USDTRY Buy Trade With SL 30 Pips TP 1000 Pips

Have you ever traded the Turkish Lira? USDTRY is available for trading with many brokers. There are many traders who trade USDTRY. Did you download your free copy of the Top Shelf Trading Magazine for this month? Take a look at the following screenshot of USDTRY H4 chart. In the chart below you can see the red arrow. This is the entry USDTRY buy signal. The stop loss was 30 pips and take profit target was 1000 pips. You can see the small doji candle just above the red arrow. The low made by this doji candle was 3.62219. I placed a pending buy limit order just at 3.62400 and the stop loss at 3.62100 .So the risk was 30 pips. Take profit target was 1000 pips. Price went upto 3.74703. So 1000 pips profit target was easily achieved.

USDTRY H4 Chart

The most important thing is risk management. If you can keep the risk small, you can make a lot of pips. I use H4 chart for entry and exit while I use the daily and the weekly chart for doing the main analysis about how much the market can move. There are two things in a trade: stop loss and take profit. If you get the stop loss right you have won 70% of the trade. In order to win the remaining 30% of the trade, you need to get the take profit target right as well. Let me explain this. If you got the stop loss right, you can still close the trade if the profit target is not hit. So you must focus on stop loss first. Then you should have a rough idea on how much the market is going to move. You can read this post on how to make 300 pips with a small 10 pip stop loss.

Pip value varies from currency pair to currency pair. 1 standard lot with EURUSD or GBPUSD means $10 per pip. But 1 standard lot with USDTRY means around $2.68 per pip. So using a stop loss of 30 pips with 1 standard lot on EURUSD or GBPUSD means you are risking $300. But on USDTRY, 30 pip stop loss with 1 standard lot means $80. So your risk is around 3 times less when you are trading USDTRY pair as compared to GBPUSD or EURUSD. At the same time, 1000 pips USDTRY profit with 1 standard lot means $2680. So this is like making 270 pips with EURUSD or GBPUSD. You can download Hidden Money Levels Trading Report FREE.

As said above, the most important thing is to focus on risk management. You need to look for a very low risk entry. I always try to catch the big moves in the market with a small stop loss. Doji pattern is an important pattern that can warn you about a big move in the market. Especially when you find a small doji pattern on H4 it means price has been moving in a very small range. Moving in a small range is always a signal for a big move. Before a big move, price most of the time moves in a small range. Did you read the post on how to make 400 pips with a small 12 pip stop loss?

Candlestick patterns are very important. I take them seriously. But they are always vague and imprecise. You need a lot of experience in interpreting these candlestick patterns. So you need experience and training when it comes to interpreting candlestick patterns. The same pattern may signal nothing at one time while at another time it can mean a big move. So you need to look at the chart and the place where the pattern appears. You can watch this video tutorial on how I trade my favorite candlestick pattern. Mastering candlestick patterns is a good idea. But candlestick patterns alone cannot tell you everything. You need to use a few indicators in conjunction with candlestick patterns for making your entry and exit decisions. In this USDTRY trade we used the doji pattern for the entry. We tried to reduce the risk as we are only guessing. The best we can do is make our guess more educated. But it is still a guess. So we try to reduce the risk as much as possible so that we don’t lose much if your guess is wrong. Read this post on candlestick patterns 3 simple tricks that can improve the winrate.

It is always a good idea to develop an indicator based on your trading strategy. More and more people are turning towards learning MQL5 and developing their own indicators and EAs. I have developed this MQL5 Programming course that you can take a look at. In this course I teach you MQL5 for the very basics. So even if you have no programming experience you can take this course. A lot of people are learning programming. Programming is going to be offering a lot of job opportunities. So don’t hesitate in learning MQL5 programming. I show you how to use fuzzy logic in developing your indicators and EAs in MQL5.

Hedge funds and big banks are the big boys in the market. They are the ones with the deep pockets. So they know how to move the markets in their favor. They use a lot of algorithmic trading strategies. They have employed PhDs in maths and physics whose only job is to develop new algorithmic trading strategies for them. These algorithmic trading systems use machine learning and artificial intelligence a lot. I would highly recommend that you should also start learning machine learning and artificial intelligence. I have developed this course Python For Traders. Python is a powerful object oriented programming language that is being used in many areas. I remember when I was in high school, I had learned Basic. It was a long time back. But today Basic is just useless. Things have moved fast and rapidly. You should learn Python and use it for developing algorithmic trading strategies. There are many brokers who provide Python APIs for algorithmic trading.

0 Comments