AUD/NZD H1 BEOVB/Trading the box formation on the daily. Hitting a TA soon, see if price can push through.
'Fail to plan, plan to fail'
james16 Chart Thread
- #136,963
- Sep 15, 2015 4:39pm Sep 15, 2015 4:39pm
- Joined May 2011 | Status: Trader | 1,265 Posts
EURUSD D1 Spinning Top (but for J16 sake let's call it a low quality pin bar): {image}
'Fail to plan, plan to fail'
- #136,965
- Sep 16, 2015 1:03am Sep 16, 2015 1:03am
- Joined Jul 2011 | Status: Gold Again | 10,561 Posts
{quote} Yeah, i missed Monday unfortunately, i noticed later that all those IBs have been very profitable! For next week, there is a similar IB on GBPNZD. Do you consider taking it?
Actually too scared to get into anything thus far this week, I'll wait for the dust to settle after the FED
Maybe by next Tuesday
It takes a lot for me to IGNORE you, but you can try.
- #136,967
- Edited 2:52pm Sep 16, 2015 2:35am | Edited 2:52pm
- Joined May 2011 | Status: Trader | 1,265 Posts
{quote} Yeah I figured. Definitely not J16 but it does look somewhat like a PB. The thing is, GB, Ive been looking at my trade journal and noticed that my strike rate on EU, GU, UJ and AU on D1 is very high. So Ive decided to trade just these pairs but that means I have to trade a much larger position size and it also means that I cannot afford to miss a trade because I may only get 4 to 8 trades a month. On EU Ive been waiting to sell and the spinning top was my only chance to get in on D1. You know how badly I do at anything lower than D1, even...
Nice job Erebus if you took that trade.
EUR/USD H1 BEOVB.
Update: target hit, profit locked, still in trade. Will watch for a further move lower, or bullish PA to consider going long.
GBP/AUD H4 PB.
GBP/USD H4 BUOVB.
Update: Target hit.
'Fail to plan, plan to fail'
- #136,968
- Sep 16, 2015 5:38am Sep 16, 2015 5:38am
{quote} Good for you Inco, sounds like a plan. You say above you cannot afford to miss a trade? Does this mean you might feel pressured to take a trade if a week fly's by with nothing? In on E/U too for a few pips since I was looking at it.
I really like ur style!
congrat!
:-)
- #136,969
- Edited 6:14am Sep 16, 2015 6:11am | Edited 6:14am
- Joined Jul 2011 | Status: Gold Again | 10,561 Posts
{quote} Nice job Erebus if you took that trade.
I reckon this could be traded from 00 level to 00 level, or use a jumping 25 pips trailing stop EA.
All the best
It takes a lot for me to IGNORE you, but you can try.
- #136,970
- Sep 16, 2015 6:28am Sep 16, 2015 6:28am
- Joined May 2011 | Status: Trader | 1,265 Posts
{quote} No, I didn't, sure be great though, it took off from the Daily 20 EMA like clockwork, news helped I reckon this could be traded from 00 level to 00 level, or use a jumping 25 pips trailing stop EA. All the best
Cheers Robert! Welcome. Throw up a chart anytime friend. GB
'Fail to plan, plan to fail'
{quote} Good for you Inco, sounds like a plan. You say above you cannot afford to miss a trade? Does this mean you might feel pressured to take a trade if a week fly's by with nothing? In on E/U too for a few pips since I was looking at it.
But I have bigger problems. This new tweaked trade plan of mine that relies heavily on MM is not going to work. Using my past results as a foundation for it works well on paper but actually doing it is really difficult and stressful. I’m risking too much and I’m an emotional mess because of that. I took a full bar loss on my H6 AUD trade this morning after staying up till 3am hesitating, panicking and moving my SL around countless times. Although, I didn't risk a lot on this particular trade because it was a lower TF trade. But I somehow managed to break all my trading rules today. Plus I closed my remaining 2 positions that were in profit to cover that loss and I came out with a small profit in the end. I feel emotionally violated. Anyway all the best on your trades today.
- #136,972
- Sep 16, 2015 8:20am Sep 16, 2015 8:20am
{quote} Well yes, sort of. I want to make money and the only way to do that is to be in a trade. But I have bigger problems. This new tweaked trade plan of mine that relies heavily on MM is not going to work. Using my past results as a foundation for it works well on paper but actually doing it is really difficult and stressful. Im risking too much and Im an emotional mess because of that. I took a full bar loss on my H6 AUD trade this morning after staying up till 3am hesitating, panicking and moving my SL around countless times. Although, I didn't...
yes, the best way to make money is to be on a trade - but sadly it's also the best way to lose money
in my opinion if it does not work then don't do it - yes I know easy to say.
I'm the kind of guy who doesn't like rules. It has been the cause of quite "a few" losers.
Then I had to face a very simple choice. Either I deal with that, in a way or another. Or I stay with a breakeven / slightly positive trading account.
The only solution I found was dropping all my fibs, RN, PA setup metrics, you get it. Just looking at the chart and see if I could "tell a story about price", as Mike would say it.
There are many PA setup that I refused to trade and turned out to be winners, just because of that. And a few trades that I took where the story was pretty weak. Last 2 ones were yesterday
But overall, I moved from a slightly positive to a really positive account. 6 months trading live, on a ridiculously tiny account, 10%+ growth, one single month negative was August, with a -0.5 or -0.6% - month during which I traded only 1 week.
Please don't take it the wrong way, there is no bragging or any sort of paternalizing or whatever. My point is, if I can do it, I can tell you there is no reason you wouldn't. Really. I started Fx... well, when I registred to FF. I had nothing to do with trading or finance or economics or what. And I managed moving from zero to something positive, even if on a tiny account, and even if I know 6 months is nothing.
I guess I mean it hurts but only for a short period of time. Then it can be pretty rewarding
And we always learn a lot from our mistakes, don't we? there is always some sort of solution we still need to find...
take care
Slow & steady
{quote} Hi Inco, yes, the best way to make money is to be on a trade - but sadly it's also the best way to lose money
Well Pat, you have a look at a market and if you THINK it’s good you take the trade. For me it’s different, yes I am looking for PA but my chart will tell me exactly when to take a trade. I don’t have to do any thinking. It’s either present in the market or it’s not. But it doesn’t come by very oft so I get impatient. Let me give you an example of what I mean.
This is only one part of my strategy for ranging markets and these are some trades that I took and some that I ought to have taken but missed because I was busy or away. Look at the time between trades and all the temptations in there. There’s a beautiful PA bar everybody is getting on but my strategy says WAIT. But I go ahead and take the trade anyway. Because? Well because my mind said that I should take it. Do you see what I mean but not having any discipline to follow a simple plan? This is my problem. I just need to be more disciplined. I do take some trades that require discretion as well but even those have clear rules, which I don't always obey. I have to learn how to be disciplined even if that means staying off this thread for the most part.
Anyhow, thanks for the encouragement I appreciate it, and congrats on your success again.
- #136,976
- Edited Sep 17, 2015 3:42am Sep 16, 2015 2:50pm | Edited Sep 17, 2015 3:42am
- Joined May 2011 | Status: Trader | 1,265 Posts
{quote} Pat, Im really happy for you. Its quite depressing to only read negative stories about 95% of traders losing money. And the old serpent whispers in my ear well if everyones losing, including those more experienced than you, what makes you think youre going to be profitable long term? So Im glad to hear that youre doing well. I have rules but I am not as disciplined as Id like to be. If I followed my trade plan to the T, I would be doing very little trading and a lot of waiting. I lose patience and then I start making stuff up, creating confluence...
Inco, you looked to be doing well with your old strategy? I don't believe trading should be stressful AT ALL. At least that's what I aim for. As you say, a trade is either on the chart in front of you, or it isn't. Whenever my emotions are too present in trading is when I stress and losers often follow. You are a great trader and you know what to do. But experimenting with different styles is also necessary and a good thing as we find our style and groove. Keep going.
Update: AUD/NZD stopped out for a loss.
OIL H4 BUOVB.
OIL H1 IB. Sell.
'Fail to plan, plan to fail'
- #136,977
- Sep 16, 2015 6:15pm Sep 16, 2015 6:15pm
- Joined May 2011 | Status: Trader | 1,265 Posts
{quote} If I followed my trade plan to the T, I would be doing very little trading and a lot of waiting.
'Fail to plan, plan to fail'
{quote} Nice post Pat and well done. Inco, you looked to be doing well with your old strategy? I don't believe trading should be stressful AT ALL. At least that's what I aim for. As you say, a trade is either on the chart in front of you, or it isn't. Whenever my emotions are too present in trading is when I stress and losers often follow. You are a great trader and you know what to do. But experimenting with different styles is also necessary and a good thing as we find our style and groove. Keep going. Update: AUD/NZD stopped out for a loss. OIL...
