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Plan the Trade / Trade the plan

  • #41
  • Apr 14, 2016 4:43am Apr 14, 2016 4:43am
#13 Trade Exit

Hey Guys,

On trade #13 I accidently exited the trade. Luckely I had gained some pips +52 to be exact.
What's that smell? ---- I smell money!
  • #42
  • Apr 14, 2016 4:46am Apr 14, 2016 4:46am
#14 Trade Entry / Exit

For trade 14 I entered it on my phone because I was exited on trade 13 and didn't think the market would turn the other way.

I placed a sell stop below the last low on the H1 @ 1.41883 with the same T/P @ 1.40383.
Moved to MAP (+20PIPS) this morning and got stopped out about an hour ago.

So for trade #14 +20PIPS.
What's that smell? ---- I smell money!
  • #43
  • Apr 14, 2016 4:58am Apr 14, 2016 4:58am
#15 Trade Setup / Entry

As I don't think the market wil reverse at this point and I still didn't hit my T/P of before I have a new setup for trade #15.
Market retraced to the 0.50 fib line. I have placed my sell stop below the 0.38 fib line with a tight S/L above the high.

For now I placed a Sell Stop @ 1.41575
With an S/L @ 1.41852
And T/P @ 1.40575

=> Entry got hit

As for now I decided to make some changes in my strategy.

-> As I was trading with different risk sizes, I wil now only risk 2% of my account when:

  1. I have an entry on EMA 5 / SMA 8
  2. I'm trading with the trend

Otherwise I will use 1%.

-> If price moves up above the 0.78fib line I won't reduce my risk size but I will:

  1. Move to MAP more quickly (When it hits a profit of the S/L)
  2. Use a tighter S/L (Above the last candle)

-> If I don't get an entry on EMA 5 / SMA 8 but I got stopped out by a retracement and there is no entry signal.

  1. I will use 1% with the trend / 0,5% against the trend
  2. Move to MAP quickly
  3. Use a tighter S/L

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 51 KB
What's that smell? ---- I smell money!
  • #44
  • Apr 15, 2016 3:27am Apr 15, 2016 3:27am
#15 Trade Exit

GU market looks to be ranging. Closed my short postition @ breakeven.
Waiting for the market to make another move for the next setup.

#15 Trade Setup / Entry
http://www.forexfactory.com/showthre...89#post8872889
What's that smell? ---- I smell money!
  • #45
  • Apr 15, 2016 12:50pm Apr 15, 2016 12:50pm
#16 Trade Setup

Market moved back up to the 61.8 fib line and the top of the triangle.
Retouch on the trendline.
Looks like a good place to short. Hoping on a breakout of the triangle since we are getting closer to the tip.
If we have a breakout possible move to 1.3850.
There will be 1 lot running without T/P adjusting S/L on the daily until MAP, then trailing stop of 70pips.
Other lot T/P of 100 pips, I may decide to remove it of momentum is strong.

For now placed a sell stop @1.41936
S/L @ 1.42463 (-50PIPS)
Lot 1 - T/P @ 1.40963 (+100PIPS)
Lot 2 - No T/P
MAP @ 1.41763 (+20PIPS) when it hits 1.41263 (+70PIPS)

Risk / Reward = 1 / 2
Trading with the trend so risk is 2%.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 77 KB
Click to Enlarge Name: Screenshot2.png Size: 49 KB
What's that smell? ---- I smell money!
  • #46
  • Edited 5:43pm Apr 15, 2016 5:20pm | Edited 5:43pm
#16 Trade Entry

Sell stop got hit, only thing bothering me now is the HL that has been formed. Maybe took this trade too fast.
Oh well S/L is in place and time will tell!

Update
I also used a wrong risk percentage, as in a previous post I said I would only risk 2% if I had entry comfirmation of EMA 5 / SMA 8.
I should have used 1% in this case.
Good it's weekend I'm starting to make some mistakes.

#16 Trade Setup
http://www.forexfactory.com/showthre...53#post8875853
What's that smell? ---- I smell money!
  • #47
  • Apr 17, 2016 7:38am Apr 17, 2016 7:38am
# 16 Trade Report

Since price made a new HL, speed downward is declining and we are in the tip of a triangle the market is a little too uncertain to trade at the moment.

Bias will change to long if EMA 21 crosses EMA 55 upward (Speed UP increasing). I will set my T/P's and S/L accordingly also risk will be adjusted.

For now I still have trade #16 running but this one looks more and more like a gamble than a trade to me.
I'm hoping on a breakout of the triangle downward.

Outlook Update GBP/USD
EMA 5 crossed SMA8 upward, Momentum H4 is set to UP
Entry H4 to Wait.

  1. Trend D (EMA 200) - DOWN
  2. Speed D (EMA 55 / EMA 21) - DOWN
  3. Momentum D (SMA 8/EMA 5) - UP
  4. Momentum H4 (SMA 8/EMA 5) - UP

  1. Bias D/H4 (High and Low, EMA 55 /EMA 21) - SHORT
  2. Entry H4 (SMA 8/EMA 5, RSI) - WAIT

What's that smell? ---- I smell money!
  • #48
  • Apr 18, 2016 8:00am Apr 18, 2016 8:00am
#16 Trade Exit

For trade #16 I had moved my S/L to breakeven and got stopped out this morning.
Closed in 10PIPS.
What's that smell? ---- I smell money!
  • #49
  • Edited 8:48am Apr 18, 2016 8:07am | Edited 8:48am
#17 Trade Setup

On the H4 I am looking at a descending triangle. Expecting a breakout to the north soon.
As bias stays short I will reduce my risk to 1%.

Trading the bounce on the trendline and the move down to the triangle support line.
I will have an entry signal on the H4 and on the Daily when EMA 5 crosses SMA 8 down so I have placed a sell stop below SMA 8 on the daily.

Placed the Stop Loss where price will break the trendline.

Sell stop @ 1.41763
S/L @ 1.42463 (-30 PIPS)
TP @ 1.40563 (+120PIPS)
MAP @ 1.41563 (+20PIPS) when it hits 1.41263 (+50PIPS)

Risk / Reward = 1 / 4
Risksize 1% since there aren't any big moves down expected.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 58 KB
Click to Enlarge Name: Screenshot2.png Size: 61 KB
What's that smell? ---- I smell money!
  • #50
  • Edited 12:38pm Apr 18, 2016 9:12am | Edited 12:38pm
#17 Trade Setup Close

Closed short pending order because of the trendline breakout.
Looking for a new > 1 / 2 setup.
Can't find any so waiting for the bounce.
Think it was because of the news I couldn't find on FF?

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD APR18 2016.jpg Size: 30 KB


#17 Trade Setup 1
http://www.forexfactory.com/showthre...17#post8879117
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 71 KB
What's that smell? ---- I smell money!
  • #51
  • Edited 12:38pm Apr 18, 2016 10:11am | Edited 12:38pm
#17 Trade Plan

New plan for trade #17.
Will look to short in the red (pink) zone on the H4. Where it has resistance of the 78fib and the trendline.
TP in the green zone on the H1 where I will also look for long setups.

#17 Trade Setup 1
http://www.forexfactory.com/showthre...17#post8879117
#17 Trade Setup Close
http://www.forexfactory.com/showthre...53#post8879253
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 67 KB
Click to Enlarge Name: Screenshot2.png Size: 57 KB
What's that smell? ---- I smell money!
  • #52
  • Edited 11:58am Apr 18, 2016 11:25am | Edited 11:58am
Long term Outlook GBP/USD

Using the Fib time zones, early may will be a good time to look out for a descending triangle breakout.
Until then trading the range of the triangle unless it breaks out.

For now waiting on an entry to go short.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 66 KB
What's that smell? ---- I smell money!
  • #53
  • Apr 18, 2016 11:57am Apr 18, 2016 11:57am
News Update 19/04/2016

The news could be a mover tomorrow.
Attached Image (click to enlarge)
Click to Enlarge Name: News 18042016 GBPUSD.jpg Size: 42 KB
What's that smell? ---- I smell money!
  • #54
  • Apr 18, 2016 12:35pm Apr 18, 2016 12:35pm
#17 Trade Setup

Fib 78.6 held.

Placed a sell stop @ 1.42595
S/L @ 1.42945 (-35PIPS)
Lot 1 TP @ 1.41895 (+70PIPS)
Lot 2 TP @ 1.40595 (+200PIPS)

R/R = 1 / 3.85

Doji or spinning top on the H4 would be nice.
Checking back in 3h.
Time for some food and a beer (or a few )

#17 Trade Setup 1
http://www.forexfactory.com/showthre...17#post8879117
#17 Trade Setup Close
http://www.forexfactory.com/showthre...53#post8879253
#17 Trade Plan
http://www.forexfactory.com/showthre...13#post8879413
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 59 KB
What's that smell? ---- I smell money!
  • #55
  • Apr 18, 2016 12:38pm Apr 18, 2016 12:38pm
I have learnt that planning your trades and trading your plan is very important in forex trades, before placing trades sloploss and takeprofit must be in place and no matter what happen during trading both stop loss and takeprofit must not be adjusted to avoid greed and fears once this simple plan is follow is follow, I can bet you that you are on the road to success as I have currently discovered and am doing excellently and profitably well in forex as I now trade without emotions.
  • #56
  • Apr 18, 2016 1:53pm Apr 18, 2016 1:53pm
Quoting Enny
I have learnt that planning your trades and trading your plan is very important in forex trades, before placing trades sloploss and takeprofit must be in place and no matter what happen during trading both stop loss and takeprofit must not be adjusted to avoid greed and fears once this simple plan is follow is follow, I can bet you that you are on the road to success as I have currently discovered and am doing excellently and profitably well in forex as I now trade without emotions.
Hi enny,

You are exactly right. I always use my stop loss and my risk size to calculate my lotsize. This is the most important thing.
The trade management is also very important, I will adjust my stop loss but only in the right direction ofcourse.
What's that smell? ---- I smell money!
  • #57
  • Apr 18, 2016 2:43pm Apr 18, 2016 2:43pm
Quoting SteFX85
{quote} Hi enny, You are exactly right. I always use my stop loss and my risk size to calculate my lotsize. This is the most important thing. The trade management is also very important, I will adjust my stop loss but only in the right direction ofcourse.
Thanks SteFX85, attached is image showing why I think planning trades before placing is very important and I love your thread, I blown a few couple of live accounts hence am not going back to that lane again by allowing over trading, greed, fear and emotions in my trading.
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 87 KB
  • #58
  • Apr 19, 2016 2:46am Apr 19, 2016 2:46am
Quoting Enny
{quote} Thanks SteFX85, attached is image showing why I think planning trades before placing is very important and I love your thread, I blown a few couple of live accounts hence am not going back to that lane again by allowing over trading, greed, fear and emotions in my trading. {image}
Nice going!
What's that smell? ---- I smell money!
  • #59
  • Edited 3:21am Apr 19, 2016 2:50am | Edited 3:21am
#17 Trade Setup Management

Price moved a bit higher, moved my sell stop higher. Rsi is almost overbought and It looks like it's getting resistance.
Maybe for today a shooting star or gravestone doji on the daily would be nice.

If it comes down
A double top could indicate it's going back down to 1.4040 before it moves back up.
And I don't think it's time to break the triangle just yet.

-> But hey this is forex so I could be wrong. There is also news coming up today.

Attached Image (click to enlarge)
Click to Enlarge Name: News 18042016 GBPUSD.jpg Size: 42 KB


For now

Sell stop @ 1.42902
S/L @ 1.43652
TP1 @ 1.41895
TP2 @ 1.40639
MAP @ 1.42702 when it hits 1.42345
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 73 KB
Click to Enlarge Name: Screenshot2.png Size: 72 KB
What's that smell? ---- I smell money!
  • #60
  • Apr 19, 2016 8:14am Apr 19, 2016 8:14am
#17 Trade Entry / Exit

Trade #17 sell stop got hit but got out already because of the stop loss.
-> Moved in too quick
-> Without comfirmation of EMA 5/SMA 8 I had to wait for the day candle to close for opening a pending order.

-> Blame it on the news.
Attached Image (click to enlarge)
Click to Enlarge Name: News 18042016 GBPUSD.jpg Size: 39 KB


Price broke the triangle made a new HL and HH.
Bias set to long.

Trade plan coming up.

Outlook GBP/USD | 19/04/2016
Bias set to long. Triangle broken, new HL and HH.

  1. Trend D (EMA 200) - DOWN
  2. Speed D (EMA 55 / EMA 21) - DOWN
  3. Momentum D (SMA 8/EMA 5) - UP
  4. Momentum H4 (SMA 8/EMA 5) - UP

  1. Bias D/H4 (High and Low, EMA 55 /EMA 21) - LONG
  2. Entry H4 (SMA 8/EMA 5, RSI) - WAIT

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 72 KB
What's that smell? ---- I smell money!
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