Google Trading

At NY open price wasnt sure where it wanted to go. So I set limit for buy and for sell to try to catch the momentum. My short got triggered, it retraced for a bit and then hit my TP of 14 pips.

Took another short for 4 pips. I think I am done for this session. Took 2 trades today with total of 18 pips.

EDIT: I lied, I took one more short on the break of 4345 and got out with 12pips. So the total for today is 31pips.

Today was one of my best sessions in my trading career, I think lol

This is my 5m chart. We see price bounced off 4345 and if it breaks that we could be going to 4300 area.

Edit: It did break the area. I guess we will see what will happen next. I'm not the best at all this analysis and prediction stuff, mostly trade what I see NOW.

I think you are doing it right!

Thanks Intu.

It looks like you keep making those pips.

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Did not trade NY session today. I just peeked at the charts and there were couple good trades that happened. The first trade high probability trade there was pinbar off previous high. Also, it hit pivot point, 21ma and trend line. This is what look for in a trade. Second trade you could enter on the first or second shooting star.

I know it's easier to see everything after chart is done, but it's good for me to train my eyes to see the patterns and memorize them.

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Got stopped out for 11 pips

That was a dumb trade.

I took this trade, my SL was about 5 pips. This is off 1m. I set my TP to 15. The farthest it went in my favor was 11 pips. I got stopped out at +3

I'm still thinking if I should close it at what market gives me or if I should stick to hard TP or depends on situation. Ex. if the support is at 13 pips and it hits the support I just take 13.

I'm still figuring it all out.

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Entered at the break of pinbar and it turned into 8 pip loser.

Edit: got stopped out again for 9 pips

two losers for today, no more trading today.

I was reviewing my losing trades today and I need to work on my discipline and patience because I usually try to take trades in the first hour of NY session. Like today after I took two losing trades, there were some pretty good set ups. I need to wait for clear good set ups and not settle for okay or crappy trades.

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I took two trades so far. First trade, I moved the SL a bit to fast and lost 2 pips. Second trade I saw it going down so I jumped on it and got 14 pips out of it. These two trades were based on 5m pinbar. Technically it should of been just one trade.

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Got three 6 pips losing trades after nice winner. Greed and over trading

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Entered this trade at pinbar and closed it for 20 pips just before the news. Price did go 10 more pips down but I got my 20 so I am happy. This was great set up.

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This we was not bad it could of been a bit better. Had some nice trades and some really stupid traded. I had 8 losers and 7 winners. Ended the week with +14.

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Are you watching for signals on the 5 min TF? and then fine-tuning the entry on the 1 min TF?

note: I think that 5 min pin-bar was strong. I read another thread (long ago)... whose sole strategy was just those on 5 min TF. But, you don't get too many trades... I seem to remember like 3 or less per day.

edit: It's on your front page, Jankone M5 thread!

Nice work, a profitable week.
I'm sure you will do even better next week.

It depends, I do have 1m open next to 5m. But I watch for signals on 5m and try to enter from 5m. Sometimes I get carried away with 1m chart and take dumb trades.

I tried scalping 1m for 2-5 pips a trade but the entry has to be right on spot and if it's not you get burned. I know a trader (guy who helped me out a lot) who uses 5m and 15m but enters from 1m and gets out with 2 or 3 pips and takes 5 to 10 of those trades a day. However, his entries are right on the spot, probably because he has more than 10,000hrs of screen time. I tried trading like him but could get it. So, I'm still finding out what I am comfortable with and I think 5m is what I am comfortable with.

Hope that answers your answer.

edit: It feels kind of weird for me now taking only couple trades a day instead of 10 trades or more. But as long as I can get consistent with 10 pips or more a day I am happy.

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First trade I entered on the break of the trend line on 5m and 1m. I got stopped out because I made a mistake of moving SL instead of TP.

Second trade I risked 1% of my account just to get used to it I guess. I am going to try risking 1% of my account on each trade this week to see how it will effect me physiologically. My SL is still 7pips and TP depends on the next support or resistance. I try to get at least 1:1 or more. I closed it when it hit 5 pips.

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Nice catch and great stop placement on that second trade to keep you away from that retrace. How does the 1% risk feel?

It does feel a bit different because when you look at the profit in $ its not .50 cents but $3.

Btw it was nice meeting you and chatting about FX.

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On 5m the price broke the TL, retraced to it and went up. I set a limit just above resistance, so it broke the resistance and go me in. After 6 pips in profit I moved my SL to BE and closed trade at 12 pips. What made me close the trade was price his resistance and stalled there for a bit. However this trade was good for 20 pips.

On 1m the pinbar would of been a really good early entry.

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