EUR/USD 15m trendline breakout

Took 50 pips

Shorted GBP, 10 pip SL, TP open. GBP yields have topped at 80bps. However, DXY is heading down- but it isnt affecting cable much

EDIT- terrible trade. Still in but looking to exit BE or a small loss. DXY sinking

Stopped out-honestly no idea why I entered a trade at this hour after a 150 pip day... poor discipline!

Shorted EUR

Another thoroughly dumb trade. I knew it was a long, we'd broken 1.2160 and came down for a pullback pre LO where it took off. This is my number one problem- entering a trade first thing before i've woken up and carefully analysed. I just want to be IN. So I gave back a decent chunk of change from yesterday after moving my stop to the top of the channel. Whenever I go through a good run I get overconfident and don't respect the market enough. These newbie errors have to stop- i'm trading a reasonable account (for me) but I plan to scale it up when milestones are hit, dependent on a certain max drawdown/sharpe ratio. I can't scale it whilst I have swings in my account

Really respect your honesty for admitting the mistakes, this is how we all learn. At least you are running nice weekly profit as I understand.

I am really struggling this week as I need to focus on primary job, hence the only thing I have achieved is just plan trades, which never materialise because of bad timing and my decision not to enter deals at "past due" points. Watching the price go 40+ pips in planned way without being in gets frustrating as hell after awhile. But at least it builds at some analysis skills.

No trade needs to be rushed. Until it really needs to be rushed

Take care,
I

Thanks-yes, I genuinely want to be successful at this so it means being very self critical. At the moment it's the psychological side I struggle with, being patient and disciplined, For some reason i'm still grappling with this, even though I know the difference between a strong and weak setup by now. Honestly for the most part i'm fine with my entries and working on my take profits. This morning I traded directly into a trendline and support, it was an obvious trap but I can only blame myself as I pushed the button and widened my stop loss. At the end of the day its greed and overconfidence. I also find that after wins i'm more tolerant of losses because I have a buffer, which is totally the wrong approach. Every penny should be safeguarded

Yeah good profit this week at least, this morning was an annoying setback. I was high on the last few days which have been pretty good.

What was your trade Ilvez was it GBPUSD? Do you not use limit/stop orders (I don't). I've got a short bias on the pair at the moment. DXY just needs to find some support and it should drop

Shorted cable at the pivot and again on the retest of hourly trendline, we're in a bear flag, looking for 1.40

Annoyingly I was long last night before the rise but took it out breakeven, spotted the wedge/accumulation at the bottom. It wasnt moving that well but I saw DXY had finished an ABC correction and was heading down for wave 1

Watching for DXY to test one of the fib retracements for wave 2 where I can go long cable

Took breakeven cable and reshorted at the top of the flag/0.618 fib retrace of last swing hi/lo, 1h supply

Yields seem to have found a top, we just need wave 2 on dxy

I do not use stop/limit orders almost at all, would like to make sure how price behaves at certain points.

I was eyeing today long on GU but due to messy day I missed entry (end of 3rd coil bottom):


Watched the potential GA long as well for the bounce at 1.77 but again failed to execute.

I have no long term bias. Short term GU is making HHs and HLs, which is all I need to know for now

Currently 110 pips up on this, holding til 1.4020 at least. We have a top, finally!!

Made about 150 pips, now long from 1.4000

Took 32 pips last trade

10 pip scalp from this 1hr demand zone (not shown on this chart)

Gave back 6 pips, thought s1/upper TL would resist

hmm your graph colors are just as good looking as your glasses

Took a couple of longs from S2/wedge bottom, waiting for breakout

Edit- took 50, 30, and 60

It may well go quite a lot further, i may get in on a pullback

I took the reentry long

Shorted cable here, couldnt resist, stop to BE

Just 10 pips from this one

Month in Review

I haven't had a good delve into my figures for this month but, based on my balance it has been a really terrific month. I'm very happy with my progress and development. I have really put the hours in this month, spending 12-14 hours a day watching the markets every day, and studying at the weekend (not much else to do in lockdown). Ultimately, like anything in life, you have to just put in the hours if you want to get better at something. I want to spend March really honing in on some key areas

Charts

This has to completely change, I realised that my charts are a complete mess with a lot of old fibs, random lines everywhere that just get confusing. I can't imagine what they look like to someone else. For the most part they make sense to me but I often see a line and think- is that meant to be there or has it just turned up. So I end up wasting time trying to figure out the validity. I'm going to overall this and make it much simpler, as well as doing a daily clean up.

Supply & Demand

I've been doing a lot of research on this methodology. I used to think it was basically just another name for S&R but I realise now there;s quite a lot more to it and it's actually a complete trading method all of its own. A lot of people are using this alone along with price action confirmation. For now I've had the zones drawn on another chart but I'm going to implement it a lot more starting from next week. I will still be using my scalp entries but these will help with R:R and figuring out in advance where the reversals will happen, where to take profit etc. Its already been helping me out a lot and I'm stunned by the accuracy. I'll be posting more charts and theory in the future. This is an augmentation to what i'm already doing rather than just scrapping everything. It's a 'smart money' technique, figuring out in advance where the big orders are likely to be parked.

Fibonacci

I'm absolutely loving Fibs, I now consider it a vital part of my trading arsenal. I'm going to make a more concerted effort to have the fibs drawn in advance. It got me into that giant cable trade right at the top of the market.

Targets

In the past I'd set myself arbitrary targets to stop trading after 20 pips or whatever. I won't do this anymore. Every setup will be judged on its validity an strength and if the markets are providing a lot of opportunities then i'll just take them. After my target is achieved, then the setups must be a 10/10, IE I have to judge them to be a sure thing. I may set a more ambitious weekly target as I've been easily surpassing 100pips a day recently. Often times I feel I just leave money on the table.

Patience & Discipline

This is absolutely my worst problem and worst enemy. My tendency to enter any old trade on a whim after a winning streak is terrible, as well as jumping into trades first thing in the morning. Despite knowing its an issue I do it again and again. I'll be making an effort just to wait for optimal set ups, even if its after LO which I always felt I had to participate in. As it stands though, I'm not sure how to solve this problem apart from being aware it exists. I may have to implement a checklist system, IE write down on paper my entries before i take them to give me a few minutes to evaluate and have a discussion with myself. Ideally I'd have a second person to input orders. I'm giving away good money because of this issue so it has to be addressed urgently. I'm going to re-read Trading in the Zone this weekend. I also want to read more books around the subject (trading psychology, philosophy etc)

Pairs

Cable has been my main focus recently I much prefer it to anything. I'm going to keep AUDUSD and USDJPY more on my watchlist and enter some trades at a quarter risk, maybe. Overall though i'm getting a really good feel for cable. I also want to read more around cryptos but this may be more for April.

Looking for a Gold buy around 1680-88