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My Learning Journey

  • #261
  • Oct 17, 2012 3:55pm Oct 17, 2012 3:55pm
I was scalping the entire day. Made almost 10% of my account before losing more than my original amount. I continued scalping again and got back to my original amount plus a bit extra.

Continued scalping shorts, looking for a retracement.

Shorted at 1.31176 for the night. Looking for 1.3017/9 retracement. Then long all the way to 1.35. Then short all the way to 1.15x.

...At least this is the rough direction everyone has in mind.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 17 October 2012.png Size: 73 KB
A 1 pip gain is better than a 1 pip loss.
  • #262
  • Oct 18, 2012 12:07am Oct 18, 2012 12:07am
Quoting aeternum
I was scalping the entire day. Made almost 10% of my account before losing more than my original amount. I continued scalping again and got back to my original amount plus a bit extra.

Continued scalping shorts, looking for a retracement.

Shorted at 1.31176 for the night. Looking for 1.3017/9 retracement. Then long all the way to 1.35. Then short all the way to 1.15x.

...At least this is the rough direction everyone has in mind.
SL at BE + 1. Currently 22 pips in the green. Could actually close now and continue with my scalps later but it seems like there is a lot more room for it to drop, although there is also room for it to rise...
A 1 pip gain is better than a 1 pip loss.
  • #263
  • Oct 18, 2012 12:08am Oct 18, 2012 12:08am
Quoting aeternum
SL at BE + 1. Currently 22 pips in the green. Could actually close now and continue with my scalps later but it seems like there is a lot more room for it to drop, although there is also room for it to rise...
Scratch that. Closed for +24 pips with full account risk, so that's already 10% of my account for the day.
A 1 pip gain is better than a 1 pip loss.
  • #264
  • Oct 18, 2012 12:14am Oct 18, 2012 12:14am
Quoting aeternum
Scratch that. Closed for +24 pips with full account risk, so that's already 10% of my account for the day.
PO Long EURUSD 1.30179, TP 1.35, SL 1.295.

Until this is activated, I will continue scalping and selling the rallies.
A 1 pip gain is better than a 1 pip loss.
  • #265
  • Oct 18, 2012 12:27am Oct 18, 2012 12:27am
In order to be more disciplined, I must not look at other threads during my trading hours.

There is no point looking at other threads because I have my own system and I have to believe in it. There have been many times when my system offered me 200 pips for the taking and yet I failed to notice it because I was too engrossed in reading other threads and seeing what other people think, thus changing my biasness.

Right now my main target is to make 10% of my account daily. I have made the 10% I was supposed to make yesterday, so I need about another 8% today to clear today's targets. Very much do-able.
A 1 pip gain is better than a 1 pip loss.
  • #266
  • Oct 18, 2012 12:28am Oct 18, 2012 12:28am
Quoting aeternum
PO Long EURUSD 1.30179, TP 1.35, SL 1.295.

Until this is activated, I will continue scalping and selling the rallies.
There is actually a possibility we may go down to 1.29819. So I'm going to look out for PA around my fib levels. Once I have a confirmed end of downwards momentum, I will go all out long.
A 1 pip gain is better than a 1 pip loss.
  • #267
  • Oct 18, 2012 12:30am Oct 18, 2012 12:30am
There are option expiries all over 1.30xx levels. I definitely have a long biasness now but I would like to see a higher low somewhere around 1.2975 - 1.3025.
A 1 pip gain is better than a 1 pip loss.
  • #268
  • Oct 18, 2012 12:32am Oct 18, 2012 12:32am
Quoting aeternum
There are option expiries all over 1.30xx levels. I definitely have a long biasness now but I would like to see a higher low somewhere around 1.2975 - 1.3025.
Just took a look at EURUSD daily. Yesterday closed in a spinning top. I'm definitely looking for a lower level now. Probably changing my TP to 1.302.
A 1 pip gain is better than a 1 pip loss.
  • #269
  • Oct 18, 2012 12:45am Oct 18, 2012 12:45am
Quoting aeternum
Just took a look at EURUSD daily. Yesterday closed in a spinning top. I'm definitely looking for a lower level now. Probably changing my TP to 1.302.
Decided somewhere around 1.3025. It may definitely spike up and go up somemore because we're in somewhat of an oversold area on the lower timeframes here. This gives everyone a chance to re-enter shorts on a better level. This could actually be a spike to take out weak stops too.

I should have been more patient before re-entering short because I could have re-entered with the spike, allowing me earn another 10% of my account today. Probably even more if it does get to 1.3025. Then I can relax for the rest of week. But the more I earn everyday, the faster I can prepare for my next phase of trading.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSD 18 October 2012 4H.png Size: 67 KB
Click to Enlarge Name: EURUSD 18 October 2012 AM.png Size: 69 KB
A 1 pip gain is better than a 1 pip loss.
  • #270
  • Oct 18, 2012 8:18am Oct 18, 2012 8:18am
I found why 1.308 was such a good support line.

I believe that there is more downside available now. Possibly much more than we think. Or it could end here, boost upwards past 1.32, and then have a really heavy retracement before continuing its trip.

I'm looking to TP at 1.3045, or 1.304x as long as it gets there.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 18 October 2012 PM.png Size: 66 KB
A 1 pip gain is better than a 1 pip loss.
  • #271
  • Oct 18, 2012 12:05pm Oct 18, 2012 12:05pm
Scalped 16 pips. Managed to get 10% for yesterday and another 10% today. Possible to continue scalping until I head to bed.

Testing this new method out at the moment. So far so good.
A 1 pip gain is better than a 1 pip loss.
  • #272
  • Oct 18, 2012 2:50pm Oct 18, 2012 2:50pm
Seems like I should have stuck to my new TP of 1.3065 when I re-entered short at 1.31005 after some scalps. Could have made at least another 15% of my account.

What a waste. I'm now looking for a test to 1.317xx. This is the 78.6 fib level from the drop of 2011 highs at 1.34xx. This is also near the 38.6 fib level of 1.49xx highs. If we go past this, I may even look to 1.34xx.

But at the moment my trend line on the top is still capping it really hard. And it has been rejected yesterday with a really good spinning top doji.

If we fail to break 1.315, I believe we are done here.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 18 October 2012 Update.png Size: 64 KB
A 1 pip gain is better than a 1 pip loss.
  • #273
  • Oct 18, 2012 3:20pm Oct 18, 2012 3:20pm
Holding my long 1.31005, looking to 1.31425. It should test 1.315, but I'm not going to bet on it with everyone feeling so bearish. Everything looks overbought too, so its quite confusing.
A 1 pip gain is better than a 1 pip loss.
  • #274
  • Oct 19, 2012 1:37am Oct 19, 2012 1:37am
Quoting aeternum
Holding my long 1.31005, looking to 1.31425. It should test 1.315, but I'm not going to bet on it with everyone feeling so bearish. Everything looks overbought too, so its quite confusing.
1.306 seems to be holding pretty well. But if it does break, we will be clearing a lot of stop losses and we will shoot downwards pretty quick. I'm looking for the next fib level up top at 1.314xx. Or if possible 1.317xx. Then I will scalp and sit it out until there is a PA confirmation of a reverse or a continued upward move.
A 1 pip gain is better than a 1 pip loss.
  • #275
  • Oct 19, 2012 2:04am Oct 19, 2012 2:04am
Quoting aeternum
1.306 seems to be holding pretty well. But if it does break, we will be clearing a lot of stop losses and we will shoot downwards pretty quick. I'm looking for the next fib level up top at 1.314xx. Or if possible 1.317xx. Then I will scalp and sit it out until there is a PA confirmation of a reverse or a continued upward move.
We broke 1.306 only to get stopped at 1.305. Seems like there are way more barriers downwards than upwards right now.

We have broken to a high of 1.3138x which was 1+ pip away from 1.314. I believe that it is possible that we will see 1.3138x again and definitely higher to complete the wave.
A 1 pip gain is better than a 1 pip loss.
  • #276
  • Oct 19, 2012 4:40am Oct 19, 2012 4:40am
After being overbought on 4H for so long, we finally relieved that pressure down to 1.305. I initially set my eyes on 1.3065 when I shorted 2 days ago at 1.309x. I eventually got a better position but didn't keep holding on to it and only took a small 5 pips from that.

Daily's PA looks to be heading down, with stochastic already crossing over and being slightly overbought. 1H and 4H on the other hand are severely oversold. This could actually be the end of the downwards movement. Unless we push up a bit, and fall further to relieve pressure on Daily Stochastic.

If that's the case, 1.3080 provides good support / resistance, the next point would be somewhere between 1.311 and 1.312.

Failure to bounce from these two levels would mean we will go test this week's highs at 1.314. A bounce there could send us flying down, but if we break that level, we could see 1.3174.

I'm bullish right now. I don't think we'll be seeing 1.29 soon seeing as we broke through the tight range and successfully broke 1.31 without much of a resistance.

I wonder if the banks are right this time with the 1.34 and 1.35 call.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 19 October 2012 AM.png Size: 62 KB
A 1 pip gain is better than a 1 pip loss.
  • #277
  • Oct 19, 2012 5:02am Oct 19, 2012 5:02am
There we go, 1.304! Too bad I wasn't short.
A 1 pip gain is better than a 1 pip loss.
  • #278
  • Oct 19, 2012 9:35am Oct 19, 2012 9:35am
We just got to 38.2 at 1.30189, technically we only got to 1.3020 but the level is there.

Don't think there is anymore downside now. I'm looking for a top now but I really can't spot one because of my trend line. Ignoring my trendline, possibly 1.31712 which is 127.2 or 1.32124 at 161.8.
A 1 pip gain is better than a 1 pip loss.
  • #279
  • Oct 19, 2012 1:58pm Oct 19, 2012 1:58pm
Quoting aeternum
Just took a look at EURUSD daily. Yesterday closed in a spinning top. I'm definitely looking for a lower level now. Probably changing my TP to 1.302.
Why do I not listen to myself?????
A 1 pip gain is better than a 1 pip loss.
  • #280
  • Oct 19, 2012 1:59pm Oct 19, 2012 1:59pm
Quoting aeternum
PO Long EURUSD 1.30179, TP 1.35, SL 1.295.

Until this is activated, I will continue scalping and selling the rallies.
Probably should have stuck to this too. Not really sure if we will get to 1.35 though because daily is so overbought although Weekly has the potential to rise.

But we've seen a pattern that EURUSD falls around these levels after spikes. Rely on the good old breakeven method.
A 1 pip gain is better than a 1 pip loss.
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