Trade Plans by EG

Looking at
Short from 1.9575 then pinbar at 1.9567 1m chart
Long from 1.9495 then
Short from 1.9700 or 1.9809

Time to Watch

Short from 1.9575 ========= pinbar at 1.9567 1m chart

hhhmmmm I exited at a 1 pip loss my Trade #9 for the opportunity to trade the short. Now it has touched the level currently reached by the pin bar. . now having an almost triple top for a REVERSAL...... I believe so as I can not just say I think so...

If you look at the indicators of any type..... You would see over bought conditions on all time frames.

Employ caution. watch

Let us see if what they say below is true or not.

"What the Euro Open Gives..... The London Open Takes"

ah ah..... what they meant was "I think"
When the Cable goes up during the Euro Open
It then Plunges during the London Open.

That is but 1 scenario.

And by the Universal Law of What goes Up must come Down and then up again then down....... and it goes on and on in varying degrees......

ok.... lets get back to watching the Charts. Well I kind of feel hungry really. haven't had my lunch yet and probably my breakfast too and it is nearly London open now ..... but I am curious.

Pin Bar
Double and Triple Tops
Head and Shoulders
Channel

Technical Indicators
and now it looks like we are going to reach my original target of 1.9575 afterall

1.9586.......

Me and my BIG Mouth

PinBar on the 1 hour Chart. At least that is what I call it for now.

ok... I can put this back now

10 more minutes and if this goes the way I thought it would and Closes as a Pinbar on this 1 hour chart.......

hhhhhmmmmm this is going to be my Baby

Get ready for the Great Roller Coaster Ride.....

Actually, we have already closed the hourly candle as a pinbar.

Now I hope this closes as a bearish engulfing candle...

Elliott Wave Theory
Price Action
Chart Patterns
Candlestick Formations
Fibonacci Levels

These ROCK...

You will notice that this should now start with less clutter on my chart.

However....... for now I will retain my indicators as a back up when I need visual for my analysis. And Validation...

This is really getting to be LOVELY..........

Based on the calls above, I traded the first 2 for an over all positive pips. If not for the news, We should have been well on our way up. I probably just got 50% of that maximum move as the plunge was too sudden.

That was worth USD100. But over all, the trades today were really good. I will rest tonight. I placed 2 forward trades when that plunge stalled each with 250 SL. I want to sleep better tonight. I will put all my details tomprrow. This has been quite an interesting day for me. A bit profitable too.

We will have another chance to exercise this skill tomorrow.

Goodnight every one. Happy trading.

EG

My internet at home has been down for almost 20 hours now. I had to do my trading in an internet cafe the whole day. So details tomorrow.

Still trading from an internet cafe..........

Looking back at the trades last night, I should have seen signals on my indicators that there was something wrong or what some would call a divergence.

I guess, I will not be able to get rid of the indicators afterall. each strategy should be able to confribute to a better analysis of the market.

One strategy can not stand alone and have success. We really have to employ various strategies inorder to validate our moves and decisions.

EG

Getting busy with other things too today.

But just to give you an idea. I tried to be aggressive yesterday by using part on my previous day's profit for a day trade. Only to be stopped out for the full amount.

I placed that trade from an internet cafe without really checking all the technical indicators. Twas trading basically blind...... aaaaarrrrggghhhhhhh

Last night when I got back home, I tried to review and analyze where I went bad or what I did wrong.... Then I stumbled unto what I thought was a signal.

I watched my chart for the forward Long Trades I had live. I think from a negative 80 pips it went up by about 40 pips I believe...... then I hesitated and it went down by 15 pips and I decided to take it out .

I thought I saw an opportunity to trade at a higher range...... yes I thought I saw that.... But still I exited even if that point was not revisited as I was not sure. Better to have some money in the bag for sure than to risk what was already available.

I thought that if my analysis was correct and if Cable would actually go up again to 1.9600 area, then I could hop on the ride down.

Which I did. I took that Short Trade but again hopped off a bit early after just taking in a few pips. I fell asleep waiting for that ride down and when I woke up it was already a few pips positive. Fast calculations told me that if I closed at that point I would finally be just short of 3 pips from what the market took out from me earlier in the day.

I closed it. I was using a slow dial up connection last night and it was getting too slow. better to close than regret.

I then studied the charts only to realize that there was still more pips left to go down. True enough, it went down 25 pips more till daybreak.by then I place a few Long trades at intervals as it was going down.

Finally left 1 opportunity to trade much lower to the level that I still think that it was going to dip to...

Placed a limit trade for 1.9536 Going LONG. Hopefully, this is in the area where it should turn around and move back UP UP UP......

EG

I chickened out on my own forecast.

Previous to this post, I already thought I would be seeing the Cable come down to 1.9536 before going up to the 1.9800 area.

Then I was reviewing other poeple's analysis....... bad bad me.

I removed my Long Limit order at 1.9536 and left my 4 Long trades going. 2 forward trades and 2 Intraday trades. 4 hours later I was in virtual profit of an average 20 pips per trade.

Then I had to leave again so I decided to move my stop losses to allow me to retain my original capital and allow the trade to run.

an hour later when I checked again, I was there to watch the market take out my trade ar the SL which was at 1.9540. Plunge stopped at 1.9537......

What A BIGGGG BIGGGGGG MESS.

Total Loss was almost USD200 plus lost opportunity when it was at its profit level max. was almost USD175. That was the total value. Trading at a very tight margin.

There were again valuable lessons learned here. I should never leave my trades running without watching them. The point here is that I was experimenting on trading the essential pivots were I thought was profitable. These occur at still unpreductable periods. But if you watch your charts, you would see them in cooperation with other indicators.

Next is that I cannot give up my indicators, The combination of what I see in the collection of indicators analyzed under several time frames provide a very valuable insight as to the stremgth and the direction of the trade.

This is specially because I want to study the pulse of the market.

Now I continue to have problems with my Broadband connection. It is so frustrating when I am trading and I cannot get the proper speed in my broadband.

I think I will rest for the weekend. I am still 50% up from my capital last week. I went up as high as 110% in 4 days, lost 30% regained in 12 hours now lost the 60% of that wiinning purse for the week.

Still not bad for a percentage. I am still left with around 30% of the total winning which is 50% of my original capital.

Today is just not my day. I will rest and prepare for my son's birthday gathering tomorrow.

Let us see if this sweetheart goes to the 1.9800 from that 1.9537. That is a huge chunk of PIPS.

Good Trading Everyone and Happy Weekend.


EG

So you have a drawdown of at least 30%, men that is huge... You must realize that this drawndown could have appear at the start of your real account... I personnaly would not stand loosing 30% of my account at the beginning...

Well it's of course a personnal POV...

Hey Melpheos.

If you'd check on it again..... My initial capital was safe. The 30% drawdown you probably are referring to is the 30% of my win.

It is infact almost 70% drawdown on my winnings and not on my capital.

Thank you for visiting this journal.

EG

Short going to 1.9577
Long from 1.9560 TP 1.9640
Short to 1.9555

Phase 1
Short 1.9630 to 1.9592
Long 1.9592 to 1.9646
Short 1.9646 to 1.9560
Long 1.9560 to 1.9730 1.9830 2.0007 or
Long 1.9775 to 1.9749 1.9856 2.0029


Reaching the 2.0000 level opens up possibility of actually reaching 2.0100 - 0177

There is still an opportunity to Short This Babe between 1.9545- 1.9540. Although mine I placed at 1.9535.

TP @ 1.9577 1.9555

Above Trade would have netted 15-31 pips at the Euro Open.

I am holding my Short still as I did not act too quickly on this to take advantage of the Plunge.

Now Price has retraced for a new opportunity which would have been a positive addition to our original position.

Next time, I should watch out for sudfden moves durting Opening Sessions as this could be a very good opportunity to enter or exit a trade.

My short will be retracing for quite a sum now before it starts to plunge again.

EG

Trade Evaluation above.

Short 1.9646 to 1.9560
Long 1.9560 to 1.9730 1.9830 2.0007 or
Long 1.9775 to 1.9749 1.9856 2.0029


I have placed several trades to replace the short and the long Trade Plans I made above. Still experimenting and feeling the market.

But in the trades made, I have realized the opportunity of placing my long trades as price neared the 1.9600 level. and that the Short orders were placed in the mid 30s.
It was a bit of a mambo jumbo towards the noon of the US market. I missed a very important opportunity because I left my computer to watch TV. I did not anticipate a fast move at that period.

I was waiting for a Short set up so I could Exit a Long Trade. When I got back to my computer, a 10 pip move on the profit has retraced already and was at only a 1 pip profit.

I did not act quickly on this and was hoping that it would give back some more pips. However, it retraced for almost 25pips causing me to miss that profit on my Long Trade and also made me sit it out on that Short Trade opportunity.

What happened was that I had to wait for the Price to go up again and for me to exit at even a small profit ( though I tried to maximize profit potential using Steveits Stochastics.

Along the way, I think I missed about 10Trade opportunities for the whole day starting from the Asian Session to the US Session. That is if you trade opportunities for Pip Profits of 10-25 pips per trade. Pip Profits are counted on a single trade made for each opportunity and not the sum of multiple trades placed per opportunity available.

Some would count pip profit like for example for 1 trade opportunity that gives 15 pip net profit, if they placed 10 trades for that single opportunity..... their overall profit is 150 pips.

My objectives are :

1. To develop a system that allows me to Swing Trade
2. To develop a strategy that Trades every Price Pivot that offers 10-25 net pip profit. Not necessarily to scalp but to anticipate those Pivots and maximize the profit opportunity.
3. To develop a methodology of identifying and forecasting price level, direction and timing for more opportunities in forex options.

For those who have been following this thread and have seen and experienced multiple losses.......... I would say there is still hope. But you need to put a lot of time and patience into learning this trade.

Forex Factory has been a rich source of ideas and systems. Like what others here have said.... forex trading is dependent on each trader's personality. But one thing is for sure for those who use indicators.... it definitely takes time to get the feel of using them properly and profitably. Timing is essential and one needs to be able to identify the proper signals with keen precision if one has to coordinate all these trigger signals from various indicators.

Price action is probably the simplest but leaves a lot of pips on the table for me. Elliott Wave was way too complicated for me to start with specially after going through tons of resource materials. Chart Patterns would be a great help and less complicated than Elliott Wave.

Probably, the simplest and easiest tool to use is Steveit's Stochastics Combination. That and Price Action and Chart Patterns should put one ahead of the pack.

EG

I just doubled my money in one day for the first time. I do not expect this on a daily basis . But it sure feels good to be able to do that. I am aware that opportunities like these are not there all the time. Today that opportunity may be present with the Cable. But on other days it won't. And it can be available on the other pairs.

However, one needs to understand the currency pair that he/she trades. I have realized it the hard way that trying to trade multiple pairs is really very challenging and could sway ones focus on the pair traded.

I do not believe ( ) for now that we need to diversify our trades ). If we fully understand the pair we trade, then there is very little chance for us not to be profitable. If we diversify for the reason that we need to spread our resources, then I think that has a tinge of gambling which real traders should not get into.

BUT....... if we trade multiple pairs because we have actually identified the real opportunity in trading them..... then i would not classify that as gambling. To those who can trade multiple pairs profitably..... I salute you. I still have a long way to go to come neck to neck with all of you.

However........ I will get there.

Presently just waiting for an opportunity to short the Cable . My Long Trade to 1.9800 is going to take sometime. Will just have to take this Short opportunity in the meantime.