On My Way To The Top

Thanks

AUD at the top of rising channel with 15,30,60,240,daily stochastics all overbought with some divergence on 15 minute...so is it time for a fall I wonder...but either way...trade what you see and not what you think or expect...so I'm not going to assume and try to short anything since nothing has been established and I don't see any momentum to the down side...since I am a retracement trend trader meaning I pick up on the trend by getting in at the weakening of a retracement...don't really care too much for guessing tops and bottom reversals...

I have made the decision as of today that I will no longer be trading the counter trend set ups. I'm just seeing it as not being worth it as they are not ever really as profitable as the trend set ups and of course more risk is involved so I'm finding it as not really necessary to do so as I can make enough profits from trading with the trend even if the entries may only come a few a week...(***I think this is the decision I'm sticking with***)

break even trade on usd cad

eur usd short from 1.32363 with stops set initially at 1.32475 but set to +1 currently...

Closed EUR USD at 1.31756 about 11% or somewhere in the ball park of 1:5.5 r:r

thanks for sharing your thoughts -- I remember M_j said something similar.

two entries short on the gbp usd... running with both reaching 1:1 r:r so stops are at +1 and seeing how these two turn out...

one of the gu entries got knocked out for break even and the other bounced off the 4 hour 50 ema and so I closed out with +2%...also took a short on the eur usd for b/e and another short on the eur usd for -2%...also shorted the gbp usd right into the 4 hour's 200 ema which I shouldn't have done with the 4 hour stochastic heading up...but anyway...so net -2% for the day...

b/e
+2%
b/e
-2%
-2%

total = -2%

total +18% buy on eur jpy with stacked moving averages and gbp usd price broke above the moving averages and made a higher low off the 15 minute 50 ema with stochastics in line...

Also took an entry late last night/early this morning for break even...a buy on the EUR USD...

I'm just getting back into posting entry pics or whatever since I had stopped but anyway these are pics of the only legitimate entries today per the rules of this strategy...I missed these entries since I made the decision to sleep in this morning but figured I would post them anyway...keeping in mind I did not trade at all today...

My two entries for today...taken on the aussie dollar and new zealand dollar with the nu being good for 2% and the au giving me 4% or at least its what I took...total for today on standard account... 6% and total on high risk account is 15%...there was also a buy on the usd cad at about the same time as these two entries but I missed it....actually worked out for 2%...but anyway thats it for today...red line is entry candle and yellow line is exit candle...

earlier today opened two positions on eur usd one at full risk and the other at half risk and sold the usd chf with same set ups but just closed everything out for a total loss of 0.07%...


so total for today

-0.07%

My reasoning behind closing prematurely is that I was looking at the weekly for each and threw on some fibs, only to see that the eur usd is sitting at the 38.2 fib retrace level for the down move on the higher time frames...although the weekly stochastic is heading up still but I'm seeing divergence occuring on the four hour chart which makes me kind of not so confident in pricing going up but instead price conforming with the correlating pairs and dropping. So I figured I will just close out for a small loss since I have loss confidence in this position based on these factors....and again this is simply just the inverse for the usd/chf...also price on the 4 hour chart has formed a pennant around this area of congestion so a breakout will happen most likely to the down side...but I can't tell the future so who knows...

buy stop put in on usd chf at 0.9160 and sell stop put in on eur usd at 1.31758....as a just in case measure I also put pending orders on the opposite side of the consolidation...since I can be wrong as to the side of the breakout...

entry this evening on eur usd....with stops moved to break even...

well after closing out my entries on the eur usd and usd chf...it turns out they would have ended with some nice profit but anyway here is the eur usd trade I was in last night developed a bit further...and my pending order was hit on the eur usd so will see how that plays out as well...and also pending order was triggered on usd chf so I'm short on that pair currently with stop set to break even...

usd/chf knocked out at break even and eu closed for roughly 6%

HAHA...turns out my pending orders that I got triggered and I closed out prematurely would have worked out pretty nicely after the retest of the resistance turned support...and visa versa on usd/chf...need to build more confidence in those types of set ups...just enjoying becoming a well rounded trader...but anyway I posted earlier what prices my pending orders were....here is a pic to show...and again just imagine the opposite for the usd chf.....