TheChalleger's Journal - My Trading Journey

Bounce Trade

+1.2R

Wk29: (-1), +1 / -1, +1
Wk30: -1, +1 / +1 / +1 / +1 / 0
Wk31: X / -1, 0, 0 / # / # / -3*
Wk32: -1.5, +1, +1 / # / # / X / #
Wk33: -0.5, +0.5 / # / # / # / #
Wk34: # / # / # / # / #
Wk35: -1 / -3* / +1.5 / -1 / -0.7, +2
Wk36: # / 0, +1, +1.5 / # / +0.5 / #
Wk37: -1, +1.5 / +1.2 / / / /

Just a suggestion that you can ignore: what if you remove the horizontal/vertical grid dotted lines from your chart? It might allow you see the price patterns clearer. You already have moving averages and daily pivot lines, and looking for trendline bounce trades, so having a clear background, or minimal background might help. With a clear chart you can recognize the candlestick formations. With minimal indicators, you can see the interactions with moving averages or pivot lines. But if you have those dotted grid lines, they obscure your chart view ..... and miss opportunities.

The white dotted horizontal/vertical grid lines are probably useless unless they marked clearly 20, 50, 100 pips intervals. In MT4 the grid lines scaling are so random.

Missed the pullback bounce setup (News time). Why AU spread jump to 3.0???

(Spread: GU and EJ jumps to 4.0, EU jumps to 2.5)

Right-click on any chart, then un-select the Show Grid. Try it.

Failed bounce trade -1R... (possible reason traded against a strong reversal)

Loser -1R

.

On the contrary I am pretty certain at least some people in the PIE thread will short at the spike I circled.

It's quite sad to see him lose -1R again and again. It's slowing bleeding and dying a slow death. He needs a new strategy and fresh approach to the market.

-1, -1, -1, -0.8, +2, +0.7


Wk29: (-1), +1 / -1, +1
Wk30: -1, +1 / +1 / +1 / +1 / 0
Wk31: X / -1, 0, 0 / # / # / -3*
Wk32: -1.5, +1, +1 / # / # / X / #
Wk33: -0.5, +0.5 / # / # / # / #
Wk34: # / # / # / # / #
Wk35: -1 / -3* / +1.5 / -1 / -0.7, +2
Wk36: # / 0, +1, +1.5 / # / +0.5 / #
Wk37: -1, +1.5 / +1.2 / -1, -1, -1, -0.8, +2, +0.7 / / /

Good reading:
[quote=5percent;6004372]If a trader can't make it in the Forex Market and keep failing ample times, it's mainly due to psychology and personality, the experience a trader gets from losing in the Forex Market are the most important lessons and the best,

In fact its recommended to keep losing at the start of trading as it is part of learning, any beginner with luck that started out winning will eventually succumbed to defeat when the market moves out of his expectation, and that's what killed majority of the retailers. Only by losing in all possible markets before, experience will get the trader further and better when he encounter each situation again.

A beginner should only keep trading a very small amount of account comparison to his wealth/saving until he can have a consistent track record. By consistent track records does not mean winning, but how little and how consistent he loses. To be the smallest loser is the biggest Winner in this Forex Market.

If u have traded Forex for 5 years and not being even able to break even, obviously your mentality and mindset is the biggest obstacle. The Market has instil traders with conventional thinking and not critical thinking, which drives many traders into emotional trading and question why the market moves against them. Then it's probably time to think against your previous thinking, it's either north or south? With a sound RR and MM, its highly possible

One of the hardest part of the game is about moving out profits, greed is the thing that make a trader keep failing, either to protect his winnings to only let the main account get damaged or failure to move out profits and start over again so that one is emotional-resilience. Most trader think to multiply their account size by compounding it's good but hard because of psychology and personality when the lots gets bigger each time.

Market is move fundamentally, technical is only for risk control. If a trader knows technical well enough, he will only apply ABCD rule along with the trend, and not go against the trend with limits for reversal. And that's what we have observed over the lately bull run of the market./quote]

22pip (+2.2R) AU Channel break
(Overall today +1.1R , 6th winning day in a row !!!!!!!!!!!!!!!!!!)

Wk29: (-1), +1 / -1, +1
Wk30: -1, +1 / +1 / +1 / +1 / 0
Wk31: X / -1, 0, 0 / # / # / -3*
Wk32: -1.5, +1, +1 / # / # / X / #
Wk33: -0.5, +0.5 / # / # / # / #
Wk34: # / # / # / # / #
Wk35: -1 / -3* / +1.5 / -1 / -0.7, +2
Wk36: # / 0, +1, +1.5 / # / +0.5 / #
Wk37: -1, +1.5 / +1.2 / -1, -1, -1, -0.8, +2, +0.7, +2.2 / / /

Wk36: # / 0, +1, +1.5 / # / +0.5 / #
Wk37: -1, +1.5 / +1.2 / -1, -1, -1, -0.8, +2, +0.7, +2.2 / / /

Thanks

Take a peek on LJ's charts for support/resistance. Might suit your style.
http://www.forexfactory.com/showthre...69#post6006369

You are getting tight KK. Nice!

Whats your avg win % and avg win and avg loss?

Not sure.. :0, haven't calculated this way

Missed touched trade...
Why you have to wait for a bounce trade for this setup???

+1R for me

I would have taken this successful bounce trade, if I was not holding another trade.