Trend Lines and Analysis

Lol stella, it gapped up to my stop. GU -8

GJ -26

Well on that sour note that's me done for the week. I feel that TA has crap to do with the market atm with all the fundamental action taking place. GJ had a perfect hrly H&S with S/R and lt 61.8% on the 4hr chart but like I said fundamentals don't care what the charts are doing. It's been a bit of the theme for the whole week. AN, ACad, EA etc all signalled AUD bulls but fundamentals kicked in. Imo it's a tough market to trade atm and Greece has been granted 4 months to add 4 more months of uncertainty into the market.... yay, good on ya.
GU -10

Day 7

Total: 10.7 pips

Notes for the day: The first EU trade was sold on support and I knew it at the time but was impatient. When EU was in profit from the B.E. trade I wasn't aware of time and the news release. I had to leave the computer but I increased the TP level. If I had of left it at the initial level of 20 pips it would have completed. The GU aggressive trade was spontaneous without prior planning. There was basis for the trade but was ill timed again with unchecked news release timing.

If anyone is reading this, just know I'm not here for accolades but rather to use this as it is intended, as a journal. I normally scrape by but I miss things and often profit. I will study my trades over the weekends and hopefully can learn a few things, enough so that it sinks into this dense skull of mine hehe.

PS. Feel free to ask questions or to comment if so desired. Constructive criticism is always welcomed.

AU -9

SL taken by a spread spike which is still currently the HH. Ended up being a FO from the broken support and now looks like a double bottom. GU -11

Re-entered. Looking at the H&S on the hrly.

GU -9 (slippage ffs). Can't make head or tail of the charts today, was hoping once London came on things would make more sense... still waiting :/

UJ -9. Taken out by .5 of a pip again after negative U.S. news took it up. Crap day again.

I was re-reading the thread and it occurred to me that I tend to post only when I am losing. That's because I am trying to establish where my system is failing. This time round I worked out I wasn't protecting my profits. I was looking for a TP that was set in stone instead of closing the trade out if I saw reversal signs and take a little profit instead of a full loss. I think the reason I started doing this is because I went through a very good run of profit taking and my mind adjusted to the notion that the system must TP. The other possibility is that because the EU has broken out of its recent range the markets are moving with more certainty; a trend is a trend and a pullback is a pullback whether it be st or lt and the hesitation of uncertainty seems to have dissipated for now (probably until the Grexit uncertainty starts to develop again).

Anyhows I am hoping the answer is more the profit taking scenario so that positive results keep rolling. Thought I'd post just to show that I can win a few trades

This is the last 2 weeks trading from the 3/3/15

I am going to start logging my trades for one of my systems. I am currently trying for 2:1 (50%:100%) R:R for my Capital Weightlifting thread http://www.forexfactory.com/showthread.php?t=557430. I am aiming for at least a 40% win rate which for 2:1 trading will be quite difficult.

I don't always risk the full 50%, most often if a trade is wrong then it is wrong, regardless of how much space you give.


Edit: Bad time to enter a trade Pre-Franky especially after FOMC. I haven't had enough coffee after my late night/early morning watching the FOMC . Lets see if I can get out of this unscathed. (AU having minor BO topside).

Out. I was expecting the BO to be on UJ not AU but the support was too strong (also missed it was at the 78.6% of current swing). Also perhaps a bit of confidence was gained on the commodity pairs (UCad moving hard too) from a yellow comment from the PBOC.

From here I replenish my trading account the 5% of my capital I just lost. There is already 5% already in the account.

A bad trade for many reasons, market isn't to blame just bad trading on a couple of levels heh. I can admit when I make mistakes, otherwise there would be no progression. It's the losses with no explanations that I hate.

Trade: -1/1

#2

EU Long

Fooked this trade up. I got out at BE when PA missed my TP by 3pips. I couldn't find a reversal signal and was expecting a retest of the previous highs (and hit my tp). It didn't retest however and when some very large orders took PA down and it didn't comeback at all as I expected, the trade was just above a quarter in profit which wasn't worth taking. I think there is a bit of a hangover from the FOMC as the tick charts are very volatile and difficult to read. Disappointing but it wasn't in the "normal" action that I expect, so not too worried.

#3
Entered UJ long. I normally like a higher right shoulder to the left but the TL is strong (if I haven't been faked).