EUR/USD Only?

Yah That’s Right!

I realized that there is more then enough money to be made off this pair alone, as long as I can be patient and wait for my setups.

I trade off the H4 charts. The main goal is to eventually quit the 9-5 grind but at the same time enjoy my life and not be wrapped up in front of the monitor trading all day.

As for my charts-
I use MT4 for my charting (I think its GMT+1) and place trades on a different broker.

With NFP being this Friday and it also being a holiday here in the states I am not sure if I will be placing any trades. Maybe if I get some time this weekend I might explain more in depth the philosophy of my trading style.

Entered @ 1.5698
Stopped out at 1.5708 (+10)


I guess from not trading last week I got kinda antsy. I didn’t follow my rules to the tee. The reason that I got in early was the SDL turned to blue though there was no confirmation. Also the ADX green line crossed over the red line and that was above the 15 line. So I think this was a lucky trade. Moved SL to +10.

Still in the testing phase of the every 4Hr trade, so for the time being I am going to use 1/3 position until I feel more comfortable with the results of them.

AOE Trades -
2PM entered 1/3rd position at 1.5747
This didn't work out too well at all, good thing it was only 1/3 of my normal position.
Don’t know if I should be judging it on this trade since I didn’t follow my rules from the beginning.

This candle should have been my main entry on the 4H. So I am going to keep this alive.
Entry at 1.5747
SL at 1.5667
TP not set.

Closed trade at 1.5691 wasnt going in my way and im tired.
So far first trade has been a loser, lets hope that this trend doesnt continue...

ahhhhh do I feel like a dumba$$. When will I learn. I closed out my trade for a loss even though it didnt hit my stop and I didnt get a reverse signal. Well I wake up this morning to find that it indeed started to go my way. I need to learn from this so i dont repeat it...

Trade 2-
Sell @ 1.5719
Stop Loss @1.5799


AOE Trades-
Choose not to enter the AOE. I need a little more time before I am completely comfortable with it.

Exited Trade @ 1.5655
Closed out of trade early due to the fact that I wasnt going to be around last night at all.

Missed out on my next trade oppurtunity, looks like I got a long signal around 2am. Depending on the strength of it I may enter the AOE trades on this one.

Thats the beauty of the AOE trades. If you miss your main entry this is another way to enter into the trade.

THOUGHT OF THE WEEK (7/06-7/11)

Lately I have been thinking about getting rid of the Accelerator Oscillator and Stoch’s. I find this more of a distraction then a benefit. It works, but I find myself using it more as filter then for the strength and it doesn’t work as a filter.

Another thing that I think I'm going to add is the MACD (12,26,9) I will be using this as a filter as well. When the MACD is ABOVE the zero line I will only be placing LONG TRADES and when it is BELOW the zero line I will only be placing SHORT TRADES. I think that this will keep me out of some of the ranging times, obviously not completely but what can? So I feel comfortable giving up some of the bigger moves in order to stay out of some false moves.

I dont need to be in every single trade that comes around I think the important thing is to be in quality trades. I will track this for some time being and see where it leads me...

TRADE 3-MACD FILTERED
Short @ 1.5722
SL @ 1.5800


Note-
Since im using the MACD as a filter I decided to bypass the ADX filter. When the ADX gives me a go I may add to position, sorta undecided as of now.

Update-
Damn I got rocked today. Closed out my trade at 1.5785. Go figure the day I decide to not use the ADX as my filter. I hate the f'ing news.... I need to not trade around it or TP before it comes out. This f'ing blows im done for the week.


AOE TRADES-
Still monitoring this

Going forward I am just going to stick with the ADX as my filter for my trades. I believe that this will be the most consistent and I am used to this indicator...

Main Concern-
I am struggling with the idea of setting a set TP level. I really like the idea of letting my winners run, but at the same time some of my winners turn to losers and I fail to bank anything in which I get mad at myself. So in theory if I set a TP level I wouldnt catch the whole move or even larger moves BUT I would catch something. Ahh it something worth tracking for the time being. I guess the real answer will be "what is the average move" then go from that point forward...

Results for the 1st week-

Well the results arent that good, but I know it was becuase I tried different things out. I'm going to stick with the original plan from this point out.

Trade 1 = -14
Trade 2 = +61
Trade 3 = -68
Total = -21 pips for the week

Trade 4-
Long @ 1.5898
SL @ 1.5838

Not so confident about this trade but my plan says to go long, lets see how it plays out.

Exited trade @ 1.5919 for +21
currently made back my losses from last week. Now I will just wait for my next trade set-up. Ahhh good old patience its a killer....

Well that sorta blows I exited the trade way too early as it decided to climb and additional 100 or so pips from the original entry.

Trade 5-
Short @ 1.5907
SL @ 1.5977


Didn't wait for for complete confirmation, this may come back to bite me.
SDL confirmed
AFX yet to confirm

Moved SL to 1.5897 (+10) not going to be around tonight so I wanted to lock in profits on this trade.

Hey BAM BAM,

Can you post the chart with your trade?

Thank's Icy Pips

Yeah thats a good idea Icy Pips. I will post them time to time.

Thanks for stopping by...

Trade 6-
Long @ 1.5937

Green line is the candle I entered upon.

Well that was ugly, closed out my position at 1.5879 becuase the SDL repainted back to red and making that original signal invalid. It will happen occasionally. Nothing you can do about it. Ok so I lost (-58 pips) on that trade.

Trade 7-
Short @ 1.5878.
Since the SDL changed back to red I entered short, hoping to reclaim some of the lost pips...

Exit at 1.5828 so I managed to get 50 pips back. Not too bad.

Trade 8-
Short @ 1.5820
Stop Loss @ 1.5895



At first the ADX didnt confirm but within the first 5 minutes of the candle it did, so that's when I entered.

I am back after some needed time off. Thru events that were out of my control I am now taking the leap to full time trading. Starting 8/04 I will be posting trades in real time, with the purpose of keeping some kind of organized journal that will be able to help me grow as a trader. Looking at a few more pairs then before.

Bam Bam, Thanks for responding to my request for charts, hope the time off was good. May be that this move to the full time trading, although out of your control, was lead by your diligent efforts in trading. Look forward to your posts. Blessings & Pips to you.

Icy Pips

i just look at 4hr and up time frames because it really tells you whats going on.The 1 hour and lower speak a different langauge, but the 4 hour is nice enough to translate for me. this image will explain what i will do in the future no trade for me yet.but my long term bias is bullish because the monthly chart has develope a beautiful morning star, image attached.I will post trades as i take them.

this is just a pending order, pic explains why i took it,the reason for a pending order.because i am waiting for pullback for better entry and if the trade is initiade than my stop is above the 61.8 retracement, if it goes above than i will take the loss.I will cancel order if it does not pull back and keep on going down to target on pic.