Long term trading (entry on weekly chart)

AUDNZD 12h

Looks like it did go up at last but the payoff is much less compared to pairs like EURAUD.
How can I be so damn fickle ?
I wasn't like this when I was just starting out on daily.

I will be very picky with setups. Going with "I don't really know" kind of setups do more damage than you realise.

GBPCAD long 0.01 lot

I know I said I wouldn't be trading but GBPCAD looked good and I need to practice taking trades that I feel good bout (picking the right setups), when they present themselves I shouldn't second guess myself. And that needs practice so here I am it's 0.01lot so we should be good to go whatever happens happens.

I'll check back on it tomorrow morning when 12h candle completes.

GBPCAD long closed @ -0.58$ , -6pips.

I kept mentioning how it was month end and friday that I should refrain from opening new positions. Well I had GBPCAD run for the night 12h checked it back at 5AM and checked it again the last time 2 hours later and finally decided to close it with small loss.

PA gave me reason to wait however like I've been saying its month end (quarter end) so leaving any positions open with calendar dotted with high impact announcements both for pound and cad didn't seem like a great idea. Last month I lost two trades taken on month end (last two days of the month) and I've seen it from myself how unpredictable market can be during these times. So I vowed myself that I will take a day off on month end (last day of the month) and also when US and EU markets go on holidays. So here I am following the rules for my own sake. I'll be back on the weekends with potential lookouts.

On TF there's no perfect time frame , so I'm settling with 12h. I won't change TFs anymore. I need stability. And on trades, i will be very picky and once I'm in a trade I will keep them running either until it hits my SL or TP. I'm expecting to enter 3 trades per week so no rush and no pressure to find setups everyday. Pressure to find setups and to make money everyday sometimes can have an adverse on your account balance and mindset. If I can strike 3 winners per week all totalling hundreds of pips I don't mind that. I'll be patient and wait for that right setup to occur and not be pressured by " I have to trade everyday and make some money everyday ".

So this week on 12h I took EURAUD (3) GBPCAD (1) AUDNZD(1) = 5 trades ! thats 1 trade per day.

EURAUD 2 shorts closed within 30minutes (!) I promised enough that I won't do this but I keep doing this. I'll try harder.
EURAUD long on tuesday - this one worked beautifully.
AUDNZD long again closed it within few hours as it was moving slow (!) - but this turned out to be a winner again.
GBPCAD long closed it again this morning, I'll forgive myself on this as I'm trying to follow the rules.

All in all, 12h chart it is settled!
3trades per week is enough to be profitable so be picky no pressure.
Once you're in a trade keep them running unless the PA looks bad. Thats the rule. Follow that.

After years of struggle I'm finally starting to realise forex is a game of patience and discipline. If you possess these 2 you can make money on any TF, 15sec to weekly. If you don't have these two you'll struggle even if you've got a method thats capable of generating consistent profit. Its a mind game. That's probably why so many still struggle after years of trading and many quit early just after a year or two. Patterns are easy to spot and you'll learn to spot and exploit these patterns after the initial few years. To be consistent you just have to operate like a machine, spot the pattern work out your MM and enter the trade with appropriate SL and TP. Set the rules and follow them rigorously. Don't keep making human errors like i have been. But this is easier said than done when greed creeps in the game changes from mind game to gamble. Once you're a gambler its hard to break out of that cycle just as its hard to break out of an addiction. Gambling is an addiction. And I admit I fell into that trap and have struggled for a year. Finally I am making a comeback with a renewed mindset. I'm still working on it. I'm not losing money anymore currently I'm at breakeven. So things are getting better just have to keep improving and evaluating my performance and myself. See you can't far in this game without being your biggest critic. You have to admit you're a gambler, you're a loser (fear), you're greedy and that you have an addiction. How many of us are brave enough ? If you're a coward and want to keep avoiding the biggest obstacle (yourself) don't even dream about making anything out of trading on a consistent basis.

If you think you're special case and that you can make a killing if only you had 10K or 20K don't fool yourself like I had. You're no special. I'm glad I didn't invest more than 1000$ I in fact I've withdrawn that since I couldn't make anything took a break and started over 6 months ago with 200$ since then I lost 150$ and my acc went downhill to 38$ , you see the problem ? the problem is not your acc being small the problem was me. If I can't make money out of 1000$ acc what makes you think I can make money out of 10K account ? Since my acc fell down to 38$ lowest point (currently its @ 54$) I kept trading 0.01 lot, sure the pay off is just 5-10$ per 100pips trades but if I can be consistent with 0.01 lot I can pull back my account to 200$ in 1.6months. So I decided to do just that instead of topping my account again. Its a tough battle. But I'll get through this. And if I can get through this I know the pay day will be very soon.

Watchlist

1.EURAUD long
2.GBPAUD long
3.EURCAD long
4.GBPCAD long
5.NZDUSD short
6.CADCHF short
7.USDCHF long

EURGBP weekly
AUDNZD weekly

I'm seeing long tails multiple rejection on weekly, so if I'm going to go long against AUD or CAD I'm thinking I'll probably be better off going with pound.
As for AUDNZD hmmm its currently at a weekly horizontal support but its still a downtrend.

BUT aussie retail sales number is due on tuesday, its a big mover. Do I want to be involved in that uncertainty ? probably not. CAD maybe ? gbpcad and eurcad still looks good. So CAD it is. I don't want to deal with retail sales and on wednesday cash rate will be announced. Ok done deal I'm skipping aud for monday, tuesday and probably wednesday.

Updated watchlist

1. EURCAD long
2. GBPCAD long
3. NZDUSD short
4. CADCHF short
5. USDCHF long

for pound btw manufacturing and construction PMI is due on monday and tuesday. I'm getting long on one franc cross and short on the other. I have to be careful on that. If I have to I'll probably take CADCHF short as most franc crosses have had their run and now seem to be heading back along with yen crosses. And there's MACD diversion for CADCHF on 12h. We'll see.

12h Watchlist

NZDUSD short
GBPCAD long

1h watchlist

AUDJPY short
EURJPY short
NZDJPY short
GBPUSD short
GBPCHF short

plenty of setups.
I might want to open 2 trades one on 12h and 1 on 1h.

GBPCHF and GBPUSD left without me on 1h.

But I got NZDUSD short going entered just few minutes ago on 12h 0.01 lot

I'm still going to be watching yen crosses on 12h, I'm calling it a day now I'll be back tomorrow morning @5AM for the next 12h candle.
We've got ISM manufacturing PMI tonight during US session I might come back for that for few minutes just in case.

watchlist on 1h

1. AUDJPY short
2. EURJPY short
3. NZDJPY short

yen crosses shorts are valid on 4h

1. AUDJPY
2. NZDJPY
3. EURJPY
4. GBPJPY

I'll be back 1 hour after US open.

NZDUSD short still going. I have no indication to close the trade. I'm getting better at keeping trades going.

Here's what else I'm looking at

EURGBP long
AUDCHF short

AUD retail sales was upbeat but RBA statement took it down, still going down. This is ready to go setup compared to EURGBP long, which I think I need to give it another 12hours.

well UK construction PMI came a lot lower and EURGBP is up, should be good to go now.

and 1 more setup onto the list following the PMI is GBPCHF short.

GBPCHF candle isn't looking right for a short.
This is why you should always I mean "always" wait for a candle to complete.

AUDCHF short is way our of my risk tolerance and other franc crosses are still headed up.

I might go with EURGBP long.

GBPCHF long in 0.01 lot on weekly.

This one's going to be tough, finally making an entry on weekly.