What now?

RESET

as I was saying while I thought I was trading just one pattern I was trading many. After a bit of analysis I've decided to focus on just one.

so I'm resetting test back to 1.

trade number 1. NZDCHF long in line with the trend -up.

I will look for this pattern in every pair, if the trend is visibly going up (I haven't determined what is visibly going up or what is visibly going down, yeah its easy to recognize any pattern, but its harder to find one that has a higher probability and even harder to define the conditions of which it will work 70-80% of the time clearly, I'm only halfway through the battle)or down I should open a trade that's in line with the ongoing trend.

however if the price is ranging meaning that its not too far from 200ema I will trade this pattern both ways.

I know it's not going be a walk in the park, although I've settled on a specific pattern and conditions there's going to be irregularities and I should work towards getting rid of those irregularities. The more specific I am with what I'm looking for and the conditions the clearer the results will be.

Trade number 2. EURAUD short

Trade number 3. CADJPY long

Trade 1 closed a winner CADJPY

I closed EURAUD short, I'm only going to focus on buying.

Trade number 2 GBPAUD long in

Trade number 2 GBPAUD long a winner
Trade number 3 NZDCHF long a winner

CADJPY trade number 1 went up over my TP, it could have been 40pips but I closed it at 20 something pips nevertheless it was a winner. You have to take some pips off the table because markets can be uncertain at times and fluctuates at a great range, retail traders certainly can't withstand that fluctuations in a way we're at disadvantage so minimizing your loss is a priority on top of getting it right more than 50% of the time.

Ending this week with -31pips recovered it from -199pips (if I'm not mistaken) back above 200pips for the month. Calling it a day for the week. Will be back on Monday.

Trade number 4. GBPUSD short
Trade number 5. EURGBP long
Trade number 6. GBPCHF short

Trade number 7. EURAUD long

Trade 4-7 winners.

somethings up with my trade explorer. But I want to keep track of my progress and how much I can pocket (pips) every month) and my win/loss ratio. So I'm connecting myfxbook to my demo acc.

here are the stats.

my drawdown for the month of september has been real good.
one of the contributing factor to such a low drawn down could be that I've been trading 0.01lots. But nevertheless lower the better.

EURAUD went up more than 40pips after my exit (the yellow line)
I need to calm the shit down when it comes to these kind of setups. They seem to go 50-70range.

while EURGBP, GBPCHF, GBPUSD I exited at the optimum price (almost)

AUDNZD
GBPNZD

potential longs.
but its getting late over here. I feel uneasy letting positions run overnight with an SL -90pips.
I guess I should just stick with trading european session.

I just realized Carney is speaking in a few hours. I'll stay flat.

Trade 8 NZDCHF long

NZDCHF long closed -7pips

I usually don't bail out of positions but this didn't look too good. I might want to give it another try.

NZDCHF long in again

NZDCHF long on demo closed with +1pips.

Decided to take my approach to live account.

Keeping the lot size to 0.01lot.

Closed GBPAUD long short I meant +63pips.

NZDCHF long is doing fine btw.

I'm thinking I should probably have SL very tight unless I"m pretty damn sure about the setup but then again there's no guarantee in trading the markets.

Making pips is great.

But preservation of capital is ESSENTIAL.

I'm thinking about trading these kinds of setups.
It's opposite of the long setups I've been trading.

EURAUD -10pips
CHFJPY -11pips

Thus far -21pips for the day.

The moment I start to get this rolling with a few consecutive winner trades, I start messing things up by taking just about anything.

These 2 could potentially go up and could have hit my TP or SL. But I decided to close them because they simply didn't qualify for me criteria for a BUY meaning that these kind of patterns aren't my expertise just yet. They were out of my specialty. (did I just invent that ! yes)

And another I've noticed with asian session is that you wait until 11AM at least, any trades taken before the probability is a lot lower. But then again if the setup is complete it is complete regardless of the time.

I'm flat for now.
Will only take patterns that I've been successful trading. Not going to get into unfamiliar trades like these.