November 4th, 12:04 AM
Taken from a 30 Minute chart.
[ul]
[li]1 The weekly trend shows a clear bearish engulfing pattern, followed by a doji, which i view as a confirmation.(implication, in the long run, week wise, ****s about to go down hill)
[/li]
[li]2 the daily chart shows that are strong resistance and support levels.
[/li]
[/ul]
Below are taken from 30 min chart.
Long, Limit : 59.3, stop (38.6)
Position: Short, Limit 55.2 stop (32.6)
made money on the previous trade. 
Here is the next one… ahh don’t feel like doing it right now. gonna watch some youtube videos. but rest assure, I will keep up this journal.
[B]November, Friday the 13th :eek:, 2009 9:15 PM ET[/B]
Haven’t been updating the journal because I had so much work…
Nah, bull****, just got lazy. But now i am back to it.
So far I have been trading Forex about almost 3 weeks now? yea, i think its about that. I have learned so much, and of course i still remember when I use to set 3:1 stop losses, thats 3x for stop loss 1x for reward. DONT LAUGH, i know you guys done the same thing, nah probably not.
I have been overwhelmed by how much info and how much there are to learn in trading. So other than posting my trades, I will set up my learning schedule, on what i am planning to learn, and what i have learned.
Right now, I am still studying candlesticks, and something tells me that i wont be done for awhile. I have watched Nison's "profiting with candlesticks in forex DVD", (great educational, i recommend it)and have used word to conclude the key points. when i finish the final version, i will include pictures and convert my file to pdf and post it in babypips. :) hope you guys enjoying.
After I am done with basic candlestick, I plan to move on to learning MAs and stochastic.
Learning Schedule
[ol]
[li]1 Study Candlesticks.
[/li][li]2 Study Stochastic
[/li][li]3 Study Mas
[/li][/ol]
That’s as far as i can plan for now, going to take a break, then watching the Nison video.
Good tradings
[B]Friday, November 27, 2009, 3:07 PM[/B]
It has been awhile since I have updated my non-existent "Trading Journal". During the past two weeks or so, I have been learning a bit more.
After losing about 20 trades in row, (still pending, will it be 21?!) I have learned a few things.
Below i will post my [B]trading plan[/B], and [B][U]rules of trading [/U][/B]which i will be loyally adhering to at all times.
[ol]
[B][li][U][I]Never risk more than 2% of starting principle account on each trade[/I][/U]
[/li][/B]
[B][li][U][I]Use money management, NOT pip management. [/I][/U][/B] I could enter trade abiding to the rule of never risking more than 2% of my money, but if i set a rule saying, I will not take trades where the stop losses is greater than 50 PIPs, than I will have a very inflexible system, and will be losing and missing alot of trades. I have learned that setting a Cap on stop loss in pip value could be harmful, stop loss should be in nominal cash amount, but never in pips. Trades could vary, and stop loss in pips could vary. As long as the Risk Reward of SL and TA is good, stop loss in pips could be almost any amount.
[/li]
[B][li][U][I]Set Reasonable and volatility included stop-loss [/I][/U] [/B]after being spiked out all the time, i finally realized that setting tight stop losses aren’t the correct thing to do, especially with retail brokers with all the stop hunter out there, and news time volatility. The stop loss should be reasonable, it should not be super tight, but should be the an amount that proves you are wrong almost 100%. the way i think of stop loss is that its all most like a bollinger band, if reached, there is 95% of chance the trade has gone out of favor for you.
[/li][B]
[li][U][I]Avoid lower time frame charts, such as any below H4[/I][/U], [/B]since i am a big candlestick fan, and candlesticks could be notorious for giving fake outs, I will take council from relatively higher time frames, i am currently using 4H, D1, and W1. I find 4h is less noisy and could be used for entering trade. I also aspires to be a swing traders, so these charts are ideal for me.
[/li][B]
[li][U][I]A candlestick is not official until it closes, [/I][/U][/B]i have learn this the hard way. etc, hammer is very bearish during the session.
[/li]
[B][li][U][I]I will do my best to check the market at the following times, 8:30 AM(must), 12 PM, 4 PM, 8 PM, 10 PM(must) [/I][/U][/B]
[/li]
[B][li][U][I]Always consider risk reward on any trade[/I][/U][/B] I use to set a rule of taking trades that are only 2:3 or better, but i find that this is kind of inflexible, especially taking the consideration that some trades have a high probability of reversal with 100 indicators all converging to a single conclusion. anything more than 1:1 is good at this point. still pending on specific risk reward ratio rule
[/li][B]
[*][U][I]Its better to get on a good trade late, than get faked out and lose money. [/I][/U][/ol][/B]
Goals for tomorrow
Goals for the up comming days.
[B]-[/B] Finish watching Profiting with candlestick by nison, make my notes pdf and study and re-study them and apply them to my trades
[B]- [/B]Come back to this thread and keep making comments and lesson learned.
[B]- [/B]Always follow my trade plan and rules made in the last post, which i will re-edit from time to time.
[B]-[/B] Read Disciplined trader by mark douglas, and rob booker on miracle of discipline.
the above should keep me busy for at least 2 weeks. during this time, I will be trading and strictly applying the concepts i learned from candlesticks and discipline.
Can’t wait to open up a live account soon. I will wait for USD/CAD break below 1.04, sign up with fx sol uk for $250 base in usd.
From then onward, I will post my daily trade plans and idea down on the forum. maybe here or maybe FF
Edit: o yeah, I also mentioned a few posts above that I had lost about 20 trades in a row, my losing streak was over a couple of days ago, and i made all of my pips back
Well, I am sitting here writing in amidst a exam studying break. I have 2 exams coming up in the 2 weeks, and as a student I will focus on my priorities and study for the exams first. Which means that for the next 2 weeks, there will be no trading for me :(.
I currently have 2 trades in, and knowing that I will be unable to resist, I will allow myself the permission to check my two positions in the up coming weeks, and hopefully watch them passively either get stopped out or take profit, without much of my own intervention.
As I said in the above post, I am still waiting for a bearish plunge on the usd/cad so i can start my live account with FX solution of UK.
As for my studying schedule for trading, still trying to learn as much as I possibly can about Candlesticks, already finished watching Nison’s profiting with forex, will start watching “samurai trader” soon.
in the attachment are my 2 current opened trades
It is about noon right now just finished studying for the day.
My plan does not change for the upcoming weeks, I will not be trading and as for trading educations, I will review the notes i made from Nison’s FOREX video, and then start watching samurai trader.
Interested in Elliott Wave. and planning to learn it, and incorporated as one of the core tools of my system along with candlesticks.
the one thing I like about elliott waves is that its gives clear and assured reversal points. EW S&R are alot more reliable than price action and horizontal/trending S&Rs.
Well, I am back again, and here are some of my predictions and analysis of the week.
Fig 1: From the H4 chart, I counted 13 waves down, therefore a possible correction might occur, especially since we are at a potential support level 1.4300, which served as a fairly strong resistance back in June, 2008.
Fig 2: Euro is now in a down trend, on my D1 chart, I counted 5 waves up, what is not labeled on the chart is that this 5 waves is a C wave. therefore, if my count is corrected, eur/usd is now entering a long term down trend. from the start of December 2009 to now, is part of 1st wave of the 5 waves to come
A Bearish target is at 1.4 - 1.39 range
Hey u trading on LIVE or what? im like you, a student but focused on exam first, now that my exam is over im ready to go live. How long have u been trading? elliot wave based on my experience, can only be used as a supporting and not a main tool to trade with.
my prediction that its still going to keep going down for EU but there will be a minor pull back on monday when market start.
im playing long term trading, which mean 3 days to 2 weeks + hold range.
Hey, I am a new trader my self and have been paper trading for 2 months now without consistent result, so far i am still - 350 pips from the beginning of december.
Elliott Wave if used correctly, could be a main forecasting tool. it is subjective, and in my opinion and to my knowledge the hardest technical analysis out there, but with time and patience, the result will be rewarding.
I have joined Elliott Wave International, and have seen some of their paid service for forecasting in real time, pretty dead on.
Alternative Wave counts
I am doing this as an exercise for practicing Elliott Wave.
with Alternative Wave 1, there is 15 waves downward, which means there are 2 more waves to come for a total of 17 waves, which indicate 2 extension within this motive wave.
A decisive move above 1.4400 would invalidate this count.
Sitting here, on a Christmas eve night. I am planning my next trade and do the best to get started on FOREX again after a enjoyable yet often times painful experience of snowboarding.
prediction: euro is going up, to at least 1.4440 before dropping again. an ending diagonal has formed to complete a total of 13 waves of an impulse wave.
