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Restart Trading - Mostly Support and Resistance Analysis

  • #121
  • Jul 2, 2012 11:11pm Jul 2, 2012 11:11pm
Quoting Turveyd
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...

Ok , Thanks
Failure is a feedback. Learn from it.
  • #122
  • Jul 8, 2012 10:30pm Jul 8, 2012 10:30pm
Didnt make any trade last week.
Failure is a feedback. Learn from it.
  • #123
  • Jul 9, 2012 12:01pm Jul 9, 2012 12:01pm
Long @ 1.2497 0.01 lot

SL @ 1.2400 below support low.

Tp @ 1.2700 , next resistance.


Reasons for Entry:

support(demand) level ,
00 level

Reason NOT to Enter:
EUR broke support on other pairs.
against the trend.

Attached Image (click to enlarge)
Click to Enlarge Name: 16.gif Size: 48 KB
Failure is a feedback. Learn from it.
  • #124
  • Jul 12, 2012 12:12pm Jul 12, 2012 12:12pm
Quoting forextraderx
From personal experience, I can recommend that when you "break a rule" or basically do something that is impulsive, or lacking discipline or patience... try very hard to understand what the emotion you were feeling was at the time of that action.

was it fear? and if so... fear of what exactly? what it excitement...and if so...excitement of what exactly?

being able to pinpoint EXACTLY what emotions (and the reason for the emotions) are present when you act in an impulsive manner is absolutely crucial to really mastering the mental game, IMO...
Hi forextraderx

Of all the advise that can be given to a trader this is the most direct, to the point, I have seen. It addresses the very core of the mental side of trading. Back in 1999 when I started trading, when someone would talk about the mental aspect of trading I really did not listen. At the time it was all a bunch of physco babble to me. Not real smart

Nothing could be farther from the truth. It cost me 10's of thousand of dollars, and a host of other things very dear to me. I have sense learned a great deal about the comments made by forextraderx.

Take the time to incorporate these concepts / directions into your trading plan.......The difference will amaze you.

I have something very similar but will update forextraderx comments to my daily trading plan/daily log for each and every trade I make going forward.

thanks forextraderx

TSD
  • #125
  • Jul 12, 2012 12:57pm Jul 12, 2012 12:57pm
Quoting TraderinSD
Hi forextraderx

Of all the advise that can be given to a trader this is the most direct, to the point, I have seen. It addresses the very core of the mental side of trading. Back in 1999 when I started trading, when someone would talk about the mental aspect of trading I really did not listen. At the time it was all a bunch of physco babble to me. Not real smart

Nothing could be farther from the truth. It cost me 10's of thousand of dollars, and a host of other things very dear to me. I have sense learned a great deal about the comments...
I literally shoot myself in the balls when I screw up, okay it's only a BB gun and I do it with my jeans on never suite trousers to thin, but it gets the required message across!!

I'm down to screwing up 3monthly, normally after a string of small losers when I pull the SL and WOWSA's there she goes, which happen yesterdays but it's better than daily!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #126
  • Jul 14, 2012 12:38am Jul 14, 2012 12:38am
Quoting Turveyd
I literally shoot myself in the balls when I screw up, okay it's only a BB gun and I do it with my jeans on never suite trousers to thin, but it gets the required message across!!

I'm down to screwing up 3monthly, normally after a string of small losers when I pull the SL and WOWSA's there she goes, which happen yesterdays but it's better than daily!!

Failure is a feedback. Learn from it.
  • #127
  • Jul 14, 2012 12:44am Jul 14, 2012 12:44am
Quoting tomomi72003
Long @ 1.2497 0.01 lot

SL @ 1.2400 below support low.

Tp @ 1.2700 , next resistance.


Reasons for Entry:

support(demand) level ,
00 level

Reason NOT to Enter:
EUR broke support on other pairs.
against the trend.

Attachment



SL hit -98 pips


Attached Image (click to enlarge)
Click to Enlarge Name: 16.1.gif Size: 36 KB
Failure is a feedback. Learn from it.
  • #128
  • Jul 14, 2012 1:38am Jul 14, 2012 1:38am
1 position were open this week.


Out of the 1 trade:
0 winners
1 looser


total pips this week :
-98


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


Observation:


1)Didn't Break my rules this week.

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

3) Should try to find more trades that with the trend.

4) Try to find support and resistance (supply & demand) levels. and at those level place orders to trade with the trend (maybe even at lower timeframe than the trend is).

5) Even though it was a loosing week - it is a good week.
Didn't do any impulse trades, and place SL at my position.
Failure is a feedback. Learn from it.
  • #129
  • Jul 14, 2012 6:54pm Jul 14, 2012 6:54pm
Quoting tomomi72003
1 position were open this week.


Out of the 1 trade:
0 winners
1 looser


total pips this week :
-98


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


Observation:


1)Didn't Break my rules this week.

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

3) Should try to find more trades that with the trend.

4) Try to find support and resistance (supply & demand) levels. and at those level place orders to trade with the trend (maybe even at lower timeframe than the trend is).

5) Even though it was a loosing week - it...

only 1 trade ?? lack of time or fallen into to scared to trade looking for perfection, your SL size is up hugely to.

The issue with 1 trade per week is ofcourse your not going to crack it real fast at all, so got to find a mix of enough trades but smart trades.

Shame you can't trade the DAX as the min lot sizes is much bigger $1.23 per pip min, much better trend wise than forex, it picks a direction and goes for a 1 - 3 days easy, forex changes it's mind atleast twice per day generally.

Posted some DAX charts in my M15 thread it looks to easy.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #130
  • Jul 15, 2012 10:20pm Jul 15, 2012 10:20pm
Quoting Turveyd
only 1 trade ?? lack of time or fallen into to scared to trade looking for perfection, your SL size is up hugely to.

......
Lack of time...

I think the SL is ok for daily timeframe, but I could have moved it to breakeven when I was up 60 pips or so.
Failure is a feedback. Learn from it.
  • #131
  • Jul 16, 2012 5:34am Jul 16, 2012 5:34am
Quoting tomomi72003
Lack of time...

I think the SL is ok for daily timeframe, but I could have moved it to breakeven when I was up 60 pips or so.
Ah daily in that case 100 isn't enough think 300-400 a 100 will just get hit most of the time.

Say 300 your trading with the trend so that should be enough of a buffer to get back on trend agreed ?

I'd still get more at -100 & -200 personally its just a blip against the trend hopefully take advantage of it.

Yet again find a proper real way to see the trend it will change at times Ofcourse that's what your SL is for.

Easy!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #132
  • Jul 20, 2012 11:38pm Jul 20, 2012 11:38pm
Quoting Turveyd
Ah daily in that case 100 isn't enough think 300-400 a 100 will just get hit most of the time.

Say 300 your trading with the trend so that should be enough of a buffer to get back on trend agreed ?

I'd still get more at -100 & -200 personally its just a blip against the trend hopefully take advantage of it.

Yet again find a proper real way to see the trend it will change at times Ofcourse that's what your SL is for.

Easy!
Failure is a feedback. Learn from it.
  • #133
  • Jul 21, 2012 12:02am Jul 21, 2012 12:02am
Didnt make any trade last week.
Failure is a feedback. Learn from it.
  • #134
  • Edited 3:07pm Jul 25, 2012 2:32pm | Edited 3:07pm
Long @ 95.25 0.02 lot (On A BUY STOP Entry)

SL @ 93.60 below support low.

Tp1 @ 99.00 , next resistance.
Tp2 @ 105.00 , next resistance.

Reasons for Entry:

support(demand) level ,
trendline support,
divergence (at daily timeframe).


Reason NOT to Enter:
against the trend.
against weak fundamental Euro

Monthly
Attached Image (click to enlarge)
Click to Enlarge Name: 17 monthly.gif Size: 40 KB



Weekly
Attached Image (click to enlarge)
Click to Enlarge Name: 17 weekly.gif Size: 33 KB



Daily
Attached Image (click to enlarge)
Click to Enlarge Name: 17 daily.gif Size: 37 KB
Failure is a feedback. Learn from it.
  • #135
  • Jul 27, 2012 1:54pm Jul 27, 2012 1:54pm
Quoting tomomi72003
Long @ 95.25 0.02 lot (On A BUY STOP Entry)

SL @ 93.60 below support low.

Tp1 @ 99.00 , next resistance.
Tp2 @ 105.00 , next resistance.

Reasons for Entry:

support(demand) level ,
trendline support,
divergence (at daily timeframe).


Reason NOT to Enter:
against the trend.
against weak fundamental Euro

Monthly
Attachment


Weekly
Attachment


Daily
Attachment

Moved SL to BE +15 pips

Daily
Attached Image (click to enlarge)
Click to Enlarge Name: 17.1 daily.gif Size: 37 KB



4H
Attached Image (click to enlarge)
Click to Enlarge Name: 17.1 4h.gif Size: 37 KB
Failure is a feedback. Learn from it.
  • #136
  • Jul 28, 2012 1:34pm Jul 28, 2012 1:34pm
1 position were open this week (longer term - monthly/weekly time frame).


Out of the 1 trade:
0 winners
0 looser
*trade is still open (currently +120 pips)
Failure is a feedback. Learn from it.
  • #137
  • Jul 28, 2012 3:44pm Jul 28, 2012 3:44pm
Quoting tomomi72003
1 position were open this week (longer term - monthly/weekly time frame).


Out of the 1 trade:
0 winners
0 looser
*trade is still open (currently +120 pips)
I like your chart setup, it will take weeks / months to work out if your profitable or not this way ofcourse.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #138
  • Aug 3, 2012 3:36am Aug 3, 2012 3:36am
Quoting tomomi72003
Moved SL to BE +15 pips

Daily
Attachment


4H
Attachment

Stopped out @95.4
total for this trade +
Attached Image (click to enlarge)
Click to Enlarge Name: 17.2 4h.gif Size: 37 KB
12 pips.
Failure is a feedback. Learn from it.
  • #139
  • Aug 3, 2012 3:49am Aug 3, 2012 3:49am
*the trade is active since yesterday (I'm long since yesterday)

Re-Enter Long @ 95.04 0.02 lot

SL @ 94.40 below support low.

Tp1 @ 99.00 , next resistance.
Tp2 @ 105.00 , next resistance.


Reasons for Entry:

support(demand) level ,
demand level at monthly timeframe.

Reason NOT to Enter:
against the trend.
against weak fundamental Euro
NFP is about 14 hours.



Attached Image (click to enlarge)
Click to Enlarge Name: 18 4h.gif Size: 38 KB
Failure is a feedback. Learn from it.
  • #140
  • Aug 4, 2012 12:04pm Aug 4, 2012 12:04pm
1 position were open this week (longer term - monthly/weekly time frame).


Out of the 1 trade:
0 winners
0 looser
*trade is still open (currently +220 pips)




1 position were close this week, of a trade that open previous week (longer term - monthly/weekly time frame).
total pips for hits trade = +12 pips.
Failure is a feedback. Learn from it.
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