No Indi, No Cry

ok friday afternoon gonna call it a week and bank in another +18 pips, moves can get weird from now on, no need to stay in a position.

I really had a great week, no losses at all every position was a winner, that doesnt happen often to me, i hope i can keep up this level and if not, then Money Management should save me after all, thats why i have stops placed in the market. They will get hit, and thats a part of the game.

marked entry and exit on the chart from my last gu trade.

i was checking my charts after market close and came across a few important levels i would like to note for next week.

1. GbpUsd 1.6230/60
2. GbpUsd 1.6080/50
3. UsdCad 1.0430/00
4. UsdCad 1.0570/0610
5. UsdJpy 100.65/40
6. AudUsd 0.9260/70
7. AudUsd 0.8900/0.8850

Of course all the levels are less of worth for me if i cant connect them to some kind of more or less clear sentiment, and as my experience shows, many good levels get built up intraday.. but still i liked to note them as important areas to watch.

and now im off into the weekend.

Just took a Sell GbpUsd @ 1,6230 Stop @ 1,6265 and Limit for now @ 1,6190

I am not expecting a break of this strong resistance zone before the inflation report hearings later on, but its monday morning and liquidity is very thin, so i am staying lightfeeted, if it looks poised to break this resistance im going to close with a small loss and try to avoid hitting my stop loss.

GbpUsd Chart with shortterm resistance spots, i am also taking in account the Iran Deal which is a risk on event and probably hurts the USD a bit, but at the moment i still want this sell, because technicals are very impressiv.

Okay couple of things going through my mind regarding the GbpUsd position.

I am seeing GbpJpy still rallying without any sign of weakness, even at this early hours its still pushing upwards, of course such impressive moves are also supporting GbpUsd.
S&P 500 Futures just broke the massive 1800 Level and is now posting new all time highs around 1810, this is not the kind of thing i want to see while carrying US Dollar Longs.
There is a risk on sentiment going on right now dampening US Dollar demand.

After all i believe a sell regarding the technicals is a great opportunity at these levels, but currently im just not feeling "cosy" enough to buy US Dollar, when i connect all the dots, i cant see a big retrace in the GbpUsd in the coming hours.

So i just took the decision to close this position at BE, and call it a night, and see what the coming days will bring. There are plenty of better and clearer opportunities out there, just got to wait for them, plus this week is still young.

I am currently watching the Ger30 Chart, the levels right now are interesting, we have a gap at 9220 and the current price is at 9290, i am monitoring the chart, if a sign of weakness occurs i will jump into a sell position. There is a big chance that this gap is going to get closed, but i wont jump in blindly.

Sell Ger30 @ 9,297 Emergency Stop @ 9,345 Limit @ 9,230

mental Stop @ the break of 9,330

Added Chart:

Strong Resistance around 9,300 we have the gap at 9,220 and if 9,330 gives away the will be a change of plans.

I Agree naked chart with trend line is power full tool for manual trading

in my opinion used correctly its the most powerful tool.

European Session is over and Dax closed, so Ger30 is barely moving and stuck on BE, in a hour or so Ger 30 is going to close till tomorrow morning, and im not eager onto holding this position overnight. So i am closing on BE and will keep monitoring this chart tomorrow morning, maybe around 9330 or 9350 there will be a better sell opportunity, if fundamentals line up.

Sell Order EurUsd @ 1,3553 Stop @ 1,3583 Limit @ 1,3520.

ok it went 30 pips against me and now im out +13

I really had a very good november so far, there was only one losing position which was -18 pips, and the rest was only winners or BE positions so far. I am currently also clearly above my upper range target of 5% a month, so i wont jump into b-setups to grab a few pips. Probably i cut positions sometimes too early and i like to close my positions if it goes 15-30 pips against me and returns into small profit or at BE, but thats just my way i wont change that, in the end i prefer to leave some pips on the table than to have volatile moves in my account. For me personally being profitable is not the only achievement, also to trade and have a calm and peace of mind is very important. Dont cry after losing positions but also dont be mr. bigshot after a winning streak. I really had to train myself to get into this state.

Currently i am watching EurUsd, the 1.3630/50 level looks very interesting to take a sell if circumstances fit.

GbpUsd broke above the massive 1,6260 level, but i dont have any spots for an entry right now.

AudUsd is an interesting pair to watch, 0.9170/75 is a nice spot for a sell, if i was on my desk overnight there was a beautiful long opportunity @ 0,9100 it went quickly to 0,9130, but oh well sometimes you gotta sleep.

I am also watching SPX500 and Ger30, before the us holiday any move higher into clear resistance spots is a chance to sell, there will be profit taking before this long weekend imho.

Today there are some us data to keep an eye on, they will provide some volatility.

took this sell trade earlier.. Sell Ger30 @ 9,355 Stop @ above the recent all time high 9,370 Limit @ 9,320 for now.

This market is trending, and i am jumping into an countertrend, so its against current sentiment and thats why i am keen on keeping my stop tight and my lotsize is only half as big as usual. I think before the US holiday german markets aint gonna break this high earlier made any more, so a slow retrace move towards 9,310 is in the cards.

thats why i entered this trade, i think its obvious, a daily trend line.

I am wondering why so many retail traders are so obsessed with a permanent good Risk to Reward ratio. There are so many great setups which just have 1:1 R:R or maybe 1:0.7 R:R.
All that matters is to be profitable and setups with 1:1 R:R are so much easier to find and to trade, my account doesnt care how i do it, as long as i just do it. Using stops as an emergency exit is the way to go for me, i try to act on my positions before my stop gets hit, but as usual you can never know, maybe something happens (surprising news, huge order flows etc...) thats why to keep a stop in market is so important to me, even if its 60-70 pips far away, but i am not static sometimes if the situation allows i will have a tight stop and a nice R:R but i am not obsessed to have it on every single position i trade, so many times a scenario just needs a bigger stop, so i dont hesitate to give it space to develop.

interesting wedge on spx500 to keep an eye on.

I'm not I don't get hung up on stuff like that. As you said, it's about being profitable.

patience, you know whats really funny people who never post losing trades, and claim always to be winner.

in the "genesis matrix system" thread in the trading systems section, nobody ever loses, its really a good laugh for me everytime i look up this thread, everybody is winning, i have never seen somebody posting a loss or something, and i have been reading along this thread for quite a time. I mean come on, give me a break with such hit rate, all the thread participants should be millionairs by now, even if they started from a nano account, seriously everybody needs to take a loss, sometimes you even get a losing streak, but thats life and thats trading, but when i see this matrix people for example, they always take 1:3,4,5,6,7,8 risk:reward and never ever lose, this is really just ridiculous, especially because they always post their trades after closing them.

btw. i took a 15 pip loss on my Ger30 counter trend trade, but i was aware that it was a risky trade thats why i took a small lot size and a tight stop like before mentioned, so not a big deal for me.