More Newbie Trades

eastmaels,

I think that is a great idea, so I think I'll do the same. I think posting my trades with an explanation as to why I entered them will help me to become more disciplined, and I will learn a lot about my own trading character, not that I have really developed one yet.

When a trade does not go my way, I can post the reasons I think it didn't, and try not to make the same mistake in the future.

Okay, here's my first trade. Went short on AUDUSD at .7516. The reasoning: looking at the 4hr chart price twice touched the R1 price, but could not close above. These two bars formed a version of a DBHLC (only 2 pips apart on my software). Also the first bar closed above the top of the BB and the second bar closed below, would this be a valid gimee bar? Also the second bar touched the 89 ema. To me that's 3 things that I would call confluence. Looked at the weekly chart and the pair has been in a downtrend for about 6 weeks now. Set stop just above the previous bar.

Any feedback is always appreciated.

Jimmy

Stopped out on the next 4hr bar, it went to .7542. My stop was set at .7539 just three pips to low. Price turned after that and went down, so although this might not have been an A trade, with a looser stop I would still be in it.

The thing is I like the idea of tight stops, and I'm not sure I will loosen them a lot in the future, I guess if this happens a lot I will have have to try to.

Funny thing, when habeeb's auto pivot zone calculator (thanks habeeb!) reset to today's R1 it is at .7543 just 1 pip above where price went to. If I had my stop there or 1 pip above, I would not have stopped out.

Aint hindsight grand?

Oh well, will keep trying.
Cheers all.
Jimmy

Short eurusd at 1.1975. Playing 4hr pin bar that touched the 89 ema and 62 fib. It could have been closer to the trendline, but seems pretty good.

See what happens

Jimmy

At 25 pips closed half of my position and brought stop to break even.

Jimmy

Iso, thanks.

I admit it wasn't the best pin bar, the eyes were definately a little far apart and it was in the middle of the trend lines, but the fact that it touched the ema and the fib, plus if I was right, price would move down in the direction of the current trend, and it made it seem like a good trade.

Actually I missed two better, previous pin bars that are visible on the same chart. I have marked them, and added another line along the tops of the bars leading up to the swing top of the first one. Look how price went above that line to the trend line and then back; the eyes of that pin are right on that line, and they are nice and close together. The price then tanked. I am glad that you added your lines to the chart because the line that I added just caught my eye while studying yours. I like the way you can look at a chart and make it as simple or as complicated as you want; spotting ascending, decending triangles, etc.

Overall I am happy with the trade. I saw the opportunity, entered the trade, and price responded as I (predicted: hoped?). I knew it wasn't an A trade, but thought the risk/reward was there. I traded one minilot on my demo, closed half the position at a 25 pip gain brought my stop to break even ( with a ten pip trailing stop). Obviously, looking at the charts tonight, the second half of the position stopped out, but I'm cool with that.

Jimmy