New trade: AUDUSD Chart: {image}
TP hit.
Chart:
Knowing is not enough; we must apply. Willing is not enough; we must do.
Start of my journey towards profitable trading with PA
- #421
- Apr 8, 2013 5:42pm Apr 8, 2013 5:42pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
TP hit.
Chart:
- #422
- Apr 8, 2013 6:07pm Apr 8, 2013 6:07pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Oh my oh my, chickened out and took off my buy limit order in the GBPUSD. Missed a quick and precise 20 pips bounce. Leaving the other 2 open and it's time to sleep. {image}
Chart:
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #423
- Apr 8, 2013 7:21pm Apr 8, 2013 7:21pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Update: AUDUSD TP hit. Chart: {image}
Price continuing up after broken the previous supply, the entry was at the HL of the newly formed uptrend, so perhaps it would be a better option to take partial profits at first target, and trail the rest.
Anyhow, will need to find a balance between taking profits early/letting trades run.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #424
- Apr 9, 2013 9:29am Apr 9, 2013 9:29am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
A missed trade: USDCAD
Chart:
Chart:
Knowing is not enough; we must apply. Willing is not enough; we must do.
Hi mate, just wanted to drop by and say fair play for keeping this journal going. I also have been most influenced by S&D (Ken and ace gazette), J16 and Wizard way more than anything else. I really struggle with waiting for PA at key levels and although the 'confirmation' is nice or whatever, I have gravitated towards Wizards way of thinking about missing alot of the move by the time the PA has formed, and also not missing trades at great level due to perfect PA not forming in a way that I want it to.
I am still learning but now am now focused on the fail better strategy - primarily the rounded retest and am feeling increasingly comfortable with it. Very clear and mostly unambiguous straightforward rules, and I also love the fact that you set your orders and let the market do its thing with no interaction as I feel that unless you are a very experienced trader, interaction probably does more harm than good. The R/R is also awesome
Anyway didnt mean to come on here and start banging on about myself, was just funny seeing the similarity in our influences and thought I would say hi and to keep up the good work!
Andy
I am still learning but now am now focused on the fail better strategy - primarily the rounded retest and am feeling increasingly comfortable with it. Very clear and mostly unambiguous straightforward rules, and I also love the fact that you set your orders and let the market do its thing with no interaction as I feel that unless you are a very experienced trader, interaction probably does more harm than good. The R/R is also awesome
Anyway didnt mean to come on here and start banging on about myself, was just funny seeing the similarity in our influences and thought I would say hi and to keep up the good work!
Andy
- #426
- Apr 10, 2013 5:50am Apr 10, 2013 5:50am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Hi mate, just wanted to drop by and say fair play for keeping this journal going. I also have been most influenced by S&D (Ken and ace gazette), J16 and Wizard way more than anything else. I really struggle with waiting for PA at key levels and although the 'confirmation' is nice or whatever, I have gravitated towards Wizards way of thinking about missing alot of the move by the time the PA has formed, and also not missing trades at great level due to perfect PA not forming in a way that I want it to. I am still learning but now am now focused on...
Absolutely! We just happened to be the lucky ones that stumbled on the few awesome threads, and gained some nice knowledge. The rest is up to us to practise and improve. I'm sure with time and patience, we'll be good (if not great) traders ourselves. Do drop by with some charts if you will. I'd be happy if you share
.Thanks for dropping by. Good trading to u!
K
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #427
- Apr 10, 2013 6:06am Apr 10, 2013 6:06am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
New trade: AUDUSD
Chart:
Chart:
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #428
- Apr 10, 2013 6:42am Apr 10, 2013 6:42am
- 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.
- #429
- Apr 10, 2013 10:59am Apr 10, 2013 10:59am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
New trade: EURAUD
Chart:
Edit: Also compression pattern on 5mins.
Chart:
Edit: Also compression pattern on 5mins.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #430
- Apr 10, 2013 11:28am Apr 10, 2013 11:28am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
New trade: EURAUD Chart: {image} Edit: Also compression pattern on 5mins.
The anxiety while having no trades, and the feeling of looking at missed trades... it's taking a toll.
The previous trade of EURAUD, decided to take it off. Will not look at cross. If the majors don't present worthy trades, I'll just stay flat.
Have to recapture my thoughts, and be more confident in taking trades. If I can't overcome this, I will never be successful.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #431
- Apr 10, 2013 11:41am Apr 10, 2013 11:41am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
2 open orders: EURUSD/AUDUSD
Chart:
EURUSD
AUDUSD
Chart:
EURUSD
AUDUSD
Knowing is not enough; we must apply. Willing is not enough; we must do.
Hi Andy, Absolutely! We just happened to be the lucky ones that stumbled on the few awesome threads, and gained some nice knowledge. The rest is up to us to practise and improve. I'm sure with time and patience, we'll be good (if not great) traders ourselves. Do drop by with some charts if you will. I'd be happy if you share
If I may make a tentative suggestion on your comments around missed trades and hesitation.. This suggest to me a lack of a specific structured plan and maybe a bit of an overload of information given that you are combining several strategies. On the basis of accountability would you post up your trading plan with criteria for entry, stops and targets?
- #433
- Apr 10, 2013 6:02pm Apr 10, 2013 6:02pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Yeah I will def post up some charts at some point over the next few days. I may actually start a journal you have inspired me somewhat.. If I may make a tentative suggestion on your comments around missed trades and hesitation.. This suggest to me a lack of a specific structured plan and maybe a bit of an overload of information given that you are combining several strategies. On the basis of accountability would you post up your trading plan with criteria for entry, stops and targets?
Thanks for the suggestion. In fact, I do have a rule in trading. That is to be VERY picky. The fact is, I aim to be a discretionary trader, rather than a mechanical one. And setting all the rules would mean to be mechanical, wouldn't it? Furthermore, I'm not trying to apply all the things I've learnt in one go. I've been "sold" on supply demand trading, and I'm trading it exclusively.
Perhaps what I lack is experience & confidence, which I strongly believe would be gained in time.
Anyhow, will not stop trying till I get there. Hope you will too.
K
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #434
- Apr 10, 2013 9:13pm Apr 10, 2013 9:13pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
2 open orders: EURUSD/AUDUSD Chart: EURUSD {image} AUDUSD {image}
AUDUSD triggered, and an immediate bounce of ~20 pips.
SL at BE, wouldn't want to get stopped out as this might be a news driven move.
TP lowered to supply zone.
Knowing is not enough; we must apply. Willing is not enough; we must do.
Hi Andy, Thanks for the suggestion. In fact, I do have a rule in trading. That is to be VERY picky. The fact is, I aim to be a discretionary trader, rather than a mechanical one. And setting all the rules would mean to be mechanical, wouldn't it? Furthermore, I'm not trying to apply all the things I've learnt in one go. I've been "sold" on supply demand trading, and I'm trading it exclusively.
One thing that I have increasingly noticed is that these is often a RBR prior to a breakout, with the base occurring just under the resistance prior to the breakout. This makes logical sense given the rounded retest strategy but isnt something that Wizard has ever referred to as he just uses the levels. Interesting stuff.
If you havent already check out tradersguild.com. Its another really solid S&D training site with good free stuff and a very straightforwards strategy combining S&D and S/R
A solid trading plan is still very important and while things aren't written in stone and there will be discretionary elements to the strategy, almost every profitable trader and always stressed the importance of a clearly defined plan.
- #436
- Apr 10, 2013 10:12pm Apr 10, 2013 10:12pm
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Ak ok I have to admit that I read the first few pages of your thread and sort of flicked though to the end. Didn't realise that you have settled on S&D. I really like that stuff as well although im not focusing on it. One thing that I have increasingly noticed is that these is often a RBR prior to a breakout, with the base occurring just under the resistance prior to the breakout. This makes logical sense given the rounded retest strategy but isnt something that Wizard has ever referred to as he just uses the levels. Interesting stuff. If you havent...
awesome.
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #437
- Apr 10, 2013 10:13pm Apr 10, 2013 10:13pm
- 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.
- #438
- Edited 2:36am Apr 11, 2013 2:25am | Edited 2:36am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Oops, out at +2pips. Let's see what happens next...
Edit: Target hit...
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #439
- Apr 11, 2013 3:24am Apr 11, 2013 3:24am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
2 open orders: EURUSD/AUDUSD Chart: EURUSD {image} AUDUSD {image}
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #440
- Apr 11, 2013 5:24am Apr 11, 2013 5:24am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Stopped out trade: EURUSD
Limit order triggered, but stopped out almost immediately.
Chart:
Limit order triggered, but stopped out almost immediately.
Chart:
Knowing is not enough; we must apply. Willing is not enough; we must do.