My path to financial freedom | Page 175 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

My path to financial freedom 17 replies

Singapore trader's journal (the road to financial freedom) 8 replies

My Path To Financial Freedom 221 replies

Trade Your Way to Financial Freedom......... 10 replies

Book Wanted - Day Trading To Financial Freedom 0 replies

Attachments: My path to financial freedom
Exit Attachments

My path to financial freedom

  • #3,481
  • Apr 6, 2011 1:43am Apr 6, 2011 1:43am
Quoting unlv_tj
I had the EURUSD area marked at 1.4150 for a long entry, and then backed out when it looked like nothing was going to move today. Then around noon NY time everything took off.

I did have a successful short on the USDCAD from .9680 down and got out at 1R at .9640. I again didn't got for a runner thinking that the markets were just not moving today, and instead the markets just moved later in the day than I expected.
Nice UCAD trade...the reason why I always recommend people take partial profit and leave some of the trade on the table is for this reason...unless you really know where the market will move i.e. with firm conviction based on sound reasoning you're better of booking some profit as a reward for the correct analysis and leave some on the table to try and catch a runner....ucad trend is strongly down so if anything it was more likely to continue further down that bounce up.

With EU again, dont overthink things...if you try and stick to trading the technical setup time after time you will build confidence and it will become second nature...building in discretionary elements like trying to read the market and what might happen is not easy and should be done gradually over a long period IMO...the technical setups are enough to be able to consistently make profit week after week IMO.

AU, GCHF and GAUD had some nice setups over last couple days.
  • #3,482
  • Apr 6, 2011 2:12am Apr 6, 2011 2:12am
Quoting lovejoy80
Nice UCAD trade...the reason why I always recommend people take partial profit and leave some of the trade on the table is for this reason...unless you really know where the market will move i.e. with firm conviction based on sound reasoning you're better of booking some profit as a reward for the correct analysis and leave some on the table to try and catch a runner....ucad trend is strongly down so if anything it was more likely to continue further down that bounce up.

With EU again, dont overthink things...if you try and stick to trading the...

Hey LJ,

Partial profits is something I have been playing with on and off. Out of a matter of interest, when you take partial profits what do you take off and what do you keep on the table i.e. take profit on half of the position and let the rest run or are you more likely to take 3/4 profit and let the rest play itself out?

Cheers
MM
  • #3,483
  • Apr 6, 2011 2:21am Apr 6, 2011 2:21am
Quoting lovejoy80
I would have identified that the bar lows marked were the top of the PPZ area i.e. 1.4153 and thus my order would have been around 1.4155+spread.
Great chart! i think i see where i'm going wrong with some of my entries now. I have been trying to enter just above the mean of the confluenced area as opposed to above the area itself. I think it may be another psychological factor in that i want to make as much profit as possible and not take any drawdown so a few pips seems like a lot where as if you are taking the great setups it really should not matter.
  • #3,484
  • Apr 6, 2011 2:24am Apr 6, 2011 2:24am
Quoting MinceMeat
Hey LJ,

Partial profits is something I have been playing with on and off. Out of a matter of interest, when you take partial profits what do you take off and what do you keep on the table i.e. take profit on half of the position and let the rest run or are you more likely to take 3/4 profit and let the rest play itself out?

Cheers
MM
Mostly I take half of the trade off the table when I take partial profits.
  • #3,485
  • Apr 6, 2011 2:34am Apr 6, 2011 2:34am
Quoting lovejoy80
AU, GCHF and GAUD had some nice setups over last couple days.
So i think i have the AU trade - i was a bit torn between where to enter this one (the 50% the 61% or in between) so i left it. The GBPAUD trade is very clear but i did not trade it as i could see no fib confluence. Is this an example of where you would play a TT with no clear fib confluence or was there other contributing factors. I would have played the BEOB on the hourly but i was not up.

Having more trouble seeing the good setup on GBPCHF in the last couple of days? be great if you could post a chart.

I can see a potential long on GCHF off a weekly ppz but i'm probably going to look for PA in that area as price has been a bit choppy around there.



i'm saving all charts of trades i miss from now on in a separate folder with details of drawdown and exit strats
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 5. au.jpg Size: 111 KB
Click to Enlarge Name: 6. paga.jpg Size: 118 KB
Click to Enlarge Name: gh.jpg Size: 90 KB
  • #3,486
  • Apr 6, 2011 2:48am Apr 6, 2011 2:48am
Quote
So i think i have the AU trade - i was a bit torn between where to enter this one (the 50% the 61% or in between) so i left it. The GBPAUD trade is very clear but i did not trade it as i could see no fib confluence. Is this an example of where you would play a TT with no clear fib confluence or was there other contributing factors. I would have played the BEOB on the hourly but i was not up.

Having more trouble seeing the good setup on GBPCHF in the last couple of days? be great if you could post a chart.

I can see a potential long on GCHF off...

GJ 1HR BEOB too off daily PPZ this morning too.

Oh and GU was at daily resistance too...hang on a mintue all those GBP pairs lining up at strong resistance, some with Bearish PA...right before news...
  • #3,487
  • Apr 6, 2011 2:49am Apr 6, 2011 2:49am
Quote
So i think i have the AU trade - i was a bit torn between where to enter this one (the 50% the 61% or in between) so i left it. The GBPAUD trade is very clear but i did not trade it as i could see no fib confluence. Is this an example of where you would play a TT with no clear fib confluence or was there other contributing factors. I would have played the BEOB on the hourly but i was not up.

Having more trouble seeing the good setup on GBPCHF in the last couple of days? be great if you could post a chart.

I can see a potential long on GCHF off...
I dont have as big a spike on GCHF at that low that formed on my fxpro chart so my 61% fib lines up with todays high and the daily ppz.

No fib confluence on GAUD bits such a clear PPZ and 1st time back I would have taken a touch if I'd seen it but the 1HR BEOB was a clear sign
GJ 1HR BEOB too off daily PPZ this morning too.

Oh and GU was at daily resistance too...hang on a mintue all those GBP pairs lining up at strong resistance, some with Bearish PA...right before news...
  • #3,488
  • Apr 6, 2011 4:16am Apr 6, 2011 4:16am
eur/chf @ 1.3050 lining up for potential confleunce trade (trendline, support, fib 61.8 and atr stretched)
  • #3,489
  • Apr 6, 2011 4:27am Apr 6, 2011 4:27am
yeah i'm watching that as well - i was hoping to catch the move up yesterday but it didn't come down far enough.
  • #3,490
  • Apr 6, 2011 5:15am Apr 6, 2011 5:15am
Patience
  • #3,491
  • Apr 6, 2011 5:30am Apr 6, 2011 5:30am
Did you guys get your entry...or did it leave you behind?
  • #3,492
  • Apr 6, 2011 5:46am Apr 6, 2011 5:46am
Didn't entered eur/chf didnt gave me the price i wanted still have my order there i like the place. usd/chf the same but on this 1 price action gave pin on 1h but didn't liket the pin so much on ec but took the pin on usd/chf.
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-04-06_1435.jpg Size: 144 KB
  • #3,493
  • Apr 6, 2011 5:52am Apr 6, 2011 5:52am
I think the EURCHF 1.3050 yesterday would have been a SUPER trade. But today it would be the 2nd touch in two days, and it might still give a pop but isn't nearly as good of a trade.

Am I completely incorrect?
  • #3,494
  • Apr 6, 2011 6:04am Apr 6, 2011 6:04am
Quoting unlv_tj
I think the EURCHF 1.3050 yesterday would have been a SUPER trade. But today it would be the 2nd touch in two days, and it might still give a pop but isn't nearly as good of a trade.

Am I completely incorrect?
1.3020 imo offers much better base for longs at the moment. 1.3165 area might be a strong res for shorts on the other hand.
  • #3,495
  • Apr 6, 2011 6:14am Apr 6, 2011 6:14am
Look at my charts...

ECHF has a clear wide daily PPZ...looking at 4HR you can see reason it bounced where it did.

Yesterdays 1st time back was a very good setup ... but its still a heavily confluenced area and you have uchf and gchf at confluenced support at the same time which in itself is more supportting confluence for each pair in it's own right.

So looking at all of this...you'd expect with high confidence a bounce on ECHF (especially as eur is stronger than both usd and gbp today).
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gchf.jpg Size: 118 KB
Click to Enlarge Name: uchf.jpg Size: 111 KB
Click to Enlarge Name: echf 4hr.jpg Size: 114 KB
Click to Enlarge Name: echf daily.jpg Size: 83 KB
  • #3,496
  • Apr 6, 2011 7:57am Apr 6, 2011 7:57am
by the way how's thing Mark?
  • #3,497
  • Apr 6, 2011 8:51am Apr 6, 2011 8:51am
Trying desperately to get my order filled on EURGBP but its missed again by two pipettes, so i moved it down 1 pip and it missed again by two pipettes. My broker must know how much my trading has improved!!!

I'm getting so angry at missing all these great moves - just one trade this week - i need to take a break now - order in at 8796 on EG unless it goes down another ten pips or so.

great charts and explanations though

Thanks Lj
  • #3,498
  • Apr 6, 2011 9:15am Apr 6, 2011 9:15am
Order canceled on the EG. i wanted to put my order two pips below the lows at 99 at 97 was this the right area for you Lj???. Sorry to keep on with this but its important i get it right. I think i'll make a hard and fast rule to enter 3 pips below where i think price will bounce as missing this many trades is getting worse than taking losers.

Thought this would be at least good for a short term bounce.
Attached Image (click to enlarge)
Click to Enlarge Name: 7. eg.dltt.jpg Size: 122 KB
  • #3,499
  • Apr 6, 2011 9:26am Apr 6, 2011 9:26am
I'm really wanting to get more into understanding the correlations as it seems very important for scoping out the potential of certain moves and which trades are more likely to work.

I was trying to think of ways that would enable me to see all the pairs of a certain pair at the same time such as a whole profile dedicated to only the charts of a certain pair - so it would be easier to see when things look to be 'lining up'. guess the key is knowing which pairs are weaker or stronger generally and also knowing where lots of orders will be coming into the market on cross pairs such as EJ which may effect things elsewhere.

Then i saw on another thread someone posting charts of the indices of FX pairs. I only knew about the USDX before but you can also get charts for the other pairs that are similar.

I downloaded SIGlive demo mt4 and it has all the majors there. I wonder if these would work the same as the USDX in terms of looking for extra confluence?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ex.jpg Size: 70 KB
Click to Enlarge Name: gx.jpg Size: 75 KB
Click to Enlarge Name: xj.jpg Size: 70 KB
  • #3,500
  • Apr 6, 2011 10:00am Apr 6, 2011 10:00am
What I do not sure if mark does the same is for example if I see eu finding support I look which currencies are weak for instance now is the yen and also because the risk a appetite. So then I buy both ey and eu. Yesterday you could have done the same with gbpjpy. The eg will probally range now why if you open up the charts of gu and eu you see gu is strong but not as strong as eu so that's why the slight pullback eg would be a pair i would consider now not to trade. This is just my observation majestic. Better also stick first to the majors and keep the $ index next to it and maybe add gold silver or crude because they also dollar based but you will see that gold and silver are also seen as safe haven especially now a days. Then later if you understand those correlations you can add some crosses maybe start first adding the first triad and start understanding that the relationships. because the crosses are much harder to understand but when you see it you feel it takes time and some trial and error. Another thing don't overcomplicate to look at other indexes first try to understand see and feel the correlation with the usd index. And risk aversion and risk appetite.
7 traders viewing now