an Aspiring Up and Coming Trader

EUR/JPY Butterfly Formation

This formed on the 30 Min, right at TL support. There is potentially a larger Bat Formation in play, which could be sought out if Point B is broken by BAMM Method. This is a small risk but a very big reward so it was trade I was inclined to take. The EUR/USD is at it's own PRZ which could provide some strength for the EUR to propel this forward.

The ramifications of FOMC are still manifesting so it wouldn't be shocking to see my multitude of PRZ's broken down due to the strength of the preexisting trends.

TP for 96 pips

Bearish Bat Entry on EUR/USD just missed. I was triggered on my Demo Acct. but not my Live acct. It happens, move on.

EUR/USD Bearish Butterfly
1st target hit, however, I'm taking full profit as I obtained an acceptable ~1.5% on this trade. And my broker doesn't allow for scaling out unless I open separate trades. Successful trade nonetheless.

Monday May 5th, 2014

- USD/CAD Missed entry for Gartley by 1.4 pips
Redefine PRZ to fine tune points resulting in limit order hits

- EUR/JPY Missed entry for Cypher by 5.2 pips
Don't hesitate on entry, which resulted in missed opportunity

EUR/AUD Missed entry Cypher by 7.2 pips
Potentially a failed pattern, although price has fallen by 60+ pips

GBP/CHF Missed entry by spread
Price hit my entry but spread was not account for; technical mistake

Ways to Improve:
Accurately Define PRZ; take note of levels and their frequency of relevancy

Tuesday May 6th, 2014

- EUR/JPY
At time of potential trade, I decided to not take a simple bearish AB=CD pattern. Upon later review, I realized it was actually an intricate 5-0 pattern with smaller ab=cd in CD leg. Trade fell for 60+ pips.

- EUR/AUD
28:16 Short missed, wasn't familiarized with the pattern at the time. Trade fell for 110+ pips.

- GBP/CAD
Initially saw an invalid bearish Cypher. Upon later review, it was actually a Gartley. Trade fell for 80+ pips.

Ways to Improve:
1. Need to review harmonic patterns to not miss lucrative opportunities in real-time.
2. Place targets on overnight trade, thereby removing any chance of multiple order management.

Wednesday May 8th, 2014

- USD/JPY
5 pips from Gartley Completion, utilized EUR/JPY Cypher instead.

- EUR/AUD
19 pips away from Bat. 100+ pips

- EUR/GBP
Attempted 28:16 trade, After failing to fill due to stagnation of price, I removed order. Up 17 pips

- GBP/CHF
7 pips from Bat. Up 46 pips.

Ways to Improve:
If 61.8 is hit in the trade management phase of a trade, profits must be taken off.

Thursday May 8th, 2014

Ways to Improve:
Trimmed the number of pairs I trade.
Must continue to develop my Harmonic Failure Trading