Knowing is not enough; we must apply. Willing is not enough; we must do.
Start of my journey towards profitable trading with PA
- #41
- Jan 22, 2013 8:36pm Jan 22, 2013 8:36pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
- #42
- Edited 3:17am Jan 23, 2013 12:05am | Edited 3:17am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #43
- Edited 7:03pm Jan 23, 2013 1:16am | Edited 7:03pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Update in USDCAD trade:
Moved SL to above latest 1H SFP candle. Unable to post chart as in the office..
Stopped out with 0.25R profit.
Look what happens. I got stopped out, and price IMMEDIATELY reversed in the direction of my favor, and hit my TP.
This morning had 1R profit, was thinking to close the trade as TP was only 7 pips away, but decided to stick to the plan(until i decided to move my SL).
Here's screenshot of what happened:
Always like the psychological relieve after locking in profits, but more times than not, my SL was hit for a SMALL profit, and price reverse to hit my TP. happened for quite a few times already.
So, isit smart to move SL? perhaps, ONLY IF the price you traded flipped from S/R of your favor. I'm talking about 1H trades here.
Well, Move on.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #44
- Jan 23, 2013 3:22am Jan 23, 2013 3:22am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #45
- Jan 23, 2013 7:56am Jan 23, 2013 7:56am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
New trade in NZDUSD
Reasons:
1. SFP, which swings higher than 4 previous swing highs and closed below all of them.
2. MACD bearish divergence on both 1H, and 1D charts
Reasons:
1. SFP, which swings higher than 4 previous swing highs and closed below all of them.
2. MACD bearish divergence on both 1H, and 1D charts
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #46
- Jan 23, 2013 10:28am Jan 23, 2013 10:28am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Update on 1D USDCAD trade:
FTA triggered. closed 1/3 position for 0.3R profit. Trail the rest at BE.
*Note: this trade is based on Jarroo's method where we take partial(even full profits) & reduce risks when price hits FTA.
Stopped out by a gigantic crazy bullish bar for a small loss. No complaints here.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #47
- Jan 23, 2013 10:34am Jan 23, 2013 10:34am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
New trade in NZDUSD
Reasons:
1. SFP, which swings higher than 4 previous swing highs and closed below all of them.
2. MACD bearish divergence on both 1H, and 1D charts
Attachment
SFP against my direction. Don't like this action.
Plus, with the SFP of my trade being the 5th attempt to test the resistance, should've just stayed out of this trade. (this trade was taken in a rush without detailed analysis/thoughts).
I'm lucky to close the trade manually for a small profit.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #48
- Jan 23, 2013 9:39pm Jan 23, 2013 9:39pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Update on USDCAD trade:
Having some draw down, where price retraces back to the previous small RM.
A close above the LCS invalidates the break of LCS as support, however, broken TL has not been tested.
Stop loss remains un-moved. A retest of broken TL will trigger some trade management.
Attachment
1. A retracement to the TL, and rejection (possibley with an SFP on the 1H chart)
2. A breakout and a RR back to the previous RM for a short.
That's what I currently think are the better choices than to sell at the break.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #49
- Jan 24, 2013 8:28am Jan 24, 2013 8:28am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
New trade in AUDUSD
Reasons:
1. SFP at a S level.
2. ATR overshot.
Expect a quick bounce to retrace back to the previous broken S & TL before continuing down.
Strong bearish momentum. SL tight, and small risk, <1%.
Reasons:
1. SFP at a S level.
2. ATR overshot.
Expect a quick bounce to retrace back to the previous broken S & TL before continuing down.
Strong bearish momentum. SL tight, and small risk, <1%.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #50
- Edited 10:18am Jan 24, 2013 9:59am | Edited 10:18am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
New trade in AUDUSD
Reasons:
1. SFP at a S level.
2. ATR overshot.
Expect a quick bounce to retrace back to the previous broken S & TL before continuing down.
Strong bearish momentum. SL tight, and small risk, <1%.
Attachment
SL hit very quickly. Not an A setup, so no big surprise here.
Another thing i realized, an SFP is more reliable when it's happened with the most current, best with equal sized swings.
Odd that I only realized all these AFTER taking a loss. Ou well...gotta learn it d hard way i guess (lucky i'm on demo)
Lesson learnt: to take only setups high probablity.
Losing even a small amount of risk is still not worth it for a "soso" setup.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #51
- Jan 24, 2013 5:39pm Jan 24, 2013 5:39pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
New Sell limit order in GBPUSD
1. Nice previous S for a RR
2. D1 bearish bias for a larger TP
1. Nice previous S for a RR
2. D1 bearish bias for a larger TP
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #52
- Jan 24, 2013 5:40pm Jan 24, 2013 5:40pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
New trade in NZDUSD (Long)
Reasons:
1. Nice RR at a strong PPZ.
2. FTB to the PPZ after breakout
Reasons:
1. Nice RR at a strong PPZ.
2. FTB to the PPZ after breakout
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #53
- Jan 24, 2013 9:06pm Jan 24, 2013 9:06pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
New trade in NZDUSD (Long)
Reasons:
1. Nice RR at a strong PPZ.
2. FTB to the PPZ after breakout
Attachment
My entry was again, not a good setup, the previous S now turned R was a multibar lows. Failed to spot it. MORE Screentime needed to train the EYE!
Manually closed for a small loss.
*Note: In the office, so using myfxbook chart.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #54
- Jan 25, 2013 2:36am Jan 25, 2013 2:36am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #55
- Jan 25, 2013 2:45am Jan 25, 2013 2:45am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
New trade in NZDUSD (stopped out in less than 30 minutes).
STUPID TRADE!
Saw a small small RR at a small PPZ area, with a small SFP at a small swing.
Wanted to catch a small profit. BAM. stopped out in less than 30 minutes.
Again and again, wanting to be in a trade, and find myself get stopped out.
STUPID TRADE!
Saw a small small RR at a small PPZ area, with a small SFP at a small swing.
Wanted to catch a small profit. BAM. stopped out in less than 30 minutes.
Again and again, wanting to be in a trade, and find myself get stopped out.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #56
- Jan 25, 2013 3:34am Jan 25, 2013 3:34am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Triggered. Let's see how it goes.
TP hit within 1 hour. great level with nice RR.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #57
- Jan 25, 2013 7:42am Jan 25, 2013 7:42am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
New Pending Sell limit in USDCHF.
Reasons:
1. Nice PPZ, previous S had 2 clean touches, and 2 near swings.
2. Plenty of space.
3. D bearish bias
Reasons:
1. Nice PPZ, previous S had 2 clean touches, and 2 near swings.
2. Plenty of space.
3. D bearish bias
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #58
- Jan 25, 2013 11:30am Jan 25, 2013 11:30am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #59
- Jan 26, 2013 7:35am Jan 26, 2013 7:35am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Triggered. Let's roll!
Price worked nicely towards my favoured direction after entry.
D1 showed perfect rejection from broken TL, and last candle closed only slightly below a strong D+W HCR/LCS combo.
Remains bearish, but have to be weary of the weak close of the last bearish candle, which also showed in H1 chart, with a rejection from previous R (FTA).
Normally, I would've moved my SL to BE, or even below entry to lock in profits, but previous attempts of moving SL didn't end up well. Plus, price didn't show any bullish signs.
Decided to stay on my toes, and let the trade works out on itself.
D1 chart:
H1 chart:
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #60
- Edited Jan 28, 2013 4:13am Jan 27, 2013 4:57pm | Edited Jan 28, 2013 4:13am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
New D1 trade:
Pending BUY limit: GBPUSD
Reasons:
1. DCC + SFP at strong D + W HCR.
2. A valid gap play.
3. FTB to HCR.
*note: If price reaches FTA before hitting my buy limit, I'll cancel the order.
Pending BUY limit: GBPUSD
Reasons:
1. DCC + SFP at strong D + W HCR.
2. A valid gap play.
3. FTB to HCR.
*note: If price reaches FTA before hitting my buy limit, I'll cancel the order.
Knowing is not enough; we must apply. Willing is not enough; we must do.