From 17 to 1000...

Hi,

yes you're correct but by watching 8 pairs i don't feel that neither my profits nor my consistency is being harmed, why should it be harmed? what i mean is since my system is based on price action, a pin bar on Gj is as good as a pin bar on Eu or any other pair, why should i feel that i am attracting unnecessary excitment to my trading by taking this pin bar or setup on another pair? trading multiple pairs really was'nt and is not a problem for really. 8 months with these pairs have really made me used to the corelation between them and i am perfectly ok with them,

Thanks anyways for your suggestions guys.

Regards,
Ghous.

you can't say that! lol! i mean Eu is right on top of a long term support line with heavy divergence with the macd, short is out of the question for me...

Regards,
Ghous.

May be you are right [Time will tell]

I am not a big trader as you are may be but my 5 years of trading live with trendlines and candlestick patterns tells me that we will see at least 1.3350 over the time and as the 6 year old trendline is already broken the Long on this pair for long term seems out of question .
And on short term we may see 1.3780 as the gap has to be closed .and i will shorting again!
Nothing wrong against you we both are simply student of the market!
so we are brothers!
All the best

sure!

Best of luck

Regards,
Ghous.

here's a Uj trade i took but unfortunately could not get a snapshot right after the trade due to an electricity breakdown.

resons for the trade were breakout from the 104 level a pullback at which appeared a nice Ib, the break of which hit my short peding order. though i still feel i exited far too early but still i made my money

73 pips (73c made).

attatched is the chart i took the trade off.

sorry for the mismanagment, in our part of the world electricity is a real risk and problem for traders...lol!


New account balance: 1753c profit: 53c


Regards,
Ghous.

the trade has been converted into a free trade with a stop at breakeven and which is currently running at +50 pips (50c)

as we hit 100 pips the stop moves to 20 pips, so this trade has now got to be a winner under all circumstances!!!

i got stopped out for 20 pips.

money made: 20c

New Account balance: 1773.42 profit: 73c

Hi,

here is the 5th trade, on the Euro/Usd yet again.

the long i just closed was actually was taken to take advanatge of the weekend gap, now that it has finally closed i was looking to head in the right direction...with the trend.

not long after, i see the price going staright down on the 4H, and thus went on to the 1H to fine tune my entry. (i do this sometimes when i have the time and when the opportunity comes) i saw the IB and placed a short order 10 pips from the low of the IB, it has just got hit, and i am sitting at +10.

here are the charts:

Sorry. i was confused by this trade. I see you in j16 alot and know you follow a PA strategy. However, it seems you took this trade on signals rather than PA. every bar shows bearish. The trend is down. why take that trade?

Also, how far up were you expecting this one to go? previous highs or were you expecting just a retracement in trend?

I dont know how to post pics, but on my chart i see:

4 hour pinbar hasnt closed yet. 1 hour chart is showing pinbar in other direction, which makes me think that it might break up that.

Good luck on this trade.

You went long of EU at 1.3621...your mental stop should have taken you out at 1.3521(market traded as low as 1.3441)....the market moved a further 80 points lower...yet you did not exit he trade.. this is the problem with mental stops...a small loss can become a big loss...sods law the day you allow it go a little further will be the day that it never comes back...

my 4H has closed already giving a perfect pin bar, the entry was fine tuned with the 1H whic helped me enter a little earlier.

Regards,
Ghous.

Hi Brother,

yes that was a problem with the trade.

actually when i took the trade it was merely just a "close the gap" trade supported by the bullish divergence. i admitted earlier that i should have waited for a well above average PA signal to enter because as it is i was taking the mighty risk of going against such a dominant trend. so when the trade started to go negitive i just wanted to give it more space. by nature i am not the most conservative sort of a trader, and thus was willing to give it some space. i initially mentioned that i had an sl of 100 pips in mind, but then as we reached this -100 i saw with the help of lower tfs such as the 4H that the bulls had started to peak into the action, and this enabled me to hang on to the trade a bit longer, and from there on there were some clear signs of the market looking to stop, i was not sure though that it had stopped because of any reversal but then it was enough for me to hang on.

Having mental SL's instead of physical SL's is again a debate in iteself, since i hang around the higher tfs "round targets" seem comfortable to me. i never target a particular price say 1.9876 for an SL or a TP, i know my stop/tp has to be around somwhere 1.98 to 1.99, and then as price reaches these levels i can take my descion then, and ofcaorse this strategy works far more better on the higher tfs
than the lower ones.

so now if you look at it, i actually extracted something out of the trade... an SL at 100 pips would have really obtained some losses for me, although this was a harsh situation on many occasions these mental stops and tps have saved me. i am by nature a discretionary trader who does'nt like rules or anything for that matter to be put in stone, i like taking descions there and then. at -100 for instance i had a descion to make, then at -180 then at 0 then at 60 till i finally got stopped out. i somewhat like this involvment with the trading world and feel it should help me become into a a good descion maker just my style of trading...

but anyways i greatly appreciate your presence here Mr JAmi, please stay around i need you senior pros around me

Regards,
Ghous.

look at this for a setup

since i'll be away from my pc for the next 6 hours the trade has been left open as a free trade, it's currently sitting at +33.

very nice pinbar(s). did you pick up on the other 2 as well?

im new to this so i was wondering if you can help me out with this, but:

i was playing around with ppz prior to your trade and 1.3680 was one of the 3 lines i drew. it seems to be a resistance point dating back as far as 95 it looks like it will hold up perfectly through your trade. i just though it was an interesting confirmation (or is it called confluence?) for your trade.

sorry if im mistaken, im still trying to figure this system out.

good luck

Hi Jameson,

yes the 1.386 is a valid trendline for Eu, as you might have noticed price did find support around it, and what is more important is that the pair may have seriously bottomed that pin bar went some 60 pips in favor of my trade and then reversed, i had to leave my pc for abt 8 hours or so and could not afford to levae the trade with risk abt it. i put a breakeven and let it run, and i got stopped out. so to me i am now in favor of a long, honestly speaking i had was long biased since the bullish divergence, when i took that first long.

and yes you're also correct with the confluence part...the pin bar occured at confluence. for all your PA teachings go to the James thread in the "interactive trading" section of the forum, you won't regret the rime you spend there..

Regards,
Ghous.

the trade got stopped out at breakeven. so no money earned but none lost either. honestly i wanted to hold by it, by the time i was abt to leave my pc the trade was sitting at +30 pips so all i could really do was to put a breakeven, and that i did.


New account balance: 1773c profit: 73c

Hi guys,

i came with a new idea.

after every 5 trades i plan to analyse each of these to see what i made and what i could have made or should have made. plus an overall general commentry on my progress. i feel this should help me trace my progress better.

so here goes:

Trade 1:
Ej long. went to as much as +50 pips and then got out at a breakeven.

Trade 2:
Usd/cad short. was a loosing trade with exceptable losses (20c/pips)

Trade 3:
Eu long "as a close the gap trade" supported with divergence. 20c/pips made

Trade 4:
Uj short. plyaed at a break of an IB on the 4H. 73c/pips made.

Trade 5:
Eu short taken on a Pb with the trend. after hitting +30 got stopped out at breakeven.

**********_________*********

Analysis:

ok so considering the trades that i took...the first trade was the Ej long, in my opinion not a bad trade as the entry was made with all the proper reasoning. However i don't personally like the outcome, after hitting +50 on the trade no way should i have settled the deal at a breakeven, it had to be a winning trade even if at a small profit maybe 20 pips or so. the second trade was a Usd/Cad short i took of the 4H with trendline confluence and a PA signal to go with a fair enough trade, and honestly the outcome is'nt all that bad either. Since it never moves much atall, there was no way i could introduce a breakeven or a positive stop, i guess one of those loosers that never let go of a trader . Trade 3 was the much debated Eu long. The reason was a weekend gap that had not closed and some real heavy divergence that i helped to support my reasoning. obviously the debate was that a long during such a dominant downtrend was not a good idea, besides i never had any PA confirmation. for this reason the trade went seriosuly against me at first, and then slowly turned positive. the trade finally closed as i got stopped out at +20. however i read myself going as much as +100 in the right direction, perhaps this was slight mismanagment (i need you senior pros to comment on this specially please) where i could have extracted maybe few more pips, one thing i can say is that after more than a day of seeing the trade in a loss when it turned positive i was suddenly given a dosage of confidence, not sure if that was an overdose! cuz the kind of conservative trading i need to do to achieve the difficult target set in stone would have rather dictated a tighter stop maybe a +30-40 pips should have been a good one. Trade 4 was just a great short! the Ib break really pushed the price down like the twin towers. i was proud to take that for a trade again as happy as i am with the entry i am equally disappointed at the result, there were a good 250 pips to be made, out of which i should have caught atleast 200! i think this happened as a result of astonishment at the progress. the trade moved 250 pips in les then half an hour (not sure if it was news driven or what) and 10 mins after taking the trade when i log on to see 73 pips made i quickly wanted to bank these (i was in need of some profits remember) and i did not by setting a satisfactory stop but by closing the entire trade, a mistake ofcaorse. Trade 5 was the short on Eu which was with the downtrend and was taken on a nice Pb formaion with conflouence, a fair enough catch! though it did not move too much in my favor and considering the fact that i was away most of the time and did not watch it tick by tick i am happy to get a breakeven on it, no problems there!

**********__________**********

What should have been achieved: (generated from the above mentioned analysis)

adding 20 pips in the first trade, adding 15 for the third one and 127 for the fourth we get...

Winning trades: 3/5 = 60%
Loosing trades: 1/5 = 20%
Breakevens: 1/5 = 20%

i'll be using SHBA for (should have been achieved...)

money that SHBA: 20-20+35+200 = 275c/pips.

Account Increase that SHBA: 275/1700 x 100 = 16.17%.


Actual Statistics:

Winning trades: 2/5 = 40%

Loosing trades: 1/5 = 20%

Breakevens: 2/5 = 40%.

Money made: 0-20+20+73+0 = 73c/pips.

Account increase: 73/1700 x 100 = 4.29%

Varience:
an overall adverse varience of 16.17 - 4.29 = 11.88% (in terms of account increment.

an overall adverse varience of 275 -73 = 202 c/pips (in terms of pips and money made)

Conclusion:

Although the varience appears so magnified, i feel a little cheered when i think one trade over the 5 trades which was the Uj short was a major mismanaged trade which caused all this of a havoc, considering this impact to be nill the varience would only have been only 75 pips which is exceptable over a span of 5 trades, so although the figures appear pathetic one cannot ignore the impact of Uj trade on the variences. other positives include more winning trades than loosing trades and the movment (although small) of the account towards the positive side. The negitives however iclude the mismanagment of the Uj trade and a few others...

Overall i can say that atleast on my part i am not unsatisfied by the progress so far...what do you guys think??

Regards,
Ghous.