10K new account

[ABDave]

Just wanted to add, thanks for asking

[1odi]

here s my 5m chart, where i took my entry today, sometimes i enter on 5, or 15, or even 1hr.
i m still in with my last position, was up 145 pips, price retraced 80 pips against me, i didn t took anymore profit or close,why? those are fibs, i m watching the reactions that price has in cojunction with those levels, and ofc judging the spread of the candle with the acording volume, which in this case u can see the wick of the green candle in the fib area and the next candle is what confirms the high vol(or in this case an increase in vol, cos that s not high, but u want to see generally a volume increase in the fib levels rejecting to get in with the trending move), beeing a bearish candle, meaning supply coming in(they are selling into the higher prices). i was bearish on gold, but seeing that only helps my confidence to not take profit or close the trade as it s a risk free trade now with 2 tps taken out now, so whatever happens happens, but like i said, sometimes u can have 1 of these trades be a homerun, u can t know which 1 will be, no1 knows, but it helped me on long run to make much more rather then just cut the trade short. hope this helps boost ur confidence, and i d suggest u to look into volume in conjunction with candlestick analisys, it will boost ur trading by a mile.
cheers

[1odi]

forgot to say lol, that right there would be a 5 or 15m short entry on gold, but considering the hr and volume starts to die off after 16>00 gmt, i ll skip it since i m already short.

[ABDave]

And I couldn’t reply earlier, because as a newbie, I only get 16 posts a day, and I was timed out

[1odi]

i m not posting so u can reply, i m trying to help if i can and point u in (in my opinion) the right direction. just read what i said, see if it makes sence to u, and go from there. hope that helps. if u have any questions, just tag.
cheers

[ABDave]

Had a good look at your chart @1odi . I like it. My mentor was always in love with volume. It didn’t appeal to me then, but I’m wiser now. Seeing your pic the volume along with candle and fib makes a lot of sense. think I will add it to my display.

[1odi]

u can trade of off only candles if u know how, but adding volume will broaden ur view on the hole picture and make u understand where u should look at, where s ur kill zone, bias and where smart money such as banks, institutions position themselfs and follow that trail , and after that u can simply learn the no supply or no demand candles to enter the trade( those are mornigstar and shooting star, and engulfing in the candle pattern stuff or similar). to me it just makes sence to enter on an imbalance of supply and demand(meaning there s not enough supply to bring price down or viceversa) rather then buy at support and sell at resistance, cos those will be broken, tested, faded and so on.

[ABDave]

Tuesday trade: NZDUSD Long

Lesson from today: Don’t click on sell when you want to buy

[1odi]

Screenshot

@ABDave i d wait for it to drop to that fib, and then see an increase in volume, rejection wicks etc to go long. i also have a Bullish bias, cos i couldn t see no climactic volume at the top suggesting a trend reversal(a bit of profit taking but that is normal on fridays).it didn t broke friday s high, so a corrrection(consolidation) might be due, then a sharp move down into that fib area, maybe a fake break down gettin people to chase it, and demand coming in while price is dropping(which ussually is manifested in red candles gettin bought up, wide wicks with increase in volume). main idea is always buy low and sell high, and don t chase the moves, there will be always another opportunity

[GMoore]

a) In profit

b) with no floating loss

Way to go!

[ABDave]

Yesterday’s NZDUSD long, closed with £18 profit.

Happy with that.

Since entered GBPNZD short. Cant for the life of me work out why when I look at the charts. I must have seen something, but I cant seem to see what pulled me to that trade. Anyone else see a short in it?

Its a small position, so Im going to leave it to move for now, but I’m ready to cut it if it.

[1odi]

Screenshot

it s a daily range, look for signs to sell at resist or buy at support if the sellers or buyers show up, but since is an up trend and it s showing signs of accumulation i d rather be buying of the lows rather then shorting it. hope this helps. cheers

[ABDave]

@1odi Thanks.I have left it as floating loss for today. Looks like it might turn, though not convinced. I will see how tomorrows candle goes. If it invalidates the trade, I will close with a loss. Small position, so I would be down around £20.

Made £11 on GBPJPY, so a mixed day.

[1odi]

what timeframe do u ussually trade? @ABDave

[ABDave]

Im in the process of going to the bigger time frames. my mentor was a serial counter trade
scalper. It didn’t work for me, and I have since moved to month and week. However, what I am trying to do is use month and week for trade direction, but drill deeper (up to 4Hr) for entry.

On the other hand, I am aware that it makes for a dull trade journal if I place an entry, and then three months later close it…!

I think I might enter a slightly larger trade on the longer time frame, but then bank a portion of it after a day or two to keep some activity going.

And the same with a thousand other traders, trade less.

I have been using position sizes of far less than 1%, so I can take a few risks, but on the other hand, the purpose is to grow the account, not kill it with death by a thousand cuts.

[ABDave]

Closed a bunch of trades today that I wasn’t entirely happy with. I am sure that I will now spend the day watching them go into zones where they would have made me profit

Today: -£20.54

Week (taking into account above loss): £38.82

So while its too early for averages, I will process it anyway and round up:

Average week: £39

Average day: £10/day

Comparing that to demo, which was £30/day, its down, but still profit.

Tiny lots, but pressure difference from real to demo could already be having a phycological impact. In fact, I can say for a fact that it is. It just feels different. Trades now really matter. I think its not just not losing money, because my lots are small, I think its winning and losing. We are programmed to win, and losing hurts, but its clearly part of this game.

Cutting £20 odd pounds today felt painful. Could I do it if it was £200. I might have to at some point or blow it. I intend to progress in lots sizes, but not yet.

Still happy to finish the first week in profit. I have 1 x trade running which I will put up in separate post.

[ABDave]

[ABDave]

Daily chart for GBPJPY.

My SL is just off screen.

Buy order.

[1odi]

so… have the news stopped u out or ur still in the trade?

[ABDave]

My stop loss was wide, so it survived the large bearish candle.

Not a bad day actually. Closed it at 40 pips up. Took my daily loss down from 20 odd poinds to 15 pounds and means I finish the week £43 up.

Would have closed a portion and let some run, but it was a 0.01 lot, so that wasnt an option

I currently have no live trades, and Im not trading tomorrow. I will do my research on Sunday evening ready for Monday. Probably look for a retrace then enter the same trade again. I will use fib to try and get an entry without too much drawdown.