My Path To Financial Freedom

I have been in the same position once or twice.

I try not to be in any trades when the news items on the calendar show as red or orange, just feel safer that way.

good news is the levels are still showing to be very accurate

I will make a minor adj. to my strategy tho:
--If price is within a buy/sell level within 1hr before 3am, i will consider that trade to have been hit already, but i will only enter if it re-hits the same side (either buy/sell) level it after 3am

So, for example:
Price hits the closest sell level at 2:30am, then goes down and hits the first buy level after 3am, in this situation i will not enter the buy trade since i will consider it to be already in a sell (even though i never entered the sell)
*this means there will be a no trade that day

thx proctorforex, yea i mean depending on the time and the situation i am in, i like to use the small gamble of the news event to give my trades some kick.. like i will usually move my stoploss to -10 beneath the trade it all depends on where im currrently in the trade..

but my biggest problem here was that i entered the trade way too close to the news event so price didnt have time to get to its "true" setting so to say


on a side note, there is really strong resistance holding price around the 70's:
1. approaching previous low
2. strong long term support trendline is still holding, price bounced off mult. times
3. even longer resistance turned support trendline is still holding, price bouncing off again
*this would be a great time to enter a buy for traders that use supp./resistance etc. to enter/exit trades... which is actually something i have put alot of thought into since it really seems like the most professional traders out there only use these (price action) and no indicators really

there is big US news comin out at 8:30am so now wouldnt be the best time to enter

Hi brxxt

Nice thread.

Would you mind sharing with me where you get rob and felix's video? Is it a free service?

Thanks in advance
dingo

for their videos, www.secretforexsociety.com

and yes its free

cheers brxxt

thanks a lot ill check it out

Nice journal

dingo

heres todays levels, the video was uploaded late today (3:30am), but price hasnt been going wild anyways

i will only buy today since it was at the 1.9760 level, i will wait for entry at 1.9753

i did not enter since the price hit the first sell level before the buy level was hit again...

i am going to backtest to see if it is worth using this adjustment:
--If price is within a buy/sell level within 1hr before 3am, i will consider that trade to have been hit already, but i will only enter if it re-hits the same side (either buy/sell) level it after 3am

i just finished backtesting and it seems that its better off not using the adjustment, so i will just continue to enter the first side hit after 3am

So todays update is that I called the company i have been a lifeguard w/ for 2 years and they said they have filled my position at the pool i usually work lol (i have had 3 bosses in those 2 years) so until i find employment, trading will be my only source of income so at least i will have more time to analyze charts and will be able to watch my trades. I only have success in my horizon.

Remember, keep it simple and don't over analyze........Good luck.

Break a leg, best wishes!!

thanks john, that is my biggest concern, which is why i will probably try not to watch my trades after i enter them, just use the alarms that i use to wake me up currently.. only thing thats been rough on my trades is that i havent been able to pay full concentration to the charts and i wake up from alarms and im sometimes more spontaneous than i should be u know when u first wake up from a loud sound lol.. also my internet in this appt goes out every 2 mins most days so i will be using a better connection at my home home and will be able to watch it if it goes offline rather than hoping metatraders will sound when it goes offline (doesnt always work).
Yes i should really use a hardwired router lol, another benifit of not having the laptop next to me in bed for alarms, i can use it downstairs through hardwire

heres todays levels, they have been releasing them later everyday, but this hasnt made a diff. for todays trade

i entered buy for 2lots at 1.9723 (-5 for spread)

1. Buy @ 1.9723-- (-5 for spread) – 2lots

a. Stops: 1.9776 (risk -62pips)
b. Lot 1: Target—1.9778
c. Lot 2: Target—1.9828

heres todays levels, i just closed my trade for -2pips and went short for 3 lots
at 1.9726

will post this trade shortly

Hi there, we never interacted before but I see you're using Trend Manager.
I like that indicator and am using it in conjunction with Stochastich 5,3,3 and I-trend....I found that if all three are in agreement it filters out some false signal that Trend Manager gives on the 1hr chart. Also thinking of adding Stochs 14,3,3.

Let me know what you think

*Closed Trade for -2pips
Cumm Earnings: +60pips

1. Sell @ 1.9726-- (-5 for spread) – 3lots

a. Stops: 1.9786 (risk -60pips)
b. Lot 1: Target—1.9692
c. Lot 2: Target—1.9652
d. Lot 3: Target—TBA
a. Moved stop to breakeven at 1.9707 (closest buy level)
b. Hit stop at breakeven
Cumm Earnings: +60pips

Rob has been predicting very well in his videos, yesterday CrazyCat(guy hosting the video) asked him if he had to close his eyes and click buy or sell, Rob said sell.
Today, Rob said he was going to buy at around the 1.9700 level, and what do u know it went up right from 1.9703 and reached just above the 2nd offer level he gave at 1.9760ish

Hornet, do you have any backtesting data/journal to show me how effective that strategy is ur using. Thanx

also there is strong resistance at 1.9750 from a downward trendline starting 5/9 that hasnt broken, and the 38.2% fib line on the 4hr chart