StewartR - I want my trading to be boring.

Welcome back! As it turns out I too was away from home for a few days but I'm back home now and checking out the forum. I see you have taken a trade and are sharing some of the details

Nice clean entry signal Stewart. By the look of the chart you kindly posted it looks to me that your TP is about 3X your risk. Is this about the R:R that you usually look for?

I trade EUR/JPY only, but I like your thought process on the trades you are sharing here.

Good luck with your trade.

Dan

Closed the eurusd trade at 2:1

Thanks

Hi Dan,
Thanks for your posts.
I post all of my trades on this forum because its just a great place to keep a trading log. It makes it very easy to go back and see all my previous trades and what I was thinking/seeing at the time.

I threw in the 3x risk exit in case the market spiked quickly down while I wasnt at the screen. But price has moved down 160 pips without a pull back and its getting close to previous bar highs, so I exited with a profit of 2:1 on this trade (just a few minutes ago).

Nice trade! Great exit...

I was just looking at the EU chart and I see the 4hr stocs have now reached oversold as well. So I was wondering if you had closed it or not yet.

Your idea of keeping a thread like this is an excellent tool for keeping an eye on your progress.

Keep up the good work.

...still watching every 4 hours...have not seen another good trade since the eurousd trade...so I remain out of the market.

Thanks Stewartr,

good work

I'd rather wait for a good trade than be in a bad trade any day.

trade987

Downtrend (context)
+
Pull back (Setup)
+
Oscillator (Confirmation)
+
Price action (Trigger)

Stop above the high of the OB
TP - I plan to get out at about .75R at previous bar highs and fib confluence

(Note the divergence on the oscillator)

This was an excellent setup. I did not take it however.
I hesitated because I have been thinking about entries on pull backs.
Error by me: greed to get to 2:1 had me waiting for a pull back when the best pin bars often dont look back at all.
Remember: Entries on break to new extreme get me in the trade when price is already moving in my direction. Then have the patience to sit through the inevitable drawdown as the trade progresses. (Expect the drawdown and let it run its course). Its unrealistic to expect every trade to continue without a decent pull back within each 4 hour candle.

Trend + Pull back + Oscillator + Price Action. There was no excuse for seeing this trade and not taking it.

NB - been short on sleep lately....decision capabilities not robust enough to take the trade.


Edit: Result. Closed the trade for +.5R on the next candle as price moved towards the prior bar highs

Hello Stewartr,

Please elaborate "Stop above the high of the OB
TP - I plan to get out at about .75R at previous bar highs and fib confluence

What is OB? What is about .75R?

Thanks

trade987

I see OB on the chart. OB? It marks that bar. What kind of bar is it? O?

That bar is 50 pips and you want .75 of that? 37.5?

confluence with fib?

Maybe? not sure

Hello trader 987.
OB is an outside bar. It is a reversal bar. Please go to James16 thread and read the first 50 pages. If you learn James16 stuff, your trading will get much much better.

James16 will teach you about where price is likely to move to. A downward move will often stop near the previous bar highs. Similarly, an upward move will often stop at the prior bar lows.

My TP is my 'take profit'.
".75R" means .75 of my risk. For example, if I risked $1000 on the trade, my take profit was set at $750 on this trade.

A TP of 2R means that if I risked $1000 I would close the trade when my profit was $2000.

Yes.

I ended up closing the trade for 25 pips. So I made .5R

Confluence on this trade meant - prior bar highs and price hitting the 38% fib.

Hello Stewartr,

I really appreciate it. I have stayed away from James16 because it is so huge and busy. I will read the first 50 pages. Congrats on the trade.

Thanks for all your help,

trade987

Trade 3 for the month.
USDJPY

Downtrend
PUll back
Oscillator hooking
Pin Bar

I placed the order off the IBFX Feed. But the FXPRO feed was a better pin bar.

Initial stop was above the high. Price has almost moved 1:1 so I'll move my s/l to break even soon.

Price moved 1:1 and I moved to break even. Stopped out at break even.

Busy week. Did not post live.
Trade 4 for the month.

DOwntrend
PUllback
Oscillator
Bearish price action

Went 1:1 and my TP was a few pips further on. It then showed bullish pin bar and I exited at .25R.

My last two trades went 1:1 into profit or further.
But they were closed at 0R and .2R.

But they might have gone further and I exited with a small profit.

Both exits were good.

So overall - that's not bad trading. I didnt lose anything and I gave my self a chance to let the profit really run.

Downtrend
PUll back
Oscillator
Pin bar
Entered on pull back of pin.

Took 1:1

Had my stop at +50 pips (but only needed 35 to get to pin high.
Took 55 pip profit.

No excuses. This trade should have been placed.
Since the trigger candle was so big, a pull back entry would have been ideal.

It went 2:1 no matter what entry was used.

Bullish outside bar/pin bar on pull back in uptrend with oscillator.

Price went 1:1 and then gave a bullish pin. So I exited at +.2.

Here is the same trade a week later.
It never hit my s/l.
The slow oscillator never turned up.