AUDUSD. Sonic short if breaks below 0.947 for a ll.
NZDUSD. Sonic short if breaks below .7918 for a ll.
Both of these are lower lots and smaller pt pips. As they are linked. I expect two mid level wins or two mid level loses. I don't expect sl in 1 day span.
There are two lessons for today. One I already knew but ignored. The other to keep in mind for the future.
Both trades above went to sl. Even though I wrote above that there is no way to hit sl in 1 day. The market moved against the dollar very fast today.
AUDUSD - 216 pips, -$108.15
NZDUSD - 150 pips, -$90.48
I traded two linked pairs. If one goes up the other goes up. If one goes down then double the loss. Only trade one pair not both. Effectively I had 1 trade with 2x the risk that I was prepared for. If I took EURNZD and AUDUSD. I would have seen a small gain on EURNZD and sl on AUDUSD. Not so bad.
LESSON: Don't trade two similar pairs at the same time.
I was feeling pretty bad about giving my entire weeks gain. Then I went to the Sonic forum. MASSIVE LOSSES TODAY. -40% of act. -80% of account, Margin calls.
Wow, I feel bad for those guys. Most of them have been trading based solely on if big volume is at highs or lows. TAH calls it PVSRA. They have been doing very good. Until today. There style opens trades when price moves against them and doesn't use sl. They assume the big market movers are responsible for the volume. If volume is at highs then big money wants to sell. Anything opposite to lower price is proof market wants to sell. See they raise price to get better entries for the sell. There may be much truth in this but.... Today USD moved fast opposite PVSRA. No stopless and continuing to add to losing position = market call.
I believe TAH has something with PVSRA but the way he trades it is too risky for me, and is why I stuck to Sonic classic entries.
LESSON: When I get pretty good and am making good profits don't get over cocky. If market moves against me, market is moving against me! don't open new trades or move back or remove sl.
I do really feel bad for those guys. They have made fun of me just a day ago, but that has to be tough.
tonight gbpjpy trend down based on 4hr trend. Broke it's wedge strongly today and retracted to bottom of wedge. Now it is bouncing from it. TAH has been stating it was going to drop for quite a while. I also see other JPY crosses have mad big moves already.
The jpy crosses look good in sonic too. No dual trades on same currency.
GBPJPY = good. Could have got more, but was worried about RN. I tried to split the order and let the 2nd half run with BE SL. But it hit TP while I was trying to modify TP. 40% +58 pips, +$12.11, 60% + 68 pips +$21.33,
I closed at 150.2 and 150.1. My estimate for tp was 149.3. but I was afraid of 150.0 so took profit before it. There was a little fighting to get past 150 but then it took off again. Price actually went to 148.5. At my tp profit would have been double. at actual low it was triple.
Important to have conservative tp. Just after low there was a fast reverse back to near entry level. This occurred at US open and took two hours to completely reverse.
EURUSD what comes up must come down +20 pips, +$2.01.
Today I added 100pipaday Third Screen Strategy. This is a set and forget EA. I've tried a few of these before without success. Giving another one a try. I put this in a separate broker and linked a new trade explorer to it. I won't comment on the trades for it. I'll look at the summary at the end of the week only.
Tonight
Reverse, See 2 both in JPY, One is AUD and one GBP. I think these are different enough to take both.
Entered GBPJPY on market buy.
AUDJPY cancelled.
GBPJPY. I asked Felix about this. He liked it for a short. Huh? It was a buy signal. Up 70 pips now. Move sl to BE. Going to watch and close quickly if it turns the wrong way. all jpy's are giving buy signals in sonic. think i'm ok holding this. I don't want to add any more jpy trades though right now.
GBPCAD. went through 1 swing. Right now is slight -. still looks okay.
GBPJPY + 87 pips +$18. I dropped too early. I was close to tp when it turned down at 7:30. 30 minutes before NYO. I got scared of NYO and losing my profit and closed. NYO was straight up. It easily hit my original tp and went 50 pips beyond. Oh well + is +
GBPCAD never came back. I started seeing ep's in opposite direction. I closed at small loss. After close it got worse. Glad I closed this one early. -34 pips, -$13
USDJPY - update. other half went to tp +240 pips, +$125. This is my best trade since starting explorer in terms of pips and dollars
EURUSD - update. flat on the day. However just after opening it dropped and has been coming up through the day. Trend and dragon are still up. Still making higher lows. PVSRA still looks bull. Still looks like a valid trade. No modification will be made.
The third screen EA is crazy. There 18 trades open today! The thing moves so fast from positive to negative. Keep in mind the $/pip are larger in this account. $1 profit on getting started = $0.10 profit on ea. I really need to streamline the pairs it is on and reduce total trades allowed per pair.
AUDUSD long on sonic. needs to make in hh. looks close. buy stop possible. no, higher tf is short. skip.
EURJPY short, maybe for a scout entry but pattern looks like most pips gone by the time new ll will be formed.
same on gbpjpy. also notice volume is on lows. = bull. no trade on these.
same again on usdjpy.
GBPUSD long on sonic. hh is made now, but is stringing along a while. volume on lows. = bull. enter when new local high made. BUY STOP ENTERED
actually all of the usd are flat today. is there big news the market is waiting for? I should check before entering a USD. Actually it is the EU with the big news.
eurnzd short. just forming a down trend on m15. volume on highs = bear. entry looks ok. wow look at higher tf. this is in a strong up trend. no trade against trend.
nzdusd long. 15 sonic looks good, but PVSRA is volume on high = bear. and longer tf shows strong down trend. this is counter. no trade.
GBPCAD long. 15 sonic is about to make new hh. PVSRA volume on low = bull. longer tf is long. This looks good for entry. BUY STOP ENTERED
My parents are coming to town today and will be here next week. I am taking vacation next week. I am going to let all open trades go to sl or tp and not open new trades until I return.
GBPCAD. I set a conservative TP. I just got touched by .1 pips before reverse. +37 pips, +$32
EURUSD is small negative
GBPUSD is small positive.
Both open trades still look valid. (no reverse entry signals)
Over on the third screen ea. It is now very negative. I will shut off the ea and allow the opens to go to tp or sl. When I return I will choose less pairs, and less trades per pair. Also I will only allow entry in the direction of the weekly trend.
ok, I'm back.
I'm restarting the EA with different pairs and settings. Also I'm confirming indicators before releasing to trade. Let's see if it does better this time. This is 100pips Third Screen EA.
Cancelled AUDCAD from this morning. EP didn't happen.
Tonight
Reverse
USD CAD. EP 1.0463
Felix agreed with this one, but said enter after LO. That is hard for me. I wonder if there is some type of EA that would wait for a time period to place pending orders.
