Michael's Forex Journal

24_04_2013
Today Twice was wrong with my scout but managed to rescue
Fight 1
1 - Entry scout
2 - Entry secound scout (after the break of last daily low was ready to go down but second entry was premature had to see LOP according to my trading plan. The price turned on me.
3- First Rescue - Not good - had to take out the rescue to wait for another opportunity
4- Killed rescue mission.
5- First rescue after the pinbar and possible small time turning.
6 - Add to the rescue because of small price swing
7- add to rescue because of still looked good
8- break positions low
9- closed all positions before round number
Almost break even

Fight 2
A - Entered scout under Big Number
B - Second scout
C - closed scout after a nice move and waited with first scout
but he turned on me.
D - Entered another scout on 1 minute bar looked like pin bar but price came against me
E - rescue and close all positions

25_04_2013
VEry bad day For me today
The scorpions that i thought already gone surfaced
Did many things against my own rules.
Time to make raincheck on my rules.
From the hindsight as i look on my rules if i stick to them wont be in this situation
Lost today almost 7% of my account (foreign capital) but work of many days gone
The feelings that i feel right now are mixed but one of them how i got to this situation.
Need to analize. 7% is ok nothing that i dont planed but still hearts to give back even if it is
foreign capital.
I will try to put in words what i did and what i that that moment in order to read it once in a while to be a lesson for me.
So lets Start
1 - scout
2- second scout
3- third scout after i saw pinbar that reenforce move down ( first problem no scouts in a rescue mode or if previous scouts on negative theretory.
4- first rescue on around number (wrong not always round number holds , move againt need first to consolidate then go)
5- second break of prevoius high (wrong - looked for stops hunt)
6 - third rescue ( no explanation for entry)
7 and 8 no break of previous low wrong rescue
9 -10 because of break previous high and got back (wrong entry price never broke down)
between 9 and 10 closed some previous rescues to regroup
11 and 12 entry after break of prevoius few days high . Was to much for my feel big size so closed
Just after this close price go my way WITHOUT me.
13 and 14 price go my way broke previous low and lowe low (This is the FIRST right time to rescue for me)
closed after itgone to last known low and price gone without me
15 closed my first scouts AT THAT POINT was in about 2 % LOSS

Second fight irutional for me. Ebtered on 16 scout when the price consolidated SIZE twice my scout
17 also scout TWICE size. Consolidation Wrong entry no reason to entry. The thought behind was it already gone to much and sited just before previous day low
The price go in the direction of the flow - FTI Lesson that flow can just turn around at once.
18-22 tried to rescue wrong entry but failed.

I am disapointed of my self
As FTI said we are as good as our last trade. And my last trade was very bad - Played against a my own rules
Lets see what tomorow brings

Sad to hear about ur last trade, but 2morrow is another day... By the way, how much % of ur account do u risk per trade?

Yes Eraptheman
Tomorow is another day and so it was.
Friday ended almost on break even
Daily for me now is unclear so i try to be very nimble and small.

To your question i have a small acount . My scout 10 cent/pip.
I try not to risk more than 3-5% (With rescue) Some times when the rescue fails it ay be biger . But not exeed 10%.


Fridays Fight:
1 - Scout - Killed because wasnt sure of a direction .
2 - Scout - Afer a pin bar on a 5 minute
3 - Second scout but after such a big move down killed him . Waited for pul back or trend continuation.
4 - So a pin bar late and chased after the price (WRONG)
5 - Tryed rescue after higher high butit came against me. killed both scout and rescue.
6 - after negative news for dollar waited for continuation jumped on continuation of up move. Mistake was to wait till the candle closes.
7 - rescue becaus of the engolfing ba of previous 8 bars.
Closed scout 6 and waited just with 7 twice it came to resistance and some big seller didnt gave the price to go up.
closed a position.
Regards
Michael

EDIT : Forgot To atach a picture

Thanks for the reply and good hunting!

Ok So didnt posted for some time.
After My last loss something happened to my mindset
Had to think few days out of markets to rethink of what happened.
For Today 50% of my recent foreign capital gave back to the market
It is not a big Sum but for me it is a hard ants job that gone.
The errors are the breaking of my own rules and being biased or predictive.
I will post my charts of recent days so that i can document it and see and get back to them to see
and learn.

29-30/04/2013
Almost Flat Day

30/4/2013
This was a very bad day for me.
Never add to loosing trade.
My rescues were based on previous resistance leveles blindly entered them without see what is happening in that points historicaly. Assumption was that om major resistance price have to bounce
Proved myself wrong. Like FTI said "never play god to the market"
100 pips move against me with two scouts would be for me just a 4% loss
but with all the rescues that didnt go had to loose more than 10%
In some point had to give away my positions to fight another day.

After That Last Session i stoped trading for a week
Had to rethink
Back to the basics
8/05/2013

9-10/05/2013
After that all day there was no interesting Entries
Whay you say about catching knifes ?
Couldnt do it When price came down like a few days ago started with JUST a scout to build position but
clearly against the impulse.
The entry based on the place where might be stops of poeple but entered blindlely without looking at price with thought " At max i will rescue it" WRONGGGG

13/05/2013

14/05/2013

14/05/2013 Continue
With New York session

15/05/2013
Got Out Because of the Fast Move Down - windfall Profit

16/05/2013
Today Action
At the morning Saw a saucer form on Hourly That got me to remember FTI post (Here Link to the post and picture one post before) So At first was biased for down side till the lows.
Entry 1 and close on lows
Entry 2 Hourly Pinbar (UpSide)
Entry 3 Waited for continuation move
Entry 4 and 5 rescue closed both on break even The problem in this move was that i didnt put an alarm clock on the new. The news were not good for dollar. Didnt squared before new BIG BIG MISTAKE
Managed to rescue but i wnat steday and small profit then rolocosters.
Entry 6 rescue tryed to rescue of entry 3
Entry 7 , 8 ,9 10 Rescue. (Rescue 10 was very big size so had to go out fast because didnt want to be long in the market with big position if could mentaly stay could do very big profit.)
Entry 11,12 Still rescue .
Finaly this day up almost 1%

17/05/2013
Friday
Daily DownTrend
In the morning the price was very tight range.
Entry 1 Entered a scout down after small sharp move (from hindsigh is not a very good entry, better entryy was to wait for breaking 1.2850 or enter scout on entry 2
Entry 2 tried to average scout.
Entry 3 is rescue folowed 1 minute and 5 minute looked good downside
Entry4 waited for continuation
Entry 5 reaverage Entry 4 (scout)
Entry 6 both on 5 minute break down
Entry 7 on 1 minute was a continuation and entry 8 is reaveraging of entry 7
Entry 9 and 10 entered and got out filled not good enough for up

That's one heck of a fast dancing

Thanks Erapthman
Not very fast but trying it is 5 minut timeframe.
Still Learning

Michael

21-22/05/2013
Two Day Fight
Daily Trend Down
Hard Fight But managed to book some profits
Played in 5 minutes timeframe. Rescues were in 1 minut frame.
Entered in to the figures with some open positions.
Wrong Mindset. Since i cant know what will be the news outcome prudent to be out of market in front of news.
Managed to rescue after some cold swet.

23-24/05