stoiters trade journal

duuuude, it's easy to give up, it's hard to keep on/stay on
apart from my 2 posts above, i have made a profile comment on your profile about it too. see, u just have to look around.

btw, check out Sir david's shared link here. do let me know if u find another GMT + 4 MT4 broker

xtb seem to be GMT+2

i am happy with GTL however ill have to get used to the annoying sunday bar

Bro,
seem to be?? u r still unsure?
i think u have not been paying attention
read my earlier post below, again


a simple math equation would go like:
if FXPro time is = GMT + 3
&
if XTB = FXPro Time - 1
then XTB = (GMT + 3) - 1

Clear?

haha what i meant to say is

"when i load up XTB and check the server time it is GMT +2. " not that i didnt believe you or anything

I appreciate your help! If anything this little daylight savings dilema has taught me a few things about timezones and the forex world.

will be watching the 1.4900 level for a pinbar to get me in short.

no worries...

DST dilemma?
not sure but, this post may help.

i have been thinking of writing some entry rules for a while now and this post has inspired me to do so now

http://www.forexfactory.com/showpost...ostcount=45392


anyway, on with the plan

ill will abide by the following rules-

1.Trade only off the daily charts.
2. Trade only shooting stars and hammers, (pinbars)
3. Risk no more than 1% of account balance per trade.


i will use the following rules for the pinbars, themselves

For Long trades: (and vice versa for short)
1. Open and Close (O/C) in the top 1/3 of its bar range.
2. The O/C is within the previous bar range.
3. The high of the bar is within the prior bars range.
4. The low of the bar protrudes below the previous bar (the more it protrudes the better).
5. The bar forms at a swing low, thus after we have had lower highs and lower lows.
6. bar not be in traffic. So avoid pins that form during a sideways market.


i want my pins to form with a MINIMUM of 2 of the following areas of confluence

(i want the pins tail to pierce the following areas)

-support or resistance, or both. (PPZ)
-fib retracements
-trendlines
-365 EMA, and 150 EMA
- round numbers ending in 00


ok thats all i can think of for now.. might have to come back to this as its still a work in progress in my head.

exit strategy up next post

trade management

entry - on the close of the daily pin if all requirements are met I will place a stop entry on the break of high(bullish) or low (bearish).

Initial stop loss- Sl will either be placed at low or high of pin, or behind a strong support or resistance area for a tighter stop.

getting stop to break even. I will be looking to get my stop to break even once price reaches the first trouble area.

manual stop trailing. After my stop is at BE i will only review whether to move my stop at the close of each daily candle. This will stop me from feeling like i have to monitor the trade.


anyway i might expand on some of this later.

watching waiting..

would be nice to get a pin on break and retest of 80 (one that meets my new requirements)

I think you've got some good rules put together. 1 thing that I've read, that i think is very important and you may want to incorporate it into your trading.

Getting to breakeven: Do it as soon as you are 20-30 pips in profit. This ensures you are in not only a free trade, but have made a little money regardless of where the markets move next. I think this is an excellent idea from J16, as it will increase your win rate dramatically, and I would rather have lots of small wins than lots of small losses.


I really like this tho:

Once you've set your stops, let it run. Solid thinking, I need to do just this. It will become even more important once I'm working everyday again

hey i figure if im trading off the dailys why move my stop based off anything else?

I dont like when im in a trade and im at work and I wonder what is happening.. I might even make a rule that says I can only check my open trades once when i get home, or something to that effect.

how do u manage ur trades at work? im about to go live and im abit worried seems alot of people in j16 move there stop to b/e as soon as trade goes in your favor and take some off the table?

I dont really like this idea of getting to BE after a certain number of pips.. what if i have a 200 pip stop on GJ. moving to BE after 30 pips profit seems silly to me.

You have to find what works for you.. and personally I cant sit and watch my trades when they first get triggered.(Because im at work). When i get home from work ill consider moving to BE, if my trade has reached certain levels.

If i come home to a full bar loss thats fine with me. When i place my initial stoploss i am saying that this is what im willing to risk on this trade. As long as i am happy with the setup then its simply a case of moving on to the next trade.

however - I might still look into finding an EA that moves stop to BE when a certain price target is reached, i think i might even have a couple already on my computer.

What I've been thinking about is getting an iPhone, (I may have finally justified getting one ) with an alert that lets you know when price has reached your first target. I'm starting to think that it won't work where I'm going to be working tho... If I get the job I'll know whats going to work within a few months. I do like the EA idea tho, I think I have one kicking around too.

id love an iphone. would you be kind enough to post up those ea's that move stop to break even? sounds interesting, it would probably be handy while at work

iPhones are still insanely pricey and so are their plans... maybe someday.

I've never used this EA, (in fact, I don't know how to even use an EA) but it sounded handy so I grabbed it. No promises it works.

Ive got an iphone... its rather good. It is possible to live trade with MT4 if your broker is compatible, using FOREX ON THE GO. they charge $50usd (roughly?) per month though.. I gave it serious thought, but decided i dont need to trade at work. Im trading the dailies and as such I can make and manage my trades based off the daily candle close.

as for the ea's ill have a look and see if they work first. I know there are plenty out there.

Right on. I'm trying to avoid trading at work, we'll see how trading the dailies goes when I can't watch them. If I get the bank job my hours will be funky, as the bank is open 8-8, Monday to friday. (I'd work a mix of hours in there, for 40 hours I assume) So some days I'll be off at 5, some off at 8, etc

I think trading before work is the best idea, Altho I am by no means a morning person. I'll have to figure something out.

Wont be any trading for a couple of weeks as im in the middle east on a business trip . Quite the culture shock. Any way i brought my laptop hoping to still keep an eye on the market, however the hotel internet situation is rather unsatisfactory.

middle east, business trip, but hotel internet situation is unsatisfactory?
hmmm... which hotel & what country?
it seems middle east in general has improved but not the majority(?) huh??..
unless u are too picky with your internet connection speed