Im out of all positions.
I will hold positions over the weekend.
If today wasn't friday I would be buying more right now.
When you're right on something, you can't own enough. True, true, true.
About my money management method: Basically I am willing to risk 10% of my account in any given time but I enter in the market in little positions (testing the market first) the first order to "test the waters" usually is 5% of my account, then if the markets goes in my direction with volume backing up the movement I will enter a second position to complete my entire line, another 5%, its a pyramiding method that I've been using since I started trading 5 years ago.
One thing to note here is that I normally move my stop loss to breakeven as soon as the market goes a nice sum of pips in my way and USUALLY before I complete my entire line (10% of my account) I lock in some profits, hence never risking really (in real number terms) 10% of the account almost at any given period of time. In this way what I look to do is sacrifice some paper profits by risking in the second order the paper profits showed in the first order that now has the SL at breakeven or locking in some profits) with the promise of double up the reward if the market continuos to go the way I expected in the first place.
One thing to note here is that I normally move my stop loss to breakeven as soon as the market goes a nice sum of pips in my way and USUALLY before I complete my entire line (10% of my account) I lock in some profits, hence never risking really (in real number terms) 10% of the account almost at any given period of time. In this way what I look to do is sacrifice some paper profits by risking in the second order the paper profits showed in the first order that now has the SL at breakeven or locking in some profits) with the promise of double up the reward if the market continuos to go the way I expected in the first place.
Or lose nothing (Paper profits from first order - paper losses from second order = breakeven trade ) if the market shows me that I was incorrect in my analysis.
In this way, you don't need (in my opinion) a great % of trade's success rate, just need average rate because when Im wrong I only lose 5% but when Im right, and I mean really right, the profits are very handsome.
Had my opportunity to complete my entire line a few hours ago and I took it, basically the price came down a little bit and then showed a nice No Supply bar, I entered on the break of that bar's high and it went up, up and away from there.
I locked in 150+ pips in this one. Im going to let it ride as high as it can before any major correction. The trade is showing 220 + pips as of right now but I don't feel like closing it, I wouldn't mind if the price retraces and hits my stop loss for a 150 pip gain. This wasn't the perfect trade because my entire line is 10% of my account, that is the amount of risk im confortable with, my method is average up (pyramiding) till I accumulate my entire line (10%). But the market shooted up overnight and I wasn't able to enter the second 5% buy order.
I moved the stop loss again, now I've locked in 120+ pips in profit with this one.
I can feel the urges to get back to my live trading account but I need more time testing the VSA/Wyckoff methods in fx markets. So far so good.
Also, I've locked in some 70+ pips in profits from my GBPJPY long.