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Beer Fund

  • #141
  • Apr 23, 2009 2:59am Apr 23, 2009 2:59am
staying with the GBP weakness theme.
took an agressive entry off a new method i am developing/testing
retrace to 50% fib
1st entry premature - didn't follow my rules
then got the entry i wanted - took part profit and set to BE for rest
this was late in the session and coming up to US close - Oanda widened their spread to 10 and i was stopped out by 1 pip.
it would have hie my target 120pips lower.

took anther short 1st thing in the am off 1hr pin and moved to BE due to being budget day - stopped out by 1 pip again and then it went 250pips.

two very good trades - just a bit unlucky really.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gbpjpy 1hr.gif Size: 27 KB
  • #142
  • Edited 1:11pm Apr 23, 2009 3:03am | Edited 1:11pm
took the daily pin on usd chf - not a great looking pin but it was at the top of a channel - USD had been showing a lot of weakness against JPY/CAD
also looking at the previous pins at the top of the channel that were not perfect either.

closed position for small profit though as it wasn't doing anything. It may well just be my impatience but not worth the risk.

update price did eventually go where expected and is now approaching the 150/355 emas which was my intial target on the 4hr.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: usdchf2.gif Size: 25 KB
  • #143
  • Edited 12:40pm Apr 23, 2009 3:08am | Edited 12:40pm
still sticking with the gbp weakness (really should get over this)

went short after the retrace back to the TL and then broke back through again.
thought gbp would take more punishing in the asia session so did not set a target.

it has retraced on me and i am close to being stopped out. still think it will go lower but not prepared to move the stop.


update - stopped out.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpjpy 2.gif Size: 25 KB
Click to Enlarge Name: gbpjpy 1.gif Size: 26 KB
  • #144
  • Edited 12:58pm Apr 23, 2009 12:38pm | Edited 12:58pm
Quoting simoncs
thinking eurusd might be starting it's retrace have a long after price broke the 1.295 ppz.
making slow progress at the mo but will hang on and see what it does. Only 1% on this one as it is CT

would be looking for somewhere between 1.31 and 1.315 which is the 50% and would be a good place to look for shorts
closed the trade at 1.3018 - it had bee as high as 1.3070 at the time. -still 65pips profit

the trade has since moved higher, so i definitely closed it prematurely. It was a CT trade though so i don't think it was worth lettin the stop take me out.

update - just realising that my typing is missing letters - think i need to change the batteries in the wireless keyboard
  • #145
  • Apr 23, 2009 12:44pm Apr 23, 2009 12:44pm
a severe lack of discipline led to this trade

audusd pin - set a small target of recent bar lows. not the worst setup ever to take but not ideal and the risk to reward wa just pathetic.
Attached Image (click to enlarge)
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  • #146
  • Apr 23, 2009 12:55pm Apr 23, 2009 12:55pm
I have come so far in a short space of time and have set some agressive goals for myself, which i am pleased with.
I am so close now, and yet silly mistakes still creep in and are holding me back.

i have read in many places that the first year is all about staying alive - basically breaking even. I am certainly doing that, but my goal is definitely to be more profitable within a year.
Looking back at some of the trades on here, some of them look quite good, but not all the trades are here. Not that i feel that i am dilaberately hiding them - perhaps subconciously I am? (It's more to do with the time it takes to post them all .)

So with this in mind I am going to make more effort to post every trade - including an update, and also to keep my spreadsheet populated the moment i place a trade. I am hoping that trying to install this discipline will filter through to my trading plan and stop me taking 2nd rate trades. Hopefully the frustration i have with doing this will also prevent me from taking too many trades
  • #147
  • Edited 12:21pm Apr 24, 2009 4:17am | Edited 12:21pm
well it didn't take long before 2 more stupid trades popped up

using mouteki as a guide for a break down of consolidation

Audcad - beob/mouteki - stopped out
usdcad - consolidating on 4hr but used mouteki on 30mins - took small profit and pulled the pin as should never have been in this.

update - turns out the usdcad trade was good and it was just lack of patience on this - so far it has gone 150pips. It was just the entry technique that i was unhappy with combined with taking a loss on the other mouteki style trade that threw me off.
Attached Image(s) (click to enlarge)
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  • #148
  • Apr 24, 2009 10:12am Apr 24, 2009 10:12am
Hey simoncs, forgive me for budging in.
Just I wanto to say some ideas. The discipline and patience is the most difficult in this bussiness. Like raczekfx says that all is in our mind. I have the same problem of you. Often, when I don't follow my plan (in my case) the 80% of the time the trade ends up in BE or a lost.
Two problems to resolve: the overtrading, (is an account-killer), and be discipline and follow my plan.

Regards,
Ikki
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #149
  • Apr 27, 2009 4:42am Apr 27, 2009 4:42am
Quoting ikki
Hey simoncs, forgive me for budging in.
Just I wanto to say some ideas. The discipline and patience is the most difficult in this bussiness. Like raczekfx says that all is in our mind. I have the same problem of you. Often, when I don't follow my plan (in my case) the 80% of the time the trade ends up in BE or a lost.
Two problems to resolve: the overtrading, (is an account-killer), and be discipline and follow my plan.

Regards,
Ikki
Definitely right there Ikki
  • #150
  • Edited Apr 28, 2009 2:32am Apr 27, 2009 4:47am | Edited Apr 28, 2009 2:32am
this is currently in a retrace and ideally looking for a good entry to go short again.
It bounced off the 1.33 which could have been a good entry, but I get the feeling we are not done with the retrace just yet and it will still push a little higher.

I am thinking maybe a retest of the TL where it lines up with the 50fib around the 1.35-1.36 level.
So have taken the BUob on the 1hr long after it is being held up by the 150ema.


update - stopped out - perhaps price isn't going higher after all. Will now look for shorts
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eurusd buob.gif Size: 25 KB
  • #151
  • Apr 27, 2009 4:53am Apr 27, 2009 4:53am
there a number of weekly pins to be mindful of - not necessarily the best pins to trade as they are quite small

the best two i think though
NZDUSD
CHFJPY

aud pairs - most forming some kind of consolidation patterns - triangles - combined with wekly pins which leads me to think they might continue higher, so will be looking for entries in this direction.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: nzdusd.gif Size: 24 KB
  • #152
  • Apr 27, 2009 7:25am Apr 27, 2009 7:25am
Quoting simoncs
so last week was pretty horrendous. After 6 weeks in profit i managed to lose all of that in just over a week.

Still a vital lesson was learnt - Money management - why i didn't think this applied to me i don't know, but i guess i just got caught up in the excitemnet of learning a system and off i went.

So i have now spent the w/e getting a different broker - Oanda - which willl allow me to trade smaller posiotions and thus manage my account better. Previously i was putting on large positions so that i had the flexibility of being able to take...
Hi Simon, How are you getting on with oanda since u switched from IG?

Since youve used both can you give us a few pros/cons between both brokers. Im with IG and considering a change.

Thanks. Mike
  • #153
  • Apr 27, 2009 9:15am Apr 27, 2009 9:15am
Quoting riggster
Hi Simon, How are you getting on with oanda since u switched from IG?

Since youve used both can you give us a few pros/cons between both brokers. Im with IG and considering a change.

Thanks. Mike
Hi Mike

It's going well with oanda. I quite like their platform for trading - just not their charts. I still use IG for my stock trades though. Oanda just allows me to position size correctly, so I feel more comfortable when i place a trade. Both good brokers I reckon, but for now Oanda is the way forward.

cheers

Simon
  • #154
  • Edited 11:31am Apr 28, 2009 2:31am | Edited 11:31am
pin on silver off the 365ema and 50fib


update closed at 12.40 after it started to stall for a nice profit
Attached Image (click to enlarge)
Click to Enlarge Name: silver.gif Size: 26 KB
  • #155
  • Apr 28, 2009 2:39am Apr 28, 2009 2:39am
price broke through 126 and came back to retest so placed order for 125.90
price is stalling around the 50fib so half off and stop to BE.
Attached Image (click to enlarge)
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  • #156
  • Apr 28, 2009 2:43am Apr 28, 2009 2:43am
now looking for shorts. missed the best entry at 1.33 as was unsure if price was going higher and waited too long to get in. placed order for break of 1.3.
Price has moved past to get me in and is now consolidating.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 26 KB
  • #157
  • Apr 28, 2009 11:10am Apr 28, 2009 11:10am
the short trade above has spent most of the day going against me.
I then saw this buob form at the 1.30 and thought it might be an opportunity as a small hedge, in my sub account.
However closed the trade for a couple of pips profit as sense got the better of me.
I know my trade above was a poor entry and think that might cost me.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 26 KB
  • #158
  • Apr 28, 2009 11:19am Apr 28, 2009 11:19am
gbpjpy - 2 bar pin on 4hr off 139 and fib confluence
set small profit target as trade against the trend at the 365ema.

price went a little further then retraced - so nice little trade.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy.gif Size: 26 KB
  • #159
  • Apr 29, 2009 3:30am Apr 29, 2009 3:30am
hey Jon

this is what i have at the mo
Attached File(s)
File Type: mq4 J16 Daily Range Calculator b-clock combo.mq4   9 KB | 170 downloads
  • #160
  • Apr 29, 2009 3:45am Apr 29, 2009 3:45am
this plots lines on the chart for high/low - never used it though
Attached File(s)
File Type: mq4 dayHL.mq4   3 KB | 166 downloads
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