My path to financial freedom

I really don't want to be the party crasher LJ, but it's Friday afternoon in a really awkward week. Do you expect things to be technical now?

You said you're gonna take the time off, you're not following your plan.

Again, I don't want to be rude...

Ha...yeah I did

I've got 0.01 lots on EU short from the close of the last hourly bar...I dont know why the market hasn't tanked yet on my orders

Just looked at gold

You Looked Late.

Hey...you're not being rude...we're all here to help each other etc.

yeah I know...I think I'm addicted lol. I've literally got tiny orders - micro lots and have set SL and have left them...wanna see if my theory plays out.

I dont even have my platforms open now. Just catching up on posts and other stuff online.

Has euro done its work?

Still thinking about a weekend gap.

I am FxPro member
Don't know if I should be happy but as soon as I registered they called me already twice. Is it a good sign, Or They just want to know how much I am gonna transfer to them?

I didn't get any call when I joined

It's surely not a bad thing a company taking an interest in their clients...probably your account manager claling to discuss your needs / requirements etc etc.

Yes I like it I am a fond of customer service. I believe it is a competitive advantage.

When I signed off with IBFX I received a lot of presents: Some books (value of over 200$), sponsored tee and a bag.

It was funny, I did not expect that.

We shall see...I can't see it getting above 13400.

US afternoons have been really quiet recently...wonder if we'll get any decent moves today.

I put sell limit orders at 1.3450 and 1.35 on EU
SL 1.36 . Mr Wayne style.

I've got sell orders @ 1.3400 and 1.3500 - 1.3400 based on 1HR chart and 1.3500 based on 4H chart...I'm bearish EU until we break 1.3700 from a med/long term perspective. The daily chart shows LH and now we've made a LL...though I'd be more comfortable when we close below the previous lows...all we've done is spike down low intraday.

http://www.cnbc.com/id/36730325

I like Jim Rogers...I think he makes a lot of sense.

I never followed Cnbc/ Bloomberg to many opinions going on. But if you say the guy is worth than I ll Take a look

I have CNBC on all day long whilst I'm trading...dont really listen to what they say most of the time but use it more for breaking news / economic news plus I have a general interest in economics...just find it an interesting area and there are a couple of hot female reporters lol.

IMO he cuts the BS and says it how it is and keeps things simple...unlike a lot of guests they have on there talking economics.

Week 3 130 trades 49.2% win rate, 11.70% account gain. Total account gain is now 357.74%

A really poor week relative to previous weeks...I'm taking far too many trades and not being picky enough. I'll do some more detailed analysis / thoughts and some changes / goals for next week over the weekend.

He Lovejoy,

I think you need to calm on a bit more do some good relaxing this weekend.

Looks like you are bit overtrading see this as a feedback you doing really outstanding.
Dont ask to much from yourself or become to overconfident.
But thatfs my opinion mate i hope you can archieve your goals i am working on it also.
Finding the right way now and i learn a lot from you and Nasir

Thanks

I was analyzing my charts and spotted this acording to j16 this is a good setup right?

http://i39.tinypic.com/fvl9uc.jpg


And Nasir can you maybe tell me what a good touch trade is.

I can help you guys aswell if you want i can get many stuff from the internet like books courses and trading material pm what you want and i get it for you

Yep totally agree with you about overtrading...will post more about this over the weekend.

With regards A/CAD...I nearly took a touch trade off that obvious PPZ area on Friday but decided against it.

My view on the daily pin is a follows.

1. Look at the monthly and weekly time frame...the first thing I notice is that this pair is pretty choppy. We also have a BEOB on the weekly...although not a great one and not one I'd play myself as a continuation bar.

2. The pin itself is a good pin in terms of size.

3. With regards divergence I dont see it...if you have RASI(6) set to close then there is no divergence...be careful when looking for divergence...I've marked the bars that the divergence points applies to...you can see that the close of the pin bar is higher than that of the other bar and thus for divergence we'd be looking for RSI to be showing a low not a high when the pin bar formed compared to the previous bar...hope that makes sense. I personally prefer to set RSI to high/low depending on what we are looking for i.e. in this sitation low as per my second chart - in this case you can see there is no divergence as price made a new low and so did the RSI.

4. The most important part of this setup (I personally dont use fib fans or fibs other than 50/61.8) is the lack of space above. When looking at setups like this you forumlate an exit plan in advance...thus mark the areas where you'd expect price to have trouble and as you can see there is virtually no room to the first trouble area (FTA). This doesn't mean it's not tradable it just means you need a plan in place as to what you will do when price reaches this area.

For me personally I would only take this bar if we had a retracement first before breaking the high of the pin bar as the FTA is far too close to make it worthwhile taking the break. A retracement back to the 'left eye' of the pin bar would be a good place to place a long with the expectation that price will then break back up and head towards the FTA. If price broke below the left eye I'd be quick to kill the trade as it is highly likely that price would then head towards the PPZ again.

Other people use a fib retracement of the bar itself to enter a trade - I've not experimented with this yet.

Please note that this is advanced entry techniques...the bog standard way of entering these trades is on a break of the bar...a pin bar is not a pin bar until it has broken it's high. Of course we may get a fast break and soar through the trouble areas...but IMO thre is a lot of choppyness to play with on this setup...if you do take it make sure you plan it advance what you are going to do at each area....you can of course give it some space and see if it eventually breaks through these....but for me I would not want to take a loss on this type of setup.

The hard thing for me about playing these bars when you need to watch price carefully is that they play out in Asian session when I'm asleep.

These are just my views of course...

A great trade to have taken on Friday would have been the A/CHF BEOB on 4HR...see Mikes post here....if I'd seen that I would have risked 5% of my account on this trade...it's as good as sure money as you can get IMO.

http://www.forexfactory.com/showpost...ostcount=61680

With regards touch trading...i'll let Nasir go into more detail on this as he is better at these than me...but take a look at G/CHF on Friday and see if you can spot where and why a there was a good setup for a touch trade.

Thank you verry much for you explanation Lovejoy i print all the post of your journal and take a look at it this weekend.


Thanks for help i am starting to see things different

No worries Just remember that every trader is different in the setups they will take...it all depends on your tolerance to risk. As far as I'm concerned a conservative trader would not take this trade or at best would take full profit / move SL to BE at the FTA. A more aggresive trader like myself would wait for a retracement first and would maybe take some profit at the FTA or see if we can burst through quickly. The way I see is your tolerance to risk depends on your aims and goals...the larger the account you have the more picky you can be as the % you need to make per month / year etc. in order for the business to pay for your living costs etc. is much lower whereas if you are a small account holder and want to grow your account quickly in order to be in a position where you can trade full time and more conservatively then you have to take more risk.Well that's the way I see it anyway - I'm in what I call 'account building' mode thus i want to grow my account as quickly as a I can (without taking undie risk or stupid risks / 'punts') when I can then be more picky / conservative and take merely the high probability setups on the longer timeframes...but until then I need to grow my account and the two ways of doing that are to trade aggresively or to save money until you have a big account...the latter is not an option for me. Anyway I've rattled on a bit there...but my point is don't be swayed by what I do as you need to find out what suits your personality and risk tolerance and have your own individual plan. Also make sure you read J16 posts...In particualr I would definitely recommend you start with James posts...I arranged for them all to be printed and bound when I first started learning J16 and reading his posts should switch a big light on as he really explains things well and shoes you how simple trading can be.

A review of last weeks trading and my trading so far will come later (I need to actually review the first lol) plus some charts on my thoughts for next week...should defintiely be interesting to see if we can have some follow through on Friday's move or not. I've made enough money now to pay for the next 6-9 months of living costs...that's everything I need and so I've withdrawn this money and the money that I have left I will trade with for the next 6-9 months in order to make enough to pay the following 12 months living costs and leave me with some more money to trade during this time. I've worked out that I need to make on average 130% per month in account growth over the next 6 months in order to pay for the following 12 months living and leaving me enough left over to trade with that I would then need to make 20% per month from there on in for the following 12 months to pay for the next 12 months and so on. I prefer working in 12 months slots as you can then work / trade without time pressure and plus it's what the wife will agree to lol. Not sure if that makes sense...but it's my plan and this is my one opportunity and chance I am going to have to make enough to be able to call myself a full time trader. I've proven to myself that I can do this, after all my account was over 357% up in 3 weeks of trading...I am not the perfect trader by a long way, I make a lot of mistakes as far as I'm concerned but with the knowledge I do have I know I can do this...failure is not an option the only thing that can stop me achieving these aims is myself. The new account size I have is very small...I'm talking micro lots size. I'm still developing my plan and strategy and will post this when complete.

Not sure what is happening with my posts...but all paragraph splits are deleted and I end up with all my text in one paragraph?