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Lina's journal

  • #1
  • First Post: Oct 15, 2006 12:28am Oct 15, 2006 12:28am
Hi,

I'll be posting my trades that I take on the demo using combined methods: Kolachi methods, Mouteki and basic support/resistance, price action, etc.

Feel free to post any constructive comments to this thread.

Thanks,
Lina
  • #2
  • Oct 15, 2006 12:35am Oct 15, 2006 12:35am
MT4 platform is used for the analysis and Oanda game is used for placing all trades.
Date: 10/05 (10/06 GMT)
Trade: Short EUR/USD
Entry price: 1.26895 (oanda quote)
Time frame: 1H
Snapshot was taken in the beginning of the trade (don't know how to post it here)
Result: + 2 pips


Reasons for taking trade:
1. On 1H wma5 got repulsed off ema 21 per Kolachi method
2. On 4H there was Mouteki trendline drawn BEFORE the change in slope of the wma5 - means there were 2 reference points to draw the trendline before wma changed the slope.
3. On daily chart ema 100 would be tested for the 4th time (had about 30 pips till ema100 on the daily chart) but this time wma5 already crossed ema 21 and ema 55 and ema 21 just crossed ema55 so there were more chances for it to cross ema 100 - Kolachi method.
4. Kolachi dispersion was developing on 1h and 4H charts

While in the trade: was monitoring lower timeframes for possible indication of change of direction. Price went 10 pips in my direction, went down and was going back and forth - from -5 pips to 2 pips.

Reasons for closing trade early: Server of my MT4 platform was down - couldn't continue quality monitoring; price was moving sideways; the following morning was non-farm payroll day.

Actual price direction: Price went well down and ema100 resitance on the daily chart was broken.

General feelings: Dissatisfied. Trade analyzed correctly but fear was the driving factor while in the trade.





Lina<o></o>
  • #3
  • Oct 15, 2006 12:39am Oct 15, 2006 12:39am
Date: <st1:time minute="40" hour="21">9:40 PM</st1:time> 10/12 (10/13 GMT)
Trade: Long EUR/USD
Entry price: 1.25656 (oanda quote)
Time frame: 1H
Snapshots were taken in the beginning and end of the trade Result: - 38 pips


Reasons for taking trade:
1. On 4H wma5 changed the slope with Mouteki trendline in place. BUT IT CHANGED THE SLOPE 2 CANDLES AGO - I WAS LATE BUT GOT UPSET AND ENTERED
2. On 1h chart price was very close to ema100 and was going to test it for the first time - actually this was reason NOT TO TAKE THIS TRADE. But as I said I was upset and blind to all negative indicators.
3. Another reason why this trade SHOUDN'T BEEN TAKEN - general direction on the daily chart was down and I was entering against the trend.


Methods (not followed actually - hence a losing trade): Kolachi and Mouteki



While in the trade: Couldn't monitor the trade (European session)

Reasons for closing trade early: Price was moving quickly in the opposite direction (news). If I monitored it closely I would have been able to close it on the news spike for a breakeven or even small profit.

Actual price direction: wma 5 repulsed of ema 100 and was going quickly down helped by the morning news.


Lina<o></o>
  • #4
  • Edited 12:41am Oct 15, 2006 12:40am | Edited 12:41am
Date: morning 10/13
Trade: short EUR/USD
Entry price: 1.25315 (oanda quote)
Time frame: 1H
Snapshots were taken in the beginning of the trade
Result: still in the trade


Reasons for taking trade:
1. Wma 5 repulsed of ema 100 (Kolachi method)
2. I had Mouteki trendline in place
3. Price was going quickly down based on the news
4. Daily trend was down

Comment: Entered late again

While in the trade: Price moved about 42 pips in my direction. Moved stop loss into 1 pip profit. Was very tempted to close trade that would have given me net 4 pips of profit for 2 days but resisted that temptation.

Reasons for closing trade early: Still in the trade with +14 pips. Should have closed it when wma5 changed slope on 1H chart but couldn't closely monitor trade from work.

Actual price direction: down

General feelings: regret that didn't take 42 pips profit. Will close as soon as market opens tomorrow since wma5 already changed the slope.

Lina<o></o>
  • #5
  • Oct 15, 2006 12:54am Oct 15, 2006 12:54am
posting some pictures would help a lot
{Link Removed}]
  • #6
  • Edited 10:15am Oct 15, 2006 1:12am | Edited 10:15am
Attached is the 4 hour chart of EUR/USD for the trades taken on 10/12 and 10/13. They had good potentials. First one was entered late and mismanaged; second one - still in.

Lina
Attached Image
  • #7
  • Edited 9:15am Oct 15, 2006 6:50am | Edited 9:15am
Hello,

I am in the same trade. I started it at 1.2546.

the 5wma is starting to turn back down(1 hr chart). If it takes a run at 21 ma it should be repulsed the first time it attempts.

The $ is still strong major support comes in at 1.2454, and momentom is down. You kick yourself for not taking profits at 42 but if you exit as soon as it re-opens and then price goes down you'll really kick yourself then.
Your thinking in a type of scared panic mode. Gotta break your self of that.

But its all on a demo right? So it won't hurt to let it run its course. At least you cann't suffer a loss since s/l is at B/E. If you panic on a demo just think what you'll do with real money.

Just my opinion.

edit: look at the higher time charts. Kolachi method sugest a lower move down. 4hr time...5wma was repulsed by the 21sma. and on daily the price has gone past the 200 ema and sustained the break as the previous day tried to go back above 200ema but couldn't. Last day closed below.

Dave
  • #8
  • Oct 15, 2006 9:34am Oct 15, 2006 9:34am
Quoting xxDavidxSxx
But its all on a demo right? So it won't hurt to let it run its course. At least you cann't suffer a loss since s/l is at B/E. If you panic on a demo just think what you'll do with real money.


Dave
I think if you don't trade your demo as if it were a live account, you'll sorely disappointed when you do go live.

Trading an account as if it will always only be "monopoly money" might give you some insight on your trading method, but it won't build you any discipline.

just my two pips...
Is your SL my TP?
  • #9
  • Oct 15, 2006 9:48am Oct 15, 2006 9:48am
Hi Dave,

I actually did an analysis for the week - attached. All the analysis is just a possiblity nothing else. Despite all my analysis showing a short term uptrend possibility, downtrend is quite possible. There is a bearish engulfing candle on the daily chart. Median fibos on the 4h turned down so price can go down and still don't go beyond the third median fibo level.

Regarding being scared - it's true! I am trying to play a role right now as if I am trading a real account. It actually works! I always try to think what I would do if it were my real account and try to overcome psychological pitfalls associated with trading the real money.
Actually book "Trading in the zone" recommended by Dial helped tremendously.This is kind of a book that will be on my desk for some time till I internalize concepts so much that they will become my second nature.

Thanks for your comments!

Lina
Attached File(s)
File Type: doc Weekly chart analysis starting Oct 16.doc   106 KB | 620 downloads
  • #10
  • Oct 15, 2006 10:19am Oct 15, 2006 10:19am
Quoting kenmania
I think if you don't trade your demo as if it were a live account, you'll sorely disappointed when you do go live.

Trading an account as if it will always only be "monopoly money" might give you some insight on your trading method, but it won't build you any discipline.

just my two pips...
you cann't trade a demo as if it were live. Because its not. And when you start to trade real money..Kenmainia...you'll find this out.

And Like I said I am in on the same trade...Mine is real money and not small lot size either.

I didn't suggest doing anything I am not doing myself.(with real money)

You must have misunderstood or I shoulda frased it differently.

sry for any misunderstanding. I am always here to help not hurt.

Dave
  • #11
  • Oct 15, 2006 10:25am Oct 15, 2006 10:25am
Trading seems to be easy when you go back and analyze the price action based on your favoutite method till the point when you have to place the actual trade when all you have is a chart without continuation and yourself with all your insecurities ...

Just a thought that applies to me.
Lina
  • #12
  • Oct 15, 2006 10:35am Oct 15, 2006 10:35am
Quoting lina
Trading seems to be easy when you go back and analyze the price action based on your favoutite method till the point when you have to place the actual trade when all you have is a chart without continuation and yourself with all your insecurities ...

Just a thought that applies to me.
Lina

I keep waiting for that knot in my stomach to go away with experiance. I dunno if it ever does. You just get used to it somewhat.

The knot gets really bad if you get a couple losses in a row and you know you need a win to balance it out.
  • #13
  • Oct 15, 2006 10:59am Oct 15, 2006 10:59am
Quoting lina
Trading seems to be easy when you go back and analyze the price action based on your favoutite method till the point when you have to place the actual trade when all you have is a chart without continuation and yourself with all your insecurities ...

Just a thought that applies to me.
Lina
As Alexander Elder said in his book, Trading for a living, brokers don't allow trading in the middle of charts, they only allow trading at the right edge of them...Hope this quote helps in a way or another...


Thanks,

Nader
  • #14
  • Oct 15, 2006 12:13pm Oct 15, 2006 12:13pm
Quoting xxDavidxSxx
you cann't trade a demo as if it were live. Because its not. And when you start to trade real money..Kenmainia...you'll find this out.

And Like I said I am in on the same trade...Mine is real money and not small lot size either.

I didn't suggest doing anything I am not doing myself.(with real money)

You must have misunderstood or I shoulda frased it differently.

sry for any misunderstanding.

Dave
No worries, Dave. I was just commenting from my own experience. I opened a live account after trading demo for a short period and I realized after the bad experience that I was trading demo in manner that I never would have done live. I feel like I am gaining a better understanding because I trade my demos as if it really were my money...because in a sense it will be.

Quoting xxDavidxSxx
I am always here to help not hurt.
I know that's true and I also have no doubt you have more experience than I do and I respect that and I'm sorry I came across the way I did.

Also sorry Lina, for digressing your thread.

ken
Is your SL my TP?
  • #15
  • Oct 22, 2006 1:22pm Oct 22, 2006 1:22pm
I closed last week's trade at 13 pips even though if I waited a bit longer would have gained more - price went a bit down before turning up as my analysis for the last week showed.

Lina
  • #16
  • Oct 22, 2006 1:25pm Oct 22, 2006 1:25pm
Trade not taken:<o></o>

<o> </o>On 4h chart wma5 changed slope while there was a Mouteki trendline in place. Direction of the trade was also in line with my weekly analysis. Possible entry point is indicated on the chart. It would have been a 90+ pips trade if taken.
Reasons for not taking: didn't feel good all week and it is one of my rules - to stay away from the market in that condition.

Lina
Attached Image
  • #17
  • Last Post: Oct 22, 2006 1:39pm Oct 22, 2006 1:39pm
I attached my weekly analysis. The trades I'll enter will be based on the combined Kolachi and Mouteki methods or Kolachi methods only. Analysis is based on the emas interaction as it is described in Kolachi methods.

Important things in trading are to trust oneself and the method chosen and fully accept the risk involved.

Thanks for reading and constructive commenting.

Lina




<o></o>
Attached File(s)
File Type: doc Weekly chart analysis starting Oct 22.doc   85 KB | 654 downloads
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