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Start of my journey towards profitable trading with PA

  • #61
  • Jan 27, 2013 5:12pm Jan 27, 2013 5:12pm
New D1 trade:

Pending Buy limit: EURAUD

Reasons:
1. Strong close above strong D +W HCR.
2. Plenty of space above.
3. Breakout of W H&S pattern.

D1 Chart:
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD.jpg Size: 119 KB


W1 Chart:
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD_W1.jpg Size: 112 KB
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #62
  • Jan 27, 2013 6:01pm Jan 27, 2013 6:01pm
Quoting keroro0o0o
Update on USDCHF trade:

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...
I can't believe this... SL hit because of the widened spread (4++ pips). Price didn't hit my original SL, but because of the spread, it did...

Last bar closed as an SFP. Re-entering the trade.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCHF.jpg Size: 96 KB
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #63
  • Jan 27, 2013 9:41pm Jan 27, 2013 9:41pm
Quoting keroro0o0o
I can't believe this... SL hit because of the widened spread (4++ pips). Price didn't hit my original SL, but because of the spread, it did...

Last bar closed as an SFP. Re-entering the trade.

Attachment
Update in USDCHF trade:

Re-entered the trade at the same price of previous entry, price not looking good so far.

Again, broke my own rules of "H1 trades to be planned & traded at night". But I Re-entered the trade in the morning today after I got stopped out in previous entry.

Ascending triangle forming, with neckline at triple bar highs @ 0.9283.

Sl remained at 0.929 (considering widening of spreads).

Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 35 KB
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #64
  • Jan 28, 2013 2:03am Jan 28, 2013 2:03am
ew th
Quoting keroro0o0o
Update in USDCHF trade:

Re-entered the trade at the same price of previous entry, price not looking good so far.

Again, broke my own rules of "H1 trades to be planned & traded at night". But I Re-entered the trade in the morning today after I got stopped out in previous entry.

Ascending triangle forming, with neckline at triple bar highs @ 0.9283.

Sl remained at 0.929 (considering widening of spreads).

Attachment
SL hit. A bad trade as it wasn't according to the rules.

*On a side note, it was not recommended to enter 1H trades on Fridays.

Lesson learnt.

Discipline Discipline Discipline....
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #65
  • Jan 28, 2013 3:44am Jan 28, 2013 3:44am
Quoting keroro0o0o
ew th

SL hit. A bad trade as it wasn't according to the rules.

*On a side note, it was not recommended to enter 1H trades on Fridays.

Lesson learnt.

Discipline Discipline Discipline....
Sometimes I really wonder...what grudge does the market holds against me...

How many times has it been now, when the price hit my SL to the exact pip, and turned IMMEDIATELY to my favoured direction?

I really wonder....or isit the stop hunters by brokers?

Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 30 KB
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #66
  • Jan 28, 2013 4:09am Jan 28, 2013 4:09am
New 1H trade: EURUSD

Pending Buy limit.

Reason:
1. Nice level, with a nice thrust bar.
2. D1 bullish bias.

Pending buy limit placed because price made a nice rounding top. Since I won't be watching the screen for approximately 2-3 hours, I expect price to hit the level with some acceleration, and bounce.

Therefore, if price creeps above the level, I will cancel the limit order, as a preferred way of trading RR is acceleration towards the level.

4H chart (since 1H too cramped):

Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 28 KB
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #67
  • Jan 28, 2013 4:13am Jan 28, 2013 4:13am
Quoting keroro0o0o
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.

Attachment
Triggered. Let's roll!
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #68
  • Jan 28, 2013 9:24am Jan 28, 2013 9:24am
Quoting keroro0o0o
Triggered. Let's roll!
Update on GBPUSD trade:

SL hit. Lessons learnt:
1. Always wait for a DCC when applying Jarroo's method, especially in front of overwhelming bearish/bullish force.
2. Better option to catch a major reversal such as this case,s should have MUCH stronger confluence + PA candles.

A bad day for me, with 3 full SL hits.

Good lessons learnt today. Grateful for it.

Moving on.
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #69
  • Jan 28, 2013 4:49pm Jan 28, 2013 4:49pm
New 1D trade: NZDUSD

Pending Buy limit.

Reasons:
1. DCC of S at strong W + M HCR.
2. SFP
3. PB by proxy

Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD.jpg Size: 117 KB
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #70
  • Jan 28, 2013 5:15pm Jan 28, 2013 5:15pm
New 1H trade: NZDUSD

Pending sell limit

Reasons:
1. Almost a perfect RR formed during US market time.
2. ATR overshot.

Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD.jpg Size: 112 KB
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #71
  • Jan 28, 2013 5:56pm Jan 28, 2013 5:56pm
Quoting keroro0o0o
New 1H trade: NZDUSD

Pending sell limit

Reasons:
1. Almost a perfect RR formed during US market time.
2. ATR overshot.

Attachment
Triggered. Get in rollin!
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #72
  • Jan 28, 2013 8:13pm Jan 28, 2013 8:13pm
Quoting keroro0o0o
Triggered. Get in rollin!
Update on NZDUSD trade:

Full SL hit. 4th consequtive full bar loss.

2 Problems I found.
1. There was a new R at around 0.836 ish level, which MAY serve as a better level for RR & did worked out quite nicely.
2. Bullish bias on 1D. already violated my rule of staying out when there's a contradictory signal from D1 vs H1.

1H chart:
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 31 KB


1D chart:
Attached Image (click to enlarge)
Click to Enlarge Name: Capture2.PNG Size: 27 KB


How many times did I violate my own rules?

Just when I thought I could follow my own rules, and stay disciplined, and here I am, slapping my own face, again and again...

Now I understand, why forex trading is one hell of a challenge... because it has to deal with one's emotions + psychologies!!

Absorbing these lessons + losses + experience, and hoping to mold a better trader in me.
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #73
  • Jan 28, 2013 11:53pm Jan 28, 2013 11:53pm
Quoting keroro0o0o
New 1D trade: NZDUSD

Pending Buy limit.

Reasons:
1. DCC of S at strong W + M HCR.
2. SFP
3. PB by proxy

Attachment
Decided to call take this buy limit order off. as price might already being worked out off the S. Wait for the next retest for PA for a trade.
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #74
  • Jan 29, 2013 8:21am Jan 29, 2013 8:21am
Have a look at supply&demand. It could your trading a step further forward.
Thoughts are things
  • #75
  • Jan 29, 2013 8:26am Jan 29, 2013 8:26am
Quoting Quezoy
Have a look at supply&demand. It could your trading a step further forward.
Hi Quezoy,

I've gone through Lovejoy's supply & demand tutorials in his trader's guild. Of course it's pretty interesting, and the concept I use for my trading also takes supply/demand into consideration.

What I noticed about my main flaws are my discipline.. always wanting to be in a trade... Gotta make it a habit to be super picky and ONLY pick A setups.

Anyway, u're the first "guest" here to post. THANKS!!

May the pips be with you (us)
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #76
  • Jan 29, 2013 8:33am Jan 29, 2013 8:33am
LJ has good material, yap. Have a look also at the "romancing the price" PDF. Really pure PA.

Patience is difficult. I just mark my zones and dont touch a trade if price doesnt come into it.
We'll get there, slowly, but it goes.
Thoughts are things
  • #77
  • Jan 29, 2013 8:40am Jan 29, 2013 8:40am
New 1H trade: GBPUSD

Short @ 1.5750

Reasons:
1. RR to a nice level, with TL confluence
2. D1 bearish bias

However, 1H FTA very close, so the trade will be monitored closely.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD.jpg Size: 98 KB
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #78
  • Jan 29, 2013 8:41am Jan 29, 2013 8:41am
Quoting Quezoy
LJ has good material, yap. Have a look also at the "romancing the price" PDF. Really pure PA.

Patience is difficult. I just mark my zones and dont touch a trade if price doesnt come into it.
We'll get there, slowly, but it goes.
Hi Q,

Been through the thread, didn't really go through with the PDF. will do so. Thanks alot
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #79
  • Jan 29, 2013 9:02am Jan 29, 2013 9:02am
Quoting keroro0o0o
New 1H trade: GBPUSD

Short @ 1.5750

Reasons:
1. RR to a nice level, with TL confluence
2. D1 bearish bias

However, 1H FTA very close, so the trade will be monitored closely.

Attachment
Strong close above the zone. Manually closed position for 0.4R loss.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD.jpg Size: 91 KB
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #80
  • Jan 29, 2013 9:17am Jan 29, 2013 9:17am
It's certainly draining my confidence/psychology seeing all those consecutive losses..

I'll have to admit, most of the losing trades were not A setups, which were taken with "soso" confidence level.

I believe most traders go through this, and learnt from these mistakes, that they develop a rock solid foundation, to STAY OUT of "soso" trades.

I MUST follow the rules that was laid out in the first post, and be the trader I planned of becoming.
Knowing is not enough; we must apply. Willing is not enough; we must do.
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