Discuss failure Trades

OPEN POSITIONS (0)



CLOSED POSITIONS

EURJPY - Bearish Pattern
USDCHF - Bullish 3 Drive (added 04.05.2011 - 14:28 GMT +1)

CANCELLED ORDERS

EURCHF - Bearish Butterfly (added 28.04.2011 - 13:45 GMT +1)
USDCHF - Bullish Deep Crab (added 29.04.2011 - 10:21 GMT +1)
EURUSD - Bullish 5-0 Pattern (added 03.05.2011 - 18:07 GMT +1)
EURGBP - Bearish Buttefly (added 29.04.2011 - 08:23 GMT +1)
EURJPY - Bullish Gartley (added 28.04.2011 - 22:16 GMT +1)


PENDING ORDERS (2)

GERMAN30 - Bearish 5-0


EURGBP - Bearish Gartley

http://my.jetscreenshot.com/3270/201...mj4z-131kb.jpg

That is the kind of Setups i like. We have perfect ratios.

SELL ZONE: 0.9116 - 0.9170 ... 54 PIPS

STOPLOSS: ~60 PIPS

TAKEPROFIT 1: Point B: 0.8940 ~ 175 Pips

RRR: 1:2,9


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Hi everybody,

i opened this thread because i really need help with my trading.

So far, i did very well but the last 2 month have been a catastrophe. My account is down 34%.

I have to stress that i know Moneymanagment very well and only trade with a min 2:1 RRR and customized positionsizes.

I used to trade from higher timeframes and made 20% and more each month in and out.

As i wanted to become more active as a trader and dont wanted to wait that long for my setups i began trading on an intraday basis. The system i used on higher timeframes is suitable for lower ones.
But for now it doesn't work for me and i know i can't force the system to work.

In the future i will post charts and setups interactively and hope you guys are interested in discussing these trade ideas.

But let me first explain how i work:

The fundament of my trading are harmonic price patterns as you can see them on harmonictrader.com

For my longer term trades i used the following in allignment with those patterns:

- Levels of Support & Resistance (horizontal, Trendlines, Channelprojections)
- MACD (only Divergences)
- COT Report (looking for extreme positioning)

Example:

http://my.jetscreenshot.com/3270/201...iheh-125kb.jpg

This is a possible scenario. There's no point to go long right now @ C. Price can move down further. The PRZ is about 70 Pips (note we are @ a daily chart) and the first TP is @ Point B 200 Pips. So almost 3:1.


On the Intraday Basis i use the following tools (the heart of the system are still the harmonic patterns):

- Support & Resistance
- Pivot Points
- Psychological Levels
- Yesterday High & Low
- MACD (only for Divergences)

I do not have to see all tools in confluence. The most important thing to me is support & resistance. Sometimes i trade them without harmonic patterns.

Example:

http://my.jetscreenshot.com/3270/201...an14-134kb.jpg


-----

http://my.jetscreenshot.com/3270/20110413-hd96-99kb.jpg



At the moment i have no actual loosing trades to show you. I will post them consistently. I would really appreachiate any help!

I'd say you've already nailed the problem.

Thanks for your reply.

I know its very obvious.

But i know that this kind of trading works on intraday basis. I need to improve my intraday skills.

How do you know? Not taking the piss, just curious

I know very successful people trading this way.


Just took this short:

http://my.jetscreenshot.com/3270/201...hpoj-131kb.jpg

Risk already reduced to BE
TP 20 Pips

EDIT:Took 13 Pips w/ initial Risk of 5

Cool. Not my bag, but best of luck to you.

Next idea:

http://my.jetscreenshot.com/3270/201...bn4x-116kb.jpg

Thanks very much for your time!

34%?

I just don't understand how that's possible. I've never known how it's possible to blow an account without taking ridiculously big positions. If you are risking 0.5-2% a trade, you're down by 17-68 trades.

The only thing that's against any sensible trader just ambling along at break even is the broker's spread. So by nature, if you are taking sensible levels of profit and managing your winning trades ok, you'll only see your equity decrease by small fractions. Throw in any sort of undestanding of a good trading setup (also known as "edge") and you should be able to break even comfortably or, shock, even turn a profit.

If you'd said you'd shrunk your account by 5-10% then perhaps i'd say you could resolve the situation easily but 34%? Yikes, you need to stop trading quickly or go back to longer timeframes.

Thanks Trotty,

i had a huge string of losses. Almost every trade went against me and i never was risking more than 2%. I will continue posting my ideas. Maybe something is terribly wrong with them.

Next:

http://my.jetscreenshot.com/3270/201...zoyj-102kb.jpg

I already had a short attemp at the bearish gartley. Stopped out for -7. MISTAKE: Pattern was finished and price reacted to it. I was just too late. That means: More patience and wait for the next chance.

Ok so you are shorting in an intraday uptrend. Take a look at H1 as well, we are in a longer timeframe uptrend. Take a look at H4 and see how price has consolidated after the run down? Even though we are trading intraday, we should always look at the bigger TFs.

My safest bet would be to find a long back into the trend, but that is in no way suggesting I don't trade both ways. I can and I do.

Looking left, you have supply area but one that's had one hit already. Still comfortable with the short?

Trendlines are a problem to me, they are so subjective and I’m frequently uneasy about their effectiveness. I much prefer to use horizontal lines that are far more accurate and less open to interpretation.

All that said, you have yesterday's open/high up there, R1 pivot and there may be some more supply to consume. You might well get a reaction up there but what are your expectation if it does? 3:1? Against the trend?


Also, if you taking the trade off that trendline, you really don't want to be taking at after price has broken that high IMO.

This would have been a countertrend trade, yes. I deleted the pending order. Price already made its move without me.
The H1 Chart gives a very good oversight regarding to my trade idea indeed. I used to look at levels where prices may reverse for 10 pips or more and didnt care about trends, actually i never did.

I will look for trades in trend direction starting off with a top down analys.

Your help is apreachiated very much, Trotty.

No problem. just my thoughts, there are far better traders around here than me.

One thing that ken Lee always advises on his thread is to never take a new direction trade until you see a higher high or lower low form. Also, throw up a 10 ema, 35 sma and 50 ema on your charts and always trade away from the mas. Trade long if the are angled up and short if they are angled down.

Hope it helps.

Thanks for that advice.

I really dont like MAs on my chart, they are just too far behind for me. Thats why i use the MACD only with divergences which are not lagging.

I stop trading for today due serious connection problems. Have to solve that first.

Result:

1.96 % for today

My first winning day this month (?!?!)

Maybe you just had to take a step back (the 34%) to take one giant leap forward (the 2% being the start of some much bigger overall returns).

best of luck.

Thank you for your kind words...I will keep this thread updated

Here's something to think about. Don't sell above the open and don't buy below it.

Can you explain why your system or method works/worked?

That simple piece of advice is gem that should not be underestimated