UJ quickly dropped because of the news just after I got in. Just lucky. Closed 2/3 for +40 pips (2R).
Attached Image (click to enlarge)
- #5,502
- Aug 23, 2013 9:24am Aug 23, 2013 9:24am
- Joined Mar 2010 | Status: Trader | 1,635 Posts
Sold GA, closed 5/6 for +185 pips. SL to BE+31 (Some Korean letters again on charts. Don't ask me what those mean.) {image} {image} {image}
- #5,507
- Aug 23, 2013 3:02pm Aug 23, 2013 3:02pm
{quote} Closed the remainder of GA for +100 pips. (+285 pips in total) {image}
Excellent! you are an inspiration.keep posting.
i took the same trade,closed it after few min.
i need more confidence.
- #5,510
- Aug 23, 2013 4:27pm Aug 23, 2013 4:27pm
- | Commercial User | Joined Feb 2008 | 4,633 Posts
{quote} Should have been looking for an entry higher up... 1. FB at the current range highs on multiple TF's 2. M1 distribution 3. Strong selling, demand consumed and new supply cap created. 4. Evolving HTF picture (see the 2nd chart which is the M30 TF) suggests a bigger move down, so ran part of the trade to each next main demand zone. {image} {image}
Trade 1:
M15 FB looking to trade it down to the 97.5's FLS.
Missed the M1 08's retrace entry so had to settle for the demand consumption breakout.
Missed the follow on move below this area to the range lows as my limit order to sell the retrace to the M5 ignored demand was slightly too high.
Trade 2:
M15 lower high after the FB supply held followd by an LS, suggested sellers in control and a move down to the range lows at 84's.
Price had other ideas as the 88's proved a tough one to crack, so took a partial loss (entry on the retrace to consumed demand marked on the M1 chart).
Trade 3:
But all was not lost, as long as the supply at 96 area held the short bias was still valid.
This held nicely so it was just a case of identifying on the M1 demand that needed to be consumed in order to get short. Price reacted at 88's again but I held firm as the HTF view was too clear to be shaken out by that rejection.
Held onto the trade for a break of the range lows (location history and HTF short bias suggested a break this time around) down to the source of the H1 demand that lead to the initial move up to form this range (not shown).
- #5,511
- Aug 23, 2013 4:33pm Aug 23, 2013 4:33pm
- | Commercial User | Joined Feb 2008 | 4,633 Posts
Trade 4:
Following the US data had a strong break of the 88's zone, retrace held so was looking for any new demand to be consumed in order to get short, looking for a move down to the lows and then a follow on move to the daily low.
I did aim to run this much further as the buying strength post news was low and a break of the daily low (which was also the range break) was likely to lead to some liquidation of positions by longs and an acceleration of price, but I bottled it and of course price tanked hard.
Charts below are M2 and M1:
So that's 5 trades for the day (and one missed opportunity) including the one mentioned higher up on UJ for a total of +33.1 pips - I find using fixed lot sizes (based on an average SL size of 2.5 pips) easier than fixed risk based on exact SL sizes when trading M1 entries.
Following the US data had a strong break of the 88's zone, retrace held so was looking for any new demand to be consumed in order to get short, looking for a move down to the lows and then a follow on move to the daily low.
I did aim to run this much further as the buying strength post news was low and a break of the daily low (which was also the range break) was likely to lead to some liquidation of positions by longs and an acceleration of price, but I bottled it and of course price tanked hard.
Charts below are M2 and M1:
So that's 5 trades for the day (and one missed opportunity) including the one mentioned higher up on UJ for a total of +33.1 pips - I find using fixed lot sizes (based on an average SL size of 2.5 pips) easier than fixed risk based on exact SL sizes when trading M1 entries.
Hello LJ.
Firstly, I will thank you for great topic. I was read all and help me a lot to understood your share of view.
Now I try to use your rules to my trading system.
What do you think about this confirmations ?
http://i39.tinypic.com/b9j7g0.jpg
http://i40.tinypic.com/fao7pc.png
EDIT : To early and hit in BE .
Firstly, I will thank you for great topic. I was read all and help me a lot to understood your share of view.
Now I try to use your rules to my trading system.
What do you think about this confirmations ?
http://i39.tinypic.com/b9j7g0.jpg
http://i40.tinypic.com/fao7pc.png
EDIT : To early and hit in BE .
- #5,516
- Aug 28, 2013 8:18am Aug 28, 2013 8:18am
- | Commercial User | Joined Feb 2008 | 4,633 Posts
Hello LJ. Firstly, I will thank you for great topic. I was read all and help me a lot to understood your share of view. Now I try to use your rules to my trading system.
- #5,518
- Edited 9:25am Aug 29, 2013 8:20am | Edited 9:25am
Your entry looks a bit early for my liking, care to explain why you entered where you did?
Hey,
price was consolidation and jump in this area, moreover there was a strong SR and Round Number so I was thinking, it's a good moment to sell hovewer I was forget it's not currency pair but stock index and I must remember about close and open.
Today entry :
(a little bit below compare to good entry under TL and extremum)
