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  • #2,801
  • Nov 1, 2010 6:29am Nov 1, 2010 6:29am
Quoting Fxfighter
Hi Mark,
Where did enter in the first pin?@break pin or braek RN?
Thanks for posting some of your trades.

FX
Break of the pin...the whole area is a monthly PPZ so too wide for a realistic touch trade so any bearish Pa and I'd be straight in and that's what happened - small pin but the location was superb. I didn't give any consideration to the RN to be honest for me it was just a monthly PPZ with a bearish pin...I was lookig for a sign / reason to short price in this area and that was it.
  • #2,802
  • Nov 1, 2010 6:51am Nov 1, 2010 6:51am
EJ - turned out to be a BE trade - there was no follow through to the initial impuslive rejection from the touch trade area - a pin formed but couldnt break. The confluenced area still acted like it should - it absorbed the down move and pushed price back up hard...you then need some more buyers / buy orders to come in to take price back up higher , this never happened in this case and so it was a BE trade for me - I was willing to leave SL at BE once FTA was hit because of the pin that formed.

ANZD - weekly BEOB with a clear price flip area for price to retrace too to act as resistance...1st time back to this area after breaking it last week. 61fib confluence on the retrace touch trade taken, then I saw the 15min beob as a further sign and took that, then the 4hr pin which has now hit it's FTA.

This is how I really like to milk a whole move...if the opportunity presents itself a touch trade (or lower TF PA if I want to wait for the confirmation) followed by 1HR or 4HR PA to add a further position and ride out the move.

My entries are:

Touch trade - 1.2918 SL@ 1.2959
15min beob - 1.2908 SL@ 1.2930 (at this point my SL on the touch trade is moved down to 1.2930
4HR PA - 1.2876 SL@ 1.2930

FTA on 4HR PA 1.2825 (including 5 pip spread) - if profit taken now it would yield:


+2.27R
+3.77R
+0.94R

Total +6.98R
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  • #2,803
  • Nov 1, 2010 7:13am Nov 1, 2010 7:13am
Quoting lovejoy80
Break of the pin...the whole area is a monthly PPZ so too wide for a realistic touch trade so any bearish Pa and I'd be straight in and that's what happened - small pin but the location was superb. I didn't give any consideration to the RN to be honest for me it was just a monthly PPZ with a bearish pin...I was lookig for a sign / reason to short price in this area and that was it.
Thanks for excellent explanation that trade.
  • #2,804
  • Nov 1, 2010 9:49am Nov 1, 2010 9:49am
Great journal mate. Please try and post more if you get the chance!
  • #2,805
  • Nov 1, 2010 12:31pm Nov 1, 2010 12:31pm
Summary of today's trades:

1. EJ - touch trade BE
2. EU - 1hr PA +2.85R
3. UC - 4HR BUOB -1R
4. EAUD - touch trade -0.45R
5. GBPCHF - 1HR PA +2R
6. ANZD - touchtrade, 15min PA, 4HR PA +6.98R
7. EG - 1HR PA +1.6R

TOTAL = +11.98R
Attached Image(s) (click to enlarge)
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  • #2,806
  • Nov 1, 2010 12:37pm Nov 1, 2010 12:37pm
Other trades I should have taken today:

1. EAUD - 1hr BEOB
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  • #2,807
  • Nov 1, 2010 12:57pm Nov 1, 2010 12:57pm
Quoting lovejoy80
Other trades I should have taken today:

1. EAUD - 1hr BEOB
2. CADJPY - in a tight range, 1HR BUOB towarsd the bottom of the range
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  • #2,808
  • Nov 1, 2010 1:01pm Nov 1, 2010 1:01pm
and 1 open trade:

- gold touch trade, TL, fibs, PPZ, RN and 1st time back broken former resistance.
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  • #2,809
  • Nov 1, 2010 8:08pm Nov 1, 2010 8:08pm
Quoting lovejoy80
Summary of today's trades:

1. EJ - touch trade BE
2. EU - 1hr PA +2.85R
3. UC - 4HR BUOB -1R
4. EAUD - touch trade -0.45R
5. GBPCHF - 1HR PA +2R
6. ANZD - touchtrade, 15min PA, 4HR PA +6.98R
7. EG - 1HR PA +1.6R

TOTAL = +11.98R
Hi Mark,
U/C trade -BOUB was formed like thrid touch broken PPZ and there was strong momentum down so quiet risky long in my view.(don't take personaly only my view and well after action so is easy be hero here).
How did you managed G/CH trade?
Thanks for posting your trades is great learning material with excellent charts nad comments.
Happy trading.
  • #2,810
  • Nov 2, 2010 3:10am Nov 2, 2010 3:10am
Quoting Fxfighter
Hi Mark,
U/C trade -BOUB was formed like thrid touch broken PPZ and there was strong momentum down so quiet risky long in my view.(don't take personaly only my view and well after action so is easy be hero here).
How did you managed G/CH trade?
Thanks for posting your trades is great learning material with excellent charts nad comments.
Happy trading.
I was looking at the broad daily price flip area...and saw a buob in this are and pulled the trigger (actually my order get hit by 1 pip! doh!). In retrospect the bar before the buob gave a big clue that this wasn't going to work out as this was the lowest close in this area since 18th October...see all those other spikes lower followed by a firm rejection of this area...this time we had a close below it...that was the signal that price was likely heading lower.

I took gchf n the area of the PPZ marked.

I actually ruined my 100% win rate record that I've had for 2 weeks yesterday. UC loss could have been avoided and EAUD wasn't the best touch trade setup either (I did relaise this at the time though)
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  • #2,811
  • Nov 2, 2010 5:48am Nov 2, 2010 5:48am
Not around much today so not that active today, but saw some decent setups so took them:

1. EU touch trade - got out at BE after FTA was hit
2. EAUD - BUOB @ PPZ
3. ANZD - touch trade , 61 fib, tl, ppz (remember have a weekly beob too)
4. GU - simple PA to FTA

Still in gold trade from yesterday.
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  • #2,812
  • Nov 2, 2010 5:51am Nov 2, 2010 5:51am
Quoting lovejoy80
I was looking at the broad daily price flip area...and saw a buob in this are and pulled the trigger (actually my order get hit by 1 pip! doh!). In retrospect the bar before the buob gave a big clue that this wasn't going to work out as this was the lowest close in this area since 18th October...see all those other spikes lower followed by a firm rejection of this area...this time we had a close below it...that was the signal that price was likely heading lower.

I took gchf n the area of the PPZ marked.

I actually ruined my 100% win rate record...
100%win rate in two weeks including touch trading?.Thanks for answear.
Have a nice day and only green pips.
  • #2,813
  • Nov 2, 2010 6:10am Nov 2, 2010 6:10am
Quoting Fxfighter
100%win rate in two weeks including touch trading?.Thanks for answear.
Have a nice day and only green pips.
Ha, yeah...was ruined yesterday...could have avoided the two losers too. Oh well it had to end at some point.

The way you 'includes touch trading' suggest that you perceive touch trading to be higher risk? Or that the setups are harder to trade?

My view on touch trading that if learned correctly and if the right setups are taken (just like with PA trading) then it is as easy and provides the same high probability setups as with PA trading but the big bonus of on average a much higher %R...plus more often than not it will lead onto PA which provides you an opportunity to take the PA trade having a guaranteed winner from the touch trade in the bag already.

The YM setup from last week and the gold setup from yesterday were IMO very high probability setups in that there was a very low chance of a reaction not occuring at these areas. Price won't always run on and on...some will act like EU today or EJ yesterday...you'll get the initial impulsive reaction but no follow through. Others will act like ANZD yesterday with a touch trade turning into PA and continue down for a decent %R winner.
  • #2,814
  • Nov 2, 2010 8:38am Nov 2, 2010 8:38am
Quoting lovejoy80
Ha, yeah...was ruined yesterday...could have avoided the two losers too. Oh well it had to end at some point.

The way you 'includes touch trading' suggest that you perceive touch trading to be higher risk? Or that the setups are harder to trade?

My view on touch trading that if learned correctly and if the right setups are taken (just like with PA trading) then it is as easy and provides the same high probability setups as with PA trading but the big bonus of on average a much higher %R...plus more often than not it will lead onto PA which provides...
Well I understand touch trading like highier level of trading but also touch trading(when u do right way like u do)give u edge.You are in all ready and others still waiting for PA.So after if you get right PA and you are all ready in,thats mean you have another conflunce even if that signal PA doesn't work,you have time to manage trade and I think this is important.
That is how I understant touch trading or trading in my learning stage.Takes hours and hours watching charts and read posts like yours are nad think about it and do over and over.I've read the whole thread and funny thinks is after your a few last posts was that little AHA- moment for me and I think I am on the start line lol.
  • #2,815
  • Nov 2, 2010 12:29pm Nov 2, 2010 12:29pm
Quoting lovejoy80
Not around much today so not that active today, but saw some decent setups so took them:

1. EU touch trade - got out at BE after FTA was hit
2. EAUD - BUOB @ PPZ
3. ANZD - touch trade , 61 fib, tl, ppz (remember have a weekly beob too)
4. GU - simple PA to FTA

Still in gold trade from yesterday.
Today's results
1. EU - BE
2. GU +0.33R
3. ANZD - profit taken at main PPZ as show earlier +5.2R
4. EAUD - holding onto this want to see how the daily closes as it could close as a daily pin above an important ppz (see chart)
5. Gold - exited when the rising TL broke +1.8R

Wasn't around around most of the afternoon...not that price seems to have moved much ahead of FOMC tomorrow.

TODAY'S RESULT +7.33R
Attached Image (click to enlarge)
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  • #2,816
  • Nov 2, 2010 12:52pm Nov 2, 2010 12:52pm
Quoting Fxfighter
Well I understand touch trading like highier level of trading but also touch trading(when u do right way like u do)give u edge.You are in all ready and others still waiting for PA.So after if you get right PA and you are all ready in,thats mean you have another conflunce even if that signal PA doesn't work,you have time to manage trade and I think this...
Yeah PA forms after the initial reaction has occurred and the basis of PA trading is that this momentum that caused the PA will continue. Of course it's the location that causes price to form the PA in the first place so if you know how to spot locations that will likely go on to form PA then you are getting into a trade at the start of a potential move.

Spotting the location takes practice but it's just all about clear higher timeframe PPZ's with supporting confluence...areas that have the potential to act as a brick wall to price and reverse it. If traded correctly you should get the same high win rate as you do with PA trading but with the obvious big %R benefits.

I used to take near 100 trades per week taking every PPZ etc...the market was more suited to it back then, but in a normal market you will get burned if you blindly touch trade on every S/R level you see...spotting the one's which give the highest probability of reversing price is key. My win rate used to be 60-70%, now it is 85%+ and my %R is pretty decent too.
  • #2,817
  • Nov 3, 2010 6:50am Nov 3, 2010 6:50am
Likely to be a slow day today cos of FOMC...I don't want to be in any USD or JPY correlated trades at this time so will only take few trades today.

2 trades today so far:

1. Second position on EAUD - 2HR BUOB - entered on the pullback @1.4048
2. Oil - simple breakout and retrace - I always look for PA on the retrace as confirmation the former resistance will act as support (I use any TF from 5min upwards) and thus entered on the 15min BUOB.
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  • #2,818
  • Nov 3, 2010 10:00am Nov 3, 2010 10:00am
Took profit at FTA on oil at 85.

Still in EAUD and it's starting to slowly move.

2 more trades for today:

- EG - 1st time back to broekn resistance with fib confluence
- GJ - daily PPZ, 61 fib and TL + RN.

I'm at BE on GJ.
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  • #2,819
  • Nov 3, 2010 10:39am Nov 3, 2010 10:39am
1 more trade for today
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  • #2,820
  • Nov 3, 2010 12:54pm Nov 3, 2010 12:54pm
Hi Lovejoy nice to see you back in the journal again.

I was wondering according the touch trading you enter right away(agressive)?

And where you consider best place for the stops?

According moneymanagement do you risk for example on every positions 1% let's say thats your maximium don't know what it is for you.
Or do you also have some you risk 0.3 or 0.5%.

Oke last question according targets you specify targets if so what points next ppz? or do you scale out and move stop and if broken scale in? or do you use trailing stop?

Thanks mate hope you can answer them i learned a lot from your charts really good to see you back here

Thanks Ingmar..
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