Restart Trading - Mostly Support and Resistance Analysis

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Added:
Short @ 0.7987 0.01 lot

Yesterday was a trend day down and there was a 15M divergence (14:30 EST) that did NOT work out (like previous week divergence that didnt work).
I should follow those setup and maybe look to trade it with the trend of the day.

5M setup @ daily resistance level & 50 level.

5 position were open this week that record here and 2 impulse trades that were not record here (forget about my rule of not trade 2 bars after being stopped - next time will follow the rule).

Out of the 5 trades:
2 winners
2 loosers
1 still open

total pips this week (only on closed positions):
+39

On all position I set SL!!!

But on 2 position (didnt record here) I open another position after stopped out, which is against the rules ,bad and emotional!!!


Out of the 5 trades:
4 were against the day trend (2 loosers and 2 winner).
1 longer TF



Observation:

1) ALL of the daytrade were against the day trends.
2) StopLoss were OK (not too loose).
3) Forgot about the rule of not trade 2 bars after being stopped out , and traded 2 impulse trades. In-order to simplify the rule I change it to:
NOT trade 15 minutes after being stopped out.

This week all my trades were with SL.
But 2 impulse trades (which is against the rule).

Goals are:

Placing STOPS on all trades.

Not placing impulse trades.
(and not enter a new position 15 minutes after being stopped out).

Atleast your aware of your issues and your trying to solve them, this is 95% of the battle, keep it up!

Since our brain has negativity bias (we tend to see more of the negative things in our life than the positive) , we consciously need to remind our-self the good thing in our life.

Gratitude attitude is the way to remind our-self the positive thing in our life.

SL moved to BeakEven @ 0.7955

Stopped out @ BreakEven

0 pips.

Long @ 1.25012 0.05 lot
Long @ 1.24975 0.05 lot


SL @ 1.2490 below PB low.

Tp @ 1.2510 , next resistance.


Reasons for Entry:

5M PB ,
00 level ,
50% retrace.
Higher Lows.


Reason NOT to Enter:
00 level .
a more obvious support just below

SL hit
-11 pips

1 position were open this week that record here and 3 impulse trades that were not record here.

Out of the 1 trade:
0 winners
1 loosers

1 trade that opened previous, week closed this week (0 pips)

total pips this week (only on closed positions):
-11

But with the 3 impulse trades I lost another 65 pips.

With this impulse trades I broken my goals and my rules!!!

I open another position after stopped out, which is against the rules ,bad and emotional!!!

and I even didnt place SL on this 3 impulse trades, which is very disappointment


Out of the 1 trades:
1 were with the day trend (1 looser).




Observation:


1)Broke my rules this week!!!

For the month of July I will not break my rules any more.

2) I still dont have a method to trade by....

3) Im thinking of trading more of the 4H and daily bars because of 2 reasons:
A) I have a day job - so it easier to trade the longer timeframes.
B) I have a major issue with discipline.
on the longer timeframe it is easier to work on the discipline issue.

3) No more binary options for me , until I will have a method to trade by and the discipline to follow it , which currently I dont have both of them.

This week was not good for (actually it was only Thursday, which was the only day I traded this week).

But it is a process so I should pick myself up , learn from my mistakes and continue on.
Persistence is everything...

Found this article form this link



"

Have you ever noticed how we keep falling into the same holes and ruts in life? We know something doesn't work and yet we keep doing the same things over and over again.




Have you ever wondered why we do this? And more importantly, how do we stop doing it, how do we stop "digging"? And how do we get out?




As I've studied and searched over the years for ways to help people get the changes they want, quickly, gently and effectively, I've stumbled across a poem that seems to capture well the process of change.




It's called "An Autobiography in Five Short Chapters." I wish I knew who the author is, I want to thank the person. Let's look at each of these chapters, and what they have to teach us about the process of change.




Chapter One - "I walk down the road. There's a big a hole in the road. I don't see it. I fall in. It's not my fault. It's dark and scary. It takes me a long time to get out."

We've all had the experience of winding up in a hole and wondering how we got there. It seems like we were minding our own business, and all of a sudden we wind up in a situation we never intended. Or as Jimmy Buffet once sang, "......trying to figure out how I ever got here."




Chapter Two - "I walk down the road. There's a big a hole in the road. I don't see it. I fall in. It's not my fault. It's dark and scary. It takes me less time to get out."

Here we go again. If the first time came as a surprise, this is getting to be a habit, or a pattern.
Denial and blame tend to show up at this point in the game. Denial says "what do you mean, what's my part?" Blame says "someone else did this to me, and just wait until I find them!"
At this point we are still digging the hole, and are just not aware of it yet. This is where the rut begins. It's important to remember that "the only difference between a rut and a grave are the dimensions."




Chapter Three - "I walk down the road. There's a big a hole in the road. I see it. I fall in anyway. Maybe I've got something to do with this. It's dark and scary. I get out."

Don'tcha just hate it when you know better, you even know you know better, and yet you wind up in the same place again.
Here's when change can begin to occur, because we begin to see our part in the problem. Good questions to ask are -
What's my part in this? What am I willing to do to change this? What am I willing to stop doing to change this?
It's also important to remember my favorite definition of stuck is "when we keep doing the same things over and over again and expect different results."




Chapter 4 - "I walk down the road. There's a big a hole in the road. I see it. I walk around it."

Good job! You're starting to pay attention, and make progress. Here's the not so good news. It's not enough. "What do you mean, it's not enough? Didn't I stay away from the hole?"


Yes, you did. And while that's good, in the words of southern rock group Molly Hatchet, your "flirtin' with disaster."


"Why is that?"


Because you are still on the same road, and human nature has a curious feature. We tend to forget how bad things were, and we can fall into the trap of checking out the hole "just one more time", just to make sure it was really that bad. Like an alcoholic in a bar or a dieter at an all you can eat buffet, you are flirting with disaster.




Chapter Five - "I walk down a different road."

While chapters one through four do involve some amount of change, it's still not real change. There's lots of movement and things may even look different, but it's still "change without change."


The real change, that is transformation, can go something like this four step process -


1 - you do the same thing again and then realize it afterwards


2 - you do the same thing again and realize it while you are doing it


3 - you realize you are about to do the same thing before you do it, and do something different


4 - you automatically do something different


The beauty of "walking down a different road" is that transformation has taken place. Not only do you no longer fall in the old holes, you find that you don't even want to. They no longer hold any interest or attraction for you.

"

Sometimes you will miss the hole in the road merely by chance which will fool you into thinking you can master that road, the other road might not be a better road.

Try everything is my moto until something sticks the stick with it until its broken.


Relapses happen dont beat yourself up to much.


To me forex isnt the market to swing trade trends change direction at every news release, stocks are better but require a lot more capital unless you trade via spot but then the spread seems huge conpared to forex.

good article tomomi. applicable to everyone...

Although currently I have a discipline issue, another problem is that I dont have a define method and a define entry rules.
I know that support and resistance are important , but still I dont know how to enter a position around those levels.
Still have to figure that out...

Okay the basics I think, been a while since I've done longer term though.

1. TREND the real direction of the market, mk1 eyeball works best.
2. Work out what would be an acceptable pull back to enter with the trend and set a Limit order.
3. Work out where the trend would become invalid for the SL ( think 60 area )
4. Work out your lot size and I still prefer to put 1 or 2 extra entrys in that zone.
5. Avoid choppy markets and only trade markets which are trending strongly.
6. TP your with the trend, so try to get as much as possible to pay back the losers and some.

Not all will fill, so 2 or 3 pairs with orders setup works for me.


I can do above Demo perfectly so I know it works well, but total lack of faith live.

EURAUD is in a good downtrend at the moment, everything else is either chop or just changed direction over the weekend so not a ideal time to start swing trading sorry.

So start at the top, no.1 back test all the charts and find a reasonible way to see the current direction first, without that your screwed.

( EurAud M15 720ema or M30 360ema ofcourse is working well, say 20days trading under this and tested and held 5 or 6 times )