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Mr Breakout (Day) Trading Journal

  • #281
  • Mar 5, 2017 9:56pm Mar 5, 2017 9:56pm
Quoting Mr Breakout
long again GBP/AUD at same price 1.62, 35 pip stop.
Out at 1.6220, +20 pips.

Possible long re-entry later.
  • #282
  • Mar 5, 2017 9:58pm Mar 5, 2017 9:58pm
Quoting Madtrading
Your trading looks really solid, I will be following, keep up the great work!
Thank you, Sir or Madam, and welcome to this trading journal.
  • #283
  • Edited 10:40pm Mar 5, 2017 10:11pm | Edited 10:40pm
Quoting Maxie13
Hello Mr. Breakout, Great result!! how do you find your trades? Do you look at different times? I just found your tread here and am fazed by the indicator-free charts. I would like to learn your visions on the charts. Im here from now on
Thank you for your nice comments Maxie13.

How do I find my trades?

Well, I look at 28 currency pairs (from USD, EUR, JPY, GBP, CHF, AUD, CAD and NZD) every single day and try to find the best trading opportunity on the 5 or 15 min time frame.

I use zero indicator, just price action, because numerous studies (and my own trading experience) have shown that robust, profitable trading systems have very, VERY simple trading rules. Not only that but they also work in any time frame and (almost) any financial instrument.

I say almost because some financial instruments, like the S&P 500 and other major stock indices do not respond that well to trend-following techniques, due to their mean-reverting nature (see studies by Perry Kaufman for example, in his classic book "Trading systems and methods").

For obvious reasons I cannot reveal the "secret sauce" behind my trading decisions but I will give a few hints now and then, and share some trading ideas and winning setups.
  • #284
  • Mar 5, 2017 11:14pm Mar 5, 2017 11:14pm
Long GBP/JPY 139.95, 30 pip stop.
  • #285
  • Mar 6, 2017 1:33pm Mar 6, 2017 1:33pm
Short EUR/AUD, 1.3960, 35 pip stop.
  • #286
  • Mar 6, 2017 2:28pm Mar 6, 2017 2:28pm
Quoting Mr Breakout
Long GBP/JPY 139.95, 30 pip stop.
This trade was of course stopped out, 30 pip loss.

Total so far this new week: minus 10 pips (+20 - 30) and one (1) open position.
  • #287
  • Mar 6, 2017 3:00pm Mar 6, 2017 3:00pm
Quoting Mr Breakout
Reserve Bank of Australia Rate Decision at 10:30 PM EST, that's why the EUR/AUD is so quiet...
how are your cable trades doing ? looks like the pound is going to test 1.20 again quite soon
  • #288
  • Mar 6, 2017 3:34pm Mar 6, 2017 3:34pm
Quoting Mr Breakout
Short EUR/AUD, 1.3960, 35 pip stop.
Potential Head and Shoulders formation on the EUR/AUD (5-min)...
Attached Image (click to enlarge)
Click to Enlarge Name: image.png Size: 191 KB
  • #289
  • Mar 6, 2017 4:13pm Mar 6, 2017 4:13pm
Quoting MXT
{quote} how are your cable trades doing ? looks like the pound is going to test 1.20 again quite soon
I truly believe that the best way to trade the cable right now is to use its crosses only: GBP/AUD, GBP/NZD, GBP/JPY, GBP/CAD and so forth.

And yes, the Pound is history, next stop is 1.20 very soon, and then the Twilight Zone... Tululu tululu tululu....

Inserted Video
  • #290
  • Mar 6, 2017 4:26pm Mar 6, 2017 4:26pm
Quoting Mr Breakout
{quote} I truly believe that the best way to trade the cable right now is to use its crosses only: GBP/AUD, GBP/NZD, GBP/JPY, GBP/CAD and so forth. And yes, the Pound is history, next stop is 1.20 very soon, and then the Twilight Zone... Tululu tululu tululu.... https://www.youtube.com/watch?v=-b5aW08ivHU
ihihihh i hear ya mate ! i luv that , the twilight zone

people believe that just because the pound has been on average at 1.50 against the USD for the last 20 years , it can't break 1.20 now
it can break 1.20 , and for that matter it can beak 1.19 and 1.18 too - down into the twilight zone
  • #291
  • Mar 6, 2017 4:36pm Mar 6, 2017 4:36pm
Quoting MXT
the twilight zone people believe that just because the pound has been on average at 1.50 against the USD for the last 20 years , it can't break 1.20 now it can break 1.20 , and for that matter it can beak 1.19 and 1.18 too - down into the twilight zone
Absolutely my friend.

In fact the pound could go to 50 cents or even lower, who knows...

And let's not forget that the cable reached a record low of 1.05 in February of 1985.
  • #292
  • Edited 5:00pm Mar 6, 2017 4:46pm | Edited 5:00pm
Quoting Mr Breakout
{quote} Absolutely my friend. In fact the pound could go to 50 cents or even lower, who knows... And let's not forget that the cable reached a record low of 1.05 in February of 1985.
well said - maybe 50 cents to the dollar would be armageddon-apocalyptic , but the record 1.05 low could act as a long term target (2-3 years)

in the mid term , it could test the 1.18 level and then bounce back and forth for a while
  • #293
  • Mar 6, 2017 5:33pm Mar 6, 2017 5:33pm
Quoting MXT
in the mid term , it could test the 1.18 level and then bounce back and forth for a while
That's the most probable scenario, yes.

Of course some die-hard bulls will keep buying and buying until they blow up your entire FX (or bank...) account, as the cable goes to parity and beyond...
  • #294
  • Mar 6, 2017 6:08pm Mar 6, 2017 6:08pm
Quoting Mr Breakout
Short EUR/AUD, 1.3960, 35 pip stop.
+25 pips, moving stop to break-even.
Keep going down boy...
  • #295
  • Edited 9:04pm Mar 6, 2017 8:01pm | Edited 9:04pm
I am still waiting for that extremely important Reserve Bank of Australia Rate Decision report due at 10.30 PM New York time (3:30 AM in London).

In the meantime I am listening to the famous Eric Clapton & Steve Winwood concert live from the Madison Square Garden, (I was there).

Hope you like it too, all of you Blues lovers out there...

Inserted Video
  • #296
  • Mar 6, 2017 9:57pm Mar 6, 2017 9:57pm
Quoting Mr Breakout
Short EUR/AUD, 1.3960, 35 pip stop.
Out at 1.3925, +35 pips.
  • #297
  • Mar 6, 2017 10:03pm Mar 6, 2017 10:03pm
Long GBP/AUD 1.61, 35 pip stop.
  • #298
  • Edited 10:47pm Mar 6, 2017 10:36pm | Edited 10:47pm
Quoting Mr Breakout
Long GBP/AUD 1.61, 35 pip stop.
Out at 1.6070, 30 pip loss.
That's all right, you win some you lose some.

So far this week: minus 5 pips, no big deal.
  • #299
  • Mar 7, 2017 8:27am Mar 7, 2017 8:27am
Short GBP/CAD 1.6353, 25 pip stop.
  • #300
  • Mar 7, 2017 8:35am Mar 7, 2017 8:35am
Long EUR/JPY 120.55, 25 pip stop.
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