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  • #501
  • Apr 20, 2010 11:54am Apr 20, 2010 11:54am
Quoting lovejoy80
added pending short if it can break PPZ
I also added up at 1.3450 but it is a long term trade (large SL).
  • #502
  • Apr 20, 2010 1:19pm Apr 20, 2010 1:19pm
Some thoughts on my EUR / AUD trade earlier...

My emphasis is on the fact that EA is in a very big down trend...other pairs like xxx/jpy which are more rangy are better for reversals.

Also the best reversals are when we have major PPZ areas on daily / weekly timeframes with other confluence like fibs, TL's, BRN as mentioned previously - these are the real good ones to take for reversals.
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  • #503
  • Apr 20, 2010 1:26pm Apr 20, 2010 1:26pm
Another 'simple' breakout opportunity.

Also reason I didnt take a touch trade on this was because of how price was quickly rejected previously then abruptly halted.

This area was rejected hard earlier today (1.6390) but then met a brick wall @ the 1.6344 PPZ...the last 4 times the upper PPZ was rejected the PPZ @ 1.6344 was also rejected this time it held despite price moving very quickly down from the upper PPZ...this told me that despite the strong move by sellers (the strongest rejection yet of this area) it met more and more buyers than previously as it couldnt break the 1.6344 area this time and started to retrace...from this I deduced that there is a much higher volume of buyers than when price has previously approached the 1.6390 area and thus there was a much higher probability than in previous occasions that this PPZ would be broken.

Indeed it was and we had a breakout, retrace and off back up again.
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  • #504
  • Apr 20, 2010 1:33pm Apr 20, 2010 1:33pm
Let's see if US afternoon can give some momentum to my trades (in the right direction!) ..taken another UJ short...moved my TL to exact bar highs (), small PN on TL and minor PPZ ..short @ 93.27 SL @93.40 - 1%
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  • #505
  • Apr 20, 2010 2:12pm Apr 20, 2010 2:12pm
Quoting ingmarforex
The video i sayed before why i took short oil was based on this

http://www.youtube.com/watch?v=z4gPfipzjlc
Thanks for posting this...just watched it...never used fib extensions before, interesting.
  • #506
  • Apr 20, 2010 3:40pm Apr 20, 2010 3:40pm
Exited UJ short @ 93.14 - hit 1HR PPZ

Was a very slow afternoon US session.
  • #507
  • Apr 20, 2010 4:56pm Apr 20, 2010 4:56pm
Some stats...

In first trading week (split over two weeks but 5 trading days) made 110.57% increase in account. Last week increased account by 94.62% over end of week1. Only had two losing days ...er today and yesterday lost 0.20% today and 2.89% yesterday...

Trades update:

EG pending order triggered @ 0.8739 SL on both moved to 0.8756 - 1% on second trade...hopefully it'll go on and hit 0.8700 PPZ area now.

Closed gold @ 1138.00

AU - stil in play SL moved down to 0.9335

EU - still in play

EJ - still in play

GU - remaining half still in play
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  • #508
  • Apr 20, 2010 6:23pm Apr 20, 2010 6:23pm
Some more trades...must go to bed now...will update in the morning with details
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  • #509
  • Edited 1:04am Apr 21, 2010 12:42am | Edited 1:04am
Hmmmm was expecting to wake up to see xxx/jpy falling further down as looked hevy last night, but the retracement was small and now they are back up again...GBP looking strong too for some reason...unemployment data released this morning.

Stopped out on GU, GJ...AU, EU,EJ and UJ remain in play.

Moved SL on EG down to 0.8750 - targeting 0.8705 for TP.

Nothing else to note for me at the moment...on the sidelines.
  • #510
  • Apr 21, 2010 1:21am Apr 21, 2010 1:21am
Quoting lovejoy80


Remember folks that this is a business and there is no shortcut to success. You can only learn to trade succesfully by learning and practising to death fuirst so it is so ingrained in you.

When you think you are ready to trade , my personal recommendation is to opan an Oanda account as you can trade in individual units i.e. as little as 1unit (i.e. 1 micro lot is 1000 units) so you also get the feel of risking real money and the emotions that come with it compared to Demo.

I'll also add, after reading Racs posts ( you will not...
Another thought LJ,

When this Journal was started and i started posting here i was in kind of a free-fun mode cause i knew you know whats stuff i am throwing in my charts and i never do any comments like why i am taking this trade, what are the next trouble area's etc. I thought it was just a party of 2. lol

But now more and more people are coming in so i'll try to be more specific. (i am not promising any thing cause i don't like typing much)
.
  • #511
  • Apr 21, 2010 1:23am Apr 21, 2010 1:23am
Quoting lovejoy80
Hmmmm was expecting to wake up to see xxx/jpy falling further down as looked hevy last night, but the retracement was small and now they are back up again...GBP looking strong too for some reason...unemployment data released this morning.

Stopped out on GU, GJ...AU, EU,EJ and UJ remain in play.

Moved SL on EG down to 0.8750 - targeting 0.8705 for TP.

Nothing else to note for me at the moment...on the sidelines.
There are some PV trades on YEN's.
.
  • #512
  • Apr 21, 2010 1:25am Apr 21, 2010 1:25am
Quoting lovejoy80
Hmmmm was expecting to wake up to see xxx/jpy falling further down as looked hevy last night, but the retracement was small and now they are back up again...GBP looking strong too for some reason...unemployment data released this morning.

Stopped out on GU, GJ...AU, EU,EJ and UJ remain in play.

Moved SL on EG down to 0.8750 - targeting 0.8705 for TP.

Nothing else to note for me at the moment...on the sidelines.
Exited EU @ 1.3437 - BUOB on 1 HR and USD and JPY look very weak...this is hurting.
  • #513
  • Apr 21, 2010 1:28am Apr 21, 2010 1:28am
Quoting nasir.khan
There are some PV trades on YEN's.
.
Have you played the trends from Monday on these PV style?

Having a good week?
  • #514
  • Apr 21, 2010 1:28am Apr 21, 2010 1:28am
Quoting nasir.khan
Another thought LJ,

When this Journal was started and i started posting here i was in kind of a free-fun mode cause i knew you know whats stuff i am throwing in my charts and i never do any comments like why i am taking this trade, what are the next trouble area's etc. I thought it was just a party of 2. lol

But now more and more people are coming in so i'll try to be more specific. (i am not promising any thing cause i don't like typing much)
.

  • #515
  • Apr 21, 2010 1:45am Apr 21, 2010 1:45am
Lovejoy thank you VERY much....great charts, I am learning at warp speed just by following your trades and charts. nasir too.

BTW: slowly but surely I am plowing my way through james16 thread, which is great. But weeding out the charts from additional everyday comments takes a lot of time.

Nasir when you mentioned " summaries ", is there a link somewhere for that ? I couldn`t see it in post #1.

Once again thanks and please continue.
Be like water.
  • #516
  • Apr 21, 2010 1:51am Apr 21, 2010 1:51am
http://dl.transfer.ro/Forex_Factory-...-e56cfb7a9.rar


It has the summaries organized by users from page 1 to 3500.
  • #517
  • Apr 21, 2010 1:52am Apr 21, 2010 1:52am
Quoting msmarple
Lovejoy thank you VERY much....great charts, I am learning at warp speed just by following your trades and charts. nasir too.

BTW: slowly but surely I am plowing my way through james16 thread, which is great. But weeding out the charts from additional everyday comments takes a lot of time.

Nasir when you mentioned " summaries ", is there a link somewhere for that ? I couldn`t see it in post #1.

Once again thanks and please continue.
It's the last link in the first post.

http://www.forexfactory.com/showpost...ostcount=55762
  • #518
  • Edited 2:11am Apr 21, 2010 1:56am | Edited 2:11am
Feeling angry and frustrated with my performance this week...was in nice profit last night on the shorts and to wake up this morning to suffer losses was tough especially after two losing days in a row...

Played far too many counter trend trades - trying to pick reversals too much, all because I missed catching the trends on monday on xxx/jpy.

Just re-read all my posts in this journal and my trades to remind myself how I made over 300% cos at the moment I've lost the mojo lol! The majority of my trades have been either a) playing breakouts in the direction of the trend and then adding at further breaks of highs/lows i.e. peaks and valley style (although I haven't caught a whole trend yet) on 4H or 1H time frame and b) picking reversals from MAJOR daily PPZ areas with confluence.

They represent the two trading styles that have got my account to where it is.

It's no coincidence that my best trade this week is E/G which is a breakout of lows with the trend trade.

Need to be more picky with counter-trend reversals..only take the really confluenced setups or risk less on these. Last nights trades have damaged my account (I haven't looked at the % loss etc) and I'm keen to turn this week around - however in situations of frustration due to losses you need to make sure your mindset is clear and free of emotions otherwise you get too keen to trade to make up losses i.e. revenge trades and thus become less picky and take shotgun trades...I've been through the learning curve and know that I'm not in the right mindset at the moment.

Gonna print some of my best (and most simple trades) off and pin them on my wall together with some basic reminders (the two types of trades and conditions mentioned above) as feel got less picky this week and my account has suffered. gonna go gym to let the frustration out...come back with a clear mind and full of confidence again.

EDIT: I've also cleared all my intraday charts so I can mark PPZ areas again etc.
  • #519
  • Apr 21, 2010 1:59am Apr 21, 2010 1:59am
Quoting lovejoy80
Have you played the trends from Monday on these PV style?

Having a good week?
Nop i am all messed up this week in CT's.

First i missed the touch trades. Then i changed my mind at the last moment and missed first PV trades too.
.
  • #520
  • Apr 21, 2010 2:03am Apr 21, 2010 2:03am
Quoting nasir.khan
Nop i am all messed up this week in CT's.

First i missed the touch trades. Then i changed my mind at the last moment and missed first PV trades too.
.
Very similiar story to me...I have no idea why I didnt take the touch trades...normally I'd be all over them but for some reason as it was a Monday I wasn't fussed...very bewildering. If I'd taken them and held them then this week would have been very different so far as I'd just be playing the trends...would have been very dull...just how trading should be lol.

I find being hesitant is always a bad thing...it affects me badly when I try to think or analyse a particular setup too much...whereas if I go on automatic mode then I feel my inner confidence is taking over and doing what I know works.

Anyway enough dwelling.

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