Trade #3 USDJPY works just fine. ADX(21) is still up, no changes there, I moved the stop just a little bit up, as I would find it hard to stand giving it all back.
Trade #11 USDCAD worked nicely. This was a ride the rejection rule setup. The rule tells me to close it all today at market on close. But it looks so promising that I closed 2 out of 3 microlots, and I left one microlot open, and moved the stop loss to last bar. Maybe it will give me some more. Anyway profit booked on this.
Trade #12 AUSUSD filled. Closed below previous 55-day low, so rejection rule does not kick on, so I stay on it. It is too early for a partial profit. i moved the stop loss to a bit above last bar.
I realized I missed a very nice and would-be-profitable ride the rejection rule setup on GBPJPY on Sep 8th. It gap opened below the channel, and then closed above it. So it was a RRR setup for a long trade!
Trade #7 USDCNH got filled. Let's see. Rejection rule is not in place because the channel line was declining.
Trade #2 EURTRY closed at stop loss, for a full size loss. Interestingly, it printed a bearish pinbar in the process, so now it will probably go down without me. That's OK. If ADX(55) turns up I will place another sell stop below the 55-days low. if this pair is going to make a big move, I will be on it. If it is going to shake me out for a couple of times, I accept this happens in the markets.
Trade #6 GBPCAD holds, no changes there. Retraced a bit, unfortunately. But hey, this is a "free trade" now.
Trade #9 USDNOK holds, looks like it may "want" to retrace a bit.
I am tempted to short EURUSD, but I decided earlier I will not chase this market, so I will stick to this. Also, ADX(20) is at a level of 60. Over the past 5 years EURUSD has seen such level only a few times, and it always preceded a correction. No, I am not going to get long it either to attempt to catch a falling knife or predict anything, but I think correction may be likely based on historical price action, and this contributes to my decision to wait. The perfect entry signal was on Aug 18th, but I started trading this system on Sep 1st, so I missed this one and that's OK.
EURGBP printed a ride the rejection rule setup today. A strong one this time. Evident penetration of the channel high. Strong bearish outside bar. But I will not take it. Stop loss is very far due to bar spread, so winning is likely small relative to risk. And there is this event risk on Scotland. Pass.
(new) Trade #13 XAUUSD short. ADX(55) has been raising for 3 days. There is a beautiful channel just below, it will happen to be a 71 days low. I decided to put a sell stop there. If it falls below this level, I will join and hopefullt this will trigger some momentum to follow through. And if not, I have a stop loss and I may even reverse on a rejection rule. Will see.
That's it for today, thanks for reading if anyone does ;-) (I certainly will re-read this at a time of journal review after 3 months of trading this system).
Trade #11 USDCAD worked nicely. This was a ride the rejection rule setup. The rule tells me to close it all today at market on close. But it looks so promising that I closed 2 out of 3 microlots, and I left one microlot open, and moved the stop loss to last bar. Maybe it will give me some more. Anyway profit booked on this.
Trade #12 AUSUSD filled. Closed below previous 55-day low, so rejection rule does not kick on, so I stay on it. It is too early for a partial profit. i moved the stop loss to a bit above last bar.
I realized I missed a very nice and would-be-profitable ride the rejection rule setup on GBPJPY on Sep 8th. It gap opened below the channel, and then closed above it. So it was a RRR setup for a long trade!
Trade #7 USDCNH got filled. Let's see. Rejection rule is not in place because the channel line was declining.
Trade #2 EURTRY closed at stop loss, for a full size loss. Interestingly, it printed a bearish pinbar in the process, so now it will probably go down without me. That's OK. If ADX(55) turns up I will place another sell stop below the 55-days low. if this pair is going to make a big move, I will be on it. If it is going to shake me out for a couple of times, I accept this happens in the markets.
Trade #6 GBPCAD holds, no changes there. Retraced a bit, unfortunately. But hey, this is a "free trade" now.
Trade #9 USDNOK holds, looks like it may "want" to retrace a bit.
I am tempted to short EURUSD, but I decided earlier I will not chase this market, so I will stick to this. Also, ADX(20) is at a level of 60. Over the past 5 years EURUSD has seen such level only a few times, and it always preceded a correction. No, I am not going to get long it either to attempt to catch a falling knife or predict anything, but I think correction may be likely based on historical price action, and this contributes to my decision to wait. The perfect entry signal was on Aug 18th, but I started trading this system on Sep 1st, so I missed this one and that's OK.
EURGBP printed a ride the rejection rule setup today. A strong one this time. Evident penetration of the channel high. Strong bearish outside bar. But I will not take it. Stop loss is very far due to bar spread, so winning is likely small relative to risk. And there is this event risk on Scotland. Pass.
(new) Trade #13 XAUUSD short. ADX(55) has been raising for 3 days. There is a beautiful channel just below, it will happen to be a 71 days low. I decided to put a sell stop there. If it falls below this level, I will join and hopefullt this will trigger some momentum to follow through. And if not, I have a stop loss and I may even reverse on a rejection rule. Will see.
That's it for today, thanks for reading if anyone does ;-) (I certainly will re-read this at a time of journal review after 3 months of trading this system).
Michal9