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Start of my journey towards profitable trading with PA

  • #541
  • May 3, 2013 6:04am May 3, 2013 6:04am
My progress so far on S&D trading:

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A- first week of S&D trading:
Experimenting, learning, and obviously, trying to grasp the essence of S&D trading through losses

B- second week of S&D trading
Getting a grip of the proper ways to trade, and showing signs of improvements

C- third week of S&D trading
Due to great results from the second week, getting over-confident, and started to disregard the overall picture in 30mins, and took whichever zone that was marked on the chart. Results = Devastating.

D- fourth week of S&D trading
Reviewed the mistakes from C, re-organized the chart with multiple timeframes for better view of longer term trends, and restructured my way of trading.
Results = promising.

Now, I will take 1 week off for a vacation in Hong Kong. Target to go live in June if things go smooth when I'm back.
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #542
  • May 3, 2013 12:23pm May 3, 2013 12:23pm
Nice rebound from your restructure. Keep up the good work and have a great vacation!!!!

Joe
  • #543
  • May 3, 2013 1:14pm May 3, 2013 1:14pm
Great to see you in the green using s&d, all the best to you, keep it up!
  • #544
  • May 4, 2013 10:21am May 4, 2013 10:21am
Thanks guys for d encouragements! I'm in d hotel in Macau now,relaxing. Will come back full force on trading when I'm back. Stay tuned!!
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #545
  • May 4, 2013 11:38am May 4, 2013 11:38am
Quoting keroro0o0o
My progress so far on S&D trading: {image} A- first week of S&D trading: Experimenting, learning, and obviously, trying to grasp the essence of S&D trading through losses B- second week of S&D trading Getting a grip of the proper ways to trade, and showing signs of improvements C- third week of S&D trading Due to great results from the second week, getting over-confident, and started to disregard the overall picture in 30mins, and took whichever zone that was marked on the chart. Results = Devastating. D- fourth week of S&D trading Reviewed the...
I love this, from zones B and D you can see clearly that you can trade. Do not get discouraged! At least you are taking note of your mistakes. Look over your pass trades from those areas and see what you were doing right.

Remember losses are part of the business but let them be down to the market and not due to your attitude. Keep it up my friend.

Regards

NineKaye
NineKaye
  • #546
  • May 7, 2013 10:14am May 7, 2013 10:14am
Quoting NineKayeLTD
{quote} I love this, from zones B and D you can see clearly that you can trade. Do not get discouraged! At least you are taking note of your mistakes. Look over your pass trades from those areas and see what you were doing right. Remember losses are part of the business but let them be down to the market and not due to your attitude. Keep it up my friend. Regards NineKaye
Thanks for the heads up NineKaye. Yap i ll always remind myself that trading is never gonna be a smoothsail since we are trading with probability. Just have to work with my psychology + money management and I believe we ll be profitable overtime. I ll keep the faith!! Good trading to you buddy.

Regards,
Chao
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #547
  • May 7, 2013 5:40pm May 7, 2013 5:40pm
Great work mate. Regardless of the results, the fact that you are working through this so methodically is a sure sign that you will succeed.
  • #548
  • May 7, 2013 9:03pm May 7, 2013 9:03pm
Quoting andyhardwick
Great work mate. Regardless of the results, the fact that you are working through this so methodically is a sure sign that you will succeed.
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #549
  • May 10, 2013 5:58am May 10, 2013 5:58am
Vacation coming to an end, in d airport waitin for boarding. Missed trading for 1 week,and i gotta admit I missed it soooo much!!! Haha. Guess forex trading really is addictive..

Anyway, next week ll be another week with busy schedules since have to attend brother's wedding.. Hope i can squeeze out some time for quality trades.
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #550
  • May 13, 2013 6:18pm May 13, 2013 6:18pm
Quoting keroro0o0o
Vacation coming to an end, in d airport waitin for boarding. Missed trading for 1 week,and i gotta admit I missed it soooo much!!! Haha. Guess forex trading really is addictive.. Anyway, next week ll be another week with busy schedules since have to attend brother's wedding.. Hope i can squeeze out some time for quality trades.
Another flat week...was looking at a few setups, but unfortunately did not trigger. Will stay flat till I'm back on Thursday.

Some potential trades that I decided not to trade since I won't be around:

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Patience patience patience.
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #551
  • Edited 8:56am May 17, 2013 2:12am | Edited 8:56am
New trade: USDJPY short

First trade after 2 weeks. Let's see how it goes:

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*in the office, so posted a quick screenshot of the trade. Will add in more details when I'm home.

Update: Stopped out. Can't say it's unexpected because of the PA showed bullish momentum. Would be interesting to see how it follows through.
Update2: reached home. time for some clear charts + review:

1st chart: RSI bearish divergence across all timeframes, with highest TF 1W at supply zone. This was the first reason I took this big CT trade.
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2nd chart: Obviously my SL was hit by the spread, because it was a level on level. The SL placement was too aggressive, as price normally would overshoot to take the upper supply level (sometimes not).
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Anyway, a loss is a loss. I just feel ready again after a 2 weeks break from trading.

On to the next!
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #552
  • Edited 9:23am May 17, 2013 9:07am | Edited 9:23am
New trade: EURJPY short

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Update: Got stopped out as I post. Hmm, big movements after USD big news even it's not USD pairs.

Update 2: Review
Price was obviously ranging, perhaps not a good time for any trade till a clearer trend/PA is seen.
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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #553
  • Edited 11:12pm May 19, 2013 10:31pm | Edited 11:12pm
New pending orders: AUDUSD short

30mins chart:
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Edit*: Cancelled the order on the first level of supply as price is at 1W demand zone. Too dangerous to have 2 short attempts right into HTF demands. Leaving the higher sell limit at the supply zone as it's not the 1W demand is not the origin, and price had revisited this zone multiple times.

1W chart:
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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #554
  • Edited 5:38pm May 20, 2013 1:05am | Edited 5:38pm
New PO: EURUSD short

Chart:
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Update: PO hit. Let's roll !!

Update 2: Manually closed for a small loss after price closed above SR flip because of reaction from new demand zone.
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Update 3: Good call.
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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #555
  • Edited May 21, 2013 7:42am May 20, 2013 10:55am | Edited May 21, 2013 7:42am
Quoting keroro0o0o
New pending orders: AUDUSD short 30mins chart: {image} Edit*: Cancelled the order on the first level of supply as price is at 1W demand zone. Too dangerous to have 2 short attempts right into HTF demands. Leaving the higher sell limit at the supply zone as it's not the 1W demand is not the origin, and price had revisited this zone multiple times. 1W chart: {image}
Price making a nice compression pattern towards the 30mins swap zone/4H supply zone.

Put a new PO sell at the level.

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Update 1: SL hit, 2nd PO sell on higher supply zone hit.
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Update 2: tightened SL after price back to possible H&S/double top neckline, which was also a BRN 0.98000 + SR flip.
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Update 3: Price working nicely in favor. New PO at newly formed supply zone, which was also at BRN 0.98000 + SR flip mentioned earlier.
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Update 4: Both positions stopped out. Supply zone didn't hold.
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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #556
  • May 21, 2013 10:51am May 21, 2013 10:51am
Some new PO's: GBPUSD Short

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #557
  • May 22, 2013 9:24am May 22, 2013 9:24am
Took a few quick losses because of news spike...was away from the screen when it happened...

GBPUSD
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USDCHF
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AUDUSD
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Update 1: All positions' target hit... It seems the news was simply a "gateway" for big fish to draw newbies/order flows. Too bad i was one of the small fries which got stopped out to the pip on 2 positions.
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #558
  • May 22, 2013 5:32pm May 22, 2013 5:32pm
Another loss taken. Really not a good idea to trade on FOMC.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #559
  • Edited 11:03am May 23, 2013 8:03am | Edited 11:03am
New trade: USDCAD long

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Update: Took a loss.

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Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #560
  • Edited 9:23am May 23, 2013 9:11am | Edited 9:23am
New trade: EURUSD short

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*this trade is to test Armada Markets/Pepperstone's demo feed here, since I no longer wish to trade with Exness because of last night's crazy spread spike over 16pips.
Knowing is not enough; we must apply. Willing is not enough; we must do.
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