On My Way To The Top

in retrospect I can see that the aud usd had a better entry with a nice tight stop loss at 14:25 my chart time...

Hi Pmullin,

Thanks for sharing your journey with us this year. I've gained so much knowledge and understanding of trading that I know wouldn't have been possible without you so thanks again.

On that note, can you pick one pair and give a deeper analysis of what you were analyzing for the potential trade. It might be as simple as seeing lower lows on the 1hr.

I've drawn trendlines on the 1hr and dropped down to the 15min...I wanted to know why you didn't enter on the 13:00 on the eurusd.

Hmmm,

Well being completely honest with you, this time around I really don't have any deep underlying reasons for taking the entries just simply what I told you that I was switching through the different time frames on the different pairs just seeing if I could spot anything and I noticed on all the pairs pretty much that the 15, 30, 60 ropes were all trying to turn down and so I thought that there is some good momentum and got in just based simply off of that....now with the eur I didn't take the entry at 13:00 candle because the 30 and 60 were still up but when I entered at 13:42 at that point the 60 was about to turn down as well as the 30 minute...and so there it is...my secret revealed...lol...this time around no trend lines or butterflies or scorpions as you would say lol just purely stochastics...

Looking at your pictures though...those are some nice trend lines and could have been a very good indication of where price may have wanted to go...keep it up like I told you...it will greatly help you improve as a trader to just always take note of whats going on with the charts even if it means drawing trend lines every morning before starting trading just to see how price reacts around that level and keep a note of it for future reference so you can see how it works....trend lines and support and resistance levels as everyone preaches about are very simple though subjective in nature but as simple as they may seem can be very powerful tools to see the picture being presented to us..happy holidays to you and everyone in the forex factory community...lol I say that even though nobody reads through this to see that...haha...but anyway...later

--Paul--

My only entry for the morning is a short taken on the nzd usd...

trade update....profits have been taken at +4% so I suppose that will be it for the day...haha...markets tried to confuse me today with the usd chf and usd cad looking like they wanted to drop around the time I took the nzd usd sell so it made me hesitate a bit but rules were met so I took it anyway and it worked out...

Two other entries for the day yesterday leaving me at 4% for the day....with a buy on the aud usd that lost 2 percent and a buy on the nzd usd that gained 2%...so 3 total trades for yesterday...

just went ahead and sold the usd cad...two candles late from where I would have wanted to get in but its fine I'm going ahead and locking in break even of original stop size but since I used the half stop than that means its really locking in two percent...

trade update: out of short position on usd cad with +2%

sigh...if I would have entered on time than I would be locking in 20%% now...hmmm...as it goes i suppose....

thinking of putting a pending order 15 pips above the ascending triangle to catch the breakout...still thinking....

hi pmullin86,

I wish you all the best for the New Year 2012!!!

Cheers
Ati

reason for usd cad dropping as it seems to be...descending triangle breakout...descending triangle is consolidation pattern...consolidation leads to break out...

Thanks so much for that Ati and I wish you the same...maybe you will be around and posting more...

The inverse is what I'm looking to happen on the eur usd...

so if one wanted to than a pending order could have been placed below the support level on the usd cad in anticipation of catching that breakout...everyone has different ways to play on different scenarios though...

eu and au shorts

I hope so.
In my spare time I'm still working on some customary Alerts slightly based on M_j's ideas.

See you next year.

Cheers
Ati

The first entry is one I almost took on Friday but decided to just sit on the sidelines but the second entry I just totally missed....but anyway here it is...but the way I take situations like this is I would have taken the first entry and than when the second entry came up I would have taken at 1% risk since I would have still been in the first position...so the total on that pair would have been 18% between the two entries...which would not have been a bad way to end the day but anyway just wanted to show the entry...again I did not get in on either...but I think that chances are the way that might have gone is I would have used the half stop on the first entry and gotten stopped out but than just used a regular stop on the second entry since it has a bit more technicality to it...so that would have resulted in -2% +8% so I would have ended the day yesterday with +6% making my total for the month 109%....see everyone next year...should be plenty of pips for us all...

just looking through the charts now I see there was also a good entry on the aud usd but this pair and nzd usd were the only two pairs with entries that lined up with my rules and things I look for...interesting half stop stuff... profits would have been total for yesterday...34% counting the initial 2 percent loss....RISK:REWARD....next week I will be taking 20% of my account and placing into a high risk account in which I will be taking trades at 5% risk instead of standard 2%...and I will see how that goes...I need some suggestions on a good broker that allows more than 1:50 leverage and accepts U.S. client because 1:50 leverage would handicap a potential high risk account for me since I do enter multiple trades at once sometimes....

A sell before nfp stopped out with nfp spike and re entry after nfp candle...closed at s3 with price at daily range...ideal profit taking signal...

-2%
+5%

total 3%