S&R short term bounces

when i was away from the screen, another order got filled and ran into profit: (limit order)

trade #10

gbp/usd - short bounce - from resistance

TP 10
SL 30

+10

again another bad trade...should have waited for a better entry...that was way too early.

trade #11

gbp/usd - short

TP 10
SL 30

trade #11

-30

the better entry would have given me profit.

....still got a lot to learn. discipline... discipline... discipline ...

so today there are some red news on USD and GBP. so I will be pretty careful (hopefully )

Findus I just wanted to leave this comment because I see myself in you about a year ago trying to pick out levels like this. Have you heard of or taken a look at any of Sam Seiden's material? He really does a great job of explaining why levels work, in particular break out and re-tests of levels. I think if you did some research and spent time reading about supply and demand it would take your trading to a new level.

hey Kanzler, thanks a lot for the great hint!! I will definitely do some research on him and hope this will bring me any further in my trading progress. This is exactly why I´m doing this. I want to get ideas and experience and discipline to make some progress in my trading. thank you for that.

Glad to help. You're on the right track - just never give up and you'll get there.

thank you for the kind words. it really encourages me!

trade #12

eur/usd - long - bounce off support after breakout of range

TP was hit very fast

TP 12
SL 27

+12

to see it better...a second chart

trade #13

eur/usd - long - retest of yesterdays high after breakthrough

TP 12
SL 27

trade # 13

+12

Findus,

Following-up on my PM are a few charts from what I saw last night. I took the night off but reviewed essentially what I would have traded.

Keep in mind I use smaller stops than you do but we seem to trade very similar levels. My stops @ -10 and I usually try and close a bit earlier if I believe the level has failed.

EU - Long @ the X - A failure based upon my stops (Win based upon yours). I really like this level type.

UJ - Long @ the Check mark - Win. The level was a bit choppy but something I would take.

GU - Long & then short - Win. I'm not sure if I would have caught the 20pt bounce as it was a hair high from my level...but I surely would have caught the first time back short opportunity.

I welcome your comments.

Hi Findus,
I see your SL 30 and TP 10; should not it be other way round....AM i missing something..or is this for some purpose ? I mean if this is correct then in long run what will be the results...

Win/Loss Ratio is all that matters, tradegood. As long as he's winning 80% of his trades, he's ahead.

100 trade sample size
80 wins @ 10pts = 800pts
20 losses @ 30pts = -600pts
net +200pts or $2k trading 1lot, $20k trading 10lots, etc

You say that as if achieving such a feat is trivial.

Another setup I liked just now, Findus...

EU short @ resist

A long setup I'm watching for now...1.3427-1.3424

Sam:

yes I think we are doing the same thing. On your first charts I think I would have taken E/U and U/J as well. In that case my SL would have held and the trade would have been profitable. The G/U I think I would have been scared of after that big move. But I think you are exactly looking at the same thing.

Tradegood:

you are right my SL is pretty big. and if I would trade with the trend only I think that would make sense to me. I think I have to explain my thought behind it: I think that on most of these levels (if they are clear levels) there are sitting at least some limit orders which need to be filled and make price bounce at least a little bit. and cos I don´t know where exacly these orders are I leave the trade some room. so the probability of my small TP to be hit seems pretty good, I think. and even if price breaches through without news ahead or behind (I don´t trade at red news) there might even be a chance that price comes back and hits profit. that was just my thought behind it. and I´m doing this journal to find out if that´s the case and if there are things that can be tweaked. So it´s not a fixed method yet and I´m really aware of the bad R:R. But I wand to find out myself. As you can see I already have tweaked it a little bit (TP 12 / SL 27). I just want to do everything step by step.

comments and thoughts are appreciated.

trade #14

gbp/usd - bounce off resistance

TP 12
SL 30

trade # 14

+12