. I had 3 losses last week all counter trend trades, and didn't take the good price moves. But, I'm very happy that you managed to take profits, because it means that some day I'll be with you on the winner side
. I am done with counter trend trades for a while, untill I become wiser. I have decided to post my trades for everyone to correct my mistakes, so I could learn faster. It will also keep me disciplined. So here is my trade:
Hi all, I'm back again after the week of pain
U/J long 12:00 TC
The price has gone through the 89MA, bounced from it and went up, which means we are in an up trend. Deal with the trend. The price closed above 61.8 Fib level, there is candle pattern 3 soldier.
enter 121.77
SL +24 121.53 on the 89MA
TP +33 122.10 100 Fib level
http://www.forexfactory.com/attachme...1&d=1181585901
R:R=OK
.
Hi all, I'm back again after the week of pain
U/J long 12:00 TC
The price has gone through the 89MA, bounced from it and went up, which means we are in an up trend. Deal with the trend. The price closed above 61.8 Fib level, there is candle pattern 3 soldier.
enter 121.77
SL +24 121.53 on the 89MA
TP +33 122.10 100 Fib level
http://www.forexfactory.com/attachme...1&d=1181585901
R:R=OK
Hi Ira,
Sorry to hear about last week...and good to see you back and looking at your trades.
I have a question re your s/l: Did you think about Market Rhythm when taking the trade? It does look like price went through the 89, but did it retrace to the 21 before going back up again? (it looks like the 21 is below the 89 on your chart too, yet your stop is at the 89?? Do you think it may be possible for price to retest 89 before continuing upward?). Last thing to think about....This pair has been having difficulty w/ the 122. level....but your TP is above the level. Do you think it is possible you forced the numbers on this trade to fit your r:r?
Hope you don't mind my questions,
Pips
? Pips, you are always welcome to correct me, that's why I have decided to post my trades. I liked that the price went through the 89 came back to it and went up (thought 89 is a strong support). Well, with TP you are hundred percent right, when I saw a bigger picture the trade started to look horrible to me. I think I have forced that trade, and some other trades too.
Donna, do you mind my asking you questions
When I came to the thread I started to look at the MACD signals and then analized the market in terms of a particular trade. Later on I understood that I must first analyze the market and then wait for definite MACD signal, right? If so, my second question comes, what are you looking for while analyzing (what timeframes etc). I really don't know how to do it, so pl can you teach me? I hope I am not asking too much, any help in this direction would be great.
)....In my humble opinion, many of our losing trades are due to 2 things: 1) rushing/forcing a trade and /or 2) bad stop loss placement. When placing a stop I would never ever consider putting it on a nearby moving average or within a nearby treadline. Sorry to be blunt....but if you want to give your trade the best opportunity to succeed, place your stop below the nearby MA's for a long trade, and add the spread into the price you see on your charts + a few pips for "wiggle" room.
...remember, everyone is different in what they see and how they perceive data. Keeping things simple is the best way to learn...can you do me a favor and PM me w/how long you have been trading and any relevent info re:your trading. I'd really appreciate it. I'll pop back in a couple of minutes to write up the easiest way to trade the MACD
& how you can plan it in advance (and it is still scary...hehe).The above paragraph describes the major levels I look for....but, I trade off a 4 hour chart...so most of my planning is done off the 4 hour chart (with the 1 exception being daily s & r levels...they are paramount to 4 hour levels and hold the most weight for my trades. I will always know the level and plan trades with an either/or scenario. If data conflicts (level breached but no MACD signal on 1 hour at very least), the trade is passed until entry can be confirmed. (First teir is daily levels, next teir is 4 hour levels. The only level I ever pay attention to on 1 hour chart are Phillip's MA's...they guide me for early entry.
)...Again, targets are planned using the 4 hour chart. Early entry can be made (and usually is done) from the 1 hour (only to confirm price closed above/below a threshold and MACD confirms directional move).
The next most important part of my trade style is candlestick patterns...the emotion in the market. The patterns tell me what the market may "feel" at certain price levels (and thus how the mkt may react). Pay attention to the high's and low's of the candles. Double Highs may indicate resistance and possible failure...double lows may indicate a good support. Dojis, and stars are also take notice points. Harami's too. Couple the candles w/simple S & R and basic chart patterns to anticipate the market. OK...This is a lot for 1 lesson .... (I'm also trying to keep an eye on G/J long and G/U long at the moment...)....
I don't use fibs....or any other indicator other than the MACD that Phillip taught us (I love his system, and the way price behaves at the MA's). I plan to enter w/breaks and close at specific s & r levels. When they are confirmed by the MACD, I enter. That's it in a nutshell.
Trades are also entered by anticipating movements away from the MA's...that is where the 1 hour comes into play....we'll save that for another day, eh?
Hope this is helpful....Let me know if you have any questions
Pips
thanks Donna, waiting impatiantly for your teaching
