Alternative Technical Templates.

[kagein]

Nice trade there Tony, are you looking at the 1.8300 zone as a minor support level. I've actually had to zoom out to the weekly to pick a level where i might want to consider halving my position.

[tonymand]

Originally Posted by pipvader

Thanks Tony, there was actually another IB yesterday on the 1hr i decided not to take because of my previous loss, i will be a bit more flexible.

When you say zone, do you mean that if price exceeded 60 you would not trade?

No, just highlighting that its not a particular number. I think it got to about 90 last night before the turn but the position still looked good to go. If it got to 190 I might well have been looking at a retest from the upside. All depends on what the action looked like at the time rather than an absolute figure

[tonymand]

Originally Posted by kagein

Nice trade there Tony, are you looking at the 1.8300 zone as a minor support level. I've actually had to zoom out to the weekly to pick a level where i might want to consider halving my position.

Hi George, long time no hear. Hope you are well. Nearest level I have is 8100 on the weekly from 2004-2006 so will simply trail after it rather than set a target (unless I cant stand unrealised profits any longer!). Chart on my other computer so will post separately

[tonymand]

Heres my longer term weekly chart

[kagein]

Cheers Tony, Yeah i haven't been posting of late, the posts from the regular contributors is so concise that there really isn't much for me to add. Plus i dont have as many questions as i used to, i've found a method that works for me based along the principles of this thread. I have all you to thank for that.

Yeah i have that level marked, i was just thinking since its a good 400 pips from my entry and last region of interest, price may find a temporary level to take a breather at before continuing its decent to the 1.8100 level.

[tonymand]

Originally Posted by kagein

Cheers Tony, Yeah i haven't been posting of late, the posts from the regular contributors is so concise that there really isn't much for me to add. Plus i dont have as many questions as i used to, i've found a method that works for me based along the principles of this thread. I have all you to thank for that.

Yeah i have that level marked, i was just thinking since its a good 400 pips from my entry and last region of interest, price may find a temporary level to take a breather at before continuing its decent to the 1.8100 level.

I expect you are right and using a round number is as good a strat as any on this pair. Certainly we are consolidating at 350 right now.

[4xStar]

Originally Posted by Jocelyn

How we document or manage a trade is unimportant. How you initiate, execute & manage a trade based around the concepts & framework of the contents here + your own set-ups & triggers & trade management skills is the real important issue.

Re-reading the question I think the person meant how do other people document their trades? And I am curious about this as well .. not just Jo & Tess but anyone who wants to answer ..
do you just keep track of winners/losers on an excel spreadsheet with minimum notes?
or do you write extensive notes, and if so, on each trade or only really bad losers or particularly good winners?
do you make notes as you go, or spend time end of day to go over the days's trades and write out your criqitues (or praise)?
and how do you use these notes once written? how often do you go back and re-read them?
that sort of thing..
and also .. how useful to you think this documentation is to your trading success .. have you noticed a correlation between well-documented trades and future success trading that pair?

Thanks in advance for any input

[KENNETH LEE]

I will give this a shot, I think the ideas brought to light in this thread, Though originally started on James 40 -100 pip thread, Are to allow us to become superior traders. (I) Me Believe the originators of these ideas trade long term positions, and knowing what is , has and might happen is key. So some sort of notes must be maintained to progress with the currency of choice.

A trading plan should be your starting point, Where would I get in , Why would I get in , What would I use (signal) to get in. Also just as and more important which must of us including myself. After I am in where to call it a lose ( setting your stop loss),where could I add to my Wining position ( never add to a loser to make up your loss , you only lose more ) and Where to take some of my position away to protect what I have gained.

So going by this ALL those questions should be written down before hand, and if possible any fundamentals that you might beaware of that could swing your trade. And at intervals throughout the life of your trade, Everything should be gone over again and updated.

This is the way we can trade and not just stumble through the dark. As we do all this we slowly become more in tune with the charts and start making the right choices by nature and it becomes easier.

And by doing this we can see where we made the wrong choice (examples It wasn't a bottom or top so I got stopped out, I didn't take some position away and it turned and I lost all my profits , I didn't move my stop loss once in profit and lost some of my intial equity, ) With a good plan you will learn quicklly what to look for and hopefully start making less errors. Trading is never 100 % or everyone would be a winner. But we are on the right track on this thread. As this is really the basics.. seems complicated but if there was a school I think this is were they would start. After BabyPips of course..
Just my 2 cents... Great trading to all...

[JimmyMac]

Originally Posted by 4xStar

do you just keep track of winners/losers on an excel spreadsheet with minimum notes?
or do you write extensive notes, and if so, on each trade or only really bad losers or particularly good winners?
do you make notes as you go, or spend time end of day to go over the days's trades and write out your criqitues (or praise)?
and how do you use these notes once written? how often do you go back and re-read them?
that sort of thing..

There are pro’s & cons of adopting that kind of outlook.
On the plus side, it could help keep you focused & on track with your prep, discipline & game plan etc. On the negative side, if you’re having to record every last detail of your plan when looking to take a trade on then I might suggest your strategy is a little heavy & maybe unworkable over the long haul.

You can actually have the best of both worlds & work a discretionary template such as this type of support & resistance scenario, whilst adopting a near mechanical strategy model to take advantage of it.

An example of that would be;
The use of the 40-100pip IB-OB + Stochs model teamed with your own interpretation of the ongoing support-resistance zones.

Although the ebb & flow of market behavior is in constant motion, meaning the short & medium s&r zones will change, your interaction with the markets (be it via trend or range) will remain mechanical & disciplined.

If a trigger sets up on & around one of your identified area’s of potential activity, then you wait until your entry (or exit) criteria is met.

You shouldn’t really require too much in depth pre-post trade analysis to back up your strategy models if your reasons to execute & your method of interaction with your chosen instruments are repetitive and/or mechanical.

[Jimmy Jones]

Made my first trade tonight using only s/r lines. The news today forced gbp/usd price action through an s/r line that had come into play a few years back and then again a few hours earlier. After the news, price action made a slightly lazy attempt to retrace, so I just waited, I think 6 hours to be exact. Finally on the 15 min chart there was a test that was rejected, and than again a retest. I went short and took 20 pips with a tight stop up above the s/r. 2r trade, not great but was more interested in the concept than the gain.

Not a huge gain after waiting all day for a comfortable setup but it does wonders for confidence.

Thanks all who contribute, I plan on reading through the thread again and pulling out the important posts so I can have them handy for a re-read every now and again.