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Attachments: Diane's journal
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Diane's journal

discipline I think but how can I know? English is not my first language....

Quote
How the heck do you spell disiplin...???
Well it looks much better the way you spell it... and I am sure it is right !!!

Yes, you should get in at daily close of candle when there is a fozzy signal... but I think also the system says how to manage the trade after that... but if you enter on daily... I am pretty sure you will manage the trade on daily too...

Quoting Diane
discipline I think but how can I know? English is not my first language....
Quote
but if you enter on daily... I am pretty sure you will manage the trade on daily too...

I'm sure yo're right. Don't jump between different time frames. Or look at fozzy at smaller time frames. But I guess that's nothing for me yet.

http://www.forexfactory.com/showthread.php?t=47281
LOL, why don't you two just use MSN Messenger?

Hehe, just kidding!
But if you stick with it... it soon may be for you !!!

Quoting Diane
I'm sure yo're right. Don't jump between different time frames. Or look at fozzy at smaller time frames. But I guess that's nothing for me yet.

http://www.forexfactory.com/showthread.php?t=47281
I will read a bit on fozzy tonight to refresh my memory..
Quote
LOL, why don't you two just use MSN Messenger?

Hehe, just kidding!

I'v just reached the level of 15 posts so I can reply to private messages. That's a big step.
True, true.
  •  w_z
  • | Joined Dec 2007 | Status: hand over them pips | 61 Posts
Tiki:
it's discipline....i used to have problems with that word too....god damn silent 'e'... german is so much easier

but anyways

diane, i'd like to congratulate you on making your first trade, and a good one too.

i'm glad you started on the daily. most inexperienced traders blow their accounts by trading on 15m, or even 5m.

now, let's talk about your position
you had a great entry, you entered near the bottom. however, a good entry + a bad exit is still a losing trade. so here are some of my thoughts.


attached below is a 4h gbpusd
the two bolded red lines are downward trendlines, they mark the main channel
the blue line is most important trendline here. it marks the uptrend you are riding. price has bounced off of it 3 times (i'm not counting the first candle and the second since they were used to draw the line). a break through this line would be an indication that the uptrend is over. i see that the price is testing this trendline as i type.

the purple shaded region is the closest major resistance area. i think you said your take profit is somewhere above the 2.0400. while it would be great if it did that, i don't think it's going to get there. if i were you, i'd set my profits around the resistance area, or better yet, i would manual trail

manual trail (i'll teach you how to do this with the next post), there are two places you can place your stops right now
1. just below the bearish bar marked "A". why?
a. because the main trend is down (remember the downward channel marked in red), price could break downwards anytime, and because of that...
b. you want to lock in profits.
2. if you're more aggressive, you would move it just below the blue trendline. i don't recommend this as much though, seeing that you are trading on the daily chart and this could take you out of the trade that last for another few days
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 17 KB
  •  w_z
  • | Joined Dec 2007 | Status: hand over them pips | 61 Posts
how to manual trail:

this is effi's thread, look at post #8
http://www.forexfactory.com/showthread.php?t=46048

but here's what you can do to make it even easier (effi also taught me this, so props to him):

blank chart, one or two time frames below what you're trading on. (so if you're trading on d1, use 4h)

zigzag 4,1,1

the zigzag will pin point the most recent swing low/high on the chart one time frame lower

manual trail the stop loss to 5-10 pips of the swing high/low.
Thank you w_z for even more feedback! Will ceck that tomorrow. This make me even more motivated. I will sure have a good start at my new year with all help from you!

No trades today. Now I'm going to a New year party.


HAPPY NEW YEAR!!!!! ....to all who's reading this and I wish you all a good year with your trading!!!!

/Diane
  •  w_z
  • | Joined Dec 2007 | Status: hand over them pips | 61 Posts
no problem

but just a word of advice before you start reading up on "systems"

always try reading the price with the old trendline + price action first, and then throw on indicators.

it took me 18 months to realise this, i hope i can save you the time (and money).

W
Quoting Diane
Hi!
This is my first post and yesterday i made my first trade using a real system. I went long in USD/GBP yesterday night at 1.9846 about two hours before the daily candle closed. The reason for this was a cross in the RSI and the MA. Normally It's bed time for med when the candle closes but I've noticed that (and I want it to be so ) the pairs don't move very much the last time before the candle close.

I have read the e-book about the 8and8 method twice and the thread about The Daily Fozzy method. I think the method suites me except from the time the candle close. I have not decided how to deal with that problem yet. My time zone is GMT+1

Now when I look at the 5 min chart the price is up and seems to have paused by a resistance around 1.9950. And now? Just wait? My stop loss was set at 1.9729. Somehow I counted that stop with help from the ATR. Today I moved the stoploss up to 1.9880 a point I found at the hourly chart. (Some more reading reqired)

My target for this trade is around 2.0460 but I feel very insecure about that. Maybe I should take profit earlier. Don’t want to loose my first “real” trade. (Only demo but it feels more real than when I stumbled around without a system.)

No I will go on reading Trading in the Zone and a lot more in the newbie forum.


Regards
Diane
Hi Diane,

Nice entry,

I'm attaching my chart and entry....you'll see we are very close. I applaud you on locking in some profits....Good Move. As I write, if you had not alrady closed your trade, you have been stopped out.

Myself, in looking at the charts, plus reading the Fundies on the Pound....my target was a bit less ambitous than yours, and more attainable.....as you see I aimed for the 23% Fib which also happened to be close to a price resistence level at 2.0100. 2.0102 was hit this morning before the collapse....

Hope the chart helps....good luck
HAPPY NEW YEAR!
Fxj
Attached Image
Proper Prior Planning Prevents Piss Poor Performance
Today's move can also be shown in a very simple manner... it is also a way to easily look at the charts and get an idea of where price might go...

Today's move up went eactly to a strong place of resistance. at which point, price bounced down and stopped once again in a support zone...

Very likely now we will see a bit of consolidation... then perhaps a break down...

The trends they are a changin... !!! And the dollar is gaining these days.... the days of GBP/USD higher highs and higher lows... are giving way to lower lows and lower highs...

But with just a green bar chart... the s/r zones are easy to see...
Attached Image (click to enlarge)
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Todays move in this pair, also was a nice completion to a classic Rob Booker divergence trade... try robbooker.com

To answer your question Diane... no I will not go for more than my profit target that was hit today... it was a good thought and often times happens... but the bounce down exactly at the resistance line put an end to that as the signal line on the slow stoch made a quick turn down... and so this one is finished for me... but a wonderful way to end the year... and a great wake to wake up in the mornings... !!!
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  • Post #56
  • Quote
  • Edited 12:07pm Jan 1, 2008 11:07am | Edited 12:07pm
Here are two examples of Pin Bars... look to the lowest bar on each example... those are the Pin Bars... I am sure I do not need to add more, you will see what happened after them... and now you will have the idea... there are several different Price Action set-ups... I will help you to learn and see them... and here you will also see the WHY about longer time frames...

I will be back later today to give you your first quiz...!!!
Attached Image(s) (click to enlarge)
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  •  w_z
  • | Joined Dec 2007 | Status: hand over them pips | 61 Posts
Diane, did you end up adjusting your stops?

Tiki, from my experience with pin bars, i think it is important to note that, the pin bar by itself is not very predictive. i don't know about you, but i always wait until the bar after the pin bar closes before trading. eg. bearish bar -- pin bar -- big bullish bar --> i'd enter long on the close of the bullish bar
Quote
Diane, did you end up adjusting your stops?

No W, I got stopped out at 1.9938. Today I'm glad for that since I now see that the trend in the pair still is down. It still gave me a demo profit and now I'm hungry for more....

I will look at that about manual trail the nex time. And choose a pair in an uptrend!

Fxj, good luck to you too!!! And thanks for your chart. Now I realise that I don't want to be long in that pair (for more than maybe with a very low target) as I first thought.

Now I will start to look for pin bars. I realise there is much more in this to learn than I never could understand...

/Diane
There is a specific way to trade the Pin Bars... your way is OK too...!!! I think Pin Bars at certain places certainly are very predictive !!! WHERE they are is the key...!!!

Quoting w_z
Diane, did you end up adjusting your stops?

Tiki, from my experience with pin bars, i think it is important to note that, the pin bar by itself is not very predictive. i don't know about you, but i always wait until the bar after the pin bar closes before trading. eg. bearish bar -- pin bar -- big bullish bar --> i'd enter long on the close of the bullish bar
As you were looking at AUD/USD.. the bar in the blue box was also an awesome Pin Bar.... they are the cream of the crop... they do not come along often.... but again... LOOK where it went... UP, and you never even have to look back...!!! Notice also that the PB bounced off the 800 SMA... The good Pin Bars are often BOUNCING off something.... !!! And THAT rally is the key to trading Pin Bars...!!!

On this Pin Bar... BUY .8025 10-15 pips above the break of the PB... Your stop would have to be almost 400 pips away at .7670.... you trade a VERY small trade size,,, but your reward is astounding !!!! My account size and where the stop had to be, only would allow me to trade 4 cents a pip... but those 4 cents a pip add up soon..........
Attached Image (click to enlarge)
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