tag:blogger.com,1999:blog-55978625624811777942024-03-13T17:44:32.181-04:00A Forex Trader MomUnknownnoreply@blogger.comBlogger47125tag:blogger.com,1999:blog-5597862562481177794.post-67235894867076593552012-05-04T05:32:00.000-04:002014-04-06T22:23:24.006-04:00Setting a Time to Trade<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-L921nILzywc/T6Odgi-lzNI/AAAAAAAAAbw/NzpKIvk4S8s/s1600/MP900438799.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://1.bp.blogspot.com/-L921nILzywc/T6Odgi-lzNI/AAAAAAAAAbw/NzpKIvk4S8s/s200/MP900438799.JPG" height="160" width="133" /></a></div>
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Making time to trade is hard when you are have other distractions around. I stopped everything I was doing to try and make this trading for a living thing work - two years ago. Without so much of a safety net...<br />
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Was it a wise move to singularly focus on something you really like to do?<br />
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I know that I have a habit of becoming "slightly" obsessive about wanting to learn new skills. I have always been able to be learn new things very well, very fast...so what happened in this case?</div>
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What I didn't know at the time was that the market had its own cycle throughout the day. Anybody who has sat through trying to trade nearly 24hours a day will tell you that. I was starting to see this but it was a slow realization. You know why, I think it's because the promise of money trickling into your trading account is just so ever present. It's really hard to believe that you can't just go back into the trading station and just click in to get some pips.</div>
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In Bullet Trading, we are only looking to trade the first 4 hours of the London Session. (0800 - 1200 London or 0300EST - 0700EST). Why so specific? The simple reason is just that it's the most volatile time slot for EURUSD. Which means that there's the highest probability to get a win if we are right and also the quickest one to know when you are wrong. Simple right? That's just how things are supposed to be. The key is really to take fewer trades and just manage them better.</div>
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My first week into Bullet Trading - the lesson hit home that if I wanted to be really serious about trading - and not just pay lip-service - I would have to make some changes to when I traded. Or I could simply just not start a trade when I didn't have the time.</div>
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The fun stuff continues below, and I learn a hard lesson that I really should make myself trade on specific hours in a day. Or not trade at all.</div>
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Here's what happened on that fateful day on April 4th:<br />
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<u><span style="font-size: large;"><b>Drama, and I Killed a Trade Early - Meng 040412</b></span></u></div>
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There is always a battle between - when I trade and the "other" things I have to do. Like pick up my kid from school after a field-trip. I know I should just not trade at all during these times but I am always tempted when I am sitting in front of the screen watching my set-up appear.</div>
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Today, I budgeted 1 hour from the start of the trade to the end. But I got the call to pick up the kid half hour early. So therein lies the drama!</div>
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<span style="text-decoration: underline;">The Setup and Entry</span><br />
<a href="http://tfl365.com/wp-content/uploads/2012/04/eurusd-m1-londonus4apr-1.gif"><img alt="" class="aligncenter size-large wp-image-1971" src="http://tfl365.com/wp-content/uploads/2012/04/eurusd-m1-londonus4apr-1.gif" height="450" title="eurusd m1 londonus4apr-1" width="600" /></a><br />
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After drawing and yes, redrawing the "Wilson" lines, they looked good enough to go. I did notice that EURUSD had huge drop during the US session. Also the Asian Session made it drop another 40pips. So it looked like it might be in a down-trend for the day. I just make a mental and keep this at the back of my mind.<br />
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I thought I wasn't going to let the current trend influence me, but it did. So when the candle hit the 1.3181 entry line. I hesistated, on my planned entry for the long. I watched it go past, and end with what looked like a hammer. Then the little indecision inside candle appeared. That was my entry.<br />
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The next 2 candles were nail-crunching. But after that, I started to breathe easier.<br />
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<span style="text-decoration: underline;">How the Trade Ended</span><br />
<a href="http://tfl365.com/wp-content/uploads/2012/04/eurusd-m1-londonus4apr-5.png"><img alt="" class="aligncenter size-large wp-image-1972" src="http://tfl365.com/wp-content/uploads/2012/04/eurusd-m1-londonus4apr-5-1024x530.png" height="450" title="eurusd m1 londonus4apr-5" width="600" /></a><br />
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As you can see, it was like being in a roller-coaster ride for me.<br />
I tried to capture what I was feeling on the trade. Mainly to remind myself when I look back that maybe I need to be more Zen about it.<br />
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I really desperately wanted to get out at point 4 (on chart) just before the PMI news release. I had an easy 10pips in the bag and really wanted to cash in. But I held on and endured the battering.<br />
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Point (6) was an interesting turn. I really did not expect it to turn around. But I didn't get stopped out yet.<br />
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Point (7) started to worry me only when I saw the 2 black candles after the white ones. So I killed it with +3pips when that longer black candle start to form - point (8).<br />
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I also did not want to lose the trade, after yesterday's win. Yes, that was chief on my mind. (This might be a bad and a hard habit to break)<br />
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<span style="text-decoration: underline;">Conclusions:</span><br />
I forgot that I have been telling myself the best way to approach trading was to trade without expectations. Meaning if I didn't attach so much to the outcome, I would probably perform better. This was something I learned recently from watching my kid practice piano.<br />
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Somehow, he played better when he wasn't expecting to play good or bad. I noticed that if he did really well and didn't make any mistakes on the first time he played a piece of music, the second time he played the same piece - it was riddled with mistakes. I would remind him to put himself back in Mode 1 and try to forget about trying to do good. Go figure! Right after I said that, it struck me that I should give myself that same advice.<br />
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Instead of trying to do <b>good</b> (aka win), I should <b>just do</b>. And leave the outcome to what it is. And then do it again. <br />
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Yup, working on myself is way tougher than implementing the system.<br />
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But tomorrow always comes, and you get to try again - as long as you still have enough bullets.<br />
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Happy Bullet Trading!</div>
<i>This post was first published on <a href="http://www.blogger.com/goog_1700814213" rel="nofollow" target="_blank">Bullet Traders Blog</a><a href="http://tfl365.com/drama-and-killing-a-trade-meng-040412/" rel="nofollow" target="_blank"> </a>on <a href="http://tfl365.com/drama-and-killing-a-trade-meng-040412/" rel="nofollow" target="_blank">TFL365.com</a> on April 4th, 2012</i><br />
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<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-8268288994501156442012-05-04T04:31:00.003-04:002012-05-04T05:28:38.658-04:00Still Alive and Kicking and Trading EURUSD<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-aFvi-C-T6Uw/T6N-c3crc-I/AAAAAAAAAbc/1zlN2dT8NCE/s1600/MP900400933.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="http://4.bp.blogspot.com/-aFvi-C-T6Uw/T6N-c3crc-I/AAAAAAAAAbc/1zlN2dT8NCE/s200/MP900400933.JPG" width="160" /></a></div>
I'm baaaack! And waaaay better too!<br />
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It wasn't so much that I was AWOL from this blog (well, maybe just a little). It was just that I was clearing my brain. After coming close to blowing up my trading account yet again - it was necessary to take a really big vacuum cleaner and just suck out all those cobwebs.</div>
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I made a quick decision to get more education when the new <a href="http://www.blogger.com/%20http://tfl365.com/wilson-5-bullets-training/" rel="nofollow">Bullet Trading</a> course came up on <a href="http://tfl365.com/">TFL365.com</a>. </div>
It was almost a no-brainer. Here's a guy (Rob Wilson) who is very successful trading EURUSD on 1Min charts. See the match?? <br />
<a name='more'></a>I would have been stupid not to sign up. The first set of classes started on March 31st, and took in an inaugural group of 5. I just couldn't sign up fast enough when I saw the ad. Suffice to say that the journey has been amazing so far. No, I've not made a million dollars - or even come close to it.<br />
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<a href="http://1.bp.blogspot.com/-xeVwCrEdekQ/T6N9z54Y7bI/AAAAAAAAAbQ/FxxIRRQZ6ek/s1600/BUllet%2BTrading%2Blogo.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="85" src="http://1.bp.blogspot.com/-xeVwCrEdekQ/T6N9z54Y7bI/AAAAAAAAAbQ/FxxIRRQZ6ek/s200/BUllet%2BTrading%2Blogo.png" width="200" /></a>But the most amazing thing is that I really feel like I am improving in my trading. We've had webinars (<b>Theory</b>) four Saturdays in a row so far. And there were homework(<b>Practice</b>) to do - backtesting - as much as we can, using ForexTester.<br />
And then posting up charts (<b>Personal Accountability</b>) whenever we made live trades. And we would get comments on these trades by Rob Wilson (<b>Closed Loop - Review</b>) who heads Bullet Trading. </div>
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I am totally embarrassed to say I did blow up my account - 1 week into my Bullet Trading Course. Of course, it had nothing to do with Bullet Trading. It was all just me, not being able to control my over-trading. You know, that one account which was in its death throes as I was coming out of a <a href="http://www.aforextradermom.com/2012/04/groundhog-day-with-eurusd.html" rel="nofollow">Groundhog Day-Week.</a> That account is now in the dirt and I had to start using the back-up one that I had from years before.</div>
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That account was small - nonetheless it was still money - and yes - I did it. I feel really stupid about it. The only good thing about that is that the feeling of being stupid was and is still all pervasive. And it was enough of a kick-in-the-head (and the butt) for me to start thinking differently. </div>
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I can't explain it but when it happens to you - you will know. If you associate enough pain with the bad thing(s) that you did, and for long enough - I think a time comes when slowly but surely you just don't want it to happen anymore. It was as if something broke off inside my brain - and I could just catch it in my mind if I tried to do it again. I think that's the key - catching yourself when you are trying to do a no-no in trading. </div>
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All well and said - it's still something I am working on. But onwards we march to the more fun stuff. <br />
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Here's my very first post on <a href="http://tfl365.com/my-first-live-bullet-trade-meng-030412/" target="_blank">Bullet Traders Blog</a>:<br />
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<span style="font-size: large;"><u><b>My First Live Bullet Trade - Meng 030412</b></u></span><br />
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Full Disclosure:</div>
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1: I hadn't tested any trades in Forex Tester after our first webinar lesson.</div>
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But I have been trying to trade EURUSD for the last 2 years so I figure I just need to sharpen my skills on it. Before the course I had practised taking trades of support/resistance lines the way after watching Rob-W do it on TFL. But that first webinar really gave me all the nuances and details on looking at the market.</div>
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2: I hadn't plan to trade live until I had the <b>oanda</b> live account setup. This is my GFT account - I really liked trading off MT4, but I started to hate the spread (2pips on EURUSD) when I found out the other brokers offered a waay better spread. The nice thing is that this account allows me to trade tiny lots - 1000unit lots. (0.01 of a standard contract)</div>
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I drew the lines. Seriously I wasn't sure if they made any real sense. I kind of deleted and re-drew them a couple of times until they looked ok. You know, 1HR view, 15Min view, 1min view.</div>
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<u>The First Live Bullet Trade:</u></div>
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I missed the London open by a couple of hours because I was out of the house. When I finally had time to open the charts, I sat and watched it for about 30minutes before taking a trade. I try very hard not to enter into a EURUSD trade when London is at lunch. EURUSD always behaves like it's drunk. And I have many losses to prove it. </div>
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Here's the chart of the trade I took on my live account.</div>
<a href="http://tfl365.com/wp-content/uploads/2012/04/eurusd-m1-londonus3apr-2.gif"><img alt="" class="alignleft size-large wp-image-1956" height="424" src="http://tfl365.com/wp-content/uploads/2012/04/eurusd-m1-londonus3apr-2.gif" title="eurusd m1 londonus3apr-2" width="600" /></a><br />
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<u>The One That Got Away:</u></div>
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Right after that first trade. EURUSD hit the other "Wilson-line" that I had drawn. I was still reeling from the effect of that first win. So I was kind of frozen. Again - I wasn't expecting these simple lines to work so cleverly.</div>
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Here's what happened and the trade I didn't take.</div>
<a href="http://tfl365.com/wp-content/uploads/2012/04/eurusd-m1-londonus3apr-3.gif"><img alt="" class="alignleft size-large wp-image-1957" height="426" src="http://tfl365.com/wp-content/uploads/2012/04/eurusd-m1-londonus3apr-3.gif" title="eurusd m1 londonus3apr-3" width="600" /></a><br />
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<u>Conclusions:</u></div>
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This first trade felt like a fluke. But it was nice fluke. While I'm typing it, I've just seen EURUSD hit my next Wilson line @1.3345 This is uncanny.</div>
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I am off to do more test trades to build more confidence in the lines that I have drawn. </div>
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Happy Bullet Trading!</div>
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<span style="font-size: small;"><br /></span><br />
<span style="font-size: small;"><i>This post was first published on <a href="http://tfl365.com/1538-2/" rel="nofollow" target="_blank">Bullet Traders Blog</a> on <a href="http://tfl365.com/">TFL365.com</a> on April 3rd, 2012</i></span><br />
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<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-45216857503105911432012-04-13T00:42:00.002-04:002012-04-13T01:51:33.384-04:00Groundhog Day with EURUSD<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-Irk6yRgGT7s/T4bI8aK-_UI/AAAAAAAAAaQ/Je40O5lHgl4/s1600/EquityCurveMar2012.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="92" src="http://4.bp.blogspot.com/-Irk6yRgGT7s/T4bI8aK-_UI/AAAAAAAAAaQ/Je40O5lHgl4/s400/EquityCurveMar2012.png" width="400" /></a></div>
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Sometime in February this year, my account took a huge hammering. I thought I might have been living in Groundhog Day. It was worse than a the usual roller coaster ride of a trading day on the EURUSD.</div>
Yes, that is the picture of my live trading account. I was getting these type of daily pips: +50pips, -25pips, -25pips, +30pips, +15pips, -40pips.<br />
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Jeepers! With results like these, I am not surprised why a lot of people give up trying to trade. Actually one wonders why I keep going. <br />
<a name='more'></a>I seem to get into these yucky equity curve. 2 weeks up, and 3 weeks down. Back to square one.<br />
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Here's my excuse this time: I was shuttling between houses. I have this arrangement where I vacate my lovely apartment to stay with my lovely BF, so that my ex can stay over and visit with the kid. (TMI, yeah, maybe). So I have these rule for trading, it says that when I am in the midst of a personal hullabaloo - I am supposed to take a trading break.<br />
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Well, this time, I just was half-hearted about taking the break. I traded in the midst of this to-and-fro hullabaloo. So guess, what - my account went to and fro too!<br />
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And that wasn't the only thing. After the hullabaloo was over, I got back to my apartment on a Friday. Then later that night I traded the non-farm Friday. <br />
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<u>Non-Farm Friday March-9-2012</u><br />
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<a href="http://1.bp.blogspot.com/-khveQwNHugk/T4e-0yqHKxI/AAAAAAAAAbA/PFnKtwvVP1A/s1600/eurusd+m1+09mar12+all+trades.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="394" src="http://1.bp.blogspot.com/-khveQwNHugk/T4e-0yqHKxI/AAAAAAAAAbA/PFnKtwvVP1A/s640/eurusd+m1+09mar12+all+trades.png" width="640" /></a></div>
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4 trades for the day. 2 negatives, 2 positives. Nett for the day -20pips<br />
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The funny thing was that I opened a trade 15minutes before the announcement. (Trade 2 in chart above) Yes, I got stuck in all the noise just before the Report is available.<br />
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Post announcement, I quickly jumped onto the moving train (Trade 3) which I shouldn't have. Grabbed a couple of quick pips but was not of the frame of mind to hang on.<br />
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Well, the rest of the night, was like a Groundhog day deja-vu moment. (Trade 4) And that also added to the decimation of my trading account.<br />
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What happened to my Zen trader mind-set? It wasn't anywhere to be found.<br />
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The loss for that night wasn't that bad. What really bug me was that I didn't have a good handle on my entries and trade management.<br />
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The week following added to my Groundhog Day experience with most of my trading days going south. A lot of it due to over-trading - which I seem to have a hard time controlling.<br />
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With my account slowly dwindling - per the equity curve pic up-top. What could I do? The only thing and the best thing to do - I took a long, long break from trading to reset my brain.<br />
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If you have been following my <a href="http://twitter.com/#!/mengfong" rel="nofollow" target="_blank">Twitter</a> feed you will know that I have come back to trade EURUSD on a new system.<br />
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So tune in to this <a href="http://aforextradermom.com/" target="_blank">space for my latest exploits</a>.....<br />
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I will leave you with my favorite scene from GroundHog Day where Phil tries to get Rita to have dinner with him. It starts with getting the drink right and then starting the conversation. It takes him multiple tries to get him right. But when he does, it's magic!<br />
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It's just like trading - to get you what you want; you've just got to keep on trying to get it right.<br />
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Happy Trading!<br />
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<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-14149307558485433062012-02-18T06:35:00.000-05:002012-02-18T06:35:28.275-05:00Just Breathe While You Trade - Part 1<div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/-Ml1iB5O05hs/Tzu1LSmQKaI/AAAAAAAAAZI/5FylkJYIGFo/s1600/Kid+waiting+at+Baseball.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="http://4.bp.blogspot.com/-Ml1iB5O05hs/Tzu1LSmQKaI/AAAAAAAAAZI/5FylkJYIGFo/s200/Kid+waiting+at+Baseball.JPG" width="133" /></a></div><span class="body" style="background-color: white; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 10pt; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: left;"><i>I've watched a lot of guys through the years, and they hold their breath until they finally win The Big One, thinking then they can exhale and chill out. You have to breathe through life, man. Have fun.</i></span><span style="background-color: white; font-size: 16px; text-align: left;"></span><span style="background-color: white; border-bottom-width: 0px; border-color: initial; border-image: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-size: 16px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-align: left;"><br />
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<div style="text-align: right;"><a href="http://en.wikipedia.org/wiki/Lee_Haney" target="_blank">Lee Haney</a></div>Lee Haney won Mr Olympia (8times) in a row. I know close to nothing about body building but this quote is just so reminiscent of trading.<br />
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I have been putting into practice 2 valuable lessons this week. And they seem to have improved my trading a whole lot. By a whole lot, I mean leaps and bounds.<br />
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<a name='more'></a><u><b>Lesson 1: Breathe</b></u><br />
<a href="http://2.bp.blogspot.com/-TKshYk5Nn2s/TzjowE5XCKI/AAAAAAAAAYw/HOohmb6v5sg/s1600/Breathe+on+my+MAC.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="200" src="http://2.bp.blogspot.com/-TKshYk5Nn2s/TzjowE5XCKI/AAAAAAAAAYw/HOohmb6v5sg/s200/Breathe+on+my+MAC.jpg" width="158" /></a>I have this yellow sticky on my computer which says "Breathe". I put it there after I listened to one of my <a href="http://tfl365.com/members/free-lesson-take-your-second-trade-first/" target="_blank">favorite lessons from Trading For a Living - TFL365.com</a>. It's supposed to remind to take a step back and breathe before I take a trade after a setup is triggered.<br />
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You see, I have a problem of executing a trade the minute I see my setup triggered. It's because I am always feeling like I am going to miss out on the move is I don't take the trade. And since I trade off a M1 chart, this will cause many stop loss hits before you get a win. Mentally this is pretty hard to take.<br />
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My "ding" moment happened on "<a href="http://tfl365.com/members/free-lesson-take-your-second-trade-first/" target="_blank">Take Your Second Trade First</a>" when Rob Booker use the analogy "wait for a bargain". All of a sudden the bells were ringing and it became clear to me that I loved waiting for a bargain when I shop. So I should use the same strategy for trading.<br />
Yeah, this was simple and effective. (By the way, thanks Rob for letting me use this <a href="http://tfl365.com/members/free-lesson-take-your-second-trade-first/" target="_blank">free link to Lesson 29</a> of <a href="http://tfl365.com/">TFL365.com</a>)<br />
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I have been doing this for the last 2 weeks and it has really helped my entry.<br />
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<u><b>Lesson 2: Just Wait</b></u><br />
Hot off the presses of the <a href="http://bossilator.com/course" target="_blank">Bossilator</a> webinar on February 12th, I heard Scott Welsh say that his new thing was to wait for as long as possible before exiting his winning trades. He used to look at a risk/reward of 2:1, now he holds them until 3:1, or even more. It was just that he had to accept it might take more losses before the eventual winner.<br />
<br />
I have been doing well getting an even number of losses and winners this last 2 weeks taking trades out at 1.5:1. It feel safer and easier than 2:1 or more. The 1.5:1 risk/reward has been helping me break-even on losses within the same day and next. Holding on for longer seems scary and counter-intuitive.<br />
<br />
But I really wanted to know how I would feel when I was holding on to the winners. After all you get bumped around a lot because you will keep seeing the winning pips come and go.<br />
<br />
It seemed logical but the few times I had tried to sit on a winning trade, it was painful. And I hated losing it after I saw some winnings. But then there were times when EURUSD would keep going in the a trend for what seems like forever. I mean, wouldn't be just like flipping the table around in those times when I had held on to losers for hours or even overnight?<br />
<br />
So hot off the presses from the Bossilator webinar on Feb12th, I decided to give it a try.<br />
These charts will have a new Stochastics 10-3-3. I added a new entry signal criteria - also from the webinar.<br />
<br />
Today was the one of those days Mr Market smiled back at me.<br />
<br />
<u><b>Asian/London Session Trades - February 12th - Mr Market smiles at me</b></u><br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/-r-1zKvJRr8E/Tzk_5DPRDDI/AAAAAAAAAY4/DV1nDt4EVdU/s1600/eurusd+m1+13feb2012+daily+trades.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="369" src="http://2.bp.blogspot.com/-r-1zKvJRr8E/Tzk_5DPRDDI/AAAAAAAAAY4/DV1nDt4EVdU/s640/eurusd+m1+13feb2012+daily+trades.png" width="640" /></a></div><br />
<u>Trade 1 (-12pips) (look above)</u><br />
This was an entry at the Resistance of 1.3250. <br />
Sell @3234. Stopped Out @3246.<br />
<br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/-EQpo6dlqdT8/Tz99mHOYlNI/AAAAAAAAAZY/bmqvCEiAwfE/s1600/eurusd+m1+13feb2012+london+holding+for+profits.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="185" src="http://3.bp.blogspot.com/-EQpo6dlqdT8/Tz99mHOYlNI/AAAAAAAAAZY/bmqvCEiAwfE/s320/eurusd+m1+13feb2012+london+holding+for+profits.png" width="320" /></a></div><u>Trade 2 (+33pips)</u><br />
Trifecta Buy @3242 SL@3232 Exit@3275.<br />
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By the way, I held on to this trade for a nearly 4 hours waiting for it to hit the target @3280.<br />
<br />
I really couldn't stand it anymore and exited 5pips short of my target @3275.<br />
<br />
<u><br />
</u><br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/-mtVQI3ap8Yo/Tz9_Kno3joI/AAAAAAAAAZg/Sdmmc4cMcpQ/s1600/eurusd+m1+13feb2012+london+trifecta+2.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="184" src="http://2.bp.blogspot.com/-mtVQI3ap8Yo/Tz9_Kno3joI/AAAAAAAAAZg/Sdmmc4cMcpQ/s320/eurusd+m1+13feb2012+london+trifecta+2.png" width="320" /></a></div><u>Trade 3 (+22pips)</u><br />
Trifecta Buy (also a Buy at EMA62/SMA200 Support) @3258 SL@3248 Exit@3280.<br />
<br />
You can see the entry trigger at FIB23.<br />
Bossilator (bars away from SMA800) was 582.<br />
A little higher than normal for a trend trade but worth a try with a very tight stop.<br />
This trade only took 23minutes. Looks like it was "market memory" + London Open working here.<br />
<br />
<br />
By now I was already +43pips up for the day. I told myself to stop.<br />
<br />
But you know what - I got greedy in the US session.<br />
<br />
<u><b>US Session - Mr Market is still Smiling</b></u><br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/-MvomfT0vuO0/Tz-MkfZs-QI/AAAAAAAAAZ4/Ud3YRCog12A/s1600/eurusd+m1+13feb2012+counter+trend+trade+2+completed+bossilator+and+graphics.gif" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="314" src="http://1.bp.blogspot.com/-MvomfT0vuO0/Tz-MkfZs-QI/AAAAAAAAAZ4/Ud3YRCog12A/s640/eurusd+m1+13feb2012+counter+trend+trade+2+completed+bossilator+and+graphics.gif" width="640" /></a></div><u><b><br />
</b></u><br />
<u>Trade 4 (-10pips)</u><br />
Bossilator Counter Trend Sell@3257 Stopped Out @3267<br />
<br />
Pride comes before a fall. I was feeling a little less invincible but still up for the day. After all it's only a little fall.<br />
<br />
<u>Trade 5 (+26pips)</u><br />
Bossilator Sell @3260 SL@3271 Exit@3234<br />
I didn't like the earlier loss but I did pick myself up and thought I would give it another shot.<br />
<br />
<b>Nett for the day +59pips!!!</b><br />
<br />
It was totally amazing and I was totally drained. It took "industrial strength" mental capacity to hang on for so long. Watching the profits ebb and flow was excruciating but the results felt good.<br />
<br />
I am amazed at the power of <a href="http://tfl365.com/members/free-lesson-take-your-second-trade-first/" target="_blank">Breathe and Wait - Take your second trade first to Enter</a> and Holding On to profits until you can't stand it any longer!!<br />
<br />
Seriously this is the best trading day I have had in loong while.<br />
Tune in next time and watch how I handle my winnings.....(or not) <img border="0" height="15" src="http://3.bp.blogspot.com/-GVeqOX5BR8k/Tz-AyKVurQI/AAAAAAAAAZo/9cv1T3Ocb6A/s1600/ROFLMAO.gif" width="39" /><br />
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<br />
Happy Trading!Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-15477912197389985852012-02-06T05:43:00.002-05:002012-02-19T05:51:27.563-05:00Keep on Singing Trying, Don't stop Trying.<div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/-DNULvt0x2bo/Ty-mKDd0VnI/AAAAAAAAAYg/8LhfEcd5sgM/s1600/Mancatchingmoneybutterflynet.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="http://3.bp.blogspot.com/-DNULvt0x2bo/Ty-mKDd0VnI/AAAAAAAAAYg/8LhfEcd5sgM/s200/Mancatchingmoneybutterflynet.JPG" width="200" /></a></div><div style="text-align: center;"><i>Keep on <strike>singing</strike> Trying, Don't Stop Trying</i></div><div style="text-align: center;"><i>You're gonna be a <strike>star</strike> trader some day....</i></div><br />
Sung to the the tune of <a href="http://www.youtube.com/watch?v=ymdjEFYupN8&feature=related" rel="nofollow" target="_blank">Helen Reddy's Keep on Singing</a>. (Yes, I am that old).<br />
<br />
I am always wary of trading on the Monday after Non-Farm Friday.<br />
<br />
Wouldn't you know it, the first two trades were duds? But sometimes, you just gotta keep on trying.<br />
<a name='more'></a><br />
I figured that if I wanted to make this trader's life work - I've just got to work on trading at the same time every day. And for me, the best time seems to be looking at the London session open. I have been doing this with mixed results but the momentum for this session seems to work better for my trading style.<br />
<br />
A caveat to that is that I do seem to do a lot better in the London session than in the Asian Session. Most likely the pace of the Asian Session drives me crazy.<br />
<br />
Today's trade was interesting in that I started with 2 trades stopped out. Right out of the bat.<br />
<br />
Seriously, it's enough to make me wonder - do I really like being slapped on the face. But then, last week I got some great perspectives on taking losses on Jennifer's blog. She said, "My account took some losses, I didn't take losses"<br />
<br />
Also, I am getting used to the fact that if I get my head together, I should be able to make some profit for the day. The essence of this is some profit. It really doesn't matter how much - just some - well 10 to 15pips would be great. Right now, I am working at being happy at some pips for the day while using proper risk/reward. Rather than having negative pips.<br />
<br />
<u><span style="font-size: x-small;">EURUSD 1M London Session 6FEB2012</span></u><br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/-V0QiW8Oy0YQ/Ty-py72Mj9I/AAAAAAAAAYo/PDqCU1rE_ik/s1600/eurusd+m1+6feb2012+london+trend+trifecta.gif" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="384" src="http://3.bp.blogspot.com/-V0QiW8Oy0YQ/Ty-py72Mj9I/AAAAAAAAAYo/PDqCU1rE_ik/s640/eurusd+m1+6feb2012+london+trend+trifecta.gif" width="640" /></a></div><br />
<u>Trade 1</u><br />
This was a Trifecta trade. Entry at the break of the 23Fib retracement. Target at Fib 0. Even though Bossilator was at 630+, I was going for the test of the 1.3050 and 1.3020 achieved in the Asian Session. I started at the first break of the 23Fib but was quickly stopped out at 12pips.<br />
<br />
<u>Trade 2</u><br />
Happily my trigger-happy finger took over and pulled an entry into a buy at 1.3098. I am not even sure where I thought this was heading. Except that I thought I might be able to catch a break-out to the top side. Seriously this was one of those trades where I should have just taken a deep breaths and waited. Stopped out here @3080. (-11pips). Surprise, surprise!!<br />
<br />
<u>Trade 3</u><br />
By now, I was thinking a little bit more calmly, I decided up front that this was going to be my last trade for the day, if it failed. I noticed that EURUSD did break the SMA200, which I like as an entry. So I set a tight stop loss of 11pips. Went in with 3 contracts which is 1 more than the other 2 trades. Sold @3070. And I scaled out @3045, @3054 and @3041. (Average of +25pips per contract)<br />
<br />
This was pretty cool. Even though the nett profit was teeny weeny tiny (+9pips).<br />
Sometimes you just gotta <i>"Keep on Trying, Don't stop Trying... You're gonna be a star some day".</i><br />
<br />
I am so done for today. I am taking off to gather my head together and make dinner.<br />
<br />
Happy Trading Week!<br />
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<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-2639644310778997482012-02-05T04:31:00.001-05:002012-02-19T08:59:11.189-05:00T'was the night before Non-Farm Payroll...<div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/-WGoVCo8ARIc/T0D_mtJ_6JI/AAAAAAAAAaA/jECS7ZqLBLk/s1600/Farm+at+night+black+and+white.gif" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="198" src="http://3.bp.blogspot.com/-WGoVCo8ARIc/T0D_mtJ_6JI/AAAAAAAAAaA/jECS7ZqLBLk/s200/Farm+at+night+black+and+white.gif" width="200" /></a></div>Twas the night before Non-Farm Payroll report, when all through forex land there wasn’t a sound,<br />
<div class="p1">Not a currency was stirring, not even the GBP.</div><div class="p1">All the traders were excited, their anticipation growing,</div><div class="p1">All orders consolidated, for this monthly announcement they had been preparing.</div><div class="p2"><br />
</div><div class="p1">Deep in my thoughts, were of the trades I had done.</div><div class="p1">Throughout this Non-Farm week, I was tossed up and down.</div><div class="p1">I had experienced my account and my knees go weak,</div><div class="p1">Would I or would I not, on this night, find the profit I seek.<br />
<a name='more'></a></div><div class="p2">When just before 8:30EST there arose a clatter,</div><div class="p1">The non farm report came out in its usual might and matter,</div><div class="p1">A shattering 90,000 more jobs than expected and a 0.2% decrease,</div><div class="p1">What a resounding loud roar for all to hear and see</div><div class="p2"><br />
</div><div class="p1">And then, suddenly the traders started,</div><div class="p1">And excitedly I watched as the currencies spiked and shuddered….</div><div class="p2"><br />
</div><div class="p1">The EURUSD sprang up to hit,</div><div class="p1">A resistance trendline, touching its daily limit.</div><div class="p1">But quickly in an unexpected show,</div><div class="p1">It bounced back to break the support below.</div><div class="p2"><br />
</div><div class="p1">So I entered a sell but it was down too low,</div><div class="p1">It did 10pips but then, raced up to my stop, and away it towed.</div><div class="p1">I sucked in the loss, and was prepared to stop,</div><div class="p1">But I noticed the upward move had hit a top.</div><div class="p2"><br />
</div><div class="p1">So I entered another sell, this time at a better price,</div><div class="p1">I calmly watched its dance to the floor, this time the trade, making nice.</div><div class="p1">When upon break-even, my trade I quickly did set.</div><div class="p1">Before I knew it, a profit it did get.</div><div class="p1">And when it came to a little stall, </div><div class="p1">I took my trade out with a profit tiny and small.</div><div class="p2"><br />
</div><div class="p1">I thanked my lucky stars that I came out unscathed, even with a small profit for the night.</div><div class="p1">For the Non-Farm report had proven its might.</div><div class="p1">To all the traders that dared brave this night,</div><div class="p1">I say, "Happy Trading to all, and to all a good-night!"<br />
<br />
<br />
<u><span style="font-size: x-small;">EURUSD 1H The Trade Setup</span></u><br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/-fKOMCVtQIz4/Ty5IiWmyeeI/AAAAAAAAAYU/J-vlJxOFUf4/s1600/eurusd+h1+3feb2012+us+non+farm+day+trades.gif" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="240" src="http://2.bp.blogspot.com/-fKOMCVtQIz4/Ty5IiWmyeeI/AAAAAAAAAYU/J-vlJxOFUf4/s400/eurusd+h1+3feb2012+us+non+farm+day+trades.gif" width="400" /></a></div><br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
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<br />
<div style="text-align: right;"><span style="font-size: x-small;"><u>EURUSD 1M The Trade In Detail</u></span></div><div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/-Vjo7wFadsjo/Ty5Ih18bRKI/AAAAAAAAAYQ/8G1wkZjY6yA/s1600/eurusd+m1+3feb2012+US+non+farm+day+trades.gif" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="240" src="http://4.bp.blogspot.com/-Vjo7wFadsjo/Ty5Ih18bRKI/AAAAAAAAAYQ/8G1wkZjY6yA/s400/eurusd+m1+3feb2012+US+non+farm+day+trades.gif" width="400" /></a></div><span style="font-size: x-small;"><u><br />
</u></span></div>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-20974560891738629112012-01-30T05:20:00.001-05:002012-02-05T07:28:55.549-05:00Less trading but surprisingly, better results.<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-7_ly4D46qnc/TyY6RmPlagI/AAAAAAAAAYI/o6NIwzvnOAY/s1600/MP900341900.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="227" src="http://1.bp.blogspot.com/-7_ly4D46qnc/TyY6RmPlagI/AAAAAAAAAYI/o6NIwzvnOAY/s320/MP900341900.JPG" width="320" /></a></div>
<i>"The market is one of the greatest teachers. It reveals itself to all of us each and every day if we are willing to pay attention. Too many times we try to box it, label it, or beat it."</i><br />
<br />
<a href="http://www.amazon.com/gp/product/0471710326/ref=as_li_ss_tl?ie=UTF8&tag=wwwaforextrad-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=0471710326" rel="nofollow">Raghee Horner: ForeX Trading for Maximum Profit: The Best Kept Secret Off Wall Street</a><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=wwwaforextrad-20&l=as2&o=1&a=0471710326" style="border: none !important; margin: 0px !important;" width="1" /><br />
<br />
<div style="text-align: justify;">
I haven't been trading much this last week because of Chinese New Year celebrations. It is our equivalent of Thanksgiving and Christmas all rolled into one weekend.<br />
<a name='more'></a></div>
<br />
<div style="text-align: justify;">
This year, I bravely decided to cook dinner for the family. So I was busy slaving over a hot stove instead of slaving over a tepid computer. Unbeknownst to me, my mom also took it on herself to make more than enough food to feed an army. So my slaved-over gigantic pot meals became gigantic left-overs.</div>
<br />
<div style="text-align: justify;">
If that didn't beat all, I caught a bug. So I spent most of the early part of last week on a cocktail of drugs. And most of the day and the nights - huffing and puffing into a box of Kleenex.</div>
<br />
After all those <a href="http://www.aforextradermom.com/2011/10/forex-trading-lessons-learned-hard-way.html" rel="nofollow" target="_blank">painfully learnt lessons</a> of when I should not be trading, I did practice some discipline and not trade on the busy family days.<br />
<br />
I know that I did sit down to trade on the few days when I wasn't rushing from one end of Singapore to the other. (My sister lives on the north part of the island - in tiny Singapore - a 30 minute drive is a significant distance - at least mentally!)<br />
<br />
I can pleasantly report that I managed to have a nice 5% return for the week in my trading account - just by trading less. As you know, my target to be consistent for this year is just 15 to 20pips per day. I figure if I can consistently get the pips daily - I can scale into more contracts.<br />
<br />
I just checked and noticed that I traded only 2 days last week.<br />
<br />
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<u>Monday 23Jan2012 - Reversal at London Close</u></div>
<div style="text-align: justify;">
This is one of my favorite trades if I can stay awake for it. </div>
<div style="text-align: justify;">
I have been noticing for awhile now that EURUSD has a tendency to reverse just after London close. That is if it has been going in a single direction all day. </div>
<br />
<a href="http://1.bp.blogspot.com/-TFUi5lKjX5Y/TyY2Xj6b9uI/AAAAAAAAAX0/3vpnz7eJptQ/s1600/eurusd+M1+jan23-12+US+session.gif" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="192" src="http://1.bp.blogspot.com/-TFUi5lKjX5Y/TyY2Xj6b9uI/AAAAAAAAAX0/3vpnz7eJptQ/s320/eurusd+M1+jan23-12+US+session.gif" width="320" /></a>There were a couple nice reasons for this setup:<br />
<span style="text-align: justify;"><br />
</span><br />
<div style="text-align: -webkit-auto;">
<span style="text-align: justify;">1. Bossilator reading at 539 - so it was nice for a counter-trend</span></div>
<div style="text-align: -webkit-auto;">
<span style="text-align: justify;"><br />
</span></div>
<div style="text-align: -webkit-auto;">
<span style="text-align: justify;">2. The 160+ pip move up stalled at 1.3050 (a significant 00 and 50 level) resistance.</span></div>
<div style="text-align: -webkit-auto;">
<span style="text-align: justify;"><br />
</span></div>
So I took this trade just after 5pm GMT - after London close. Just after EURUSD popped down past the SMA200 on the 1M chart.<br />
<br />
I was happy to take it out at 15pips. Since I had a tight stop at 7pips (since this was counter-trend) - back at the SMA200.<br />
<br />
<u>Thursday 24Jan2012</u><br />
<br />
I traded 3 times that day. Looking at this, I probably should have stopped after I did the first trade. But as usual, an easy win on the first trade always lead to itchy fingers later in the day. This is something I am working on curbing.<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-8kjx9leIPeo/TyY2W6XARNI/AAAAAAAAAXs/VZ9lKBlOC4E/s1600/eurusd+m1+jan26-12+full+day+trades+asian+and+london.gif" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="384" src="http://1.bp.blogspot.com/-8kjx9leIPeo/TyY2W6XARNI/AAAAAAAAAXs/VZ9lKBlOC4E/s640/eurusd+m1+jan26-12+full+day+trades+asian+and+london.gif" width="640" /></a></div>
<br />
<br />
<u>Trade 1 (+12pips) (detailed view)</u><br />
<a href="http://4.bp.blogspot.com/-pvJn63qwtMA/TyY4oYowrjI/AAAAAAAAAYA/gt7dt5W2nRw/s1600/eurusd+jan26-12+1m.gif" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="187" src="http://4.bp.blogspot.com/-pvJn63qwtMA/TyY4oYowrjI/AAAAAAAAAYA/gt7dt5W2nRw/s320/eurusd+jan26-12+1m.gif" width="320" /></a>This was a classic Bossilator counter-trend trade with a quick 2:1 profit. Very tight stop of 6pips. I was happy to just take it out at 12pip profit since I didn't really have to spend that long preparing for it.<br />
<br />
I figured, if the market gives it to you - just take it and run. Of course I should have taken it and run all the way to the next day. But I didn't and I had to learn a lesson on Trade 2.<br />
<br />
<br />
<u>Trade 2 (-9pips)</u><br />
This was the trade that was just one of those quickie losses. I had taken it based on a resistances failure and me really looking to counter-trend. Looking back, I can see it was too early for a counter-trend, with Bossilator at 340. But I had gone ahead anyway. The thing that saved me was the very tight stop at 9pips just passed the SMA200 - which was my entry point.<br />
<br />
<u>Trade 3 (+10pips) (detailed view)</u><br />
<a href="http://2.bp.blogspot.com/-YpPRbiH1wIc/TyY2WM5cwoI/AAAAAAAAAXo/8NMI9u7Rg4g/s1600/eurusd+m1+jan26-12+trade+3.gif" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="192" src="http://2.bp.blogspot.com/-YpPRbiH1wIc/TyY2WM5cwoI/AAAAAAAAAXo/8NMI9u7Rg4g/s320/eurusd+m1+jan26-12+trade+3.gif" width="320" /></a>This was the quick reversal of Trade 2.<br />
<br />
I did have a quick sense to go in the opposite direction of Trade 2 - after the support held at SMA200.<br />
<br />
If I had planned for it earlier I would have stuck to the Trifecta trade and help on to Fib 0 after a stop at Break-even.<br />
<br />
In any case, I was happy to exit at 10pips since it recovered the trade 2 loss. Mentally, it was all I could take for that day.<br />
<br />
So this was a typical trading. I was quite happy that I managed to stay calm enough to manage the last trade and the day ended with plusses instead of minuses.<br />
<br />
So when I looked back at last week, it went quite well for a week where I traded much less than a normal trading week.<br />
<br />
True to the spirit of letting the market show itself to me, I think I did that successfully last week.<br />
<br />
I am hoping that this is a sign of things to come.<br />
<br />
Happy Trading!<br />
<br />
<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-32137326163476481472012-01-18T09:07:00.004-05:002012-02-05T07:29:40.920-05:00Old habits die hard! So I'm learning to kick them, one trade at a time.<a href="http://1.bp.blogspot.com/-hFnLq8OD4gk/TxbP-Lz2rXI/AAAAAAAAAXU/dxi7SVkSSec/s1600/Karatekick.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="http://1.bp.blogspot.com/-hFnLq8OD4gk/TxbP-Lz2rXI/AAAAAAAAAXU/dxi7SVkSSec/s200/Karatekick.JPG" width="200" /></a><i>"As I studied the problem, I saw that it wasn't a case that called for reading the tape but for reading my own self."</i><br />
<br />
<a href="http://www.amazon.com/gp/product/0471059684/ref=as_li_ss_tl?ie=UTF8&tag=wwwaforextrad-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=0471059684">Edwin Lefèvre: Reminiscences of a Stock Operator (A Marketplace Book)</a><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=wwwaforextrad-20&l=as2&o=1&a=0471059684" style="border: none !important; margin: 0px !important;" width="1" /><br />
<br />
One year after my venture into trying to trade for a living, I realized that trading was a lot more about psychology than having the "holy grail" of a trading system. Albeit, you need to have some kind of system to base your trade entries. But it's evident that even with a 50% win ratio, you can make money while trading. <br />
<a name='more'></a>Heck, some people are making money even with a 40% win ratio.<br />
<br />
It took me awhile to accept that there was magic in practicing good risk management. Heck, it took me at least a year and half into trading before I really understood how to put it in practice. <br />
<br />
The philosophy behind risk management is easy. Actually it's downright simple, here's two examples:<br />
<ol>
<li>If you decide to go with a risk/reward ration of 1.5 to 1. You basically try to hold out for a $15 win for every $10 risked. (I often wonder why we say risk/reward and then mention the ratios the other way around.....but I digress)<br />
</li>
<li>Don't risk more than 2% or 1% of your total account on any one trade</li>
</ol>
Again, the message and the rules are simple. All you have to do is follow those rules. (Here's the duh moment!)<br />
<br />
What throws a spanner or a monkey wrench in the works, is plain old human "psychology". And that means all that stuff that goes on in your brain when you take a trade. And all that stuff that goes on in your brain, when you are NOT trading.<br />
<br />
I have had to learn a lot about how to control my impulses in trading. I still am working at it. My first lessons in trading were trading off multi-timeframe charts, but essentially scalping. Along the way, I picked up a lot of bad, bad, bad habits while scalping off short timeframe charts. Since I would like to stick with trading on the 1Min chart, I need to work at gouging out some of these bad habits.<br />
<br />
Here's one really baaaad habit that I used to love to do. I think I may have conquered it:<br />
<br />
<b>Jumping back into a trade in the same direction after a quick win.</b><br />
<blockquote class="tr_bq">
<div style="text-align: justify;">
Ooooh, I used to "love" doing this. This is a really baaad one. </div>
</blockquote>
<blockquote class="tr_bq">
<div style="text-align: justify;">
Here's the scenario: </div>
</blockquote>
<blockquote class="tr_bq">
<div style="text-align: justify;">
<b>Act 1, Scene 1:</b> I would make a quick win on a very quick setup. And the currency starts to move again - in what seems like the same direction.</div>
</blockquote>
<blockquote class="tr_bq">
<div style="text-align: justify;">
<b>Act 1, Scene 2:</b> I jump back into a trade, purely based on a very short term price action. Ignoring any indicator behavior. By now, I think I've figured out how the market will move. (Famous last words).<br />
<br />
<b>Act 2, Scene 1:</b> Guess what happens: Yep, the currency hits a strong support/resistance point - and it starts to retrace. </div>
</blockquote>
<blockquote class="tr_bq">
<div style="text-align: justify;">
<br />
<b>Act 2, Scene 2:</b> And where does it generally go, it's trying to go back to my stop. And more than not, I'm frozen like a deer in the headlights, and I lose double my stop loss. Sounds familiar now?<br />
<br />
<b>Act 3, Final Act:</b> Boom goes a one whole week's worth of profits! I slap myself in the face and tell myself not to do that again.</div>
</blockquote>
Well - you get the picture.<br />
<br />
Yesterday's trades....<br />
<br />
<span style="font-size: x-small;"><u>EURUSD M1 Jan17-2012</u></span><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-4zOhYPxIAS8/Txa5EFC6UeI/AAAAAAAAAXM/ukKGQGlcBPE/s1600/eurusd+jan17-12++1m+us+session.gif" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="306" src="http://2.bp.blogspot.com/-4zOhYPxIAS8/Txa5EFC6UeI/AAAAAAAAAXM/ukKGQGlcBPE/s640/eurusd+jan17-12++1m+us+session.gif" width="640" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
Trade 1 and Trade 2 were basically good entries. Trade 1 was a really bad exit because I moved my stop. It was a classic deer in the headlights situation. After I mentally recovered from Trade 1, I took another counter-trend trade (Trade 2). This time the exits were better.<br />
<br />
Trade 3: Out of sheer frustration, I jumped into this one. I was quickly stopped out.<br />
<br />
So after 3 failed trades with multiple contracts, I decided to just forget about the day and take a break. At this point, I have drawn down all of last week's profits. I distinctly remember telling myself - too darn bad. Sometimes you are just out of sync. I wasn't even going to wait around to take another trade.<br />
<br />
After dinner, and a one and half hour break. I decided to look for a possible setup, just after the US session open. By now, the Bossilator on $EURUSD on 1M was at 800! This is serious counter-trend potential.<br />
<br />
So I went ahead and took Trade 4. This went better. So I quickly added 1 more contract to the trade.<br />
<br />
<div style="text-align: justify;">
It was a good superfast trade. I exited just before SMA800 at a nice 3:1 with 30pips. But if I had waited 5 or 6 more candles, I could have exited with another 10pips! But I didn't want to wait. $EURUSD kept moving down and I was still about 20pips down from the earlier losses. And I was not in that trade.</div>
<br />
<a href="http://4.bp.blogspot.com/-sTmwEkluzT0/TxbP-oEi_6I/AAAAAAAAAXY/SPYEI_XoXgk/s1600/martini.GIF" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/-sTmwEkluzT0/TxbP-oEi_6I/AAAAAAAAAXY/SPYEI_XoXgk/s1600/martini.GIF" /></a><br />
<div style="text-align: justify;">
And now, drum roll please; I just walked away from MT4. I didn't try to jump back in. Even though it kept going down and went down to the Daily Pivot - another 25pips further down.</div>
<br />
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Second drum roll - yes, I didn't jump back into a trade!!! Yup, and this is the second time this week that I didn't jump back in.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
I really feel like I may give this nasty habit the boot! It may be a bit premature to celebrate. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
But hey, you just gotta celebrate every little success that you have. And work on it one trade at a time....</div>
<br />
Happy Trading.<br />
<br />
<br />
<br />
<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-67114730973290025112012-01-09T20:41:00.001-05:002012-02-05T07:30:04.989-05:00Evolution of a trader - spotting stochastics divergence on a chart.<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-kJWcjdXcZ6A/TwunU9vQvTI/AAAAAAAAAWo/SIPzl3Vrepg/s1600/Man+waiting.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/-kJWcjdXcZ6A/TwunU9vQvTI/AAAAAAAAAWo/SIPzl3Vrepg/s1600/Man+waiting.JPG" /></a></div>
<i>He looked at me and furrowed his eyebrows. "You sure you want to trade?"</i><br />
<i>"That's why I am here."</i><br />
<i>"Well, it's not easy."</i><br />
<i>I couldn't agree with him entirely, but I nodded. "I know."</i><br />
<br />
... <a href="http://www.amazon.com/gp/product/0470049480/ref=as_li_ss_tl?ie=UTF8&tag=wwwaforextrad-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=0470049480">Rob Booker: Adventures of a Currency Trader: A Fable about Trading, Courage, and Doing the Right Thing (Wiley Trading)</a><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=wwwaforextrad-20&l=as2&o=1&a=0470049480" style="border: none !important; margin: 0px !important;" width="1" /><br />
<br />
I may or may not be getting back my trading groove.<br />
<br />
<a name='more'></a><br />
<br />
I am trying very hard to make this a proper routine.<br />
So every day at the same time, I have to park myself in front of my computer.<br />
Look at the charts, make notes and plan.<br />
<br />
Yes, it is supposed to be as boring as that..<br />
I really do like making notes on my charts. It feels like an achievement after I finish working on them.<br />
<br />
What <a href="http://www.aforextradermom.com/2011/12/waiting-for-setup-is-really-hard-to-do.html" target="_blank">I don't like to do is wait</a>....<br />
<br />
But I do like winning - so "waiting" is something I will have to do.<br />
<br />
Here's this morning's chart:<br />
<br />
<u><span style="font-size: x-small;">EURUSD Multi-timeframe</span></u><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-k_j2h2rydrM/TwuTWkkMRoI/AAAAAAAAAWA/11Ybfo8jp-U/s1600/eurusd+jan10-12++multi-t+asian+stox+divergence+bollbands.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="360" src="http://3.bp.blogspot.com/-k_j2h2rydrM/TwuTWkkMRoI/AAAAAAAAAWA/11Ybfo8jp-U/s640/eurusd+jan10-12++multi-t+asian+stox+divergence+bollbands.png" width="640" /></a></div>
I'm waiting to go short. Only if I can get a higher entry price and M1 Stochastics get back to overbought. (Point 5 on the charts)<br />
<br />
Yes, I am practising my Zen Trader - I will wait for a trade to come to me - mantra.<br />
<br />
Some points to note, for a very very long time, I have not been able to see divergence on my charts. Seriously. I have been reading at it and trying to look at in the charts. But I really have not been able to see it. You know that feeling.... everybody else seems to be able to see it on the charts, except me.<br />
<br />
Every time when I sit in on a webinar and they talk about divergence - I don't see it. I plot the indicators on the charts and I still don't see it. I read about it in a book and they have charts on divergence, yet I still can't see it.<br />
<br />
Well, while working on the charts today, my brain-fog on divergence must have started to clear. I was able to spot a divergence between stochastics and the price. I think it started last night and I used it to enter a short trade which worked nicely.<br />
<br />
<u><span style="font-size: x-small;">EURUSD 1M 9JAN2012 - Last trade for the day</span></u><br />
<a href="http://4.bp.blogspot.com/-8hJepyuDKV4/TwugPMZbbOI/AAAAAAAAAWg/O0-FYcypOOc/s1600/eurusd+9jan2012+multi-t+euro+session+trade1.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="252" src="http://4.bp.blogspot.com/-8hJepyuDKV4/TwugPMZbbOI/AAAAAAAAAWg/O0-FYcypOOc/s400/eurusd+9jan2012+multi-t+euro+session+trade1.png" width="400" /></a><br />
<div style="text-align: justify;">
Here's yesterday's trade on 1M charts. I entered short on a typical $EURUSD support/resistance move. </div>
<br />
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
In hindsight I may have been over-trading. It was my seventh trade for the day.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The day went like this: 1 Loss, 1 Win, 4 Losses, 1 Win.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The chart shows the last trade. Those quick 12pips brought me back to break-even for the day. It was interesting trade but I did want to exit exit quickly because I was going counter-trend. And I did notice the stochastics divergence - just before I entered the trade. It helped me make a quicker entry decision.</div>
<br />
Maybe I am evolving - just like this Pokemon - Bulbasaur.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-oqGyD1cDeDs/Twub9Y9fssI/AAAAAAAAAWI/f-plq6JyquU/s1600/th_Venusaur.gif" imageanchor="1" style="clear: right; display: inline !important; float: right; margin-bottom: 1em; margin-left: 1em; text-align: center;"><img border="0" src="http://2.bp.blogspot.com/-oqGyD1cDeDs/Twub9Y9fssI/AAAAAAAAAWI/f-plq6JyquU/s1600/th_Venusaur.gif" /></a><a href="http://4.bp.blogspot.com/-8y9_aZst1-0/Twub966i7iI/AAAAAAAAAWM/9jvdtQSc_Kw/s1600/th_Ivysaur.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"></a><a href="http://2.bp.blogspot.com/-KXm2PVZJhy8/Twub-EmVMGI/AAAAAAAAAWU/mtH5rl_9PKQ/s1600/th_Bulbasaur.gif" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://2.bp.blogspot.com/-KXm2PVZJhy8/Twub-EmVMGI/AAAAAAAAAWU/mtH5rl_9PKQ/s1600/th_Bulbasaur.gif" /></a><img border="0" src="http://4.bp.blogspot.com/-8y9_aZst1-0/Twub966i7iI/AAAAAAAAAWM/9jvdtQSc_Kw/s1600/th_Ivysaur.gif" /></div>
<br />
<br />
Yes, it is amazing the amount of strange knowledge you can pick up while trying to engage a 10 year old boy.<br />
<br />
Back to trading, maybe in this latest evolution as a trader-to-be, I have been equipped with new powers of observation. Note I didn't say "new powers of trading". Should be fun, let's see where this takes us!<br />
<br />
Ooops, just noticed that I did not plan for a long entry. I am not sure I want to go long today. I can't see any entry now. I will go back and have a look at the H1 charts and see if there is are any entries.<br />
<br />
In the last hour or so $EURUSD has not moved. If the signal for the short entry above does not happen in another hour, which is around 3am or 4 am GMT (or MT4 time). I will most likely not look to enter into any trades until after London session starts.<br />
<br />
Happy Trading!<br />
<br />
<br />
<br />
<br />
<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-28181866743936540982012-01-08T13:28:00.002-05:002012-02-05T07:30:29.305-05:00How to display trade history on MT4 charts.Hey everyone!<br />
<br />
My friend Chris asked me how I viewed my trades on the Metatrader charts.<br />
<br />
I just found out how to do this recently while looking on the internet. <br />
<br />
Here is a quick video on how to put the trades you have taken in MT4, into the charts.<br />
<a name='more'></a><br />
This is a built-in feature of MT4 and does not require any scripts. There are a couple of very neat expert (free - just google for it) scripts written to do the same thing. But I like this neat MT4 feature because it's just easier to use.<br />
<br />
<br />
<iframe allowfullscreen="" frameborder="0" height="360" src="http://www.youtube.com/embed/jNHDnqKkSqs" width="640"></iframe><br />
<br />
This will only work on trades that are taken from MT4.<br />
It is basically a drag and drop from the Account History directly into the chart.<br />
<br />
I am still looking for an easy way to input previous trades from other brokers into the Account History. So if anybody knows an easy way, send me a note.<br />
<br />
Enjoy the video...<br />
<br />
Happy Trading!Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-91097047810903595782012-01-03T06:35:00.000-05:002012-02-05T07:30:56.140-05:00Chasing those pips on my first trading day of 2012<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-Czm5fsjlRsw/TwfrZx3_tWI/AAAAAAAAAVQ/cGTkVN4R1A8/s1600/Waiting%2BClipart.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="138" src="http://4.bp.blogspot.com/-Czm5fsjlRsw/TwfrZx3_tWI/AAAAAAAAAVQ/cGTkVN4R1A8/s200/Waiting%2BClipart.JPG" width="200" /></a></div>
<i>"The other qualification is "PATIENCE" to wait for the opportune time, when as many factors as possible are positioned in the traders favor. Poise and patience are the close friends of successful traders."</i><br />
<br />
... <a href="http://www.amazon.com/gp/product/0071469796/ref=as_li_ss_tl?ie=UTF8&tag=wwwaforextrad-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=0071469796">Jesse Livermore - How to Trade In Stocks</a><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=wwwaforextrad-20&l=as2&o=1&a=0071469796" style="border: none !important; margin: 0px !important;" width="1" /><br />
<a href="http://www.amazon.com/gp/product/0071469796/ref=as_li_ss_tl?ie=UTF8&tag=wwwaforextrad-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=0071469796">The classic formula for understanding timing, money management, and emotional control</a><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=wwwaforextrad-20&l=as2&o=1&a=0071469796" style="border: none !important; margin: 0px !important;" width="1" /><br />
<br />
What do you do when you have days where you make a great market call. Did not take the trades. And then, see it move in the direction that you made the call by 50 or 60 pips? Then decide to go in, and every single trade in that direction is wrong????<br />
<a name='more'></a><br />
What do you do? And how do you handle it?<br />
<br />
<span style="font-size: x-small;"><u>EURUSD Multi-timeframe</u></span><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-wlUrBs_vLLs/Twfxqa2H6XI/AAAAAAAAAVo/wbSI5DX_8sY/s1600/eurusd%2Blong-multi-asian%2B2jan12%2Bwith%2Bquick%2Bnotes.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="310" src="http://2.bp.blogspot.com/-wlUrBs_vLLs/Twfxqa2H6XI/AAAAAAAAAVo/wbSI5DX_8sY/s400/eurusd%2Blong-multi-asian%2B2jan12%2Bwith%2Bquick%2Bnotes.png" width="400" /></a></div>
<div style="text-align: justify;">
The 3rd of January was going to be a busy "mommy" day.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
So I decided not to trade until the evening - which means late London session and through the first half of the US session for me.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
But I did make my notes on the market in the morning.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
I had a bias to go long around 1.2990 since $EURUSD had been down for so long. But I did identify a short potential in case it dropped past 1.2950</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Having made all the analysis correct does not mean you (whoops I meant, I) will trade correctly. </div>
<br />
Here's how I actually traded later that evening. (On a side note: I just found this really cool feature of MT4 that allows you to show the trades that you have done on the charts. It's just drag and drop. Pretty darn cool!)<br />
<br />
<u><span style="font-size: x-small;">EURUSD 5M</span></u><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-0v_VtoynV_w/Twf84P-tNaI/AAAAAAAAAVw/96kOVOR1_YM/s1600/eurusd+3an12+5M+crazy+trades-edited.gif" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="315" src="http://4.bp.blogspot.com/-0v_VtoynV_w/Twf84P-tNaI/AAAAAAAAAVw/96kOVOR1_YM/s640/eurusd+3an12+5M+crazy+trades-edited.gif" width="640" /></a></div>
<br />
The first 5 trade entries and were all stopped out. Up until now, I really like going in with a tight 10 to 12 pip stop. But in all these trades, right after I got stopped out - EURUSD moved in the direction that I traded.<br />
<br />
You can see by the 6th trade, I got so angry, I just went in the opposite direction for the heck of it. I did take this out quickly for a loss. So that loss trade is added to the pool! So I am down by 6 bad failed trades. The first time I am trading for weeks.<br />
<br />
Sheesh! On first trading day of the year as well. What a great way to start?<br />
<br />
I am trying not to chase it. <a href="http://www.aforextradermom.com/2011/12/waiting-for-setup-is-really-hard-to-do.html" target="_blank">I hate waiting...</a><br />
<br />
<div style="text-align: justify;">
Its as if the full force of every trading mistake has come back to smash you in the face. And you just have to stand there and face it. Basically I just feel kind of hopeless and pretty darn right stupid. Hopeless because I am fueled with this strong need to fix my earlier failed trades.</div>
<br />
<a href="http://1.bp.blogspot.com/-9r1-U1jFCjw/TwgJrdabJ0I/AAAAAAAAAV4/q4LZJxo24OA/s1600/MB900046537.GIF" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://1.bp.blogspot.com/-9r1-U1jFCjw/TwgJrdabJ0I/AAAAAAAAAV4/q4LZJxo24OA/s1600/MB900046537.GIF" /></a>I really want to do something about it. In real life, and real work, you can usually do something about it. Schedule a meeting, make a proposal, something...<br />
<br />
But in trading, sitting at the sidelines is doing something.<br />
Maybe just getting my composure together is doing something.<br />
It's taking a position to protect my account. That's one consolation.<br />
<br />
<div style="text-align: justify;">
Plus I have reduced my risk and my position sizing so that it does not make a huge dent in my trading account. Funnily enough, I still find that I have the same emotional attachment to those pips.</div>
<br />
<div style="text-align: justify;">
My other consolation is that if I get it right, I should be able to make it the lost pips in probably 3 or 4 trades. Heck, maybe it will take longer, it's part of the journey. I've since learned that it's a looong journey. At least, it's a journey for the long haul. And that to be successful, it's not that <a href="http://tfl365.com/members/" target="_blank">One Great Big</a> trade. But a series of all those little ones combined.</div>
<br />
But I do have to sit and wait it out. Heck, maybe I should sit out the whole day.<br />
<br />
I guess, that's still taking a position and doing something.<br />
<br />
I'm just going back to the drawing board and planning for the next trade. Instead of chasing those darn pips...<br />
<br />
Happy Trading!<br />
<br />
<div style="text-align: justify;">
P/S. I took two more trades to make that eight losses in total. Then one trade that went in the right direction. But I got excited - was going to add in 1 more position. And I accidentally clicked myself out of the trade. Whoopsie! It went in the right direction by 10 more pips! But I was already out of the trade! I came to my senses (again!) and figured that I really had to stop trading until the end of that day.</div>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-251758607255869852011-12-20T00:42:00.002-05:002012-02-05T07:31:37.975-05:00Two of my trading heroes talk about Support and Resistance and Risk Control<a href="http://3.bp.blogspot.com/-xa6HnBR2Ufs/TvALGK3JvhI/AAAAAAAAAUk/dlmbH4FzorU/s1600/MM_skiprope.GIF" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://3.bp.blogspot.com/-xa6HnBR2Ufs/TvALGK3JvhI/AAAAAAAAAUk/dlmbH4FzorU/s1600/MM_skiprope.GIF" /></a><i>"When you are fully focused on doing what you enjoy, you are in the flow, and it is then that you are most likely to make successful decisions free from doubts and insecurities."</i><br />
<br />
<span style="font-family: inherit;"><span style="background-color: white;">Shane Murphy</span><span style="background-color: white;">, </span><span style="background-color: white;">Doug Hirschhorn</span></span><br />
<div>
<span style="font-size: x-small;"><a href="http://www.amazon.com/gp/product/0471418706/ref=as_li_ss_tl?ie=UTF8&tag=wwwaforextrad-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=0471418706">The Trading Athlete: Winning the Mental Game of Online Trading, (2001), Wiley</a><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=wwwaforextrad-20&l=as2&o=1&a=0471418706" style="border: none !important; margin: 0px !important;" width="1" /></span></div>
<br />
Hey! I can't believe the year is almost over. I had decided not to trade for this whole week. Yes, it is the holiday season but I know the markets are still trading! And yes, I am still watching $EURUSD for any potential moves. <br />
<a name='more'></a>But more than that... I know that for a short term trader like me, if momentum is choppy, I can get killed.<br />
<br />
One good news and something to look forward to is that I think I may have finally found a trading strategy I really like. It seems to be working so far.<br />
<br />
Going into the New Year, I will still be trading off 1M charts and $EURUSD. And I will be trying to stick with these two strategies:<br />
<ol>
<li>Bossilator Trifecta(Fibonacci) based Trend Trades</li>
<li>Support and resistance on 5M, 15M and 1Hr charts</li>
</ol>
Interestingly enough, I found some nice confirmation of my plans in these 2 great webinars that was held earlier this week.<br />
<br />
The first video is titled <a href="http://j.mp/u7VNfx" target="_blank">Potential Forex Entries</a> by Raghee Horner for Interbank FX.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-WCJTbIKPanE/TvAfWCp7a1I/AAAAAAAAAU0/MF5Jsr9Sh9M/s1600/fxstreetragheepic.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="209" src="http://3.bp.blogspot.com/-WCJTbIKPanE/TvAfWCp7a1I/AAAAAAAAAU0/MF5Jsr9Sh9M/s320/fxstreetragheepic.png" width="320" /></a></div>
<div style="text-align: justify;">
<a href="http://j.mp/ragheewebsite" target="_blank">Raghee Horner</a> is the creator of GRab charts/indicators. I've read her books and love listening to her talk. Her charts are a wonder to behold. Market swings and movement always seem so amazingly evident when you look at it through her charts.</div>
<br />
Although I don't trade with the GRab Indicators (I've tried them but I can't seem to get the hang of them on the 1M timeframe), I do love listening to her views on the market.<br />
<br />
She does a really nice discussion about multi-timeframe entries around 6 mins into the video. My favorite take-away from this video is around 11mins when she discusses where she would take profit. She calls it being "proactive" about realizing profits. I like the dual-profit target strategies because I usually feel psychologically less stressed after I have realised some gains.<br />
<br />
<div style="text-align: justify;">
This next ultra cool video is titled <a href="http://j.mp/u4MAM6" target="_blank">Risk Control is Everything</a> by Boris Schlossberg for FXStreet.com </div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://j.mp/u4MAM6" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;" target="_blank"><img border="0" height="238" src="http://1.bp.blogspot.com/-2KCCpHhuSFo/TvAgCFKXl6I/AAAAAAAAAU8/ZlRLT76BmZM/s320/BKfxtreet.png" width="320" /></a></div>
<div style="text-align: justify;">
I've been a long time follower of <a href="http://j.mp/bktraderfxvideos" target="_blank">Boris's Scalping University</a> videos on youtube. It was from here that I learnt about the "magic" 00 levels for Support and Resistance. (Yes, it's S/R again). </div>
<br />
I also love his bullet-speed presentation style.<br />
<br />
My favorite take-away from this latest webinar is this phrase: "The more you trade, the more you lose".<br />
<br />
He starts talking about this golden rule about half way through the webinar. And he even outlines the amount of risk you can effectively take by the number of trades you are going to take. So the more trades you are taking, the less risk should be on the table.<br />
<br />
No kidding, it absolutely resonates with me at this time of the year. Coincidentally, I have been toying with this idea of making less trades.<br />
<br />
You see, trading off shorter timeframes logically means that I should be able to take more trades per day. I had taken this phrase literally in the past 2 years. Painfully, I had to be jolted back into reality many times, by a blown-up trading account. <br />
<br />
<div style="text-align: justify;">
So that statement on making more trades in a dayto get more profit is abso-xxxx-ing lute-ly not true, at least not for me. Trading more just made me lose more. So in the throes of my profitable days, I am devising a plan to trade less and achieve a smaller target. On the premise that my entries will be more selective. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
So far every time I have tried to do this, my inner trading demons get the better of me. After big wins, I usually become more callous with entries. After which, I am unable to control the number of trades I make in order to make up the losses. I trade like a mad-man (woman) until I blow up my account. Unbeknownst to me, I may have undergone some emotional changes recently that are causing me to quell these demons better. It could be that the threat of impending doom to both my savings and my trading career was too much to bear. Either ways, I am not complaining. Whatever is happening is good....</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
So I have set up a plan to backtest this over the holidays. (Yes, even though - I still hate back-testing).</div>
<br />
So I am all set with this trading plan for the holidays. Back-testing and no trading...<br />
<br />
I hope you enjoy these two videos. I certainly did and I am definitely going to listen to them again.<br />
<br />
Happy Holidays!<br />
<br />
And as always ....Happy Trading!<br />
<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-53047131897435428192011-12-15T05:32:00.000-05:002012-02-05T07:31:50.839-05:00Waiting for a setup is really hard to do.....<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-bG8vkoqcTU0/TunJ7dYKhoI/AAAAAAAAAS0/W6OSXoLYyW0/s1600/BoredBoy.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="http://4.bp.blogspot.com/-bG8vkoqcTU0/TunJ7dYKhoI/AAAAAAAAAS0/W6OSXoLYyW0/s200/BoredBoy.JPG" width="133" /></a></div>
<i>"You can succeed in trading only when you can think and act as an individual."</i><br />
<br />
Alexander Elder<br />
<a href="http://www.amazon.com/gp/product/0471592242/ref=as_li_ss_tl?ie=UTF8&tag=wwwaforextrad-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=0471592242">Trading for a Living: Psychology, Trading Tactics, Money Management (Wiley), 1993</a><span style="border-color: initial !important; border-image: initial !important; border-width: initial !important;"><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=wwwaforextrad-20&l=as2&o=1&a=0471592242" style="border: none !important; margin: 0px !important;" width="1" /></span><br />
<br />
Waiting for a trade is one of the hardest thing for me to do.<br />
<br />
Here I am (at the start of the London session - 09:15GMT) ... sitting on my hands. Trying very hard not to jump into this beautiful $EURUSD swan dive. It's painful watching all these pips go past. <br />
<a name='more'></a>The one big problem while watching 1M charts is that so many candles are being generated. Then MT4 keeps adjusting the size of the screen with the size of the candles. I am always re-sizing the right price bar of Metatrade. Telling myself that huge candle is actually a 3pip candle even though it looks like a 10-pip candle. Most times, it's so mesmerizing, I want to reach out and grab some pips.<br />
<br />
Still, I am working in my <a href="http://www.aforextradermom.com/2011/10/insanity.html" target="_blank">penalty box, trading off a micro account</a> instead of a mini. Plotting and planing my way back to a mini account. Nyah, hah, hah...yes, that was my evil laugh.<br />
<br />
I did however get some pips today.<br />
<br />
Half and hour minute into the London session, $EURUSD hits a resistance at 1.3038 and 1.3028 off the 1M chart. I enter doe a sell just after $EURUSD clears 3015. It was a quick 15minutes<br />
<br />
<u><span style="font-size: x-small;">$EURUSD 1M London Open</span></u><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-Rkm7EKgJTXE/TuoU8c8o7LI/AAAAAAAAATA/Qb0lSx9KzEU/s1600/eurusd++1M+15dec11.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="348" src="http://3.bp.blogspot.com/-Rkm7EKgJTXE/TuoU8c8o7LI/AAAAAAAAATA/Qb0lSx9KzEU/s640/eurusd++1M+15dec11.png" width="640" /></a></div>
<br />
<div style="text-align: justify;">
I feel good that I took out 10pips in this 30pip move. My trade entry was a little bit slow. But I had been watching the charts on and off all day since the Asian Session opened. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
You would have noticed that I have been marking support and resistances on 1M charts. I haven't put all the statistics together. But I have been noticing that if I match the supports and resistances with a nice stochastics view, I can usually get between 10 to 30pips depending on the momentum of the day.</div>
<br />
And here is the same trade, viewed from the M5 chart.<br />
<u><span style="font-size: x-small;">$EURUSD M5</span></u><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-ioQ1xZK5Bgw/TuoZ9TFzefI/AAAAAAAAATI/MBsoxss37N0/s1600/eurusd+15dec11.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="408" src="http://2.bp.blogspot.com/-ioQ1xZK5Bgw/TuoZ9TFzefI/AAAAAAAAATI/MBsoxss37N0/s640/eurusd+15dec11.png" width="640" /></a></div>
<br />
<div style="text-align: justify;">
The nice thing on this M5, is that the Stochastics is already in overbought and crossed and moving down. I may have exited a little bit early but the 2 doji's hugging the end of the 1st Bollinger Band was a little scary.</div>
<br />
<div style="text-align: justify;">
In the midst of all this market activity, I had "The Kid" to make sure he practiced on the piano. At the end of every year, his incredibly patient piano teacher organises a little concert. She gets all her students to perform one piece of music that they have learnt for their parents. It's all incredibly cute, when you see these 5 and 6 year olds walk up to a piano and sit there with their legs dangling.</div>
<br />
<div style="text-align: justify;">
The kids get to perform a single song which they have been rehearsing for the last couple of weeks. Last year, one little 5-year old (aren't they always little at that age) girl was so nervous, she burst into tears just after she said her name. She went to play the music piece that she had practised. All 5 minutes of it - crying the whole way. Still she played it till the end. And she stopped crying just after she finished playing. Very cute.</div>
<br />
<div style="text-align: justify;">
Oops, I digress! I blame sleep deprivation. I spent last night trying to make up for losses during the day. So I traded into the US session - and managed to collect back the 40pips which I had lost during the day. After the US lunch session, I had to watch some tv to settle my mind. So here I am with 3 hours of sleep for the day. I am slowly starting to feel like I am levitating when I walk.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Back for the last trade. Thought I might as well include this since this trade setup looks almost exactly the same as the previous one.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<u><span style="font-size: x-small;">EURUSD 1M - US Session</span></u></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-gq04nOPpeiI/Tuor8NHcLjI/AAAAAAAAATQ/5ue4vRiI3p4/s1600/eurusd++1m+15dec11+-+secondtrade.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="369" src="http://3.bp.blogspot.com/-gq04nOPpeiI/Tuor8NHcLjI/AAAAAAAAATQ/5ue4vRiI3p4/s640/eurusd++1m+15dec11+-+secondtrade.png" width="640" /></a></div>
<br />
<div style="text-align: justify;">
I was trading a little bit wonky even though the trade setup looked very similar to the early trade. Don't mind the Fibonacci lines. I was initially waiting for a Trifecta setup to go with a Buy. (Of course this wasn't going to be with the EURO weakness)</div>
<br />
<div style="text-align: justify;">
Around Bossilator 130, $EURUSD started to move back towards the SMA200. I used the earlier support and resistance setup to make the entries. The entries were ok, I got stopped out with break-even on the first one. Went in again just after the SMA200 break. It hit 10pips (1:1) but while I was waiting to the 2:1, it started to bounce back up. Since I didn't want to be waiting long, I just took it out with 6pips in the bag. That makes me, all done for the day with 16pips in the bag. On 3 quick trades, I am quite happy with that. </div>
<br />
And now, I really have gone into vampire hours. It's 1:30am my time.<br />
<br />
I've got to get off to bed. There's an early early morning webinar that I plan to attend. A trading webinar - what else?<br />
<br />
Happy Trading!<br />
<br />
<br />
<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-1157193628685487662011-12-13T00:03:00.000-05:002012-01-10T18:39:20.966-05:00I am consulting my crystal ball today....<a href="http://4.bp.blogspot.com/-i3Z9AW4NgvU/Tubl53y8XiI/AAAAAAAAASs/qFhAUpxPiDU/s1600/gypsy.GIF" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="http://4.bp.blogspot.com/-i3Z9AW4NgvU/Tubl53y8XiI/AAAAAAAAASs/qFhAUpxPiDU/s200/gypsy.GIF" width="200" /></a><i>"Don't think you can predict the effect of an unexpected event on the market. Stand aside and wait for clear indications...."</i><br />
<br />
Catherine Davey<br />
<a href="http://www.amazon.com/gp/product/1740311507/ref=as_li_ss_tl?ie=UTF8&tag=wwwaforextrad-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=1740311507">Making Money from CFD Trading : How I Turned $13k Into $30k in Three Months</a><span class="Apple-style-span" style="border-color: initial !important; border-width: initial !important; font-size: x-small;"><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=wwwaforextrad-20&l=as2&o=1&a=1740311507" style="border: none !important; margin: 0px !important;" width="1" /></span><br />
<br />
<div style="text-align: justify;">
Yesterday, my friend and trading mentor Rob, asked me if I gazed into a crystal ball before I put up my charts. My mind immediately conjured up images of me with a gypsy costume with the flouncy off-shouldered dress. Complete with the hoop earrings and bangles.</div>
<div style="text-align: justify;">
<br />
<a name='more'></a>The only problem is that I don't have the cleavage for it. No tattoos either. But I do have the long hair and a nice tan....but let's not go there. Got to keep this blog clean. My ten-year old reads it sometimes when he needs a laugh. </div>
<br />
<br />
<div style="text-align: justify;">
Back to the crystal ball, I said I wished I had one - that way I could win all the time. And then I could kick back and just let the trading pixies do my trading for me.</div>
<br />
<div style="text-align: justify;">
Inspired by his question, I am going to take a stab at reading my "magic crystal ball" this morning.</div>
<br />
Welcome to Momma Meng's Parlor..........<br />
<br />
<u><span class="Apple-style-span" style="font-size: x-small;">EURUSD 1Hr</span></u><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-_qVW7PUq6Qk/TubcR8pkG1I/AAAAAAAAASc/tl8Nd1rd5Oo/s1600/eurusd%2B1h%2B13dec11%2Basian%2B800x600.gif" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="480" src="http://4.bp.blogspot.com/-_qVW7PUq6Qk/TubcR8pkG1I/AAAAAAAAASc/tl8Nd1rd5Oo/s640/eurusd%2B1h%2B13dec11%2Basian%2B800x600.gif" width="640" /></a></div>
<br />
<br />
My objective is always 20 to 30 pips per day. I like to start at the 1Hr chart.<br />
<br />
It is showing some nice support candles at 3160 from yesterday's close.<br />
<br />
The reasons I would be looking for a quick buy is:<br />
<br />
<ol>
<li style="text-align: left;">1HR Bossilator is at 497 (so close to 500)</li>
<li style="text-align: left;">Yesterday's amazing move was 206pips down (average EURUSD move per day is about 150pips). There was no retrace at all - and this is $EURUSD. A very technically oriented currency pair. A retracement is due.</li>
<li style="text-align: left;">And look at that stochastics - finally it has reached oversold on the 1Hr chart and it's crossed - yaay!</li>
<li style="text-align: left;">See - those nice purple boxes, if $EURUSD trades above and keeps touching the top of the box and moves back in maybe half way and out again - it could very well bounce up for a retracement to 3250. </li>
<li style="text-align: left;">But I would like a retest of the low, just as a confirmation.</li>
</ol>
<br />
<br />
<br />
<span class="Apple-style-span" style="font-size: x-small;"><u>EURUSD 5M</u></span><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-Ctqd7XH9mpw/TubcXIuqp_I/AAAAAAAAASk/QKNuVPq2-EE/s1600/eurusd+5m+13dec11+asian+asis.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="395" src="http://4.bp.blogspot.com/-Ctqd7XH9mpw/TubcXIuqp_I/AAAAAAAAASk/QKNuVPq2-EE/s640/eurusd+5m+13dec11+asian+asis.png" width="640" /></a></div>
<br />
If I take a trade, it will be on the 1M chart. But I do like to look at the 5M to check if the coast is clear.<br />
<br />
<br />
<ol>
<li>Look at that nice 100 pips from the SMA200 to the SMA800. </li>
<li>And Bossilator is at 341 - very nice. </li>
<li>It would be a nice confirmation for EURUSD to break this SMA200 which coincidentally happens to be at 1.3200 (nice round number).</li>
<li>But I would still wait for the Stochastics to go back down to oversold for any buys. Even if EURUSD breaks the SMA200.</li>
<li>I didn't put up the 1M chart but it hit the SMA800 about 11 candles ago. It's kinda doing the DNA dance around it. Which means no trading territory. EURUSD had to move up 40pips from this morning's open to hit the SMA800 - another indication.</li>
</ol>
So that's my predictions for the day.<br />
Phew, I am looking at this and it sounds like a whole lot of "stuff" just to make that 20 or 30 pips.<br />
I may just be a little insane but at least I have structured my insanity.<br />
<br />
<br />
I really don't have time to trade today.<br />
<br />
<div style="text-align: justify;">
Some guys are coming in to do the regular maintenance on the airconditioning units. If you live in 90% humidity like we do here, airconditioning is not a luxury, it's a plain ole necessity.</div>
<br />
<br />
Yikes...it's nearly 2pm and I haven't even made the kid his lunch!<br />
<br />
I'm changing back into my mommy outfit....<br />
<br />
Happy Trading!<br />
<br />
<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-67794989750744744862011-12-12T08:49:00.000-05:002012-02-05T07:32:20.621-05:00Taking that leap of faith with $EURUSD by doing what has to be done.<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-Eue0mXw5cuM/TuYhhWllZdI/AAAAAAAAAQ8/QrlX73KpnSc/s1600/skioff.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/-Eue0mXw5cuM/TuYhhWllZdI/AAAAAAAAAQ8/QrlX73KpnSc/s1600/skioff.JPG" /></a></div>
<i>"Know what you are going to do when the market does what it is going to do."</i><br />
<br />
Michael W. Covel.<br />
<a href="http://www.amazon.com/gp/product/0061241709/ref=as_li_ss_tl?ie=UTF8&tag=wwwaforextrad-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=0061241709">The Complete Turtle Trader, Harper Collins, 2007</a><span style="border-color: initial !important; border-image: initial !important; border-width: initial !important;"><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=wwwaforextrad-20&l=as2&o=1&a=0061241709" style="border: none !important; margin: 0px !important;" width="1" /></span><br />
<br />
<div style="text-align: justify;">
Excuting a trade is a bit like jumping off a ski slope. </div>
<div style="text-align: justify;">
Sometimes you just got to leap off that slope when it shows itself to you. I was sitting and watching $EURUSD just before the London open. Bossilator reading was at 350.<br />
<a name='more'></a><br />
Since it already had enough candles and a nice low created, I drew the Fibonacci from a previous high at the SMA800 from 1.3376 to the recent low of 1.3333.</div>
<br />
With a Bossilator reading of 350, I was thinking that $EURUSD might just start heading back to the SMA800. So I was thinking that maybe there could be a buy opportunity. Even though the Fibonacci was drawn for a Sell at the 23Fib (28% Fibonacci) mark. I watched as it started to climb to 3350.<br />
<br />
<span class="Apple-style-span" style="font-size: x-small;"><u>$EURUSD Multi-timeframe</u></span><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-f8AjDnCQryM/TuYcIegD-0I/AAAAAAAAAQ0/dBI5B4_g6ac/s1600/eurusd+trades+multitimeframe+12dec11.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="390" src="http://4.bp.blogspot.com/-f8AjDnCQryM/TuYcIegD-0I/AAAAAAAAAQ0/dBI5B4_g6ac/s640/eurusd+trades+multitimeframe+12dec11.png" width="640" /></a></div>
<br />
My mind was set for a Buy and all I had to do was to wait for the stochastics. My latest rule which I am very strictly setting for myself is that after all the setups check out - the 1M stochastics (30-10-10) has to be absolutely at the right spot before I take the trade. Otherwise I am happy to let the trade go, even if it goes in the right direction.<br />
<br />
<div style="text-align: justify;">
So while waiting for this Buy - a funny thing happened. Right after the German WPI, numbers came out; $EURUSD started to move downwards. And then it quickly pushed past 38Fib. And when it reached the 23Fib, I had a Trifecta trend trade setup. A quick glance at the higher timeframes showed that they were in cahoots - i.e. in the same trend.</div>
<div>
<br />
Mechanically, I just clicked in for a SELL. Then set a Stop Loss for 10pips.</div>
<div style="text-align: justify;">
It entered at 1.3338 so the Stop Loss was set @1.3348 - just under 50Fib. Break-even was hit very quickly in about 5 or 6 candles. By now, my heart is usually racing and I am poised to exit. But I am really trying hard to stick to 2:. For this trade, it was 20pips. After a couple more nerve wrecking candles, I exited half the position at 3320 (18pips) - which was close enough to 2:1 for me.</div>
<br />
<span class="Apple-style-span" style="font-size: x-small;"><u>$EURUSD 1M</u></span><img border="0" height="344" src="http://2.bp.blogspot.com/-260gN7dw5t8/TuXjn6KwM5I/AAAAAAAAAQs/0wnGUO67qZk/s640/eurusd+trades+trifecta+12dec11+London+Open.png" width="640" /><br />
I then let the other half hang in there a little bit longer to see what I could get. As you can see, the 1M stochastics was still below 20. I could wait a little bit more. At 3:, @1.3308 with 30pips for the remaining half position, I just took it all out. It was all I could stand to do.<br />
<br />
So that was it, a classically executed technical trade where $EURUSD obeyed all the rules. These kind of days don't happen very often. When they do, you really want to just sit back on your laurels and not trade any more.<br />
<br />
<a href="http://2.bp.blogspot.com/-OmcRTfRKq4c/TuYhhzlOMYI/AAAAAAAAARA/oAkzFMzMeHs/s1600/snowangel.GIF" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://2.bp.blogspot.com/-OmcRTfRKq4c/TuYhhzlOMYI/AAAAAAAAARA/oAkzFMzMeHs/s1600/snowangel.GIF" /></a>That's it for today.<br />
<br />
I'd run outside to make snow angels but I live on the equator. It will never snow here. We do have a snow center which makes little snow hills for kids to slide down. It's a 40minute drive away and it'll cost me about 30bucks for the entrance fee.<br />
<br />
Instead, I'll just go and have that glass of red wine! It'd be just as effective but quicker.<br />
<br />
Happy Trading!<br />
<br />
<br />
<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-42927018081957325792011-11-30T17:10:00.001-05:002011-12-09T19:05:04.550-05:00Here's an Idea on How to Keep Out of Choppy Markets<br />
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<a href="http://2.bp.blogspot.com/-8__VdUaUMrc/TtarKm3j69I/AAAAAAAAAQk/a5CRN7lVv7M/s1600/MM900300577.GIF" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://2.bp.blogspot.com/-8__VdUaUMrc/TtarKm3j69I/AAAAAAAAAQk/a5CRN7lVv7M/s1600/MM900300577.GIF" /></a></div>
<i>"It is absolutely necessary to have an edge."</i><br />
<br />
Jack D. Shwager<br />
<span class="Apple-style-span" style="font-size: x-small;"><a href="http://www.amazon.com/gp/product/0887306675/ref=as_li_ss_tl?ie=UTF8&tag=wwwaforextrad-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=0887306675" target="_blank">The New Market Wizards: Conversations with America's Top Traders [Paperback] 1992</a><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=wwwaforextrad-20&l=as2&o=1&a=0887306675" style="border: none !important; margin: 0px !important;" width="1" /></span><br />
<br />
Wouldn't it be nice if you could get money to flow into your head continuously? Or else, maybe I could get ideas that would make me money all the time - instantly.<br />
<a name='more'></a><br />
I found that really cool gif on the microsoft office clipart site while I was looking for free images for the blog. Kind of apt for us currency traders, don't you think?<br />
<br />
<div style="text-align: justify;">
For the last 2 years or so, I have been looking for something that will let me know when not to enter into a trade. And believe you me, I have tried a lot of tools and indicators. And read a whole lot of books. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Since taking the <a href="http://j.mp/bossltr" target="_blank">Bossilator</a> course - I have been using the Bossilator to time my entries into the market. Rob Booker's rules for trading with a trend is that the Bossilator reading must reach at least 200. For counter trend trading, it's 400 - 500. That's the number of bars away from the SMA800.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
By nature I am a counter-trend trader. And 400 - 500 is a really hard number to wait for if you have the whole trading day in front of you. That's about 7 hours (using a 1Min chart as base measure) of nothing to do during most of my waking hours. Assuming of course the Bossilator is zero or maybe around 50 to 100 at the start of the day.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
By nature, I am quite impatient. Which is why I am still trading the 1Min charts. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Sometime in the middle of last month, I decided to change my spots and try trading with the trend. That way, I will only have to wait 200 bars. (Bossilator at 200). Even then, I am still trawling the apartment looking for something to do, to keep my mind active. Did I also say that I have since become an excellent cook?</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
But here's the cool thing I found by accident, while I was on the trend-trader's journey. Well, it may have been self-explanatory, but these seeds take awhile to take root in my dense brain. While waiting for the Bossilator to reach 200, I noticed that, when it was in range mode, it would criss-cross the SMA800. And do what looks like a double-helix dance. The highest high would be between about 30 to 50pips. Then it'll just get magnetized back to the SMA800.</div>
<br />
I've marked it on the EURUSD chart below. So what's the big deal?<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-XkvocQ5VGAE/Ttap-FTp0mI/AAAAAAAAAQc/Rj8sTWmEezA/s1600/eurusd%2B1m%2Bbossilator%2Bsaves%2Bthe%2Bday%2B30nov11.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="265" src="http://2.bp.blogspot.com/-XkvocQ5VGAE/Ttap-FTp0mI/AAAAAAAAAQc/Rj8sTWmEezA/s640/eurusd%2B1m%2Bbossilator%2Bsaves%2Bthe%2Bday%2B30nov11.png" width="640" /></a></div>
<br />
<br />
<br />
Well, when I see this double-helix dance around the SMA800, that's my cue NOT to TRADE!!<br />
<br />
Yes, seriously, <a href="http://j.mp/bossltr" target="_blank">Bossilator</a> is keeping me out of trades which don't have enough momentum. And that is a good thing! I went back to analyze my worst trades. Guess who loves to trade break-outs on a choppy market. And get clobbered. Yes, yours truly.<br />
<br />
I really like using <a href="http://j.mp/bossltr" target="_blank">The Bossilator</a> this way. Check it out, just draw the SMA800 on your charts and take a look-see.<br />
<br />
Happy Trading!<br />
<br />
<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-61014464134146376752011-11-29T08:49:00.001-05:002011-12-09T19:06:02.020-05:00Fear and an Earlier Counter-trend Entry on EURUSD 1Min ...creates a Reverse Trifecta.<br />
<a href="http://2.bp.blogspot.com/-ScECEsjWuoc/TtWV3EtbUyI/AAAAAAAAAQQ/EbMan2OKZ38/s1600/MB900282740.GIF" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://2.bp.blogspot.com/-ScECEsjWuoc/TtWV3EtbUyI/AAAAAAAAAQQ/EbMan2OKZ38/s1600/MB900282740.GIF" /></a><br />
<i>"You can use your fear as a cue to examine your trade more deeply and adjust your confidence in the idea, up or down."</i><br />
<br />
Brett N. Steenbarger<br />
<span class="Apple-style-span" style="font-size: x-small;"><a href="http://www.amazon.com/gp/product/0470398566/ref=as_li_ss_tl?ie=UTF8&tag=wwwaforextrad-20&linkCode=as2&camp=217145&creative=399369&creativeASIN=0470398566" target="My New Window">The Daily Trading Coach: 101 Lessons For Becoming Your Own Trading Psychologist, 2009, (<i>Wiley Trading</i>)</a><img alt="" border="0" height="1" src="http://www.assoc-amazon.com/e/ir?t=wwwaforextrad-20&l=as2&o=1&a=0470398566&camp=217145&creative=399369" style="border: none !important; margin: 0px !important;" width="1" /></span><br />
<br />
I have been working hard at reducing fear when I take my trades. Fear creeps up on me - usually after a losing streak. Come to think of it, even after a winning streak because I am wondering when I will give it all back.<br />
<a name='more'></a>About 4 weeks ago, I did a couple of major boo-boo's by random trading and revenge trading. Right after a good week of profits. I went crazy. Yeah - it still happens. So naturally, my account suffered an awful drawdown. The funny thing was that, it all happened in that one week. That was depressing.<br />
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
So I went back to looking for clues in my own behavior, trying to face up to the painful fact that I just didn't like following rules. And yes, I did stop trading for awhile, and I just started looking through my favorite books, searching out new books and a lot of trading videos. You could call it "Forex Trading Immersion 101".</div>
<br />
<div style="text-align: justify;">
Back to the topic, I am making this month my <a href="http://www.1shoppingcart.com/app/?af=1401124">Bossilator-Trifecta</a> trend trade month. Meaning, I wanted to be sure whenever I took a trade, that I was going with trend on a higher level timeframe. I find that this works better for me. And that I do love looking at multi-timeframe charts to time my 1Min entry.</div>
<br />
So higher timeframe is usually 1Hr and 15M charts - since my entry is always on 1M charts. It's just too difficult for me to sit around and wait for setups on anything longer. Contrary to that, I am working on trying to sit in on profitable trades longer. Don't know if that is something that can be done, but it's something I would like to work on. So far, I have been able to sit through and look at 5M exits so it looks like I am heading that way.<br />
<br />
Yesterday's trade was an entry on the 1M $EURUSD (which is all that I am looking at for now). I was waiting for a Trifecta setup. This means Bossilator of 200 or more, and a Fib-23 (23% Fibonacci Level) retrace in the direction of the trend back to the Fib-0 (0% Fibonacci Level).<br />
<br />
Just after London open, EURUSD jumped up almost 130pips to 1.3440, hit that resistance and just decided to retrace. I came to my charts when Boss reading were 96. It was a nice high reached and a nice place to draw the Fibs. So all I had to do was wait for the Bossilator to hit 200.<br />
<br />
<span class="Apple-style-span" style="font-size: x-small;"><u>EURUSD 1M with Trifecta Fibs</u></span><br />
<a href="http://2.bp.blogspot.com/-My9kymJYi74/TtTilAWbbCI/AAAAAAAAAQE/7sFUwGbRKTk/s1600/EURUSD%2B1M%2BCounter%2B29NOV11.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="232" src="http://2.bp.blogspot.com/-My9kymJYi74/TtTilAWbbCI/AAAAAAAAAQE/7sFUwGbRKTk/s640/EURUSD%2B1M%2BCounter%2B29NOV11.png" width="640" /></a><a href="http://2.bp.blogspot.com/-My9kymJYi74/TtTilAWbbCI/AAAAAAAAAQE/7sFUwGbRKTk/s1600/EURUSD%2B1M%2BCounter%2B29NOV11.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><br />
</a><br />
<div style="text-align: left;">
Guess what happened?<br />
Yup, you can see it on the chart.</div>
<br />
<div style="text-align: justify;">
EURUSD hit the Fib-23, came back up about 15pips and fell back down into Fib-23 and broke it. Usually I would be tempted to go into the trade on the first bounce - guns a-blazing. But fear kept me watchful and rightly-so. Also Bossilator was not at 200, so I waited. And I was waiting for a stochastics cross.<br />
<br />
And then, it did it again at Fib-38. Bounce in and whoosh back down. Playing my patience card, I was thinking, oh yeah.... just let it bounce off the 200SMA. Then I can get it when it hits the right Fib level and then I can trade it back to Fib-0.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Suddenly, it struck me. I have seen this kind of behavior before on EURUSD.<br />
There are times the market just decides to give back all its gains, and go against the recent major move of the day. This was one of them. So I put on my thinking hat and decided to check a few timeframes higher.</div>
<br />
<span class="Apple-style-span" style="font-size: x-small;"><u>EURUSD 5M and 15M with Bollinger Bands</u></span><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-JJNevO9wI-A/TtTik7KjpPI/AAAAAAAAAP0/6IP5oRJlGI0/s1600/EURUSD%2B5M15M%2BCounter%2B29NOV11.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="201" src="http://1.bp.blogspot.com/-JJNevO9wI-A/TtTik7KjpPI/AAAAAAAAAP0/6IP5oRJlGI0/s640/EURUSD%2B5M15M%2BCounter%2B29NOV11.png" width="640" /></a></div>
<br />
Would you look at that?<br />
5M charts showed this nice stair-like pattern travelling down the Bollinger Band<br />
15M chart showed these strange indeterminate candles(doji?) at the first Bollinger Band. And it had this looong (26pip body length) black candle that came in from the second Bollinger Band. After having hit the 1.3440 resistance. 2 candles stalled around 1.3410 and 1.3420 before that black candle.<br />
<br />
<span class="Apple-style-span" style="font-size: x-small;"><u>EURUSD 5M with Bossilator</u></span><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-u9_ypJ6Pd6c/TtWMqG4i-hI/AAAAAAAAAQI/wYxsXw_cIDU/s1600/EURUSD+5m+Boss-View+counter+29nov11.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="232" src="http://4.bp.blogspot.com/-u9_ypJ6Pd6c/TtWMqG4i-hI/AAAAAAAAAQI/wYxsXw_cIDU/s640/EURUSD+5m+Boss-View+counter+29nov11.png" width="640" /></a></div>
<div style="text-align: left;">
And guess what?<br />
5M stochastics had crossed out of overbought and were heading back down!</div>
<br />
<u>The Change in Plan</u><br />
I looked for an entry at the break of 1.3380 (key support level) or at the Fib-50.<br />
As you can see, (back at the first chart - EURUSD 1M), I entered my trade at 1.3379. At the break of the resistance test of 1.3390. And the break of the inside-support of 1.3380. I used a 12-pip stop loss because all I wanted to make was 2:1 in this trade and it would take it just pass Fib-62. And just before 1.3350, a major support.<br />
<br />
<u>The Trade in Play</u><br />
<div style="text-align: justify;">
After what seemed like an 11mins(!) wait, it went broke Fib-50 to hit 1.3370. Then pushed it all the way through to 1.3360. Break-even was set just as EURUSD went pas 1.3365. There was a harrowing moment when it came to look like I might get stopped out at break-even. Many times in these cases, I wished I could have taken half off, but I managed to hold on to it longer because I was looking for a sign of exhaustion on the 5M and 15M charts.<br />
<br />
In the end, I took it out at just past 2:1 at 1.3355 - which is at 24-pips. That odd candle around Fib-62 level spooked me. You can see this on the 5M chart, it's a 30pip candle with a 20pip body, and long head and tail. But I did make 2:1 so I was happy.</div>
<br />
<u>Post-Mortem Notes</u><br />
In hindsight, this trade was just like using a reverse Trifecta to get back to the SMA800. I wonder if it's something I can use consistently.<br />
<br />
I like using multi-timeframe charts.<br />
I like looking at it using the Fib-Trifecta levels.<br />
I will still have to wait for a Bossilator reading of at least 100 and a significant high.<br />
The Fibonacci range must be at least 100 pips and more to get a good risk/reward.<br />
Stochastics of the higher timeframe (5M/15M must be in the same direction of the trade).<br />
Keep setting stops at break-even, and if it is at all possible to get to 2:1 without chewing off all my fingernails - then I should let the trade run for a wee bit longer.<br />
<br />
Food for thought.<br />
<br />
<div style="text-align: justify;">
Happy Trading!</div>
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-13192812530126675092011-11-23T11:23:00.001-05:002012-02-05T07:33:22.172-05:00Swimming upstream, and following the flow of the market.<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-IdWzfJ8UPHw/Ts0eCGefH6I/AAAAAAAAAPg/j58f3902sDA/s1600/SalmonUpstream.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="133" src="http://1.bp.blogspot.com/-IdWzfJ8UPHw/Ts0eCGefH6I/AAAAAAAAAPg/j58f3902sDA/s200/SalmonUpstream.JPG" width="200" /></a></div>
Salmons swim upstream, re-adapt their bodies to fresh water and then they spawn.<br />
<br />
<div style="text-align: justify;">
My trading life is not as dramatic as the Alaskan salmons. I certainly am not looking to spawn and leave my body as bio-fuel for my kid. I just want to collect some pips. But there are times like today when I do change my spots and go with the trend.</div>
<div style="text-align: justify;">
<br />
In all honesty, I was waiting for a counter-trend trade...<br />
<a name='more'></a></div>
<div class="separator" style="clear: both; text-align: left;">
</div>
<div style="text-align: -webkit-auto;">
This morning I was camped out at EURUSD 1M. Bossilator showed 500 which is usually a time for a counter-trend back to the SMA800. Practising my good trading methods, I was supposed to wait for stochastics to go oversold before I could buy.</div>
<div style="text-align: -webkit-auto;">
<br /></div>
<div style="text-align: -webkit-auto;">
I really am working hard at "waiting for a trade setup". Honest!</div>
<div style="text-align: -webkit-auto;">
Well I waited and waited and then the market suddenly sprang down to hit the previous low. Around 10:13 GMT. So I did a naughty and jumped in with the trend SELL 1.3408, Exit at 1.3388 for a quick 2:1 (+20pips).</div>
<div style="text-align: -webkit-auto;">
<br /></div>
<div style="text-align: -webkit-auto;">
I have noticed that there are times when the EURUSD 1M Bossilator reaches it's usual extreme readings e.g from 500 and above and the currency pair still wants to continue in the trend.</div>
<div style="text-align: -webkit-auto;">
<br /></div>
<br />
<div class="separator" style="clear: both; text-align: left;">
<u>EURUSD 1M 24Nov11 Trend Sell</u></div>
<div class="separator" style="clear: both; text-align: left;">
Fresh from the earlier 20pips, I started in the US session, waiting for a Bossilator counter-trend trade to setup for EURUSD 1M. Bossilator was already at 800, at 60 pips, it was good enough for a 2:1 trade. I was just waiting for the stochastics to pop back and down and maybe create more room before I started trading it back to the SMA800.</div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-buFoY5x9PYw/Ts0eCYLP65I/AAAAAAAAAPk/0PWG_AN5Og0/s1600/EURUSD+Boss+Trend+24NOV11+1M.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="266" src="http://3.bp.blogspot.com/-buFoY5x9PYw/Ts0eCYLP65I/AAAAAAAAAPk/0PWG_AN5Og0/s640/EURUSD+Boss+Trend+24NOV11+1M.png" width="640" /></a></div>
<br />
<br />
<br />
While I was waiting, the stox looked like it was getting ready to oversold territory, but this time, it didn't go down, it just curled back up and started moving up. At then it plowed through 3400 and then hit a resistance around 3410.<br />
<br />
I had seen this kind of behavior before - $EURUSD gets turned around after it hits a major 00 resistance. I drew my Fibonacci with Trifecta ratios with the 0% at 3370 since it had been hit as a support 2 previous times today.<br />
<br />
As you can see, up top, I didn't take the break of the 23Fib, instead I took the horizontal trend line break at 3389. I figure that if I put in a really tight stop of 10pips, and the 2:1 risk reward, it was good enough to go.<br />
<br />
I made a decision that if $EURUSD started to turn back down - I would take it down if it broke 3390. So looking at it from a Trifecta trade, it hit the 23% Fib, and started turning down. I didn't enter here since it did this very quickly and I thought it might still go counter-trend because of the Bossilator readings.<br />
<br />
The nice thing was that EURUSD started to stall around 3370. So I had time to give it one last look before I took the trade. Very quickly it went to 20pips which is 2:1 for me. So i just closed it for a quick +20pips.<br />
<br />
So I'm starting to get back in the game with +40pips today.<br />
<br />
The moral of today's story is there are times when extreme Bossilator readings happen. And the currency just wants to keep going. In those times, just put on your trend trader hat on, hold on to a 2:1 risk-reward and trade in the direction of the flow.<br />
<br />
Happy Trading!<br />
<br />
<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-80507507190493176632011-11-14T07:24:00.001-05:002012-02-05T07:33:42.562-05:00I'm fighting back ...in the direction of the trend.<br />
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<a href="http://3.bp.blogspot.com/-Z8n4zkDLzvo/TsEXAnvQT_I/AAAAAAAAAPQ/5fFUW_nX9YM/s1600/Dog_Barks.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="150" src="http://3.bp.blogspot.com/-Z8n4zkDLzvo/TsEXAnvQT_I/AAAAAAAAAPQ/5fFUW_nX9YM/s200/Dog_Barks.jpg" width="200" /></a></div>
<span class="Apple-style-span" style="background-color: white; line-height: 17px;"><span class="Apple-style-span" style="font-family: inherit;">"What counts is not necessarily the size of the dog in the fight - it's the size of the fight in the dog." ...Dwight D. Eisenhower</span></span><br />
<br />
For the last week and a half, I have been having some pretty strange trading days. It's been a roller-coaster ride with break-even days and loss days.<br />
<br />
Notice I didn't say win-days.<br />
<br />
<a name='more'></a><br />
<br />
Amidst the crazy market rides and my not-so happy looking trading account, I was good at following these 2 rules:<br />
<br />
<ol>
<li>Risk/reward of 2:1 or more</li>
<li>Reducing the trade size after a loss</li>
</ol>
<div>
Come to think of it, I should include a third - that would be to not give up. </div>
<div>
<br /></div>
<div>
Well, if you hold on to 1 and 2 above, then naturally, you would have something left in your account to trade. No matter how small...you just have to find a broker that would allow you to trade smaller lot sizes. </div>
<div>
<br /></div>
<div>
No kidding and don't laugh too hard because I am down to micro-lots now. Yes - self-imposed punishment. I'm in the penalty box this week or until I can stop making crazy random trades. </div>
<div>
<br /></div>
Again, I hadn't intended to trade right after I started looking at the market today. But sometimes a really nice alignment comes up in the market. This $EURUSD trade was too difficult to pass up.<br />
<br />
<u>EURUSD Bossilator Trend Sell 1M</u><br />
<u><br />
</u><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-GFAeiosuZy0/TsEJkNtPDRI/AAAAAAAAAPI/MoU5g1EVGGU/s1600/EURUSD+Bossilator+Trend+Sell+14NOV11.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="234" src="http://2.bp.blogspot.com/-GFAeiosuZy0/TsEJkNtPDRI/AAAAAAAAAPI/MoU5g1EVGGU/s640/EURUSD+Bossilator+Trend+Sell+14NOV11.png" width="640" /></a></div>
<br />
<u>On the 1M Chart</u><br />
<br />
<ul>
<li>Bossilator was just before 187 not quite 200.</li>
<li>Break of EMA 62 line on the M1 chart. (Point 1 in the chart above)</li>
<li>Stochastics was at overbought and crossed and coming down</li>
<li>MACD at the top and RST had been holding below 50.</li>
</ul>
<br />
<br />
<u>On the 5M Chart</u><br />
<ul>
<li>Candle closing below the 20SMA. ( This time I really waited until the candle closed)</li>
<li>RSI below 50.</li>
</ul>
<br />
Because I was running on a 1:1.5 R/R. Right after the SELL entry at 3699, it spiked up -17pips - point (2) on the 1M chart.<br />
<br />
Ordinarily, I would have taken myself out of this trade in a panic but I still had some "fight" left in me. Plus, I quickly re-checked the charts on my entry and it was a good entry. Both the 1M and 5M charts confirmed the setups. So I had to hold on until it stopped me out.<br />
<br />
Then $EURUSD just pushed down and it quickly went through the 3700 level like it never existed. This time I was hanging on for dear life, and managed to hold it until the 2:1 target. Along the way, of course, I moved it to break-even after +20pips. This time, I was on steam-roller instead of a roller-coaster. It was a suh-weet exit at +38pips.<br />
<br />
As always, the market is always right.<br />
<br />
This time I was along for a ride in the right direction.<br />
<br />
Happy Trading!<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-44266772519913133882011-11-03T17:40:00.001-04:002012-02-05T07:34:20.581-05:00Camping out with a counter-trend $EURUSD on Monday morning<a href="http://2.bp.blogspot.com/-sOhUg4kvAVY/TrACWEeX_iI/AAAAAAAAAOw/Bw0JtxO-Qco/s1600/A_Hiker_Near_a_Campfire_Royalty_Free_Clipart_Picture_090820-150559-894009.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;">.<img border="0" src="http://2.bp.blogspot.com/-sOhUg4kvAVY/TrACWEeX_iI/AAAAAAAAAOw/Bw0JtxO-Qco/s1600/A_Hiker_Near_a_Campfire_Royalty_Free_Clipart_Picture_090820-150559-894009.jpg" /></a>Trading is a lot like camping.<br />
<br />
You pick a spot. You set up a tent. And you might even build a fire.<br />
Really, all you want to do is to enjoy the great outdoors.<br />
<br />
But.....sometimes there are bugs. Sometimes you can't find a loo. And sometimes it even rains. Sounds familiar?<br />
<a name='more'></a><br />
Thing is, once you are out there (i.e. once you have put on your trade) - you just have to try to enjoy yourself.<br />
<br />
I had a strange, haphazard trading day on Monday. I am too embarrassed to even talk about it. Eventually I will.<br />
<br />
Mindful of how I was swept into a wave of random trading yesterday, I decided to go back to basics and camp out on $EURUSD.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-ShVxV2bkak4/TrACG6Y-C2I/AAAAAAAAAOo/nB02hevm3ug/s1600/EURUSD+M1+1NOV11+BUY.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="175" src="http://4.bp.blogspot.com/-ShVxV2bkak4/TrACG6Y-C2I/AAAAAAAAAOo/nB02hevm3ug/s320/EURUSD+M1+1NOV11+BUY.png" width="320" /></a></div>
The reason I was here was because $EURUSD had a Bossilator of 1530 below the SMA800. 64 pips to go. Nice one if you could get in with a 25 or 30pip stop.<br />
<br />
So my job was just to wait until the stochastics dropped to below 20 for an oversold and cross back up again.<br />
<br />
As usual I noticed that I had missed an entry. How come these moves always happen when I am asleep.<br />
<br />
<i>Note to self: Just look at how the EURUSD and AUDUSD behaves in Asian Session.</i><br />
<br />
So I waited and waited.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-8zuU1xnycLk/TrAKiZE-n6I/AAAAAAAAAPA/MNpAIbCdlhs/s1600/EURUSD+1M+1NOV11+Boss+BUY.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="337" src="http://2.bp.blogspot.com/-8zuU1xnycLk/TrAKiZE-n6I/AAAAAAAAAPA/MNpAIbCdlhs/s640/EURUSD+1M+1NOV11+Boss+BUY.png" width="640" /></a></div>
<br />
And waited.<br />
Of course while I was waiting, the MA lines crosses and there was a resistance bounce. Look at 1 on the chart above. Naughty, naughty, the trading devil got the better of me. I took the move for a quick 17pips (10 candles). Again, I set myself up for a 2:1 risk reward but took quick exit on a small doji.<br />
<br />
<i>Note to self: It is looking like SMA200 breaks can give very fast 15 to 30pips in the direction of the break</i><br />
<i><br /></i><br />
Oops, back to the job. At point (2) in the chart, it's time to make an entry on the counter-trend Bossilator trade. So I pulled the trigger at 3830 because I was waiting for the stochastics cross. Very tight 15pip stop. 13 candles later, it hit the breakeven point or close to it. Right after that a 7-pip candle down. Whoops, my trading nerve center on 1Minute charts is not equipped to handle that.<br />
<br />
I pull the trigger to exit. (+8pips)<br />
<br />
This time, I didn't random trade but waited to see if the trade would reload.<br />
<br />
Eventually, it went on to 3854, would have been 24pips if I hadn't exited. But I could also have been stopped out by the trading platform. But then it came back down to those Moving Averages. So in total it would have been a wait of 57minutes for 14pips of profit. 57 candles is a lifetime for 1Minute chart trader.<br />
<br />
Hey - at least I banked in 25pips for the day. That was enough work for the morning and it was time to start my day.<br />
<br />
In retrospect, it was a good decision, EURUSD kept on falling for almost 200pips to 3620 (!!!). Yup, after it fell out of the MAs again, EURUSD continued it's trend for nearly 10hours (about 570 candles).<br />
<br />
Wow, that would have been a <a href="http://www.1shoppingcart.com/app/?af=1401124">Bossilator</a> of nearly 2000.<br />
<br />
I wonder if anybody else was camping out there that day.....and how much did they catch?<br />
<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-38222257850441284942011-10-28T10:23:00.000-04:002012-02-05T07:27:47.415-05:00All Hallows "AUDUSD and EURUSD" EveWhat-up $AUDUSD?<br />
<br />
What is up with the $AUDUSD?<br />
London markets opened, US just opened. $AUDUSD is just sitting there and resting on that EMA62 fence. Kinda like Humpty Dumpty before the great fall?<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-wTd3P2pSFHk/Tqq0hiSBEXI/AAAAAAAAAL8/ExNRHHSFxsE/s1600/AUDUSD+15M+28Oct11.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="260" src="http://2.bp.blogspot.com/-wTd3P2pSFHk/Tqq0hiSBEXI/AAAAAAAAAL8/ExNRHHSFxsE/s640/AUDUSD+15M+28Oct11.png" width="640" /></a></div>
<br />
<a name='more'></a>As I am writing, one candle is threatening to jump up into the bottom green line (1.0700) from the blue line. In 5minutes, it moved about 28pips. There were two 1M candles that was 10pip long....I don't trust these candles.<br />
<br />
I like my candles nice and regular to the point of being boring. Maybe 2, 3 or 4 pips per candle.<br />
<br />
So after that remarkable 333+ pip move yesterday fueled only by reasons known to all fundamental traders, AUDUSD looks like it has come to a screeching halt. Maybe it has something to do with the fact that today is the Friday before Halloween?<br />
<br />
Notes:<br />
<br />
<ol>
<li>Boss reading is at 1515 and counting. </li>
<li>If it can try to test the 0750 resistance, that would make an interesting setup for a counter-trend sell</li>
<li>It may be a day when I might just put the "Closed" sign on this trading shop.</li>
</ol>
<div>
The same thing is happening in $EURUSD. Although there really is no setup as yet. 5M charts may be worth looking into.</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-DtPAyFQ4RzU/Tqq19JKrYrI/AAAAAAAAAME/01X101V7J10/s1600/EURUSD+28Oct11.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="260" src="http://4.bp.blogspot.com/-DtPAyFQ4RzU/Tqq19JKrYrI/AAAAAAAAAME/01X101V7J10/s640/EURUSD+28Oct11.png" width="640" /></a></div>
<div>
<br /></div>
<div>
Notes:</div>
<div>
<ol>
<li>Boss at 427 bars. (What will happen at 500?)</li>
<li>SMA200 resistance. (Looks interesting for SELL trades)</li>
<li>I would like a Boss of about 800 before I take my funds out the bank. Just waiting for now...</li>
</ol>
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-OejgeVtu62o/Tqq5cIUDSMI/AAAAAAAAAMM/FoR9CLTRN5w/s1600/pumpcarv-anilogo.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/-OejgeVtu62o/Tqq5cIUDSMI/AAAAAAAAAMM/FoR9CLTRN5w/s1600/pumpcarv-anilogo.gif" /></a></div>
<div>
<br /></div>
<div style="text-align: center;">
Happy Halloween Weekend!</div>
<div>
<br /></div>
<div>
<br /></div>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-66654073587464030662011-10-27T04:32:00.000-04:002012-02-05T07:12:42.314-05:00Where's $AUDUSD going today?<div class="separator" style="clear: both; text-align: left;">
Hey you $AUDUSD, where are you going? Can I follow you down?</div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-0rlFoJ7DBx8/TqkSi2590xI/AAAAAAAAALs/ZfkvFgQtw7g/s1600/AUDUSD+1M+27OCT11.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="283" src="http://4.bp.blogspot.com/-0rlFoJ7DBx8/TqkSi2590xI/AAAAAAAAALs/ZfkvFgQtw7g/s640/AUDUSD+1M+27OCT11.png" width="640" /></a></div>
<div class="separator" style="clear: both; text-align: left;">
Hi, it's just after London open. Here's the picture.</div>
<ol>
<li>Boss reading at 866</li>
<li>Since the morning Asian Session, it has traded up about 170 pips (more as we speak)</li>
<li>I've put in my trendlines - so it's a question of whether they will break?</li>
<li>And will stochastics stay overbought for the SELL down.<a name='more'></a></li>
</ol>
I may be over thinking this but that AUDUSD 15Minute charts is showing 1400 and growing. I had a quick look there's about 273 pips to the SMA800.<br />
<br />
I'm going to wait for these few things to happen before I enter:<br />
<br />
<ol>
<li>Boss reading 1000?</li>
<li>The usual suspects - Stox cross on overbought, trendline break, 2:1 R/R</li>
<li>A black candle on M15 with some reversal indications.</li>
<li>And I would like a nice picture on the Bollinger band going in. Minimum will be black candles at the top range of M5 chart.</li>
</ol>
<div>
As I write, a little M5 candle has appeared. Yep, I may be over thinking...but I'm going to wait and see. </div>
<div>
<br /></div>
<br />
<br />
<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-9678948037176593152011-10-24T22:18:00.001-04:002012-02-05T07:13:07.683-05:00All eyes on the $AUDUSD...again<br />
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="http://3.bp.blogspot.com/-8nv7PV9cK18/TqYTtDr16hI/AAAAAAAAALY/4aR8QCJsJ9A/s1600/Bossilator+iphone.png" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="187" src="http://3.bp.blogspot.com/-8nv7PV9cK18/TqYTtDr16hI/AAAAAAAAALY/4aR8QCJsJ9A/s200/Bossilator+iphone.png" width="200" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Bossilator on iPhone</td></tr>
</tbody></table>
I am still not trading today but I can be watching.<br />
<br />
I just love the new <a href="http://www.1shoppingcart.com/app/?Clk=4504547">Bossilator</a> radar screen on my iPhone.<br />
<br />
Look at that $AUDUSD 15M Bossilator. That's 1180 candles away from the SMA800. That is what I call a WOW! reading.<br />
<a name='more'></a><br />
<br />
Darn that doctor's appointment! Or else I will be parking myself right at the doorstep of the $AUDUSD 15M charts and waiting...<br />
<br />
<br />
<div style="text-align: left;">
<br /></div>
<br />
I really didn't want to go into Windows and open up MT4 (yes, I run MT4 on WinXP on Parallels in a MAC, it works like a charm), so I was fiddling around the iPhone. Look what I found in my broker's mobile app charts. Rudimentary but it does tell the story.<br />
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="http://3.bp.blogspot.com/-PHh1LrbpbMs/TqYTuPeK31I/AAAAAAAAALc/_Cyj9C_zXmg/s1600/iphone+IG+AUDUSD+25oct11.png" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="212" src="http://3.bp.blogspot.com/-PHh1LrbpbMs/TqYTuPeK31I/AAAAAAAAALc/_Cyj9C_zXmg/s320/iphone+IG+AUDUSD+25oct11.png" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">$AUDUSD 15M 25OCT11 Asian Session</td></tr>
</tbody></table>
Niiiice.....the SMA800 (in blue) shows up ok.<br />
<br />
Looks like AUDUSD has about 200pips to go before it heads down to the SMA800.<br />
<br />
Oops, stochastics is heading down to oversold, so we will really need it to go back up to overbought for the setup to take action.<br />
<br />
All hands on deck for the London session.<br />
<br />
I should be back home in time for London open. And yes, I am still watching today...no trading for the next 24 hours.<br />
Doctor's orders....well, mine actually.<br />
<br />
Happy Trading!<br />
<br />
<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-28868539473135806292011-10-24T21:17:00.002-04:002012-02-05T07:13:41.502-05:00Forex Trading Lessons Learned ...the hard way<a href="http://3.bp.blogspot.com/-Y6S4mlzyFfI/Tp7VR0dspUI/AAAAAAAAAGs/J884-sipSI0/s1600/NotTrading101.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="33" src="http://3.bp.blogspot.com/-Y6S4mlzyFfI/Tp7VR0dspUI/AAAAAAAAAGs/J884-sipSI0/s200/NotTrading101.png" width="200" /></a><br />
<div style="text-align: justify;">
I am not trading today. And hey, what the bleep.... I didn't trade yesterday either.<br />
Well, it's not because I didn't want to.</div>
<br />
<div style="text-align: justify;">
Ever since I started the <a href="http://www.1shoppingcart.com/app/?af=1401124">Bossilator Course</a>, I have become more aware of when I am in a trade, that I probably should not have placed in the first place. And that, is a good thing.<br />
<a name='more'></a><br />
At least if I am not aware while I am in the trade, putting the trades up here really shows me what I should not have done. </div>
<br />
Scalping off 1 minute and 5 minute charts used to be such a great adrenalin rush, actually it still is. As you know I am still trying to kick the habit of not pulling the trigger on a gut feel.<br />
<br />
I also have a bad habit of trying to force trades in, especially when I have a lot of "stuff" going on in real life. So trading had become a sort of "shopping therapy" or "retail therapy" as we fondly call it in this neck of the woods.<br />
<br />
Here's a short list of 2 times that I have put on trades when I shouldn't have:<br />
<br />
<u>Lesson 1: Before a Yoga Lesson</u><br />
<blockquote class="tr_bq">
<div style="text-align: justify;">
Really, do not trade just before a yoga lesson.</div>
<div style="text-align: justify;">
I go to a once a week morning yoga lesson which I love. And I love it because it creates pain in places of my body where I didn't know pain could exist. Delicious pain.</div>
</blockquote>
<blockquote class="tr_bq">
<div style="text-align: justify;">
Yeah, sounds masochistic. So in that one and a half hour, my whole concentration is trying to get my body into these strange contortions. Amazingly, after that, my mind feels totally clear.</div>
</blockquote>
<blockquote class="tr_bq">
<div style="text-align: justify;">
Since I have about 4 hours to spare from when I wake up to the yoga lesson at 10am, I like to look at my charts. And since this is usually in the Asian session, I always (yep, I am looking to quantify this with testing) seem to see a move of at least 30 pips in one direction when the market opens - either in Japan or Singapore. As I write $AUDUSD already travelled 30pips from a High of 1.0478 to 1.0448.</div>
</blockquote>
<blockquote class="tr_bq">
<div style="text-align: justify;">
I have won some trades, lost some and cut some short when in profit. I really hate the last scenario. So I've decided to go cold-turkey before yoga lessons. That's in 2 days time. Ominous!</div>
</blockquote>
<div style="text-align: left;">
<u> Lesson 2: <span class="Apple-style-span" style="-webkit-text-decorations-in-effect: none;"><u>Before Handing Your Kid Off To Your EX</u></span></u> </div>
<blockquote class="tr_bq">
It sounds kind of strange but I have found some benefits in being a single mom. A couple of times a year, my ex drops by to see the kid. I'll have to fill in the details...the ex lives in a different country...about 3 hours flight away. </blockquote>
<blockquote class="tr_bq">
<div style="text-align: justify;">
Anyways, to save his costs (not mine - yes - I am so nice that way), we have an arrangement where he stays over at my place and I go off. If I am really lucky, I'll have a trip planned, otherwise I just hang out at a friend's place (yes - that extra special one). Whatever the case, it means I will have some "me"time...which is great. </div>
</blockquote>
<blockquote class="tr_bq">
<div style="text-align: justify;">
The problem is that a few days before the event, I am usually rushing around trying to tidy up the apartment and madly trying to pack my bags with everything but the kitchen sink. </div>
</blockquote>
<blockquote class="tr_bq">
<div style="text-align: justify;">
I must say that I have gotten better at doing this, beside the usual computer and clothes, now I just bring over my favorite Ikea kitchen scale (in case I want to bake), my AC Ryan media player and a couple of trading books. Of course in the midst of all this, I am looking at trade setups. </div>
</blockquote>
<blockquote class="tr_bq">
<div style="text-align: justify;">
I have been tracking this event, and my trading account has learnt the painful way that I really should not be trading on the day when I am supposed to hand the kid over. I think it must be something to do with not being of sound mind and body. </div>
</blockquote>
<blockquote class="tr_bq">
<div style="text-align: justify;">
Well, this event is scheduled to happen again in mid-November. I signed up for a one-week Java course in the hope that I will learn more about programming stuff for the web. </div>
</blockquote>
<blockquote class="tr_bq">
<div style="text-align: justify;">
I think I will be able to ace Lesson Number 1. Then, if I get good at Lesson Number 2, my trading account will thank me.</div>
</blockquote>
<br />
Happy Trading!<br />
<br />
<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-5597862562481177794.post-39735055635619142802011-10-20T22:04:00.002-04:002012-02-05T07:16:02.659-05:00"I am always wandering around in enigmas" ...MC Escher"<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-182NoCQkGTo/TqBQuCkFaLI/AAAAAAAAAG0/8R_WWzD31c0/s1600/ESCHERLATOR2.gif" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"> <img border="0" height="182" src="http://3.bp.blogspot.com/-182NoCQkGTo/TqBQuCkFaLI/AAAAAAAAAG0/8R_WWzD31c0/s200/ESCHERLATOR2.gif" width="200" /></a></div>
<div style="text-align: justify;">
Oh what a day! </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Have you ever had one of those days like the guy on the escalator? </div>
<br />
<div style="text-align: justify;">
I sometimes wonder if maybe M.C. Escher was a forex trader before he found his specialization in mathematical art. How else could you explain how this statement, "I am always wandering around in enigmas" would fit so well in a a day of a forex trader.<br />
<a name='more'></a>Side Note: By the way, just click the picture on the left and you will see what I mean.<br />
<br /></div>
I haven't been trading since Tuesday. It was just a crazy busy day but I did plan out two trades for Tuesday morning (Asian Session) one for $EURUSD and the other one $AUDUSD. I was really frustrated that I did not have time to take them during the day. They turned out to be good setups. Wednesday and the better half of Thursday were filled with stuff to do!<br />
<br />
So I camped out on $AUDUSD just before the start of US Session and took a couple of shots. <br />
<br />
For the next couple of hours, I was the man on the escalator.<br />
After the third break-even trade (Trades 2,3, and 4) and still holding to 11 pips of losses (Trade 1), I thought maybe I should re-think my strategy and either give-up for the day because I might not get so lucky. Or maybe just take the next one at 1 to 1 to exit an end up the entire day break-even.<br />
<br />
Well, I actually ended up with an astounding <b><span class="Apple-style-span" style="color: #38761d; font-size: large;">36 pips!!</span></b> profit. Yeah, making it green and a bit larger is fun!<br />
<br />
Thinking back, I know the reason that I ended today with a profit rather than a big loss was that I was able to use the "Move to Break-Even" bullet. Thanks <a href="http://unbouncepages.com/bossilator-affiliate">Robbie!</a> Boy, pulling the triggers on that one really helped. Even on my Revenge/Frustration trade (Trade 3) .<br />
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Yes, I am still subject to that momentary lapse of reason that overcomes you and makes you pull the trigger on a revenge trade. Only I guess I have a better, more polished bullet or maybe I can take better aim. Oy, enough already with the gun metaphors!</div>
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Back to the trades: <br />
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I started with a <a href="http://unbouncepages.com/bossilator-affiliate">Bossilator</a> on $AUDUSD of 930 on the 15M charts. So I was looking for a counter-trend sell. At that time, there was about 90 pips to the SMA800 so it was pretty good for any kind of trade with a good Risk/Reward (R/R).</div>
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I am working on entries on a lower timeframe because I am really bad at sitting still in a trade. Also going in on a lower timeframe means I can find shorter timeframe lows and hopefully enter and exit earlier. Right now, I am focussed on just trying to get that 20 pips or 25 pips move in the full 50 or 70 or even 100 pips move that it could make. I figure with the right risk/reward I should be able to navigate through these trades and keep my account afloat for a longer period of time. (Note...I didn't say make great profits although that is where I really want to be. I just want to work on holding on to the ones I have for now)</div>
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<u>$AUDUSD 15M View</u><br />
So you can see I had missed the correct entry on the 15M charts. I think I was looking at it and I really a nice clean entry on the 1M chart but the indicators showed otherwise which was why I waited.<br />
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://2.bp.blogspot.com/-ZHIMoVd9Bis/TqDKqWz8ULI/AAAAAAAAAHE/cUX7R8GGI-Q/s1600/AUDUSD+Boss+15M+Ohwhataday-2.png" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="252" src="http://2.bp.blogspot.com/-ZHIMoVd9Bis/TqDKqWz8ULI/AAAAAAAAAHE/cUX7R8GGI-Q/s640/AUDUSD+Boss+15M+Ohwhataday-2.png" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">$AUDUSD 15M Oh what a day!</td></tr>
</tbody></table>
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<u>$AUDUSD 1M View and Trades</u></div>
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<a href="http://4.bp.blogspot.com/-5zENhTx1Qc0/TqBXAo4XNtI/AAAAAAAAAG8/35bDDbfxbiY/s1600/AUDUSD+OhWhataDay+21OCT2011.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="262" src="http://4.bp.blogspot.com/-5zENhTx1Qc0/TqBXAo4XNtI/AAAAAAAAAG8/35bDDbfxbiY/s640/AUDUSD+OhWhataDay+21OCT2011.png" width="640" /></a></div>
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<span class="Apple-style-span" style="color: #134f5c;"><u><b>Trade 1 - AUDUSD Buy (-10 pips)</b></u></span><br />
<ul>
<li>1M Stochastics Oversold.</li>
<li>Entry at 0248</li>
<li>Stop at 15pips - It was also about this distance away from the SMA800. If it reverses past this, I want to be out of the trade.</li>
<li>Target 2:1 - at today's high at the time.</li>
<li>Result: -11 pips. I exited this when I saw that large black candle bounce off the SMA200</li>
</ul>
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<u><span class="Apple-style-span" style="color: #0c343d;"><b>Trade 2 - AUDUSD Sell (Breakeven)</b></span></u><br />
<ul>
<li>Sell at SMA200 Resistance</li>
<li>Entry 0234</li>
<li>Stop Loss 0259 (25pips)</li>
<li>Break Even Set to 0234 when price was at 0214 (This broker needs a 10 pip difference from price before a stop loss)</li>
</ul>
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<b><u><span class="Apple-style-span" style="color: #0c343d;">Trade 3 - AUDUSD Sell (Breakeven)</span></u></b><br />
<ul>
<li>SMA 200 Resistance</li>
<li>Entry 0236</li>
<li>Stop Loss 0261</li>
<li>Break Even Set after 5 minutes of trade (again!!)</li>
<li>Break Even Hit 11 minutes after trade starts</li>
</ul>
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My patience is now wearing thin and I am now getting really tired....<br />
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<b><u><span class="Apple-style-span" style="color: #0c343d;">Trade 4 - AUDUSD Buy (Breakeven)</span></u></b><br />
<ul>
<li>Revenge and Frustration - Just go for it- Trade</li>
<li>Entry in the middle of that long candle (yes, I plead guilty) 0255</li>
<li>Stop Loss 0233 (at least I was consistent with the Stop Loss)</li>
<li>Break Even Set after 3 minutes of trade</li>
<li>Break Even Hit after 23 minutes of trade</li>
</ul>
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<b><u>Trade 5 - AUDUSD Sell (Finally +46pips)</u></b></div>
<ul>
<li>SMA200 Resistance + Break (also on the 15M Chart)</li>
<li>Enter at 0239</li>
<li>Stop Loss 0264</li>
<li>Break Even Set at 5 minutes of trade</li>
<li>I keep setting Stop Loss forward by 10pips every 2minutes (At this point, I am fearful so I am always 15pips behind)</li>
<li>Exit 0193 (+46pips)</li>
<li>Nett <span class="Apple-style-span" style="color: #274e13;"><b>+36pips</b></span> for the day</li>
</ul>
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Oh What a Day!!<br />
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Happy Trading!<br />
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<br />Unknownnoreply@blogger.com