Trade Plans by EG

Good Day Everyone.

I am looking at A Short Trade Opportunity withing the range of 1.9640 -45 again.

TP Steps
1.9577
1.9570
1.9531
1.9523
1.9510
1.9485
1.9421
1.9409
1.9398

Watching your charts would be a big help.

Plans are made to get us online to success. However, we must have the aptitude to be flexible when things go wrong. No point in pursuing a plan when we can very well see its doom.

Note that price levels above are for demo purposes only. Trading is still a risky business. It is insane to trade when you do not understand why you take the trade. I have paid dearly for my mistakes. I believe it is more than anybody here at FF ever lost in FOREX Trading.

If you were watching the Charts, The Rally to 1.9649 is the potential top for the Short Trade Opportunity.

I missed 10 pips prior to entry as I had to take a phone call. But I am looking at it as the tightest SL.

I am sure there will be a number of trades available to take inbetween the Main Short Trades. We can practice identifying these areas.

Already got out of the first trade for a 9 pip Profit. Waiting for a new opportunity to hop back for the Ride South.

I am not taking any long trade yet. I will be content to watch it retrace. I would be more than happy just to be able to hop back for the Short. At the same time I can study how to identify and gauge potential retracement and whether it would be worth trading against the trend.

EG

I have just placed my Short Trades.

I got another opportunity to start from a higher price level than I did earlier.

This time I got in on 1.9640. But even then I still missed 2 pips higher.

Actually I got in on multiple levels.

1st @ 1.9638
2nd @ 1.9639
3rd @ 1.9640

Now... looking back if there was an opportunity to make that Long Trade after I exited the 1st Short Trade, I would say now that there was an opportunity. And that would be for a net profit of 11 pips at the max if the 1.9642 holds as the highest point.

Look @ 1.9617 as TP for the short trade.

What I mean is this could be the max for this move. However, If you are willing to take the risk then you can check if there is more room to go South on this one beyond 1.9617

I am starting to realize the truth in the parallelism of forex trading to fishing.

It does require a lot of waiting and proper timing aside from knowing where to fish or which currency pair to fish.

I think I have somehow entered my long trade at a price level quite near the maximum for the origin of my long trade. This helps in planning or setting the SL.

My current long trade has been going up and down the range of 1.9630 to 1.9642 for the past almost 2 hours now. If I did not have confidence in identifying the high price for my Long Trade, I would have been sweating it out everytime the price went up again and neared my entry price. Worse would be if I entered a Long Trade without knowing the highest possible for that move.

I would probably have exited quite early again with a big loss in my capital.

It is therefore important for people who are newbies or are still not successful in forex trading to really get the feel of how this works before they put their money on a live account.

Going live even with a small amount you can afford to lose for me still does not help you to have a faster integration and understanding of how Forex Trading works.

It could even drive you into desperations and even push you to gamble with money you cannot afford to lose.

If you really want to succeed, you must develop a discipline very important to forex trading. Play the demo like it is your hard earned money and most importantly read up and decide on only 1 pair to trade first.

No point in spreading your efforts over several pairs. Master one pair first.

These are my own opinion. It is up for anybody to follow or deviate from it. I am merely trying to share what helped me gain more focus on what I was trying to learn and be successful with.

I still believe that the human mind is better than a computer program. And the more that I believe that we ourselves be the ones in control of our destination and our achievements. We may use indicators to aide us in our analysis and i do not see anything wrong with that.. But it should be us who will make the final decision.

EG

1.5 hours after my previous post, I was able to close my Short trades about 10 pips shy of the lowest level it reached. That was at least 15 pips opportunity per trade.

I did not place any counter trade right after exiting as I did not want to leave any open trade while I was not around. I promised my wife I would accompanny her to an appointment earlier this afternoon. I actually achieved double my daily target for the day. And that was already 50% up from my previous days total holdings.

5 hours after and I come back to my computer to findout that the cable moved almost a total of 262 pips for the Long and Short trade opportunities. that is excluding the moves it made earlier in the day which I traded and the ones tonight.

I will admit I felt a bit bad after realizing the missed opportunities. That could have been my budget for 6months living expenses. All in less than 5 hours of work.

However, as most would say, there would still be other days to trade.

Anyway, aside from just not wanting to leave trades unattended I knew there was news this afternoon although there was a bias for a Long Trade on the forecasts of the news.

I might sit it out tonight on the US news. Better not to push my luck too far today. I will stay on the sides and observe.

Tomorrow will have other opportunities

EG

Well I said I might just sit it out tonight or this US session which is my night out here. ......

What can I say ?....... I found an opportunity last night to trade a signal for a Short trade from. ..... 1.9651. It was actually not the best part to trade as it started at 1.9665........ but I believed there was still room to go down worth trading.

I fell asleep waiting for it and when I woke up it was already starting to go up again. I missed about 9 pips on a half lot order. Anyway, I got a substantial part of that short trade for 13 pips. Not bad for sleeping on it.

Now I am waiting for an opportunity to go for another short trade. This move up may still have some room but I will have to continue watching still. Anyway, I got some strength back after that nap.

Happy Pipping Everyone

EG

I have an entry beginning at 1.9655 for a Short Trade.

Happy Pipping Everyone.

EG

Looks like I got in a little bit too early here. There is still opportunity for others to hop on this ride.

There seems to be some more seats available.

Final Call for PipLandia........

EG

20 pips way too early is very bad.

Will need to sharpen this one.

Even though I entered quite early....... if I left it to run ..... this would have been the best trade I could have so far. But I was watching the chart and was getting jittery and sleepy that when it hit my initial TP level I got out for a nice profit. It was probably just around 20 pips for me but I had it on multiple trades.... so it was really great for me.

But alas, I later found out I left more than 30 additional pips on the table.

Anyway, as I badly need to sharpen my entry skills...... I should do the same for my exit skills.

Currently on a new Short Trade although again I entered it quite early that I almost got stopped out on 3 trades.

Let us see how this would fare. Before this Short order, I was able to place some Long Trades which I got about 3-4 pips from each trade. I missed out a lot on that again as my succeeding short orders retraced. That would have given me additional pips and quite a lot at almost 15-20 pips additional.

I have closed my Short trades just minutes after the Euro Open.

It has given me yet another valuable lesson in Forex Trading.

1. Use a Fast Computer with Lots of Memory
2. Use a Fast Broadband Line

I was trying to close all my short trades and my computer hanged. Finally when it got back and moved, the MT Platform showed a 25 pip retracement already .

I almost kicked the chair and banged my fist on the table. How could I have lost control of that opportunity. That was a little less than 1/2 of what I actually got. After waiting for almost 5 hours.....

However, I still have to be thankful that I got more than what I missed. But you know..... sometimes I think things happen for a purpose. There have been occassions when I was trying to close a trade at an acceptable profit level and my computer just suddenly freezes sending me into panic. But when it does come back..... I would then realize that I should be thankful for those instances because that delay allowed me to capture more pips.

And today, the same thing happened. That freeze was a short interruption and made a substantial retrace up. However, I must admit I panicked as I saw 20pips disappear. But then it went lower still than where Ilast saw it atfor an additional of al;most 10 pips.

Then now I reallize that it has even gone down further for another 15 pips.

As trading days go by and opportunities are captured and missed ...... I continue to learn my lessons in forex trading.

Now I must say that I was such a fool to have lost that big sum of money during the time I was learning. I still have to work on earning them back and hopefully more this time.

EG.

Good Morning Everyone.

I went to sleep last night and kept myself out of the news. I was able to pocket a few pips on my Long trades , although I now find out that I left too many pips on the table by closing them less than an hour before the news.

But today is a new day and let's getting Pip fishing.

I am now looking for an opportunity to fill my short orders.

Range of entry 1.9655 - 1.9645

EG

I have already exited my Short Trades for a small amount of profit at intervals as it went down.

I have just 1 long trade now as a test of this up move which I believe is just a very short one.

Better to wait for the right time to short this babe again. It looks like another ride south before we proceed with the ride up north.

I may have missed the ride up north last night....... but I'll try to cover the ground I lost by riding it back to where it started last night.

Happy Pip Fishing Everyone.

EG

I wonder how one is suppose to feel taking USD1000 from the market and leaving USD5400 behind.

The answer MUST be

Learn What you missed and still be thankful you got nearly 20% of what was available.

EG

Last night was almost nightmarish for me.

I had been anticipating the Cable's ascent so I kept on looking for the dip and kept buying. However, it just kept on diving and diving.

I had to bite the bitter pill of closing some trades at a negative pip value just so I could save what was left. What made it worse was the NEWS.

I did not want to take that risk on the last US Treasury Speech. Not that my SL was too tight (it was at 40 still before the news....... but I thought that with the Cable... spikes could be from 30 to more than a hundred. So I took it.

Had I gambled and stayed on......... I would not have lost as my SL still would not have been hit last night. But for my peace of mind, I could afford returning to the market what I profitted from it yesterday morning.

Now going back to the Analysis of the Cable.... it seems that the monumental ascent is still not around the corner. I was so immersed with the thought that Cable is supposed to ascend now that I missed what my other tools where telling me.

I am presently looking for a decent exit point for my current Long Trades.

To be Followed by a Counter Trade for Shorting the Cable.

Too many indicators showing the way to the South now.

I wonder how this fits in with the EW Theory..

EG

We could be looking at the following 1.9400 + LEVELS

1.9483
1.9443
1.9435 for this Short Trade

We might just even extend it to 1.9400

At this point..... This is the scenario that I am looking at.

Someone was telling us that this Cable is Going South to 1.9400 while many where looking UP North.

It now seems that this will finally make a Double Bottom on the Daily........

Before going North? Let us keep watching then

EG

1.9483 has been hit

Waiting for the next level.

This is one very frustrating day for me.

Last Friday I started with 250USD. So Monday in Asia I Started Trading.

I got my USD250 UP to USD625 in just 1 day

Tuesday I did even better as I Started the US Tuesday Session with already USD1,200 in the bag. By US closing I was already at a total of 1,800USD andby Wednesday US Closing, Total was already at USD4,705.

For Thursday, that was when I just gathered 1,300USD having left behind USD5400. Bringing my total purse to USD7000 in just 4 days starting with less than USD250.

Now I am down to lower than what I started with.

I bring this forth not becausae I want to BRAG about that short stint. Infact , it is SHAMEFUL. However, There was something right about what I did which now I have to find out again. I got way laid along the line too quickly.

I bring this up here to let others know that we actually have the capability to become winners when we learn to handle it.

Obviously, I need so much more of the discipline still.

I thank evrybody who visited this Journal during this week. I have seen how others lambasted other writers in their journals and questioning their motives. I did not get any of those. ( But maybe now I will get them

Anyway, writing down my thoughts however weird they seemed allowed me to vent what was steaming inside my mind.

Now I have to get myself straightened out...

Probably will be needing a straight jacket this time

EG

You will now ask , Why did I end up with that LOSS when I was infact writing in my earlier posts about the Cable going South instead of North and even giving levels to watch for as TP.

The answer is , I was looking for an exit point with less loss this time and was expecting to get that during the EURO open if not the London Open.

I should have studied my charts better. AND TO STOP HOPING.