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TAC's Paology Journal

  • #1
  • First Post: Jul 27, 2009 5:48am Jul 27, 2009 5:48am
Hi folks,

This Journal is a place for me to simply post charts for my trades and follow up analysis.

I have around 6 month experience in Forex trading, and in that time I have studied most of what's out there (I spent ALOT of my free time on it). I've tried out many systems, mainly a 1 second scalping strategy and a fib based system. For me these didn't work out, however I know others can make consistent profits.

One method of trading that I came across around the start of my studies was James16 style trading. I have been a member of the PF a few times and have got a good handle on the various ways it can be traded. I've been active in the public forum under another username and this. I posted my setups there but feel I want my own place, without the noise.

It cannot be repeated enough what Jim (J16) has given us for free, its simply awesome. If I could give one piece of advice it would be read his thread from the beginning.

I am currently in demo (as per post one of J16) using FXPro MT4, and only trading dailies. My demo account is 10k (now 10,150 after my first trade (see below)). I risk around 3% per trade.

Ill post my first trade I did from last week and one pending I have this week later on.

Feel free to ask anything.

Regards

Tac
I hear and I forget. I see and I remember. I do and I understand.
  • #2
  • Jul 27, 2009 5:59am Jul 27, 2009 5:59am
Ok, here was my first ever J16 demo trade from last week taking this quick 50 pips scalp got my SL down to 70 below the eye, so not 1:1 but im not worrying about R:R just where I see price going. (Chart 1)

The trade went exactly to the pip where I placed my T/P. 2% Risked gained 1.58%. (Chart 2)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2009-07-22_2233_USDJPY.png Size: 52 KB
Click to Enlarge Name: 2009-07-22_2233_USDJPY_Winner.png Size: 75 KB
I hear and I forget. I see and I remember. I do and I understand.
  • #3
  • Jul 27, 2009 6:00am Jul 27, 2009 6:00am
Ok I have this setup pending, DBLHC at low of range. I'm waiting for the break of the zone before going long. Got my stop below the bar lows and below 50 ret of setup bar. I haven't checked this yet (at work) not sure if its broken, this is a chart from last week.
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-07-23_2142.png Size: 67 KB
I hear and I forget. I see and I remember. I do and I understand.
  • #4
  • Jul 27, 2009 1:58pm Jul 27, 2009 1:58pm
An update to my pending USD/CHF trade, there have been a few inside bars now still within the DBLHC bars that I had my pending order against. I still believe price is going back to 1.1000 at the top of the range.

I have altered my order an am now playing the inside bar, with a stop below the lows to the left, and TP at 1.1000, however i will monitor the trade as it has some traffic to get through.

Regarding monitoring trades, as I work 9-5 I really only check the charts a few times a day, mainly at 10pm here in the UK which is EST 5pm and the close of my FXPro daily bar. I love this about trading the higher TF's. I don't know if I will ever trade lower while I am working.
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-07-27_1950_USD_CHF.png Size: 70 KB
I hear and I forget. I see and I remember. I do and I understand.
  • #5
  • Jul 27, 2009 2:10pm Jul 27, 2009 2:10pm
I've been watching this pair for a good PA bar, and this is it.

Its a proxy pin bar so i will take it the PB closes above the proxy bar.

This the spread is quite big, but I am aiming for at least a few hundred pips on this one, due to the level. A very round number and if you look back decades the price caused reaction.
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-07-27_2006_GBP_AUD.png Size: 71 KB
I hear and I forget. I see and I remember. I do and I understand.
  • #6
  • Jul 28, 2009 2:36am Jul 28, 2009 2:36am
Quoting tac
I've been watching this pair for a good PA bar, and this is it.

Its a proxy pin bar so i will take it the PB closes above the proxy bar.

This the spread is quite big, but I am aiming for at least a few hundred pips on this one, due to the level. A very round number and if you look back decades the price caused reaction.
The shape of the bar closed with the close well below the open, so I skipped this trade, im hoping for a better pin bar today.
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-07-27_2006_GBP_AUD_Cancelled.png Size: 63 KB
I hear and I forget. I see and I remember. I do and I understand.
  • #7
  • Jul 28, 2009 12:31pm Jul 28, 2009 12:31pm
Quoting tac
An update to my pending USD/CHF trade, there have been a few inside bars now still within the DBLHC bars that I had my pending order against....
This trade has now triggered, as expected it bounced of the minor PPZ, after a large move up, I think this is the start of the move to wards the top of the range (maybe further?). Looks like the GBP/AUD bar is bearish and closing below 2.0000, will keep an eye on it. Will be scanning the charts tonight for more setups on daily.
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-07-27_1950_USD_CHF_Trigger.png Size: 71 KB
I hear and I forget. I see and I remember. I do and I understand.
  • #8
  • Jul 28, 2009 3:49pm Jul 28, 2009 3:49pm
Only trade I saw today is this BEOB at swing high, chart explains all.
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-07-28_2146_EURUSD_BEOB.png Size: 68 KB
I hear and I forget. I see and I remember. I do and I understand.
  • #9
  • Jul 28, 2009 4:27pm Jul 28, 2009 4:27pm

In parallel with my daily demo trades, I will be looking at the 1 hour GBP/JPY, I won't be trading it at the moment, just observing it to see how it moves and its pa. When I get time off between contracts I intend to trade full time on demo also on this pair and maybe a couple of other movers on the hourly.

Attached Image (click to enlarge)
Click to Enlarge Name: 2009-07-28_2223_GBP_JPY_HR_PA.png Size: 62 KB
I hear and I forget. I see and I remember. I do and I understand.
  • #10
  • Jul 29, 2009 2:19am Jul 29, 2009 2:19am
Quoting tac
Only trade I saw today is this BEOB at swing high, chart explains all.
Hi Tac,

what about EURUSD BEOB a few days earlier (23.7.)? Wasn't that the same setup? Would you take it also (50% retracement of that bar would also hit your sell stop next day)? Isn't there minor PPZ around 1.4100?
Sorry for so much questions, but I'm on the very beginning and trying to get into very basics (PPZ recognition etc.).
  • #11
  • Jul 29, 2009 2:41am Jul 29, 2009 2:41am
Quoting Tomik1701
Hi Tac,

what about EURUSD BEOB a few days earlier (23.7.)? Wasn't that the same setup? Would you take it also (50% retracement of that bar would also hit your sell stop next day)? Isn't there minor PPZ around 1.4100?
Sorry for so much questions, but I'm on the very beginning and trying to get into very basics (PPZ recognition etc.).
I didn't take the previous set up. I must have been in another trade, but yeah its the same. There is a minor PPZ at 1.41, so I expect it to have trouble there and may move my stop to be there, ill just monitor it, if I get in.
I hear and I forget. I see and I remember. I do and I understand.
  • #12
  • Jul 29, 2009 12:43pm Jul 29, 2009 12:43pm
Quoting tac
This trade has now triggered, as expected it bounced of the minor PPZ, after a large move up, I think this is the start of the move to wards the top of the range (maybe further?). Looks like the GBP/AUD bar is bearish and closing below 2.0000, will keep an eye on it. Will be scanning the charts tonight for more setups on daily.
I closed this trade with over 1:1 profit. 154 pips. My account balance is now 10,438.65, a 4.4% increase in just 2 trades. I am going on holiday for a few weeks. I am hoping there is a trade tonight, I would like to put a trade on and come back in 2 weeks to see how it went, without me messing with it.
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-07-29_1837_USD_CHF_Winner.png Size: 123 KB
I hear and I forget. I see and I remember. I do and I understand.
  • #13
  • Jul 29, 2009 3:00pm Jul 29, 2009 3:00pm
het tac

you are doing a greate work here, keep it simple

I see you posting in j16 thread,that I'm currently traying to read the whole thred I'm doing this for about 2 months and I'm somwhere around 1250 pag

I was loking at your chart's and I see that you have an indicator that show the bid,ask and spred, and I'm wodering if you want to share with us this indicator,but I have a issue,I want that indicator to display only the spred,I'm not an mt4 programmer so if you cold just deleted in the source cod those line that we don't need it will be just great,if you don't have time let me know because I'll find it out what line to delete

many thank!

wish you many pips
  • #14
  • Jul 29, 2009 3:03pm Jul 29, 2009 3:03pm
Quoting triger88990
het tac

you are doing a greate work here, keep it simple

I see you posting in j16 thread,that I'm currently traying to read the whole thred I'm doing this for about 2 months and I'm somwhere around 1250 pag

I was loking at your chart's and I see that you have an indicator that show the bid,ask and spred, and I'm wodering if you want to share with us this indicator,but I have a issue,I want that indicator to display only the spred,I'm not an mt4 programmer so if you cold just deleted in the source cod those line that we don't need it will...
Hi,

Im sorry but I have many things on my plate, here is the indicator though.

Regards

Mark
Attached File(s)
File Type: mq4 Bar Countdown Clock.mq4   2 KB | 215 downloads
I hear and I forget. I see and I remember. I do and I understand.
  • #15
  • Edited 3:25pm Jul 29, 2009 3:12pm | Edited 3:25pm
Quoting tac
The shape of the bar closed with the close well below the open, so I skipped this trade, im hoping for a better pin bar today.
I finally got a good price action set-up. A 2 day pin bar. This one I am giving a lot of space to run. Will move to BE at 2.0500+

I'm sure I have the Aussie Reserve behind me.
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-07-29_2106_GBP_AUD_PB.png Size: 96 KB
I hear and I forget. I see and I remember. I do and I understand.
  • #16
  • Jul 29, 2009 3:35pm Jul 29, 2009 3:35pm
Quoting tac
Hi,

Im sorry but I have many things on my plate, here is the indicator though.

Regards

Mark
hey thanks a lot Mark
  • #17
  • Aug 10, 2009 1:45am Aug 10, 2009 1:45am
Back from holiday, my GBP/AUD trade was up 200 pips, now its down near the stop, lets see if it can climb again, I will leave it running in the background.
I hear and I forget. I see and I remember. I do and I understand.
  • #18
  • Aug 10, 2009 2:12am Aug 10, 2009 2:12am
First trade since holiday, got in on retrace 0.6732, will post more on it tonight.
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-08-10_0810_NZD_USD_PB.png Size: 41 KB
I hear and I forget. I see and I remember. I do and I understand.
  • #19
  • Aug 10, 2009 9:39am Aug 10, 2009 9:39am
Quoting tac
Back from holiday, my GBP/AUD trade was up 200 pips, now its down near the stop, lets see if it can climb again, I will leave it running in the background.
This trade was stopped out today, my first loss.

I set this trade then went on holiday were I couldn't access my PC to manage the trade for 2 weeks. The trade was up 200 pips then dropped and hit my stop. I broke a cardinal rule, never let a winner turn into a loser.

Pin bars if chosen correctly can produce profit a high percentage of the time as this set-up did. However you need to manage the trade and cut your losses and take profit at the tight time.

The positives are that this set-up worked and produced pips as expected and I should have at least moved to BE. I will never repeat this mistake Im not aiming for massive runs, just consistent winners.

Mark
I hear and I forget. I see and I remember. I do and I understand.
  • #20
  • Aug 10, 2009 4:02pm Aug 10, 2009 4:02pm
Quoting tac
First trade since holiday, got in on retrace 0.6732, will post more on it tonight.
Added another position to this trade as it retraced to 61.8 of the pin bar which allows a smaller stop. Ill be watching this closely when it gets to the first level.

I was hoping to be able to trade some stocks and comms however I cant seem to place pending orders as the markets are closed, not sure what time these are open.

Regards

Mark
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-08-10_2156_NZD_USD_PB.png Size: 56 KB
I hear and I forget. I see and I remember. I do and I understand.
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