My road to successful trading

I took another loss today on an EU short



I entered short after a ND appeared into the HV area. I entered after that the lows of the HV area have been tested, anticipating a break down that actually happened. But just outside the HV area price found demand and rested there. I had two occasions to close the trade at a small gain, closing the trade on the second occasion was the right thing to do.

There was a good trade that I missed during the London session on GU:



The price rose before London open and, after the start of the session, it failed to print a new high. This is especially evident in the H1 chart that shows a bulls trap near resistance:



After the end of the hour a ND appeared, and that would be a nice entry with limited DD and another safer entry later. Probably, the presence of the news would have take me out well before most of the movement.

Missing a profitable trade and taking two losses makes the difference in the end of the day.

Yesterday hasn't been a good day, especially because of my EU trades. Looking at H1 chart and considering previous day's price action, I should stayed away from it.



My first entry has been a long:



I think that there are two mistakes in that trade, the first one has been entering after a sign of weakness, which was also visible in the H1 chart. The second mistake has been that the NS candle that kicked me in was an inside candle in a range so less information in that candle.
I think I did a good thing in closing that long and reverse the position shortly afterwards. There I missed two closures in profit becuase I was aiming for more. Another mistake. Then I held the trade short after a "news" hit market because the news candle was very weak in my opinion. It seemd that SM profited of a news on Greece to drive price up and sell to buyers. After that buying climax price ranged all the day in the middle of it and I closed the position after London close at a loss.

I traded better on GU, probably because it isn't less linked to the Greece drama.



I took basically the same entry that I took on EU but shortly afterwards price created a squat, a low spread candle on increasing volume, that stopped the down move. I closed the position at a slight loss. I entered short in the afternoon after that price hit resistance, took out last base and retraced on low volume. The timing on that entry was perfect but the HV of the day was below, so when I entered in the trade I knew it would have been a countertrend. I think that here I closed the trade at the best point, after that price has been reject twice by the HV 5m candle of the day

Friday I took two GU trades.

The first has been a good short trade:



I entered after that price showed weakness with two upthrusth and failed to break the high of previous day's HV area. I entered short after a ND and closed after a squat and an effort to rise. The price was also in the HV area of the day which was coincident to the London open candle.

The second trade has been a long and a loser:



That shakeout of the range was a sign of strength to me but I entered after a buying climax during Friday's afternoon, not a good time to start a position especially with these market conditions. This has been a mistake.

Yesterday I missed two good trades.

The first on EU:



There were multiple entries on NS. There were some resistance signals before but HV of the night was below and so that HV before London open. I think that the second marked NS is the safest since it is above a HV area.



The long on GU was also better. After a choppy action during the London session, SM shaked out the base utilizing the volume created by the minor news on pending home sales (increase in volume signals interest by SM). Then a NS arised. Note that HV of the day is below.

My first entry (long) on EU of the day:



Price found buyers in area 1.1135 where price printed a 2BR on the highest vol of the day. I entered after that price returned to the previous base and created a range above the HV. I exited after that price has been rejected twice by the round number.

As the day started, I identified 3 potential 5M HV targets, one on top and two on bottom, plus the H1 HV area:



So when I entered long I had as profit taking that HV area on top but price found resistance at round number.
Despite I was looking for going long, and after that SM filled orders at round number during the London session, I missed a nice long entry on EU just after NYO:



Indeed the HV 5m area of Yesterday on top, and especially the reaction to it, was a good TP area and this has been confirmed by a signal of weakness (UT on HV).

So, what happened? During London session there was HV on the lows, price went up but found resistance at round number, vol came in with NY open and price went up to fill remaining orders in the HV area at top.

At this point my bias was short becuase price went up to fill remaining orders there and retraced fast. On H1 chart there was a sign of weakness, an UT:



Then the news:



The news was an up candle that closed off its highs and then price started going down. I waited that price went down to test the NYO candle, a base, and then I entered on the break of the ND lows. Price then started retracing again and I closed the trade. My mistake here, very bad, has been that I should have expect a test of the HV area created by the news. Indeed, after having touched that area, price printed a 2BR and fell down. It stopped after having touched yesterday's H1 HV area which was at daily range low.

This morning I took a huge loss on EU. I was short when price shoot up and I waited to close my position at a huge loss.



I entered after that price went away from yesterday's HV area and waited a ND. Problem was that there was round number below and I knew that there was some buy orders there. I entered short anyway and get punished. I think that probably my entry could have been good as a momentum play but I should have closed it when price hit so much support. The fact is that all the action around the round number seemd to me removing of buy orders, that's why I stayed in. I'll review again all my trades and update the list of my mistakes but for sure from now I'll start placing SL to protect my positions. The trade above is not a professional way to approach forex trading. But now I'm more strongly motivated in recovering, one step at a time and with good and intelligent trades.

I took 2 short and 2 losses on EU today:



The first entry wasn't a proper test so I should have passed it and the SL was too close. I should have placed the SL above the HV zone created before LO. That's where I placed the SL of my second entry but I placed it too close to the top and it has been hit. I should also have skipped that second trade due to the volume arised on bottom after my first entry.

Instead, I should have take this low risk short on GU:



Despite the unsatisfied results, I'm positive about my prospects. In particular I strongly believe that the main thing that I have to fix to become profitable and consistent is just have patience and learn to wait until a very clear and low risk trade arise and ride it with confidence.

That's it.

Yestrday I took a long GU:



My entry was after that price failed to go down from a HV area and after it printed a higher base and shaked it out. After my entry, price lost momentum and moved sideways for all the London session and start of NY session. It started going my way after the news. I held the position into the news because I had my SL placed and I tought that the news (ISM non-manufacturing PMI) wasn't a big price mover. Addiotionally, price showed signs of strength on H1:



What I'm not satisfied with, additionally to stay into the trade that much time, is the closure. Price was going in my favour and I must learn to wait some signal of real weakness before closing the trade.

I took a bad trade on GU:



First of all, I didn't wait for a base over base formation and I also entered after that the highest vol of the day m5 candle arised, withouth waiting for a test from above. Also, looking at H1, it's important to remember that hammers can be used by SM to absorb orders when at resistance, so it's better waiting for confirmation of strength.

I've just been stopped out from an EU short:



I think this has been a wrong trade because of the range on the lows, despite volume was above and there were signal of weakness this morning.

Maybe I have something to learn from the H1 chart:



There were no base under base formation so technically should I consider the trend down despite the huge down candle of this morning?
I'll analyze my past trades to see if this can work as a proper filter.
I also will deleverage down, I'll try to not blow the entire account.

Today I took a good long trade on EU that ended up at BE because I moved the SL too soon but I think that I have a lot to learn from this trade.
The price was at an area of previous demand:



Looking at the H1, price failed to break out on the downside and started rising. Tough, H1 wasn't in uptrend but previous supply area was far enough. There was some other SOS before my entry, specifically a pushup followed immediatly by a NS:



This is the m5 chart:



I moved the SL at BE probably too soon and I've been shakedout from my position when price broke the uptrend on m5 just before NYO. There were also a couple of good entries/re-entries later honestly that I missed.

In the end, the trade was good and I'm starting finding good trades following first the H1 chart and using supply and demand zones. I think that with confidence in these areas I can improve my trading in multiple ways:
placing better SL
taking profit in the right place
avoid contrarian trades

On July 23rd I took a loss on a GU short due to a SL misplaced. The trade would have ended up in profit.



A news created a wide down bar on ultra high volume that took out the previous area of demand on h1 and price started ranging at the bottom of that bar. I entered short after that price resumed the downtrend on the 5m and printed a ND candle, also, price had touched the previous demand area now supply area (flip zone). My mistake has been placing the SL above the last high instead of above the high of the supply area and my trade ended up in a loss instead that in a gain.

Honestly, that high volume bar could also have created a sellig climax and price could have stopped the downtrend there, but looking at the H1 chart, price just started a downtrend, volume was high and, except for the wide down candle (although the climax wasn't confirmed), there were signs of weakness:



In the H1 chart, price touched a previous supply zone and went down taking out the last demand area (so we were technically in downtrend), it started retracing on low volume and then resumed its run down. I would have placed the TP at a previous demand area at 1.5550 although price easily overcamed it and went down further. That demand area was probably not valid since price ranged there a lot before retouching it in the reported downtrend so another TP area below or looking for VSA signals would have been the optimal closing strategy.

On Monday I took two longs on GU:



The mistake I did in the first trade has been, again, not placing the SL into a safe zone and I paid my mistake another time. The second entry was perfect and the TP also in the proper place, so nothing to blame for my second trade



Looking at the H1 chart, my entry was accordingly to the trend since there was a demand area respected created by a move that took out last supply area. There was also a VSA signal, a NS candle on H1 before my second entry.

Today I washed my account because I entered in a wrong trade without setting the SL and I held the position too much until the leverage killed my account. This is a serious mistake that can't be committed another time. Next week I'll recharge the account and I hope I'll have a fresh start, I'll follow the rules and always place the SL, whatever it happens. I'll also won't rush in a position like this morning and I'll close my wrong trades (not losing trades but trades not taken properly) as soon as possible.

Nobody said it will be easy, and as readers can note I committed various mistakes during this journey and I also repeated them, but I will work every day to fix them and become a successful trader.

are you a day trader?

Is it worth to deposit €100 and then 10pips SL becomes almost 10% loss?

pardon me, all of my word on this statement is my opinion. I had no intention to patronize, because I am a learner and always be a student.

day trader is totally absolutely different from what I called long term investment trader. we can not use all the philosophy, psychology and all the theory on long term investment trader. I do not mean that daytrader then must be a scalper, I prefer called my self as daytrader is as a thief. move like a thief, grab and go before getting caught. how to do it? I can not teach, because no one can teach how to steal. ourself is the best teacher.

Yes, I want to be a day trader. The style I want to adopt is trying to catch a move per day per currency (currently only eu and gu), so I want to learn to have patience and wait the right trades.

Yes Johnny I knew I was overleveraged, as stated in a post, but I tried to increase it to increase my focus. I now use other tactics to stay more focused but the main is waiting the m5 trend aligned with h1 trend and volume. This makes me recognizing when it's time to stay laser focused to catch an entry.

I reloaded the account so.. let's see!