Hey traders, my name is Lukas Racas. I am trading forex market for 4 years on and off. Now I really immersed myself into trading and want to share my price action strategy with you + there is some additional info.
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Price Action Strategy
Hey traders, my name is Lukas Racas. I am trading forex market for 4 years on and off. Now I really immersed myself into trading and want to share my price action strategy with you + there is some additional info.
Where is your target on the EURUSD? If it is the support area, isn't your risk much greater?
Yes the 1st target is the support line which I draw. Risk is greater, but the strategy is all about banking little profits and at the end you get an edge on the market because it is high probability trading.
Hi LukasR
I really wish you well with this trade on the EU - BUT - its no high probability and its certainly high risk.
I appreciate you have been trading for 4 years and you may have found this method successful - but if you have - its been through pure luck rather than through skill and probability theory.
For a start - you are willing to risk over what 230 + pips for a stop for a target of only 70 -80 pips.
So instead having a positive RR of 1+ ideally 2 or 3 - with your stop being 80 and your target 200+ pips - its the other ways around meaning you will have to depend on high success rates ie over 75% to make any money.
But to get 75%+ success rates of a weekly or monthly chart - is nearly the same as "fortune telling" - ie reading the future from tea leaves or some other silly method like fridge magnets
The only way to obtain high on ongoing win ratios is short term - as there are less variables etc etc - ie you can guess the weather the next 5 -15 mins or so - but if I asked you to say what will it be like in 5 days or 12 days time - its impossible to be as accurate.
Next point - the trade is inefficient - more like an investment type bet - than a proper day or swing trade. That could mean you could be stuck in a drawdown for a few days or weeks etc and then if you are successful and it does hit your target - in the next few days - or weeks - then its hardly a great return etc.
