I've attached two charts to help those who are still learning to draw their fib retracement levels. I've also colour coded the numbers just to help.
Green is for up
Orange is for down
Green is for up
Orange is for down
Twitch Journal - Live Journal 4 replies
Creating my Trading Plan + My Trading Journal 27 replies
Another Trading Journal - Yuhu's Journal 16 replies
My Personal journal up 18% in 2 months going to start a journal 8 replies
Azzity's Trading Journal III (Azzity's 3/30 Trading Method) 9 replies
DislikedJust wanted to let you know I read your journal through non-stop. Very good job. You've almost made me miss lunch, and that would be terrible! --TonyIgnored
Dislikedlol. Thanks
Hope some of the information I've posted in my journal is able to help you in your tradingIgnored
DislikedZoopy,
any specific reason for the 100 pip s/l?
Has just punched through to around 1.5330. I'm a buyer at 1.5300 with a 1.5250 stop loss.
K8Ignored
DislikedHi guys,
Great work Zoopy, following ur jornal in an everyday basis and learning a lot from it. Keep it up.....
How much would I love to see the EUR/USD down to 1.5000 .... Do u think there's any chance it will happen anytime soon???
CheersIgnored
DislikedKhornate
The reason for the 100 pip stop is because of increased volatility and major news coming out. I placed an order last night and knew there was a possibility of it dropping while I was asleep.
Chances are, the trade won't get triggered. Does it bother me? Not really because I know there's another opportunity around the corner. I'm happy with the decision I made last night even if it wasn't triggered.
The other thing I should point out since you mentioned the stop loss change, Jacko's methodology works very well but as stated earlier in my journal, I'm using his method as the core structure to my trading (95% of my method revolves around his).
What I like about his methodology is the flexibility of how it works. If market conditions change, you don't HAVE to use 50 pips for your stop. You could use 60, 70, 110 etc. The important thing is always knowing why a method works and what can be changed when market conditions start to fluctuate out of its norms.
Hope this helps.Ignored
DislikedGot a question about your varying degree of SL. Does that 100-pip SL also affect your position sizing as compared to when you'd just use a 50-pip SL?
Also, you rely on manual adjustment of SL to trail your positions if they're not stopped out initially, right? What's your thought on automatic TSL?Ignored
DislikedZoopy,
Thanks for the reply. I have found that the 50pip TSL lately has bounced me out of a number of trades, still at a profit but not near where it could have gone. I seem to be the master at getting stopped out where the stop is the very bottom of the low .
Still happy with the profit but frustrated at the entering and exiting. I have personally taken a new angle for the TSL where I take the high and subtract 50 pips and then take the next 50 or 00 below that mark (Thereby having the trailing stop at between 50 - 100 pips). Seems to be working for far , will have to see.
K8Ignored
DislikedYep. I learned it this weekend the hard way. Got out early from EURUSD at 1.5280 and did not let the TS to get me out. Fortunately the bar ended up as a BUOB and I reentered at 5312, which gave an additional 52 pips after the TS kicked me out. Another reason to listen to the one "who has to be obeyed".
Jacko does not always win , but he is right. Even if I did not follow him all the time, my account is up 10%.Ignored