all is good. If price pulls back, and goes into a drawdown, I would enter on the pull wave for 100 units also.
If I enter on both push and pull waves, I have the option to exit on the 1st trade's breakeven, which equates to my 2nd trade taking profit which means I make money on EURJPY.
If I go into a further drawdown, and enter on my 3rd or subsequent positions, I would look to exit at the middle point of all the open positions. The middle point would provide me an opportunity to exit for a breakeven on all my positions. I would also still continue to risk 100 units on all other positions.
I have the option to enter on a bigger lot size, so that I could compensate for all the losses quicker and not have to wait for price to hit the middle point before I could breakeven. But that has its risk.
I could also enter on a bigger lot size and hope to get out for a small profit, but that is even riskier.
I would hope to enter and exit as soon as possible to minimise the stress I have to handle.
2008SGT 22112024
Note
2nd Sell Limit triggered. I just shifted the 1st TP to Breakeven and 2nd TP to 1st positions Breakeven (smaller profit).
When my initial position hits Breakeven, my second position hits TP, which ends up in a small profit of about 46cents (1 cent SGD per pip (not accurate, because it is not USD but SGD).
2256SGT 22112024
Note
Breakeven point for both positions is about at 160.959
So just in case if price whips me, I could consider exiting for a breakeven instead of a one BE one profit situation.
2303SGT 22112024
Note
set both TP to breakeven point of 1st and 2nd position.
0000SGT 23112024
Trade closed manually
Breakeven for both positions triggered, but I think it is a small loss of about -2cents plus -2cents for commission. Totaling -4cents LOSS.
0121SGT 23112024 Was playing Farlight with my partner on mobile just now when the BE triggered.
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