Price Action - S/R - Journal

which broker are you using?

Closed one position the other one is still active with an limit around 130.20 ..


fxcm

i had big i-net connection troubles... right now i dont have any positions open ... tomorrow i will get my new PC and then i need to configure my i-net connection new because i had some troubles the last 2 days with connecting ... so i guess next week i will be back full time to make some pips.

have a nice weekend.

So finally everything is finished, i changed my router and modem and configured them,.. so everything is working fine now and my trading desk is ready again to earn some pips

Just wanted to say some words which are on my mind ..

The human brain is very complicated and very simple at the same time.
Its important that we controll ourselves and our brain while trading.
Whenever you get the feeling "i'm bored i want to take a trade" - STOP TRADING ... stand up from your desk and go do something else, because whenever you take a position based on this emotion YOU WILL LOSE.
Maybe when you are lucky the first time you win and the second time too, but the third time you will lose everything earned from the first two winners and lose much much more.
We need consistent wins. No one hit wonder ... consistency is the magic.
We can only achive consistency with strict self-control.
I do not doubt that many many traders take good trades , but the magic is not to lose the money you earn in the good ones, with bad trades.
So we need a filter , but not one for the chart , the filter is in us. Simply take the good trades based on facts. Whatever this fact is, but never based on some "boring" feeling you have.

I used to work in a glas manufacturing shop, we used to make glas windows for churches and stuff ... that was before trading ... 10 years ago maybe, but what i want to say is that we often waited 1-2 weeks for costumers to come in and give up an order ... and suddenly there were weeks where we couldnt handle the amount of costumers , because you never know when they come. Sometimes all together and sometimes no one comes.
Same in trading, never pressure yourselve, wait till good trades come, never think oh.. no costumer yet - how to make money, ... oh no trade yet - how to make money. This thought will make you lose your money and nerves.

Relax, take it easy, take the positions you get, not more not less. Sometimes there are days with no good trades, and sometimes there are days with so much opportunities that you forget yourselve.

Patience.

I hope my broken english is somehow understandable, and you get the sense of my thoughts.

I just saw this post of mine and wanted to clear something out,
when there is a long ranging phase (see attachment) dont take a trade anymore, because there is a high risk of continouation of the previous downward trend, i meant if it reaches 88.00 in the same wave we can take a long position and that would be high probability, not if it ranges 88.20 - 88.60 for about 14 hours, and then breaks downward.

Looking for a reversal around 1.4600. I took a long on Friday, just before close of play.

The square box at 1.4642 is a limit sell order for half my trade.

Last week I was doing quite nicely, until Friday, then I misread where it would reverse, ignored my natural stop, thinking I knew better, and got slightly burnt.

Good Trading to you.

1., Looking for a EURJPY Long around 128.75 ... Target around 129.10 ...

2., Looking for a USDCAD Sell around 0700 ... I'm seeing good resistance there. Target around 0680-70.

But in both cases watch price action.. no important data today , so i guess market will be calm.

Sell USDJPY 89.77 will add this position around 90.00

Closed this position out +14 and added one on 89.90 which closed out with a profit on 18 pips.
So far enough for today, im going to bed, but im seeing two good opportunities for the night.

1. eurusd buy on 4480
2. audusd buy on 9000

but only if they reach this points during asian session or early europe.

Trades for today, trading constantly since last night, saw alot of opportunities

Now i'm having 2 positions still open on 4340 for a EURUSD buy, will close them around 4370 and 4400 ...

/edit closed them both out (2nd attachment)

Long eurusd 4310 ,

closed it out 4329

Took a EURCHF Long at 5010 and will add this position around 4990, target will see , around 5050 or something in this area.

EURCHF long at 4878 target something around 5000

closed it 4940

Looking for a GBPUSD long around 6000 there is a 200 day sma support..
also monitoring EURUSD for long around 4200 also 200 day sma and a daily support line.

trades for today

i also traded yesterday with a plus of approxematley 600 $ so total for these two days about 900$

good so far ... will post the report of yesterday tomorrow... now heading for some sleep good night.

Hi iTrader,
PA is key in this market, toss the indicators right out the window. So your on the right track, put the market on your side by trading the trend and your good to go.

--NM

thx man, i try my best ... the only indi i use regularly is the RSI ... but the best thing is the trendline

today i only had one trade
sold gbp usd on 6290 for 25 pips with an 40k amount...

btw. im sorry if im not posting regularly in here ... sometimes i forget to and sometimes i'm just to lazy..

anyways as yesterday promised .. this is the report of monday

btw. the eurusd trade was a hedge so dont wonder about the net p/l