T.J.'s Trades

My first trade in 6 weeks. It was a pretty choppy August, and I didn't see any set-ups that I liked. It now looks like the volatility is back, and I greatly appreciate this fact.

I saw the Daily BUOB on the GBPJPY, but the close was not at the top, so I believed I could get in the following day on a retrace.

I woke up at 4:45 AM and there was a nice retrace pin looking bar, right off the 1.55 level. The close was not as strong as I hoped, and I could see that price was fighting with the 1.55 level. So I was not comfortable taking this 4H trade.

I went down to the 5M chart to see if I could find a break to the long side off the 1.55 level. Price was just float around the 1.55 level until I noticed this break.

I got in at about 1.5510 (around the close of the bar with the arrow above it) and I set my TP at 1.5550, with a stop loss below the latest swing low at 1.5575.

I hit my TP within a few hours. I can now look back and see I should have taken some off the table, and let more run.

I learned a lot from this trade though, more than the few pennies I added to my account will show.

#1) I now believe I can trust in myself. I scaled down for the set-up I was looking for. The 5M set-up isn't perfect, but it was a feeling. Watching how price was moving, the higher lows, the push up, then push down less, push up even stronger, over and over.

#2) The major difference in the August price action/ranges, and what we have seen in the last 12 hours. I didn't trade in August, and I was almost getting an itchy trigger finger, but now I fully realize the power and importance of waiting.

My first trade in 2 weeks. Took the EURUSD Daily BUOB on 9/28/2010. The BUOB was played as a continuation due to the strong break through 1.35. I got in small on the break of the BUOB, but expected a retrace to get in more.

There was no retrace, so I took half profit it at 1.3575, and the 2nd half ended up breaking even. Small gain, as I said, I expected a retrace to get more entries, and never got it.

I got in the EURJPY based on the Dailiy Pin bar above the arrow on my attached chart. I really like this trade, but I only got 10 pips out of it.

The reasons...

#1) My 6 PM EST close of day broker for some reason has the EURJPY at 10 pips higher than my 5 PM EST close of day broker AND Oanda. Why? I don't know, but this is something I will cross check, so I got in later than expected, and that was unsettling.

#2) After the Pin bar activated it came down and sat at break even for nearly 2 full days. I didn't like the price movement, and believed there was not strength on either side. I noticed I was up 10 pips when I got back from the gym and said "to hell with it, at least I didn't take a loss with this horrible movement". Finally a few hours later the pair took off and stopped just above my original first target.

Oh well, I still believe I made the right choice. I got in at an incorrect price (from what I should have set it at, thanks to my charts being off) AND price didn't behave as expected.

I will be looking to get back in on this pair long again, if it can break through 115.00.

I forgot to add this trade to my journal.

Weekly IPB on the GBPUSD. Got in due to the close below 1.6000. I took partial profit along the way, but it has been long enough I don't remember exactly where my 1st TP was.

I got in on the weekly BEOB below the arrow on my chart. I actually didnt' get in until the 2nd week after the bar was displayed (the first bar after the weekly BEOB came within 7 pips of my price and reversed).

In at .8645 hit my TP at .8530, my original stop loss was at .8825 (above the .8800 RN and daily resistence).

I could have gotten in better if I had looked at the Daily Chart, and Jarroo gave a great explanation of where and how. So I have a lot of work to still do.

I did have a runner trade at .8510, but I believe this pair might chop around .8500 before giving a heads up of which way it wants to go.

I took this 4H BUOB Long on the GBPUSD up to 1.5820.

Good retracement, great sized bar, best time of day (5PM CST).

The next day I found another trade to go long on the GBPUSD. Double pin bar look. Not the best close, but the momentum looked to be on the swing up to 1.5850. I hit my first TP at 1.5850. The 2nd half I am holding until 1.6000 or I am stopped out at 1.5740.

Enjoyed reading through your journal...any 2010 recap/PnL %?

Wow, thank you. I have been working at this a while, but since I work 2 other jobs and have a house, I haven't put in enough long hours of chart time (IMO) to get really good yet.

I don't have a P/L, because I trade such a small part of my account. I trade through Oanda, and I want to stay positive, while trading a small enough amount that I can make back even small loses off my interest.

I had a few lucky breaks, and that put me at an over all profit last year. And I learned a lot.


#1) No more TV during the week, get home, get to bed early and get up early.

#2) I gotta be more confident to hold my trades to their final TP, because if I don't, over the long run I will lose money. I made money this year by holding my trades longer.

#3) I need to get better at going down time frames to find smaller frame set ups to support my 4H+ set-ups and allow for a smaller stop loss. My W/L was great, but it had to be as large as my stop losses were set to.

Thanks for reading. I still have not taken a trade in 2011. I missed a few good opportunities, but I think I will get my first trade soon enough.

Wow, it has been like 6 weeks since I took a trade. I have placed two orders in that time, neither were hit.

GBPUSD Daily BEOB. The location looked great (double top) and there was space to move down and capture profit.

I got in at 1.6105 (about 16 pips below the daily close). With NFP day being today, I expected some wild action and left my stop loss above the high of the BEOB for the entire first portion of the trade). NFP was quiet on the GBPUSD, so I had no issues here.

My first TP was 1.6060 (the high of the Daily bar from 1/18/2011. This was hit around 9 AM CST. At this point I risked 2/3 of my profit and took a second short trade (risk free) expecting this pair to again test the 1.6000 level. My stop is now above today's high at 1.6175.

I don't believe this pair is done with the 1.6 round number, but my SL for the remainder of my trade might prove to be too close. We can only wait to find out, all risk is gone and some profit locked.

Hey,
Just been through your trade journal. I like it, it takes courage to show all your trades to the general public win or loose.
Have you done any checking to see if you would be more profitable if you took all profit at once?
I notice that although you take some profit off the table you also let some ride and have on many occasions been stopped out at BE.
Do you think that you could give the trade more room by not moving the stop up so soon, would this have produced bigger wins??
I understand the thing about not letting the trade run its course, I find it very difficult also. I have seen small gains that ive taken go on to what would have been bigger gains because I just wasn`t sure if it would go against me if I held.
This is definitly comes down to having confidence in the trade that one takes and letting time take its course.

I will keep checking in to see how the year pans out for you but I am glad to hear that you are profitable, not many manage it.

Good luck

neale

Hey Neale, thank you for reading and I hope you get some good out of my thread.

I need to come back and completely update how my trades went. The GBPUSD trade above, my 2nd portion got stopped out.

But I took 2/3 profit at the FTA so even after my 2nd portion got stopped out, I still made a small profit.

With that said, I treat every trade individually, but I always make certain to make at least a small profit if the FTA is hit. I never just get BE trades, I want to make certain I get some profit as long as my FTA is hit and my FTA is hit in most my trades (enough to make me profitible).

I still have a lot of work to do, to look for smaller time frame set-ups based on larger time frame set ups so I can get my SL smaller and make me even more profitible while still only trading a few times a month. But I appreciate your comments.

Thank you,

T.J.

I just wanted to add here for a time marker, that I have started to eat cloves of raw garlic with my morning meals. It burns like hell, but it really gives me an energy and focus I have never felt before.

I missed the GBPUSD touch trade near the 1.6000 round number today. I am really kicking myself over that one. I was waiting for price action, and we didn't get any good price action at the area (at least on the 1H and up charts). It just would have been a simple touch trade with a R:R of about 1:1, stop loss at 1.5970 and TP at 1.6050, entry around 1.6010.

There was a trend line, 50 Fib retracement and the BRN confluence. I think these are the type of trades that take a while to spot, a while to build confidence to take, but seperate the boys from the men in the trading field. Touch trading at super locations with tight stop losses to allow at least 1:1 R:R on most set ups.

That was a killer trade, though it triggered like 1 second after that gbp news. Stayed away myself... shame, but oh wells
If you are looking to meet girls, I'm not so sure this garlic idea will help much Just saying

LOL, not many girls to be meeting in the USA, especially Kansas City.

I personally think Garlic smells pretty good, but maybe I will get sick of it eventually. I certainly have more energy and focus by eating it.

Nice mate. I was around in the KC area for a good bit. Still have family in southern Missouri.

Buddy down here with me in Texas is also from Kansas City, and goes back quite often.

I suggest checking out Power and Light district area downtown. They renovated it quite nicely if you are into night life.

Plus a few good pubs and bars.

I completely missed this post. Yes, the P&L is a very nice part of town for night life, and Kansas City BADLY needed it. I don't get down there often, I am almost getting too old for it.

I think they key is to have $1,000,000, have trading skills to manage it, and then just go buy a wife, LOL.

First trade in 6 weeks, wow, I have been picky.

I have put in a few orders, none have been trigered. I have also been studying some touch trading techniques.

But this is my first actual trade in 6 weeks. It seemed like a give me, almost like the market said "hey, we have been pretty rough on you, here is some free money to make up for it".

Daily GBPUSD pin bar, off the big round number, with the recent up trend.

TP1 hit this morning at the redline around 1.6120.

No trades in 6 weeks, then 2 trades in back to back days. It is a mix of me realizing that I don't want to live the way I do anymore, no matter the cost, and the market giving some very nice set-ups.

EURUSD, IBP against 1.4000, double top, MACD divergence, and the long term expectations of the Euro being over bought.

I got in at 1.3900, TP1 of 1.3945, TP2 of 1.3910 (also hit) and now waiting to see if TP3 of 1.385 gets hit or not.

Already banked profit, so now it is just a wait and see.

I've been working on a few things, starting to venture out on my own a little, using James16's principles but my own personal likes and dislikes.

I have put in a few orders, just none have been hit. Been watching touch trading, but not placing any trades just yet. That will come soon, and when I start taking these touch trade I know my thread will start to grow from my posts.

Here is a trade I got in today. 4H Pinbar on the USDCAD, retrace of strong bearish bar from Friday to previous 1D support. Since it is trading into long, long time lows, I just took 1R on this trade. In at .9680 and out at .9640.