that makes perfect sense those look like continuation trades with the the long term trend awesome
- #63,784
- Nov 27, 2015 7:27am Nov 27, 2015 7:27am
Alright folks, wrap up for the week.
As you might have read I traded a demo-account competition last two weeks. I wanted to focus on intraday 1H trading in line with my big picture planning I did in the weekends. The idea was to have a €25 profit per day. I managed to reach this for 5 days but the other days I lost a substantial amount of money (Just place a daily loss limit!!!) Overall, not a big succes and it just proves that I am not a winning trader (I guess it is good that I realize this).
What am I doing wrong? I think that my big picture planning has been pretty good. The problem I face is capitalizing on this. During trades I get very emotional which is obviously detrimental for my bottom line.
I included a couple of charts. Last weekend I saw some GBP signals. I had been bearish on GBPUSD for 2 to 3 weeks but I did expect some retracement after that breakout week. After last week's D1 signal I thought this downtrend could continue. Same goes for GBPJPY and GBPNZD that I had on my list for this week. I included some examples of trades that I took on 1H/30M graphs but on 4H charts.
It's quite clear that this is just really bad trading. The idea was good but there is so many knee-jerk out there in the intra-day jungle. These moves are actually ideal for ME position building. If I look now at the amount of pips I could have made in these pairs I don't know if it's depressing or hilarious.
Exams are coming up soon and next year I'll have more schoolwork. From September 2016 I will be working (hopefully
). So with this in mind I'm starting to think that it isn't really smart to learn intraday trading. I would be better off training D1 and 4H position/swing trading. Afterall, the whole point I'm learning the trading business is to attempt to have a small secondary income to my dayjob.
My apologies if I made this too much of a 'personal journal' but maybe somebody is somewhat interested... And it's kind of a good place to post. I hope you all had some better results and have a great weekend!
As you might have read I traded a demo-account competition last two weeks. I wanted to focus on intraday 1H trading in line with my big picture planning I did in the weekends. The idea was to have a €25 profit per day. I managed to reach this for 5 days but the other days I lost a substantial amount of money (Just place a daily loss limit!!!) Overall, not a big succes and it just proves that I am not a winning trader (I guess it is good that I realize this).
What am I doing wrong? I think that my big picture planning has been pretty good. The problem I face is capitalizing on this. During trades I get very emotional which is obviously detrimental for my bottom line.
I included a couple of charts. Last weekend I saw some GBP signals. I had been bearish on GBPUSD for 2 to 3 weeks but I did expect some retracement after that breakout week. After last week's D1 signal I thought this downtrend could continue. Same goes for GBPJPY and GBPNZD that I had on my list for this week. I included some examples of trades that I took on 1H/30M graphs but on 4H charts.
It's quite clear that this is just really bad trading. The idea was good but there is so many knee-jerk out there in the intra-day jungle. These moves are actually ideal for ME position building. If I look now at the amount of pips I could have made in these pairs I don't know if it's depressing or hilarious.
Exams are coming up soon and next year I'll have more schoolwork. From September 2016 I will be working (hopefully
). So with this in mind I'm starting to think that it isn't really smart to learn intraday trading. I would be better off training D1 and 4H position/swing trading. Afterall, the whole point I'm learning the trading business is to attempt to have a small secondary income to my dayjob.My apologies if I made this too much of a 'personal journal' but maybe somebody is somewhat interested... And it's kind of a good place to post. I hope you all had some better results and have a great weekend!
- #63,785
- Nov 27, 2015 10:01am Nov 27, 2015 10:01am
OUT of TOPIC ? How I see SDC channel I read more in this thread about Deviation channel, like SJ posted. So I hope its allowed to make a note how I see the use of this tool. If we trade H4 , we look at Weekly for the trend. Here is an example with USDCAD, look for the small trend and set the start of DC at the start date of the trend. As you can see the deviationlines are corresponding with the weeklycandles {image} if not I change the settings for the lines Then I go to H4 , and see the same channel with same settings and look how they corresponding...
chart below posted 11.11.15
http://www.forexfactory.com/attachme...1&d=1447238790
next chart you can see how it worked for me in this month
its visible how PA is running in the channel, the yellow lines shows round numbers and the price reaction is apparent.
It clears the PA in waves and the structure
Think about the yellow marked areas in the charts and then look at the yellow marked areas in TDI.
There were nice entries. I hope not only for me.
Trade well
from level to level - you need mental strength to reach the summit
- #63,787
- Nov 27, 2015 2:02pm Nov 27, 2015 2:02pm
- Joined Jul 2013 | Status: Trader | 1,045 Posts
{quote} Update USDCAD post 63002 chart below posted 11.11.15 {image} next chart you can see how it worked for me in this month {image} its visible how PA is running in the channel, the yellow lines shows round numbers and the price reaction is apparent. It clears the PA in waves and the structure Think about the yellow marked areas in the charts and then look at the yellow marked areas in TDI. There were nice entries. I hope not only for me. Trade well
Although I can handle well H1 and D1, I seem to struggle with H4. I might try the SDC, although I had it on my chart when SJ was here. But I removed it as it seemed to clutter my chart. Thanks for sharing!
By the way, does anyone know his skype or mail address? He can't get away that easily.
He had so much more things to teach the newbies! If anyone knows, please PM me!
- #63,788
- Nov 27, 2015 2:18pm Nov 27, 2015 2:18pm
EURAUD H1
Quick little CT trade at close of session.
So why did I take it? It had nothing to do with Wide Range Bars, Hershey Bars, Mother Candles, Birthday Candles, Five Bar Gates etc.
Quick little CT trade at close of session.
So why did I take it? It had nothing to do with Wide Range Bars, Hershey Bars, Mother Candles, Birthday Candles, Five Bar Gates etc.
Never argue with a fool; onlookers may not be able to tell the difference.
- #63,789
- Nov 27, 2015 3:10pm Nov 27, 2015 3:10pm
- Joined Nov 2008 | Status: Trader | 50,200 Posts
{quote} A WRB Wide Range Bar is a price bar which had the highest range compare to the previous 3 to 5 price bars. I posted many examples before. here is one good example USDCAD H4. If you do own to H1 now, you see a trade setup. {image} H1 chart below: {image}
USDCAD H4, will there be repeat of what happened yesterday? {image}
The power of Wide Range Bar as support and resistance in range trading:
After 2 days, finally the 3rd day gave the big run up.
and the result...simply nice!
when the Wide Range Bar became the Mother Candle of two Inside Bars, that's the beauty of Price Action using bars and candlesticks patterns its simplest form.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #63,790
- Nov 27, 2015 3:20pm Nov 27, 2015 3:20pm
{quote} Hi, First, look at the Big Picture for EURUSD. What is the Market Type we have been trading for several months? Where is support and resistance? What is the market range? {image} The answer is in post link below: http://www.forexfactory.com/showthre...27#post8597227 regards,
I will study those charts again.Regards,
- #63,791
- Nov 27, 2015 3:25pm Nov 27, 2015 3:25pm
- Joined Nov 2008 | Status: Trader | 50,200 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #63,792
- Nov 27, 2015 3:29pm Nov 27, 2015 3:29pm
{quote} {image} {quote} {image} The power of Wide Range Bar as support and resistance in range trading: After 2 days, finally the 3rd day gave the big run up.
. Again I must get a small book to record what you are teaching, if not I will forget them. Thank you - #63,793
- Nov 27, 2015 3:43pm Nov 27, 2015 3:43pm
- Joined Nov 2008 | Status: Trader | 50,200 Posts
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #63,794
- Nov 27, 2015 3:48pm Nov 27, 2015 3:48pm
- Joined Nov 2008 | Status: Trader | 50,200 Posts
{quote} Thank you
This thread is a living book for TMS traders.
an ancient wisdom:
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
- #63,795
- Nov 27, 2015 6:24pm Nov 27, 2015 6:24pm
- Joined Nov 2012 | Status: Trader | 2,339 Posts
I Have Learned to Take Some Losses to Make Profits
{quote} {image} {quote} {image} The power of Wide Range Bar as support and resistance in range trading: After 2 days, finally the 3rd day gave the big run up.
- #63,799
- Nov 27, 2015 10:56pm Nov 27, 2015 10:56pm
- Joined Nov 2012 | Status: Trader | 2,339 Posts
{quote} Nicely done! Although I can handle well H1 and D1, I seem to struggle with H4. I might try the SDC, although I had it on my chart when SJ was here. But I removed it as it seemed to clutter my chart. Thanks for sharing! By the way, does anyone know his skype or mail address? He can't get away that easily.
I Have Learned to Take Some Losses to Make Profits