Today I missed a trade because I was asleep. I think thats something I need to learn. Keep my eyes open from the Tokyo open until my profits are hit. I need to realize that those are my "Business Hours", the hours Im paid to be awake. I would have easily have hit my 30 pip targets.
Anyways, im waiting to enter the market the next chance I get. I have no idea how the market will be headed though I feel I might gat a rare Long win today. im a bear by nature with over 70% of all my trades being short despite the EURUSD being extremely bullish these last few weeks. My missed trade would also have been a short.
My broker, Alpari NZ, just sent me an e-card wishing me a happy Birthday and I just had to post it here for you all to see as well as for the memory. Alpari, I appreciate the gesture but it was only fair that you do so given all that money Ive put in my account and blown. I hope you feel this way when I start making my withdrawals this friday. LOL
I will be looking to go short in the next 10 minutes if Price closes below my drawn Support at 1.394. Chart to follow:
UPDATE: Short Taken 1230hrs Local Time (GMT+3)
Could you explain why your S/L is at 1.3982. Thanks.
Ignored
The previous high (today) is 1.39762. Due to the trading range today in the asian session being a bit high, I have added 5 pips to that figure. If you have read the system rules, I am to add 2 pips but I feel I would disadvantage myself by placing the SL too close to the high.
Hi M
interesting stuff in here
1st post here.
Was you entry price the CLOSE of the break out bar ?
Do you always wait for bar to close ?
M15/M30 ?
Tks
David
I understand, thanks, and yes, I have read the rules of your system.
Ignored
The other high for today is 1.40846 which i need not say is too much of a risk for my system given the leverage Im using. You will notice price respected that support for over 7 hours today and that's why I sold when it was broken. On the upside, the resistance of 1.397 held pretty well too. That range is what Im using to calculate the SL (just above the highest point of that range)
Hi M
interesting stuff in here
1st post here.
Was you entry price the CLOSE of the break out bar ?
Do you always wait for bar to close ?
M15/M30 ?
Tks
David
Ignored
I think it is very very important to wait for the close. Some people do not wait for the close but I do, reason being, I work with closes. I believe that a significant S&R level is broken if price closes below/above it. When price does close below a support, it then turns into a resistance as you can see on your charts right now. How else would you know that support has turned into resistance without a close? (rhetorical)
My broker, Alpari NZ, just sent me an e-card wishing me a happy Birthday and I just had to post it here for you all to see as well as for the memory. Alpari, I appreciate the gesture but it was only fair that you do so given all that money Ive put in my account and blown. I hope you feel this way when I start making my withdrawals this friday. LOL
Seems like the market isn't in the mood of giving me any free lunch on my day. It has totally refused to hit my TP missing it by 5 pips. Price also seems to have broken the 1.394 resistance. I wanted to exit and go long but price has since retraced and closed below the level again.
In my current analysis, we should be long at 1.394 with a Sl just below the previous low of 1.38913 less 2 pips. Tp should be previous loss + 30 pips.
This is the trade I will take but not just yet. Update to follow.
Update 2
I did not take the trade in Update 1 above because price closed down below the resistance of 1.394. My TP was missed by 3 pips and I should have probably taken profits then. I say probably because there is no allocation for doing that in my rules. Maybe a few trades like this and I can learn how to incorporate partial profit taking.
As I type, Im in a loss of -30 pips. I will exit at the end of the current candle if price closes above 1.394. Price seems to be above the BB MA and all I want is a stochastics close above 50 for the trigger. I will be weary of the resistance 1.397
I have had my second losing day in the last four weeks. I lost 29 pips. Tuesday has also started with a -66 pips loss. That means I have lost 95 pips this week. In order to make up for the lost pis and get ahead as planned, I will need 155 pips by the end of Tuesday 9th November 2010. I don't know if I can make it but Im guessing we are in for a bear movement of around that magnitude today.
Slack, I have attached that account to myfxbook. I occassionally share the link on facebook. I will share the address sometime in the future too if I continue being as successful as I have been those last 4 weeks. Its just a matter of time. I hope you can understand where Im coming from.
The greatest lesson I learnt is to always stick to the gameplan you had at entry. Trade 1 on Monday; the game plan was to exit if price closed resistance or hit SL. In the end what did I do, I got out of the trade in the middle of a range. Price never even got near that resistance. Yes, the signal to go long was there but that was not my gameplan on entry. I became greedy and wanted to make some more pips. i did not stick to the game plan.
Trade 2 I followed all the rules and I expect the open position to at least hit 100 pips. The other 53 pips I cannot be sure about but Im also betting on that too.
I hope to learn to follow the entry gameplan!
Current open position gameplan
To exit at TP,SL or close above the Support turned Resistance at 1.3899
The greatest lesson I learnt is to always stick to the gameplan you had at entry. Trade 1 on Monday; the game plan was to exit if price closed resistance or hit SL. In the end what did I do, I got out of the trade in the middle of a range. Price never even got near that resistance. Yes, the signal to go long was there but that was not my gameplan on entry. I became greedy and wanted to make some more pips. i did not stick to the game plan.
Trade 2 I followed all the rules and I expect the open position to at least hit 100 pips. The other 53 pips...
Ignored
Hey there,
Been following you on here for a while now... at First Congrats on that last 4 weeks. That was an amazing performance.
This week now, as you also described had a bad start for you.
(Happy belated birthday by the way!)
A lot of range without clear direction the most time of the day IMO.
Though to trade that!
You did your analysis of what went wrong already. Your short trade No1 would have hit the TP. So as you said. Stick to the plan!
Same for your current short trade now. You are aiming for 155 (or 100) pips . But only because this would make you achieve the pip-count you set as a goal?!
Sure we could see a nice bearish move now, but this is not what your system is set up to?
(or is it?)
Don't wanna sound smart-ass, but don't get caught in the "duty" that you have to achieve your daily targets every day!
Hey there,
Been following you on here for a while now... at First Congrats on that last 4 weeks. That was an amazing performance.
This week now, as you also described had a bad start for you.
(Happy belated birthday by the way!)
A lot of range without clear direction the most time of the day IMO.
Though to trade that!
......
Don't wanna sound smart-ass, but don't get caught in the "duty" that you have to achieve your daily targets every day!
Wish you all the best!
-Tuner -
Ignored
Yea, nice observation. I think I need to let go of the obsession to ALWAYS make the 30 pips EVERYDAY.
My 30 pips Daily and my 45% Weekly Journal
