My Path To Financial Freedom

no problem David

what is the name of your new startegy ,how can i get it pls,thanks for giving out your trading dairy , i stumbled on this forum yesterday and its great

In hindsight based on these supp/res levels the right trade was a sell today around .9960 and trendline breaks etc would have gotten you in.

Is it a coincidence that the support on your charts at .9850/60 tied in with previous supp/res levels going back the last week or two. It dropped right to .9850 in the end.

It does give very good ideas as to where to trade if the market is on a bit of a run.

yea i just looked at the charts and noticed it hit 1.9960 about 30 mins before 3am. With my strategy I still would not have counted this but this would have been a great trade.

Either way it found really good support perfectly at 1.9890 and 1.9850 even tho they werent able to withstand the news releases.

Price broke through a longer term trendline that start 4/9/07, broke through the 200EMA line on the 4 hr chart which has been acting as support since that date too

There should be strong support at 1.9770 from the major resistance now turned support line that started 1/23/07 and was broken 4/13/07

we'll see where price takes us now

Oh and on another note, when Rob gives the levels he does always say on a big news releases, some of these levels disappear and price will go straight through them

also just realized mouteki's projected target price was exactly at 19770 also

Yes and on the 4 hr chart we've just had the 50 ema go down through the 100 ema. Not that I trade these crosses but maybe we have some more downside to come or at the very least we need to consider buying as well as selling in the short term?

heres todays levels

I just entered a buy trade, but im not sure if it was time

in the video rob says that if the 80s and 90s are broken then there is a heavy sell .. this has happened and price has stayed under the 80 level for almost an hour, it has still found support at 70 as it has all day at that long term resistance turned support trend line

right now i am feeling that i rushed into the trade, what i should have done is put a buy stop at 1.9788 and get into the market a little later.. i did a buy at 1.9780 (-5pips for spread) so 85

Oh well guess all i can do now is hope the 70 continues to act as the strong support it has already followed by some UK positive news

lol well looks like the GBP is comin down, I will be putting my stop under the next level so it will be close to 80pips that i am risking which will be just about 3% of my acct size w/ 3 lots

Im not feeling comfortable with this trade i definately rushed into it, but we'll see where it goes

Ok so, i just thought to myself in a professional mind set.. i know sometimes i it is smarter to cut your losses

so in this case i just did that.. i should not be risking that many pips for that trade because as rob said there are heavy sell orders if those levels were broken

I could technically sell now, but i hate the feeling of chasing my losses, so i will try to get a decent night sleep since i have another 9am quiz today so less than 5 hours sleep for me lol

alright, im still in profit for the week!

one more thing, i just noticed a support trendline on the daily chart that looks like it might hold around the 55-60 level

just to keep it clean, here was the trade:

 

1. Buy @ 1.9780 -- (-5 for spread) – 4lots

a. Stops: 1.9706 (risk -79pips)
b. Lot 1: Target—1.9813
c. Lot 2: Target—1.9838
d. Lot 3: Target—1.9898
i. BAD TRADE—CUT MY LOSSES FOR -23pips on eat lot
Cumm Earnings: +290pips

so looking back on the charts now, looks like it held pretty well at the 60 level so i could have stayed in.

just with yesterdays really bearish day and a big trendline break to the downside yesterday i didnt want to get burned bad so im okay with the fact i cut my losses short because i wasnt patient enough in entering the trade and using the information right like i normally do

oh well, at least the strategy isnt what caused the loss so thats still 100% and its been a month today!

Well done with month one, it'll be interesting to see what happens going forward with GU, there was no follow through to take it up so far after the poor US economic news. Having said that its not going much lower either. Roll on next week!!!

Thanks, yea i feel good about this month, glad i have found a new strategy that works really well for me and actually has opened my mind to using different levels for stoplosses which help me to make more profits cuz im able to use more than 3 lots while still risking only up to 3% of my acct size

ive lasted a month so far in my live trading, im down a little, but i know this time i am on the right track because i was down over 400 dollars at one point and managed to almost get it all back without losing my skin.. the last acct i blew through in a month was only 500 dollars and when i would lose 100pips or more at a time, it would mentally take me down a notch

things are looking good!

heres todays levels, i bought at 1.9828 like 20mins ago when it was on its way down, hit the 20 level and now its back up so thats good.. i will write out the trade and repost it

1. Buy @ 1.9828-- (-5 for spread) – 4lots

a. Stops: 1.9776 (risk -57pips)
b. Lot 1: Target—1.9873
c. Lot 2: Target—1.9898
d. Lot 3: Target—1.9933
e. Lot 4: Target—TBA

negative GBP news at 4:30am has caused price to come down to the lowest support level, my stop is under this level and price has been bouncing around on the top of this level so hopefully it will hold and reverse, theres lots of news coming out tomorrow so if i might not trade tomorrow depending on where i am in the market (if im still in my trade or not)

heres todays levels, i am currently still in the trade, will update soon

i. Hit stop at -57pips on all 4 lots
Cumm Earnings: +62pips

ive been busy w/ finals coming up and i realized i have been kind of sloppy

i have felt myself hoping for good news and taking gambles i shouldnt be..

I entered this trade less than 1 hr before a big news event and it turned out to be negative news for my position, then i managed to hold the trade and it actually returned back within 15pips of my entry.

I kind of kept hoping it would come back to my breakeven point so i could just end this sloppy trade.

oh well, ill live and i have learned.. no more gambling, i need to makesure i am sticking 100% to my rules.

Since i enter the market at around 3-3:30am usually, i will not trade days where there are news events at 4:30am which have been many recently, I will trade days that have news events coming out at 8:30am, but only if there is 1 strong news event that will make a significant effect on my trade.. if there is more its a NO TRADE!