On My Way To The Top | Page 31 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Money management in trading - the stupid way and the right way 22 replies

Hard Way, Easy Way 115 replies

Is the martingale way the only way in Forex? 34 replies

Simple Way is the most advance way... 11 replies

2 Way VS 1 Way Analysis 9 replies

Attachments: On My Way To The Top
Exit Attachments

On My Way To The Top

  • #601
  • Oct 3, 2011 7:56am Oct 3, 2011 7:56am
Quoting K-Kay
My first day going live after a couple of months back on demo. I was a bit nervous although my lot size wasn't very big, but I stuck to the rules. This was a very nice bsb trade that gave 4%. I actually hesitated a bit before I got in because it was a strong downtrend on the gbp but all the rules were met for a buy and I took it. I do have a tendency to over analyze.
See I told you not to worry if you just stick to the rules...a strategy or system won't fail just because you switch from demo to live but will fail if you let your psychology and emotions get in the way and cloud your vision...nice one...I saw that and was wondering if you took it or not...the only reason I didn't is I still had half my position open from my gbp usd sell and can't hedge with my broker......lol so your out pretty early with your goal met huh....
No man is free who is not a master of himself. -P.M.-
  • #602
  • Oct 3, 2011 8:00am Oct 3, 2011 8:00am
Just closed out the other half of my position on gbp so total for today is a bit more than 13%
No man is free who is not a master of himself. -P.M.-
  • #603
  • Oct 3, 2011 2:03pm Oct 3, 2011 2:03pm
The gbp usd actually decided to reach the target area I mentioned above......haha
No man is free who is not a master of himself. -P.M.-
  • #604
  • Oct 3, 2011 4:29pm Oct 3, 2011 4:29pm
finally got a chance to post but here are my last entries for today...

usd chf buy for a total of 4% net with multiple time frame trend lines and divergence
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usd chf buy 10 03 2011.gif Size: 40 KB
Click to Enlarge Name: usd chf buy 10 03 2011 15 min.gif Size: 40 KB
Click to Enlarge Name: usd chf buy 10 03 2011 30 min.gif Size: 45 KB
Click to Enlarge Name: usd chf buy 10 03 2011 60 min.gif Size: 48 KB
No man is free who is not a master of himself. -P.M.-
  • #605
  • Oct 3, 2011 4:31pm Oct 3, 2011 4:31pm
sell for about 6% so total for today is about 23% today was clearly a really good trading day and pretty difficult not to make money with a day like this...and if I would have held the gbp like I planned I would have been up an extra 40 pips or so or an extra about 1:3 rr
Attached Image (click to enlarge)
Click to Enlarge Name: eur gbp sell 10 03 2011.gif Size: 39 KB
No man is free who is not a master of himself. -P.M.-
  • #606
  • Oct 3, 2011 5:41pm Oct 3, 2011 5:41pm
at the eur now and regretting not paying attention to it as it had a similar divergence/trendline/trend following trade entry set up as the usd chf...good for about another 8-10 percent...hmmmm...with market performing like this today...I wonder what tomorrow will look like...might just be a day of consolidation...(hope not though) but it often follows days like this...or could be a day of countertrend moves as the pairs retrace on the higher time frames and try and pull back to their moving averages on the hour and up...
No man is free who is not a master of himself. -P.M.-
  • #607
  • Oct 3, 2011 7:29pm Oct 3, 2011 7:29pm
gbp usd snapshot and usd cad daily fibs with trend lines from hour and price action from the day around these areas...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp usd now.gif Size: 50 KB
Click to Enlarge Name: usd cad trend line and daily fibs with price action.gif Size: 46 KB
No man is free who is not a master of himself. -P.M.-
  • #608
  • Oct 4, 2011 9:26am Oct 4, 2011 9:26am
The psychological demons got a hold of me today. I ended the day with a 4% loss. My first trade was a buy on the usdcad for a loss of 2%. It gave another entry for breakeven. I also sold the nzdusd. I got of that trade too early because I feared that I would lose the trade and take another lost for 2%. That trade gave breakeven. I lost another 2% the sell of the usdchf for what I thought was a ctt trade. Can you please take a look at it. At the time of entry the 1hr 30min and 5min stochs was down, the 4hr overbought and the 15min up. Thanks
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdcad.jpg Size: 202 KB
Click to Enlarge Name: nzdusd.jpg Size: 215 KB
Click to Enlarge Name: usdchf.jpg Size: 198 KB
  • #609
  • Oct 4, 2011 11:02am Oct 4, 2011 11:02am
Quoting K-Kay
The psychological demons got a hold of me today. I ended the day with a 4% loss. My first trade was a buy on the usdcad for a loss of 2%. It gave another entry for breakeven.
This is why rules are so important even down to the tiniest most insignificant detail but they are there for a reason...now for the first entry on the usd cad...the rope on the five minute clearly shows that you should not enter a buy because you can see the way that the higher time frame (red) portion of the rope is coming down onto everything else so we know that chances are it will force everything else to turn down and this is how you avoid fakeouts...but than if you take a look at the hour rope than you will see that you should not have entered either one of these trades because a portion of it is overbought at the last hour close...(attention to detail) I'd say the only exception to this is if you know how to use a bit more technical tools for entry and have other reasons supporting a trade as what I will show for my entry on the usd cad...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usd cad.gif Size: 43 KB
Click to Enlarge Name: usd cad 1 hour.gif Size: 47 KB
No man is free who is not a master of himself. -P.M.-
  • #610
  • Oct 4, 2011 11:09am Oct 4, 2011 11:09am
Quoting K-Kay
The psychological demons got a hold of me today. I ended the day with a 4% loss. I also sold the nzdusd. I got of that trade too early because I feared that I would lose the trade and take another lost for 2%. That trade gave breakeven.
Again as I said before you can not let emotions and such take control if you have something that you know works its all about trusting that and running with it and the profits will come but when you overthink and start second guessing is where the problems come in...again like the usd cad the rope was not good enough for an entry where you entered and you could have waited for the next pull back and entry to come into frution and so it did and would have given you your 4%....and paying attention to the rope for both would have avoided you the loss....I've always told you that it seems you dont really wait for the rope to line up and always wondered why that was...
Attached Image (click to enlarge)
Click to Enlarge Name: nzd usd.gif Size: 43 KB
No man is free who is not a master of himself. -P.M.-
  • #611
  • Oct 4, 2011 11:16am Oct 4, 2011 11:16am
Quoting K-Kay
I lost another 2% the sell of the usdchf for what I thought was a ctt trade. Can you please take a look at it. At the time of entry the 1hr 30min and 5min stochs was down, the 4hr overbought and the 15min up. Thanks
For the usd chf I would say just take a look at the 15 minute rope the thirty minute rope and the 1 hour rope with a portion of the 1 hour rope still in overbought...this trade was telling you to stay out on just about every time frame that you looked at (again attention to detail)....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usd chf 15 minute.gif Size: 40 KB
Click to Enlarge Name: usd chf 30 minute.gif Size: 43 KB
Click to Enlarge Name: usd chf 60 minute.gif Size: 49 KB
No man is free who is not a master of himself. -P.M.-
  • #612
  • Oct 4, 2011 11:18am Oct 4, 2011 11:18am
It looks like all your losses today were avoidable if just paying attention to the rope and such and everything would have been ok...just try to take note of that a bit more and really don't feed into emotions and such when trading as your trades should be totally seperate and just trade what you are seeing on the charts and follow your trading plan to the fullest extent as far as entries/exits/trade management/risk management and such....
No man is free who is not a master of himself. -P.M.-
  • #613
  • Oct 4, 2011 11:19am Oct 4, 2011 11:19am
I'm going to post some of my entries a bit later when i get the opportunity...
No man is free who is not a master of himself. -P.M.-
  • #614
  • Oct 4, 2011 3:41pm Oct 4, 2011 3:41pm
entries for today a buy on usd cad a sell on gbp usd and a sell on nzd usd for a total of 14%...on the gbp was partially my trend following strategy which led to my entry but with the four hour oversold I needed more convincing and so it was more technical reasons that convinced me to get in and so I did mark up the chart to kind of show the technical things I may look at when conditions are oversold or overbought seeming....or I guess if things just aren't lining up and making sense...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp usd sell.gif Size: 44 KB
Click to Enlarge Name: usd cad.gif Size: 40 KB
Click to Enlarge Name: nzd usd.gif Size: 40 KB
No man is free who is not a master of himself. -P.M.-
  • #615
  • Oct 4, 2011 4:01pm Oct 4, 2011 4:01pm
I just sent you a PM Paul. Whenever you get a free second, give it a look if you don't mind.

Keep up the great trading.
Changing my life one pip at a time!
  • #616
  • Oct 4, 2011 4:14pm Oct 4, 2011 4:14pm
Quoting StayFocused
I just sent you a PM Paul. Whenever you get a free second, give it a look if you don't mind.

Keep up the great trading.


LOL you finally decided to use your account on here...lol...good to see you but ok...
No man is free who is not a master of himself. -P.M.-
  • #617
  • Oct 4, 2011 4:47pm Oct 4, 2011 4:47pm
aud usd...just looking and thinking...
Attached Image (click to enlarge)
Click to Enlarge Name: aud usd.gif Size: 40 KB
No man is free who is not a master of himself. -P.M.-
  • #618
  • Oct 4, 2011 6:21pm Oct 4, 2011 6:21pm
I will also be eyeing this closely amongst everything else...
Attached Image (click to enlarge)
Click to Enlarge Name: usd chf.gif Size: 39 KB
No man is free who is not a master of himself. -P.M.-
  • #619
  • Oct 4, 2011 8:35pm Oct 4, 2011 8:35pm
HI Paul

I like your persistance and the fact you are sharing your journey with all to see, triumphs, failures and all. I too am doing a similar thing which i have just started. Its a 12 month journey (day 6 today) of fulltime learning/trading (demo for 2 months). The challenge is to reach consecutive trades of $2740/day at the end of the 12 months. I will be using price action charts on a 4hr swing with the trend on majors to start with.

What do you think of using Price action charts?

All the best
  • #620
  • Oct 4, 2011 10:13pm Oct 4, 2011 10:13pm
Quoting longandshort
HI Paul

I like your persistance and the fact you are sharing your journey with all to see, triumphs, failures and all. I too am doing a similar thing which i have just started. Its a 12 month journey (day 6 today) of fulltime learning/trading (demo for 2 months). The challenge is to reach consecutive trades of $2740/day at the end of the 12 months. I will be using price action charts on a 4hr swing with the trend on majors to start with.

What do you think of using Price action charts?

All the best

Well thanks for stopping by and everything and I hope your journey goes well also but its good that you have a set goal that you are aspiring to reach in the end...but what do you mean by price action charts...I think thats something that can be quite loosely interpreted...as there are many different approaches to price action charts in my eyes at least....
No man is free who is not a master of himself. -P.M.-
0 traders viewing now