A Noobs Journal - time to give this a shot

Yea, I just figured it out. I needed to spend some time fiddling with all the options and arrows and dropdown menus.

1 Like

Close two nice EURUSD trades just now. Nice wins after having my stops hit on three trades yesterday. The EURUSD trade, price went 4 pips past my stop, the reversed into todays move.

On USDJPY, my stop was at 149.33. Price hit 149.32 and reversed up 60 pips.

Still in a USDJPY trade. Moved my stop above BE, so free trade!

2 Likes

OMG! That chart looks wild haha, like an art project

I see some MA action going on.

Good job! Get after it!!

2 Likes

@dushimes

Yah. After watching the chart for a while, I have now removed the PSAR and the channel emas.

The MACD was the winner.

1 Like

So no more PSAR going forward?

1 Like

Man, got caught on the wrong side of JPY yesterday. Another lesson teaching me that I don’t know crap. The trend is your friend. Interest rate days are crazy. Don’t be an idiot and think you can time the market perfectly.

1 Like

@samewise

I had .2 lots on a gbp/jpy long from Friday. I went from $287 down to within $47 down yesterday and then today they hit my TP for 49 Pips.

My euro/jpy long from Friday went down considerably yesterday and then hit my TP for 25 Pips this morning.

1 Like

Crazy action last night. I thought I was smarter than the market. Crazy PA hit my stops, which obviously didn’t account for the rate decision.

2 Likes

Testing out a new ICT indicator on TV. It wasn’t created by ICT by some guy took the concepts and coded it into a indicator.

1st trade a bust. More an issue with my stop being too tight. Double the size (my norm), I would have got 30 pips out of it. Sucks.

Also, last week was a great week. 242 pips won on EURUSD and USDJPY trades, 66 pips lost, so +120. I didn’t trade any other pairs.

More weeks like that would be great but I know that can’t happen every week.

1 Like

No live trades. I’m working through a MT4 setup. It’s a bear. Don’t like it all that much. And the indicators I’m interested in trying out aren’t available on MT5, at least from a couple quick searches.

Still trying to understand how to use order blocks and other ICT concepts. Might have to give his mentorship another look.

Congrats on the positive week! I know the feeling about wanting them to keep happening, I’m in a similar position myself :sweat_smile: Keep it up for as long as you can though, and then bounce back hard after too! :muscle:

I’m curious as to what your plan was for the JPY on that day. :thinking: Interest Rate days are weird for sure, and always hard to predict (I got it technically wrong on the AUD ones yesterday). I feel they need a good idea of the economy in general of the country in question to get right, and even then it’s still quite hard.

If I’m remembering right, I had some shorts on UJ, thinking that the 150 level wouldn’t hold. Of course in my brain that meant, as soon as the 150 hits, the BOJ will jump in to protect the yen. Seeing that UJ almost hit 151 a couple days earlier, I should’ve put two and two together to realize the BOJ isn’t going to step in right at 150. But for whatever reason, I had that big round number stuck in my mind. Price went all the way up to 151.72. I didn’t close any of those positions I had open. I was down I think a couple hundred pips across all my UJ positions. I had a couple :slight_smile: :rofl:

Luckily it turned around for me. I added a couple more shorts early on to catch the initial move down. Tight stops just in case.

1 Like

Just in case the broker could honor them?

“News time” is the one time they sometimes can’t, and that’s how accounts are often lost.

1 Like

Yea I get what you’re saying, with black swans and spikes, right?

Do you use them? If so, what’s your strategy with them?

1 Like

Tight stops? No, I don’t think so.

(It’s subjective, isn’t it? One person’s “tight fitting” might be another one’s “supersized”?),

My stop-losses are wider than my targets (when and where I have targets), so I don’t think most people could call those “tight stops”, really.

It’s funny.

In retail forums (and especially in retail beginners’ forums) almost everyone assumes that targets are wider than stop-losses, and in professional trading circles almost everyone assumes the exact opposite.

Lol, which group do you want to be aligned with? :smiley:

I don’t trade the news.

I don’t know anyone who still does, though I know plenty of people who used to!

My experience is that absolutely everyone sooner or later has an absolutely “unforeseeable” accident from doing this and changes their mind about it.

And the fact that it’s the commonest single cause of account-loss really is just factual.

3 Likes

Yea, I’ve been taking some classes with Al Brooks. He starts out by saying exactly that! Don’t trade the news. I doesn’t matter, or something like that.

But being just a pure TA trader just doesn’t make sense to me. How does the new NOT affect price charts?

I’ve always wondered about this. The focus on R:R and multiple targets but some fixed SL. It just didn’t make much sense to me, and if I’m being honest, I’m using stops less, but when I do, they’re huge.

Account update. I’m back in profit!

I took a couple bad hits in Oct that cut out a chunk of my account balance. I’ve been more particular about the pairs I trade and scaling in when I’m right. I’m quicker to take profits even if price doesn’t go to the level I want it to go to. I try to tell myself, nobody ever got mad about making 10 pips and not losing 50 pips or 100 pips (it’s happened).

And I’m on a bit of a streak knock on wood.

In Nov and Dec:
37 losers
43 winners
Nov +590 pips net
Dec +222.9 pips net

14 winners in the last 15 trades.

So three positive months out of the last 5.

My focus will be to maintain my account funds. “preserve capital”. I think that’s a steve369 quote.

Slow and steady, keep learning.

Current trades, stuck in USDJPY right now. 3 positions, all down. Just me, catching the bottoms again and the short term trend reversing.

1 Like

Love this comment. Took me 3 years+ to get there.

2 Likes