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  • #3,061
  • Dec 18, 2010 12:07pm Dec 18, 2010 12:07pm
Quoting pmn100
Hi LJ

Learned a lot from your journal, thanks.

Can I ask where your SL for the touch trade was on the E/CHF trade? Looking at your chart, it would appear the entry on PA was a slight loss, but the touch trade was closed for a profit of ~0.5R.


Paul
There are 3 trades on ECHF, one touch trade and 2 trades for the PA. the touch trade SL was @ 1.2750 - there was a 0.25R winner on the touch and a net 0.20R winner on the PA trade
  • #3,062
  • Dec 18, 2010 1:21pm Dec 18, 2010 1:21pm
Quoting lovejoy80
There are 3 trades on ECHF, one touch trade and 2 trades for the PA. the touch trade SL was @ 1.2750 - there was a 0.25R winner on the touch and a net 0.20R winner on the PA trade
Ah that makes sense then. Didn't see that 3rd trade from earlier in the week on your chart.

Thanks


Paul
  • #3,063
  • Dec 22, 2010 6:45am Dec 22, 2010 6:45am
First time this week I've properly looked at charts and was wating for this setup occur.
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  • #3,064
  • Dec 22, 2010 7:53am Dec 22, 2010 7:53am
Quoting lovejoy80
First time this week I've properly looked at charts and was wating for this setup occur.
Hi Mark,
I took the same trade that location was briliant.
  • #3,065
  • Dec 22, 2010 9:50am Dec 22, 2010 9:50am
Quoting Fxfighter
Hi Mark,
I took the same trade that location was briliant.
Yes, indeed it was. I'd take setups like that every day without a second thought
  • #3,066
  • Dec 22, 2010 9:52am Dec 22, 2010 9:52am
Quoting lovejoy80
Yes, indeed it was. I'd take setups like that every day without a second thought
I was watching the same...it was definitely nice seeing your post/validation of such.

Are you trading lighter over the next couple of weeks?
  • #3,067
  • Dec 22, 2010 9:59am Dec 22, 2010 9:59am
Quoting sam0182
I was watching the same...it was definitely nice seeing your post/validation of such.

Are you trading lighter over the next couple of weeks?
Yeah, I opened my charts this morning saw that area and thought that will do nicely as my only trade of the day...a nice xmas present from the markets for sure.

Yep, not really looking at charts that closely and very unlikely I'll be trading again until the new year after tomorrow.
  • #3,068
  • Edited 1:50pm Dec 22, 2010 1:16pm | Edited 1:50pm
Quoting lovejoy80
First time this week I've properly looked at charts and was wating for this setup occur.
Update:

1. Took profit on the pin at obvious FTA +0.48R
2. I moved SL up on touch trade once price had broken above the 1.0150 PPZ. This area did not hold as support so my SL was hit +1.22R

Normally I wouldn't have moved my SL up on the touch trade yet, but because it's the holiday season I'd rather bank some profit than let trades run unattended.
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  • #3,069
  • Dec 22, 2010 9:02pm Dec 22, 2010 9:02pm
This was another great trade.Well didn't spoted as not much time with Xmas prep.)).I Just add second entry b/c I think you will do Mark.So touch and PA entry.
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  • #3,070
  • Dec 23, 2010 2:22am Dec 23, 2010 2:22am
Quoting Fxfighter
This was another great trade.Well didn't spoted as not much time with Xmas prep.)).I Just add second entry b/c I think you will do Mark.So touch and PA entry.
Looking at GCAD, it's a pair that you could have milked some nice pips on this week.

1. Touch trade @1.5800 - breakout and retrace back to this area (1st time back) with RN and fib confluence - importantly it's a daily PPZ - this is a great trade setup IMO - one of the setups of the week from what I've seen.

2. 1HR PA in the form of a pin-like BEOB

3. As you mentioned price then broek the 1HR / 4HR PPZ @ 1.5715-20 and thus you'd be looking for this to act as resistance on a retest. Pruiceduly comes back after moving away for a few hours (this is important for me) and with 50% + TL confluence this makes this a touch trade candidate.

4. 1HR Pin forms off this area with a great close below the 1.5700.

Price then continues down to the obvious double bottom target.

Of course it doesn't always work out like this but a a great touch trade setup can and often is the start of a new trend as it was on the 1HR TF on GCAD this week.

For me I think there is great satisfaction in riding a move like this from start to an obvious TP...milking pips along the way by adding trades at good high probability setups. Just trading this pair this week would have yielded a higher % return in 1 week than the average hedge fund returns to investors in 1 year!
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  • #3,071
  • Dec 23, 2010 4:58am Dec 23, 2010 4:58am
Couple trades this morning...both are PA setups.
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  • #3,072
  • Dec 23, 2010 11:29am Dec 23, 2010 11:29am
Quoting lovejoy80
Couple trades this morning...both are PA setups.
Update...profit taken on 4HR trade at FTA as planned and profit taken on 1HR trade at a confluence of resistance.

Total gained from both trades combined was +4.39R
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  • #3,073
  • Jan 6, 2011 2:12am Jan 6, 2011 2:12am
Quoting lovejoy80;
1. Stay calm and focussed at all times.
2. Be patient and disciplined.
3. Be as prepared as possible...knowing what areas I am looking to trade well in advance with pre-thought out plans
4. Trade major PPZ areas with heavy confluence in ranging markets using split trades (one half to take profit at obvious PPZ and the other half to leave to see if can catch a runner).
5. dont trade counter trend unless a strong reason to do so...cathcing a trend and adding positions is key to obtaining big %R gains.
6. Risk max 5% per trade - being pickier I want to be able to risk more per trade.
7. Make sure I check 4HR bars on my non-intraday watchlist...as there are some good PA opportunities on these pairs..A/CHF BEOB on Friday was a classic example a slam dunk of a trade.
8. Zoom out and always look at the bigger picture
9. If indecisive about a trade dont trade it.
10. If trading well and going through a good winning streak then up the risk.
11. If losing and not picking winners then stop, take a break, preservation of capital is rule number 1 in trading.
12. Trade my charts and not my PnL
13. It's better to take a few trades and manage them well than to take too many trades that you cannot manage.
14. Be quick to change trading directions when my charts tell me too...eg. EU on Friday....hit PPZ had HH and HL bang should have been going long etc.
15. Post less on FF...I will be posting only when in waiting mode and at end of day / quiet 'lunch' sessions.
15. Get regular exercise and plenty of sleep.
LJ, am gg through your old posts. I thought this was fantastic. I recently made a list and it's pretty darn similar, down to the finer points of checking 4hr.

I JUST made a mental note to only trade @ major PPZs and or variations of the game plan. Tempting to trade other things while staring @ charts all day sometimes.
One Mind, Any Market
  • #3,074
  • Jan 10, 2011 12:28pm Jan 10, 2011 12:28pm
Slowly getting back into trading having had an extended holiday break.

My order on CHFJPY was hit and will likely pull it now as IMO there is a lower chance of it bouncing up again it comes back down again.

EAUD was a nice entry earlier but wasn't watching charts then.

Will post final results for December later.

Only casually watching markets this week as busy with other projects too but looking to trade less and hold trades longer this year focussing on touch trades in particular and trying to catch one that turns into a decent trend move whilst also taking short easy PA trades as well.

Gold, Silver and Oil are on my radar right now what with the weekly bars that formed last week.
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  • #3,075
  • Jan 10, 2011 4:19pm Jan 10, 2011 4:19pm
welcome back LJ!
  • #3,076
  • Jan 10, 2011 11:53pm Jan 10, 2011 11:53pm
Quoting lovejoy80
Slowly getting back into trading having had an extended holiday break........

Gold, Silver and Oil are on my radar right now what with the weekly bars that formed last week.
Welcome back lj - In my year end analysis I also think I need to hold the positions longer. Was long Oil, Silver and Copper last year and while I took big Rs they could have been 20/30 Rs..... if only one comes in it's enough to make your year!!!!

This year I think oil and maybe copper have the best stories. Silver is interesting but I have doubts around the integrity of the market still. Everyone is saying to buy gold which makes me nervous and on the sidelines.

Good luck!!!
  • #3,077
  • Jan 12, 2011 9:05am Jan 12, 2011 9:05am
Been pretty busy with various things this week...managed to take a few trades thogh - been a fair fe wnice opps by look of things this week so far. Will update properly later but here are open and closed trade this week so far
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  • #3,078
  • Jan 12, 2011 2:41pm Jan 12, 2011 2:41pm
Quoting lovejoy80
Been pretty busy with various things this week...managed to take a few trades thogh - been a fair fe wnice opps by look of things this week so far. Will update properly later but here are open and closed trade this week so far
Trades from this week so far:

1. EJ 2 x trades both were kind off crappy PA with rouch / breakout style trades. Closed them both near 109 which was 61% fib and PPZ confluence. Original entries and SL's were:

- 107.18 [email protected]
- 108.04 [email protected]

Exit on both @ 108.92 vombined +5.42R

2. NU is in a cosolidatino box at the moment and 2 pin like bars were reason for my entry plus things 'looked' bullish for USD pairs at the time. Tried to pick a TL for price to follow but it didnt want to oblige so SL was hit.

- 0.7570 SL@ 0.7540
- 0.7585 SL@ 0.7540

Exit on both @ 0.7587 for a combined +0.61R

3. ANZD price was @ a daily PPZ and 61% confluence, took a touch trade which resulkted in being stoppe dout for -1R then a 4HR pin formed which I took, taken half profit at obvious FTA and moved SL to BE on remainder.

So far banked a combined -0.60R

4. GBPAUD - price hit 61% fib and daily PPZ...I entered on a break of the 1HR cluster support (dont trade this pair often, actually I think it's the first time, so was a bit more cautious than a pure touch trade). I had to go out and decided not to set TPO at the obious FTA., when I came back price had already bounced at this area so I moved SL to BE and it duly got hit later. If I was around I would have taken half profit off at the FTA.


5. EAUD - 4HR PA...FTA hit and not giving this one much room so SL @ BE.

So +5.43R so far this week (still getting up to full speed).

I nearly took a trade on CHFJPY, 61% fib and daily PPZ...but pulled my pending order after price bounced just above on Monday, price did come back today and ghit the area and bounced so was maybe a bit too cautious here but I do prefer touch trades where price hits the area and gets rejected quickly with high momentum.
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  • #3,079
  • Jan 12, 2011 2:47pm Jan 12, 2011 2:47pm
Quoting Cyrus
LJ, am gg through your old posts. I thought this was fantastic. I recently made a list and it's pretty darn similar, down to the finer points of checking 4hr.

I JUST made a mental note to only trade @ major PPZs and or variations of the game plan. Tempting to trade other things while staring @ charts all day sometimes.
I'd forgotten about that list, that seems like a lieftime ago! Focussing on major daily PPZ's is the ebst way to go IMO, it's pretty much what I do day in day out. Everyone is different but I've never been 'tempted' to trade, I've had plenty of other psychological difficulties over the years but luckily that has not been one of them.
  • #3,080
  • Jan 12, 2011 2:49pm Jan 12, 2011 2:49pm
Quoting zentrader108
Welcome back lj - In my year end analysis I also think I need to hold the positions longer. Was long Oil, Silver and Copper last year and while I took big Rs they could have been 20/30 Rs..... if only one comes in it's enough to make your year!!!!

This year I think oil and maybe copper have the best stories. Silver is interesting but I have doubts around the integrity of the market still. Everyone is saying to buy gold which makes me nervous and on the sidelines.

Good luck!!!
Yes the big %r winners are dman nice. It's always easier to look back at the end of the year and see big daily trends as long as you trade your plan you should be happy.

I dont know much about copper, nor much about the fundies of oil and personally being mainly a day trader I find its important for me to not have preconcevied opinions and just keep it simple and trade what my charts and basic fundies are telling me.
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