Hi folks
Brief bio:
Got into Forex in Sep 2009. Began demoing in early 2010. It took me 2 years to get a coherent system together. I took J16 and made some additions. Since then, I've been concentrating on reading psychology / self-help books. I work 9-5 plus I have 3 kids under 6 in the mix so I on average trade 10 times a year all on HTFs. 2012-2013 was profitable whereas this year hasnt'. My system is 8 entry criteria, 6 psychology criteria and 6 trade management criteria.
I am here for two reasons:
1/ To get a second opinion about my approach from more experienced traders
2/ Help people who are starting out
Lets begin with a trade I have on which hasn't triggered. I keep a Journal which I update 3 times a week (even if it hasn't triggered).
EUR - AUD 17.09.14
FOR
Brief bio:
Got into Forex in Sep 2009. Began demoing in early 2010. It took me 2 years to get a coherent system together. I took J16 and made some additions. Since then, I've been concentrating on reading psychology / self-help books. I work 9-5 plus I have 3 kids under 6 in the mix so I on average trade 10 times a year all on HTFs. 2012-2013 was profitable whereas this year hasnt'. My system is 8 entry criteria, 6 psychology criteria and 6 trade management criteria.
I am here for two reasons:
1/ To get a second opinion about my approach from more experienced traders
2/ Help people who are starting out
Lets begin with a trade I have on which hasn't triggered. I keep a Journal which I update 3 times a week (even if it hasn't triggered).
EUR - AUD 17.09.14
FOR
- 2 WK PB 100 pips +
- PA off VBRN 1.40
- Retrace back to Daily break zone - Option 3 = Low risk
- Retrace back into eye of Weekly PA = High risk
- Off weekly PPZ
- Space
- FTA 1.45
AGAINST
- Weekly PA hasn't broken
- Price may stick to 1.45 - Major PPZ and VBRN
- May not retrace back to entry
- Medium risk trade (Option 1 and 2 and 3 )
I have 4 pages of notes so here a few of my comments.
21.09
- Monthly TF says its a reversal set-up
- Selling momentum longer - term
- Keep trade on as 1.3865 is Major PPZ
- Big Buyers at 1.3865?
- If price retraces back to my entry zone, question remains, will there be enough buyers / big buyers to withstand selling pressure?
25.09
- 150 pip bear bar off 1.45
- Tug-of-war at 1.45
- Does buyers= sellers here?
- Was the 150 pip sell off profit taking from in the know longs?
- They bought at 1.4370 but sold at 1.45.
01.10
- Tues and Wed could close as two bear days
- Price not making new highs
- Not enough (big buyers) around at 1.45 to shift price (Resistance at VBRN)
- Price must move to find buyers
06.10
- No real movement on the weekly - 200 pip range - relatively small
- Daily shows weakness on the buyside or that price is following the path of least resistance ie down
- No surprise resistance at 1.45
- Monthly TF has a 2 month PB which is a good sign
- I find playing a retrace back into the eye of a PB a high risk trade
- This is a 2 week PA set-up but it still qualifies as back into the eye of the 2 week
- Or, back to the break - zone of a 7 day Daily PA set-up (medium risk trade)
- I am going to keep this on as the 2 week PA is huge and suggests there is enough upside potential
All questions welcome!