Naked and Blind Trading

So I decided to start a little experiment in this journal. I will be posting trades that I do on demo account. I will post the entry point and my thoughts at the time of entry. I will post my stop adjustments and thoughts while in the trade. I will finally post my exit and my thoughts about the trade and what I learned. I will also keep a running total of my demo account balance. To me, account balance is the most important thing, not how many pips because that can be deceiving if someone risks different amounts on each trade.

I guess I had better define what I mean about Naked and Blind Trading. To me, naked means no indicators of any kind on the chart that I will be using. NONE!! Blind means using only one TF. I will be using only 1 chart. I won't be looking at the longer term trends. If I decide to use S/R, it will only be from the chart TF that I am trading from.

This is only an experiment for fun and purely for my entertainment and no one elses. If you wish to comment on this thread, you are welcome to. Just keep in mind that at this moment in time, this is purely an experiment for fun on a demo account.

Edit: I forgot to mention that I will only be trading off of daily charts. Also, as part of my blind trading, one of my rules is that I can only look at my charts once a day which will be after the daily candles close. I want to force myself to not be constantly following the pricing and train myself to be diciplined in the rules that I set.

I will be using pure PA to determine my trade entries and exits. So, buckle up and lets see where this ride takes this demo account.

First trade is short GBP/USD at 1.5813.
Stop is above the swing high from 9/29 @ 1.5937.

Short entry is taken because there was a BEOB on 9/28, an IB on 9/29 that closed lower then previous day, another BEOB on 9/30 that closed below the low of 9/29. This is a trade I would normally not take since the R/R ratio wasn't going to be good. I waited to see at least price move to about the 61.8 fib by eyeball. This happened on the 10/1 bar. I entered short as soon as I could get to my computer when market opened on 10/3. Price had already fallen to 1.5803 when I was able to enter. There is PPZ about 1.5997 which is past my stop and 1.5345 which should give this trade room to move in my direction.

I expect this is a low to moderate probability trade. I wouldn't take this entry with real funds. This is just to document what happens and my thoughts, reactions, emotions, etc.

I am tempted to watch the charts and see how my trade is doing, but every time I get ready to open the chart and look at it, I feel all kinds of anxiety. My rule is to not look at the chart until the candle prints, so I will just wait until then and adjust the trade as needed. I guess I wouldn't feel so much anxiety if I had just waited for what I would consider a higher probability trade. I will see tomorrow how this one works out.

I am trying to study candlestick formations as much as possible since these formations are what will be giving me my trading signals instead of using indicators. I will be watching closely to determine which ones are more reliable. I'm sure everyone has their favorites and I need to determine for myself which ones are my favorites.

Will read you ,
Good luck and welcome

Ok, so my trade is still open and viable. Today posted an IB which continues to strengthen my position direction. Price is exhausing on the daily uptrend. I feel a little more confident that this trade will come out positive.

For those interested, I initially placed a trade risking 1% of my demo account since I felt it was a trade that was a lower probability. I'm sitting right about break even ATM and think the probability is getting better in my favor. We will see...

No adjustments to the trade or stop have been made.

EUR/CHF is showing a BEOB, and BEEB. I will consider going short on this pair tomorrow if I have confirmation that the swing high price created on 10/4 holds. There is a Mild PPZ at 1.3465 where the swing high is located. Next PPZ is 1.3924. Lower PPZ is 1.2764. Price closed at 1.3294 today. I would only enter short trade on 61.8 retrace of the 10/4 bar as long as the swing high on 10/4 holds. I will check on it tomorrow.

AUD/USD is showing an IB today. I would consider a short trade if price closes below the low created on 10/1 because this would confirm the swing high on that day. I will check tomorrow. Short trade would have potential since PPZ on the down side is about 300 pips away at .9385

NZD/USD is same as AUD/USD. If price closed below low of 10/1 bar tomorrow, I will place half a trade since R/R ratio is not as good as AUD/USD would be.

EUR/GBP has BEOB, and BEEB but R/R ratio is not good enough to trade unless swing high holds and there is a 61.8 retrace of the 10/4 bar.

EUR/JPY will consider a short tomorrow if price closes below 113.73 since there looks to be lots of room for this pair to run.

That's my take on things as of today. Tomorrow could be interesting.

GBP/USD trade was about 3 pips from getting stopped out as a loss. Trade was manually closed as soon as I got to my computer a few minutes ago at 1.5905 for a loss. Trade was closed since swing high didn't hold up. I made a mistake on what IB's mean. I thought they were a signal that trend is reversing, but as it turns out they can go either way. They just mean the market is taking a breather. Next time, I will wait for a close past the low or high of the candle that initially gives my entry signal if I get an IB the newt day.

Loss of $360 on my demo account for this trade or -.72%

Since my evaluations of the charts from yesterday had a lot if IB's, I will need to re-evaluate my possible trades.

EUR/CHF had 5 pips short of a 61.8 retrace of yesterdays candle. Will wait on this one.

AUS/USD had a hammer. This pair has had a long run up in price but sellers look like they haven't been able to take control. I would consider entering a buy at .9759 which is 10 pips past the swing high. I think this paid could go higher. I'm not putting a trade on though.

I'm going to end my analysis here for tonight. I haven't checked out the other pairs. Instead, I'm going to do a little more study of price and candle patterns so I can make sure to get my trades more accurate.

I am proud of myself for manually closing my trade instead of hoping it turns back around. Price has told me that I was wrong and I need to wait for things to line back up again. In the past, I have had trouble cutting loosers so this is an improvement for me.

I was correct on my analysis from yesterday. If I had take the trade as described, I would be positive by about 65 pips as of right now. Since I didn't place the entry order, the trade doesn't count.

I have spent the past week or so going over more PA and candle formations to familiarize myself more with what I need to do. I am excited that things are starting to click for me. I am ready to start posting my trading again.

I will be switching shifts at work soon. I will be switching to the night shift which will allow me time to analyse and trade at the end of the forex day (2pm PST or PDT). Once I get switched, I will post all my demo trades and analysis. It might start next week or the week after that. Yahhh!

My shift change at work didn't come through, so I will have to make due in the mean time. This means that my trades will be placed slightly after the end of day (approx. 2:30 - 5:00). I setup my demo account on myfxbooks so you can watch what I do. I will try to post in here each time I make a trade as well.

Here is the link to my demo account: http://www.myfxbook.com/members/Tren...endtradr/58754

I placed a few trades today, just to make sure everything was setup properly. From now on, I will follow the trading plan that I have set out.

Disclaimer: Please trade at your own risk. I cannot / will not be held resonsible for any profits or losses to any trading accounts. This information is being provided strictly for educational purposes only.

Ok, I'm long USD/JPY at 81.75 w/ SL 80.30 and TP at 84.90. The chart is showing a confirmed swing low today which is why I placed a long trade. Hopefully the swing will hold up.

This is not a currency pair I really like to trade, but since I saw the PA I figured I would take the trade and see how it pans out now that my demo account is up and running.

My trade is currently running negative. I don't usually watch my trades since I don't want to be influenced by my emotions, but since this is a demo account I thought it would be ok to comment on the trade before today's close. The swing low is still intact for the time being. I'm not worried since I will have loosing trades along the way. As I said earlier, I don't usually trade this pair and I know I am definitely against the trend so I don't expect much out of this trade. I'm really waiting on the other pairs to give me a signal.

I just wanted to make a point that I will not be adding to negative positions. In the past, I have added to negative positions and also moved my stops farther away from current prices. This is not something I will be doing since I feel that I can make better MM decisions before I get into a trade. The only moving of my stop will be to put it at break even if given the chance and then gradually moving up manually with the trades at the end of each day as pricing moves in the direction of my trades.

I forgot to mention that I am only risking approximately 1% on this trade. I feel like this is a safe amount, and it will allow me to keep my demo account alive even when and if I have multiple negative trades. In the past, I have felt the need to over leverage my accounts. That only leads to self destruction on a couple bad trades. I have learned from the past and will continue to learn as I move forward.

I figured out today that I can post notes with my trades on Myfxbook.com, so I will be posting my analysis and everything on there. I will just use this thread to post when I actually place my trades. Here is my account link just in case you forgot: https://www.myfxbook.com/portfolio/trendtradr/58754

You can comment on my trades in here if you like. Thanks.

I just entered a short of USD/CHF.

This pair is signaling a long trade, but I can't get a good enough R/R ratio to justify the long position. I have heavy resistance at around .7600 and current price is at .7530. My stop would have to be at the swing low at around .7400. This is not even worth considering going long at this point.

My USD/JPY trade is still open from yesterday and is currently 75 pips negative. No adjustments will be made to this trade at this time.

I should have closed my USD/JPY trade at the close of the daily candle at 81.02. I didn't realize that the candle confirmed the swing high and I needed to close trade and place a short trade on. I'm about 20 pips from getting stopped out atm, but am going to leave trade open for now and see what happens. I will try to do a better job and read the PA better in the future. I won't beat myself up over it, since it was just an oversight on my part. That's what this journal is about anyway. I will be able to learn from any mistakes I make and improve for the future.