LionHeart: Focus & Simplicity

Ended up closing out the long on gbp usd for a little over 1:1.26 risk:reward...stop loss was 19 pips and closed out for +24 pips...I am okay with where I closed it out even though price moved an additional 50+ pips after because if I would have trailed as I normally do then price almost hit what would have been break even point. So, point I'm making is that you never really know so profit is profit as long as you have some kind of plan for managing your trades and managing your risk.

Nice trade and I totally agree with you...profit is profit.

I've attached a screenshot for each of the 11 pairs that I'm currently trading. Where the red or blue vertical and horizontal lines intersect (I plotted a white circle to make it easier to see) is where the entry was (depending on the direction of the trade). The yellow lines represents where the stop loss would have been placed at. What I like to have is an arrow showing me the higher highs/higher lows or lower highs/lower lows. Once I get that I look to see if my reading (the indicator on the upper right hand side of the chart) is telling me the same thing.

AUDCAD
Short at 0.9920 / Stop Loss of 22 pips / Maximum Profit 41 pips


AUDJPY
Short at 86.60 / Stop Loss of 26 pips / Maximum Profit 68 pips


CADJPY
Short at 87.10 / Stop Loss of 23 pips / Maximum Profit 56 pips


EURJPY
Long at 129.00 / Stop Loss of 22 pips / Maximum Profit 146 pips


EURUSD
Long at 1.1810 / Stop Loss of 20 pips / Maximum Profit 136 pips


GBPCHF
Short at 1.2340 / Stop Loss of 24 pips / Maximum Profit 45 pips


GBPUSD
Long at 1.2810 / Stop Loss of 20 pips / Maximum Profit 117 pips


NZDJPY
Short at 78.70 / Stop Loss of 23 pips / Maximum Profit 24 pips


NZDUSD
Short at 0.7210 / Stop Loss of 24 pips / Maximum Profit 19 pips


USDCAD
Short at 1.2570 / Stop Loss of 24 pips / Maximum Profit 44 pips

I reached the maximum amount of attachments allowed on the last post so I had to add the last one to this post.

USDJPY
Long at 109.10 / Stop Loss of 26 pips / Maximum Profit 73 pips

Here is a screenshot of the USDJPY live trade that I'm currently in. Facing a few support levels and the 109.00 level so we shall see how this goes but I got the signal so I took it. Will keep an eye out to see if price stalls and fails to make a lower low.

Sorry for it being so late. These past two days have just been crazy. Not to mention I have a killer tooth ache. So I am going to post the screenshots from the two trades that I took on Thursday afternoon. Both of the trades stayed open through the night and ended up closing out this morning. I had set a TP on both trades as I don't like carrying trades over the weekend. My GPBJPY trade hit its TP and my GBPUSD trade ended up getting stopped out at b/e. I trail my stop loss manually (hope you can dig up the EA for me) right now so when I move my stop loss once my trade is in profit the size of my initial stop loss, I move the stop loss to +1, so I can make some money on the trade if I get stopped out.

My plan for Sunday when the market opens back up is to do a video for you and I will send it to you through email so you can see and hear what I'm looking for in real time. My plan is to take all trades that I'm around to see in my demo account for the entire month of September and then if I like the results, I will begin live trading with $1k in October. I already made the deposit for the $1k, I'm just leaving it in my live account untouched until I am comfortable with the results. I also will be trading with 1% risk on all trades for the demo trading purposes. I plan to do the same thing once I'm ready to begin line trading. I'm currently trading 10 pairs. The filter at the bottom of my screenshot for these trades has been replaced with something that I like better. Going forward, all trades will have my new filter on it, which is plotted on the chart not in a separate indicator window.

Enough of the explanations, lets get to the charts.

GBPJPY
Long at 142.24 at 2:11pm on 8/31 / Stop Loss of 30 pips / Result = TP hit on 9/1 at 5:57am for +53 pips


GBPUSD
Long at 1.2946 at 4:04pm on 8/31 / Stop Loss of 40 pips / Result = SL hit on 9/1 at 7:16am for +1 pip


Let me know what you think after you take a look at your charts and plot my entries.

Vertical line in each screen shot is what I believe to be around your entry time.




H4

H4 shows that supply was absorbed as can be shown by the stopping volume.
However, the bullish bars shown as large as they are seem to be displaying diminishing volume which reflects that demand is not yet in control or the imbalance is not yet present. I would want more information before going long but knowing that I would definitely not short this pair.

H1



M30




I dont see a need to go any further down to M15 and M5 as these time frames would just show different areas where one may go long with whatever entry criteria chosen.

But where I enter my longs is typically where I see weakness on the down portion of a move and not buying into price already heavily moving up as the case in this particular entry and obviously visa versa for shorts. I dont want to go long after 3 massive bullish bars, then you are just asking to be caught in the middle of price about to retrace and who knows how deep of a retracement price may need before resuming with the trend. So, depending on how tight stops are if this is the case, than it could turn into another instance of price just stopping you out to resume heading in the desired direction. It happens all the time and I've experienced more times than I would like but now with a better understanding, I can see how and why.

GJ....the same thing as far as vertical line should be around the area of your entry.
With this pair I feel as though it had the fact that climactic action had just taken place although I would have preferred to wait for the AR first to confirm this and have some level of context to go with. That bearish action may not have been completely over and you may have been caught in the middle of it. We dont want to guess tops and bottoms.

H1 screen shot below depicts this pretty clearly as you can see price made a higher high and then a lower low immediately after. I would always prefer for the market to produce a swing that give a little more information as to what the market is trying to do.

H4



H1



M30

GU I had no entries but if I would have traded on Friday then the below screen shots show the two entries I would have had.

First entry would have been closed for 4 pips away from 1:1 and the second entry would have been closed for 2 pips shy of 1:1.

Here is a screenshot of two trades I took today. I forgot to take the screenshot when I entered the EURCHF trade so I just took one now. I have moved my stop loss to lock in +1 pip so this is a free trade at this point.

As for my EURGBP trade I don't feel the greatest about it but I'm focusing on removing my emotions from trading so I took the trade as it was fitting the rules I have outlined for myself.

EURCHF
Short at 1.1392 at 1:16pm on 9/4 / Stop Loss of 20 pips / Result = Trade still open (SL moved to +1 pip)


EURGBP
Long at 0.9212 at 8:04pm on 9/4 / Stop Loss of 23 pips / Result = Trade still open

Note to myself of why its so important to pay attention to detail and what price is telling me. The background and context tells everything that is needed to know in order to make sensible decisions.

I initially had an entry with the more mechanical aspect of my strategy but looking deeper into the information from price, I decided against taking the short.
A bit later, price began to show signs of price wanting to actually go in the downward direction and providing an even better entry.

Below is the example of the trade that I decided not to take and the post after this will explain why I was looking for shorts and where was the more ideal place to short and why.

Trend Time Frame




Entry Time Frame




Clearly the entry wouldnt have gotten very far.

Looking at the H4 time frame began my interest in a short on this pair.

H4

Attachment g

The below screen shot begins to explain why I chose to filter this short out and stay out.

H1

This time frame shows why I would not take the short at the time of potential entry set up.



M30

This time frame shows where second entry made more sense.





M5 (entry time frame)

And then we start the whole process all over again. As EU shows its stopping volume and then testing for supply and then market gets marked up.

Its the same cycles and patterns over and over again.

Just a matter of identifying these patterns and getting in and out without letting greed take over our thought processes.

Trend time frame.
I must look to these time frames or context or background information.
That bigger picture of what is going on to pinpoint a general area where I should start looking for an entry.
Once that is done than I can go to the smaller time frame and fine tune things in a way that makes sense based on whatever my management rules and criteria are.

M30 Trend Time Frame




M5 Entry Time Frame

H1 Trend Time Frame




M5 Entry Time Frame

H1



M15




M5

Lets turn the throttle up!

Looks like sellers have been dominating NZD USD for a few days but now price is nearing a price area where demand previously took control back in January.
So, I will wait and see how price reacts. It already seems to be consolidating unlike the previous bump that price had in its last run in with the demand that was overtaken by supply before getting to this point. Price had a nice sized down bar on good higher volume followed by a smaller range bar with decreased volume. This was met with demand and a smaller bearish bar with even smaller volume. It looks like supply is weakening as demand is trying to creep in. Could be entering its accumulation phase as buyers gain interest and start to try and mark up the prices or this could be just another bump as supply drowns out the demand and price gets pushed lower. Time will tell....