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MinceMeat’s Trading Journal - My Walk to Freedom

  • #41
  • Apr 15, 2012 3:38pm Apr 15, 2012 3:38pm
There were 2 opportunities on NZDUSD on Friday. The FTB short @ 0.8318 which turned out to be quite the runner. Unfortunately this was during Asian session and the move into the area was just after the China GDP data.

2nd opportunity was a FTB long @ 0.8236 which would have only made it to the FLR.

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  • #42
  • Apr 15, 2012 3:53pm Apr 15, 2012 3:53pm
Quoting MinceMeat
There were 2 opportunities on NZDUSD on Friday. The FTB short @ 0.8318 which turned out to be quite the runner. Unfortunately this was during Asian session and the move into the area was just after the China GDP data.

2nd opportunity was a FTB long @ 0.8236 which would have only made it to the FLR.

Attachment

Attachment
2 more. GBPUSD FTB to SR, my limit sell was missed by 1 pip, price would have hit the FLS before retracing back and hitting where original SL would have been.

NZDUSD short at consolidation supply zone. Once again I was offering a bit higher up so price missed my entry.


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  • #43
  • Apr 15, 2012 4:13pm Apr 15, 2012 4:13pm
Quoting MinceMeat
2 more. GBPUSD FTB to SR, my limit sell was missed by 1 pip, price would have hit the FLS before retracing back and hitting where original SL would have been.

NZDUSD short at consolidation supply zone. Once again I was offering a bit higher up so price missed my entry.


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NZDJPY FTB long. It was quite late in the trading day on Friday so I would not have taken this but you can see from the below that price would have made it to the FLR which for me would have prob been the 2nd grey SR marked although I would have kept a close eye on the reaction to the 1st grey area marked.

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  • #44
  • Apr 15, 2012 4:17pm Apr 15, 2012 4:17pm
Nice reaction at a demand zone on EURAUD to the FLR.

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  • #45
  • Apr 16, 2012 6:07am Apr 16, 2012 6:07am
Missed a great trade on AUDUSD which triggered during Asian session this morn. FTB to a daily SR with 61.8 fib confluence and a demand zone at the SR level (look at 15 min chart).

There was also a FTB a bit higher up at a LTF SR at 1.0332 which would have been a failed setup depending on where your SL was. In hindsight I would say that I would have looked to have the SL on this trade just below the 61.8 fib so would have still been a winner but that's with hindsight

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  • #46
  • Apr 16, 2012 4:55pm Apr 16, 2012 4:55pm
FTB to a daily SR. Price was quick to react to the level forming a 1 hour pinbar in the process. Took just over half profits at the FLR marked in grey. With the hourly pinbar and EP hitting resistance I expected a decent run on this trade hence I didn't tighten the SL by much, just below the pin bar low. Unfortunately price came back to take me out on the next bar for a small loss on the 2nd half.

Lessons learned - Under current market conditions where price is choppy and consolidating / trading within defined ranges, it makes sense to take more profits at the FLR or FLS.

Entry: 0.9207
SL: 0.9289
FLR: 0.9220

Stopped out on 2nd half for small loss just below the hourly pin bar low.

Profit/Loss: +0.3R

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  • #47
  • Apr 18, 2012 7:14am Apr 18, 2012 7:14am
Missed the FTB long entry by 1 pip

Would have taken some profits off already at the FLR and left some to run ......

This is a one hour chart of the FTSE daily.

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  • #48
  • Apr 19, 2012 3:38am Apr 19, 2012 3:38am
Was waiting for an entry on the UJ FTB long yesterday, but unfortunately didn't get it. Got the reaction early hours of this morn in Asian session.

There wasn't great value on this trade with the bar lows just above so I would have looked to have managed this one pretty tightly taking profits at the FLR to fund the rest of the position as a risk free trade and see if we can get a bit of a runner.

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  • #49
  • Apr 19, 2012 3:45am Apr 19, 2012 3:45am
Quoting MinceMeat
Was waiting for an entry on the UJ FTB long yesterday, but unfortunately didn't get it. Got the reaction early hours of this morn in Asian session.

There wasn't great value on this trade with the bar lows just above so I would have looked to have managed this one pretty tightly taking profits at the FLR to fund the rest of the position as a risk free trade and see if we can get a bit of a runner.

Attachment
NZDJPY long at FTB to LTF SR with 61.8 fib confluence. This trade triggered late in the evening for me so once again missed the entry.

Another case where the bar lows before the FLR may pose a problem so would need to watch it closely.

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  • #50
  • Apr 19, 2012 3:48am Apr 19, 2012 3:48am
There was a good supply zone on EURAUD the other day which would have made for a good runner with a tight SL just above the zone.

At the moment I am demoing these trades but there def looks to be a lot of potential for some high R setups.

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  • #51
  • Apr 19, 2012 3:53am Apr 19, 2012 3:53am
Prob not an example of the best break and FTB to an SR but its worth posting here to see an example of how you could have pre-empted a break out. You can see a 1 hour wedge formed which is an example of a price pressure pattern ..... each reaction to the SR from the bottom results in a less deeper movement away from the level until it eventually breaks. The FTB coincides with the upward sloping trendline.

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  • #52
  • Apr 19, 2012 4:00am Apr 19, 2012 4:00am
GBPJPY short from a daily SR and supply zone with 61.8 fib confluence. Took the entry off the 1 hour pinbar.

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  • #53
  • Apr 19, 2012 4:10am Apr 19, 2012 4:10am
Good reaction to the EJ supply zone so far .... there is another one a bit further up where we can perhaps expect to get another reaction.

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  • #54
  • Apr 19, 2012 4:21am Apr 19, 2012 4:21am
Really liking the potential of these supply / demand zones. Here's one on EURUSD the other day with a retest of the broken TL for the 2nd time as confluence.

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  • #55
  • Apr 19, 2012 7:51am Apr 19, 2012 7:51am
Quoting MinceMeat
GBPJPY short from a daily SR and supply zone with 61.8 fib confluence. Took the entry off the 1 hour pinbar.

Attachment
Update on my trade. Reduced risk by halving position when price closed above my entry level on 1 hour and tested the level as support. With the help of some risk off, price has now broken back down below the level and hit my FLS. I have taken about 60% profit of the remaining position here and the rest is at BE.

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  • #56
  • Apr 19, 2012 8:25am Apr 19, 2012 8:25am
Quoting MinceMeat
Update on my trade. Reduced risk by halving position when price closed above my entry level on 1 hour and tested the level as support. With the help of some risk off, price has now broken back down below the level and hit my FLS. I have taken about 60% profit of the remaining position here and the rest is at BE.

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Out on the remainder of the trade at BE.
  • #57
  • Apr 19, 2012 8:32am Apr 19, 2012 8:32am
Nice charts here. Simple stuff, no hocus pocus. Funny nickname Hope it's not you getting the chop Wish you luck.
forget about tomorrow, just steal away into the night
  • #58
  • Apr 19, 2012 8:39am Apr 19, 2012 8:39am
Quoting spekitox
Nice charts here. Simple stuff, no hocus pocus. Funny nickname Hope it's not you getting the chop Wish you luck.
LOL, thanks mate .... can't remember exactly how the nickname came about ..... it was when I first started trading and probably had a lot to do with the markets killing me at the time because I didn't know what I was doing.

Thanks for stopping by. Take it easy.
  • #59
  • Apr 19, 2012 11:45am Apr 19, 2012 11:45am
Quoting MinceMeat
Good reaction to the EJ supply zone so far .... there is another one a bit further up where we can perhaps expect to get another reaction.

Attachment
There was some decent run on this trade. Would have looked to have taken around 70% off at FLS marked in grey and the remainder of the position off at the monthly red SR level.

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  • #60
  • Apr 24, 2012 6:19am Apr 24, 2012 6:19am
FTB to LTF SR. Price hit my entry and on the lower timeframes the level was respected to a certain degree, but with the risk aversion on price broke through the level and took me out for a loss on the next bar.

Lessons learned - With the bad news out of Europe over the weekend there was a good chance that there would have been some risk aversion to start the week off so this trade should have perhaps been taken with more caution. Additionally I normally don't like taking trades first thing Monday morning and like to give the market some time to make up its mind which also allows me to get a better feel for what it is doing. This trade was taken at the London open and it is not uncommon to see complete changes in sentiment at the open / close of different sessions so in my opinion trade setups taken at this time are less reliable.

Entry: 0.9128
SL: 0.9143
FLR: 0.9114

Profit/Loss: -1R

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