Yes, I had this support on the Daily… That’s why I took this long trade.
And looking down to the H4 price did respect that line several times!
Price started to make LH and LL, that means downtrend may be starting!
A dojii candlestick that bearly touches that support line is not a reason to enter long.
That’s why I consider it a bad trade!
no… it’s doesn’t necessarily mean that,
No it’s not, Nor is a factor in going short, FYI, i didn’t go long for this reason
Try not to take this offensively…ok
but , if these are the reasons you considered LONG to be a bad trade, then… what can i say…
you are looking at the chart for face value (from a TEXT BOOK approach)
all these things that you are looking at are not really real.
but … again
you have your way of trading, i have mine
and i don’t want to interfere with your learning or your way of trading
it’s best if you learn these things on your own.
see, You might now ask me, “ok martin, so explain it to me” hehe
I’m not here for that, that is a big long topic that took me a few years to figure out and even if i explained it to you, you’d probably debate the point and i’d have to put in a lot of effort to convince you , which most likely won’t happen .
so… it’s sort of not really worth the effort
i can just tell you IN MY OPINION, i think LONG is the trade
you will disagree
and i think we should leave it there, because (Even though i like you , you’re cool and all) if i stopped to convince every newbie of stuff like this, i’d be here forever
simply stated, my experience tells me the right move here is to go long,
i trust my experience in my trading and i consistantly make money and a lot of mind you (and that’s the truth)
Now, by comparison (and not to belittle you) but instead just to give you something to consider,
Are you consistantly profitable and , let’s say , do you make more than $10,000 a day (sounds like BS… right, i assure you it’s not) but i’m not here to prove what i earn
the question simply stated is…
Are you consistant and can earn over $10k a day
if the answer is No (which i imagine it is) Respectfully, then i ask you to consider MY EXPERIENCE
if you want to reject it, that’s fine, like i said, it’s your learning path, and i’d rather not interfere, if i can help you , i will help, but something like this gets discovered if you HAVE ENOUGH SCREEN TIME (it’s really as simple as that)
so… Be Cool
let’s see how the trade unfolds
but like i said , 1 trade or a few trades doesn’t really prove anything, so again… Stick with what your doing for now, that’s my advice
but i think it also would be useful to consider what i’m saying and maybe to try it on demo just for fun, see what happesn
be cool
That’s why I am here for mate:
‘To debate or agree with other people about the market, with FACTS and CHARTS’.
What do you mean ‘let’s see how trade unfolds’?
It was a bad trade!
Now… are you still long? Give me a Reason or a Chart.
and i understand that mate, but sometimes it’s not worth the effort to explain it over and over again.
what do you mean,??? "WHAT DO I MEAN"
this is a self explanatory statement .
it means , Let’s see how the trade unfolds
let’s see how it goes
let’s see what happens
I don’t understand your confusion here
this…[quote=“Hikaros, post:63, topic:136598”]
so… Be Cool
let’s see how the trade unfolds
[/quote]
is a very simple statement,
what part is unclear
now this…
ok 2 questions here
Am i still long HELL YES
Now… you want a reason
Mate, Like i said before, sometimes explaining it is not worth it
so… I will respectfully decline to provide a reason on the grounds that it creates more headache for me , in hindsight maybe i shouldn’t have said anything to begin with , and if that was the case, we wouldn’t be having this discussion
i don’t know mate
sometimes i comment and i try to help, but then i get to a point where i realize… Ohh… this is going to take forever, and the other person wants to go backward and forward on this.
i don’t want to do that, I’m sorry
all i can tell you is what i told you before… 1 trade doesn’t mean anything.
Stick to what you believe , Learn what you can , Get your screentime and develop your experience.
because if i start interfering with your style, it’ll turn everything upside down. i don’t want to do that.
I’d rather have you thinking that i’m crazy and i don’t know what i’m doing and therefore you stick to your strategy and then around 3 years down the track you naturally figure it out.
less headache that way
JOURNAL UPDATE WEDNESDAY 01/03/2018
EUR/USD
I traded the RSI divergence yesterday (green arrow).
Closed today with 40 pips profit.
Reversal Strategy
Hikaros RSI Divergence
EUR/USD
Took a short trade on the pair.
USD/JPY
Just entered short on the pair.
I know I am a bit late but that’s why demo accounts are for.
Two trades, the one in favour of USD the other against it.
Probably this is not good, but we will see.
USD/JPY
It is on good support on the weekly.
Probably this is a bad trade.
I don’t know if there is room to go down.
JOURNAL WEEKLY UPDATE 05/03/2018 - 09/03/2018
EUR/USD
Daily chart gave an engulfing bull candle + a solid bull candle.
Also, during last week it hit the lower Daily Pitchfork line and the median H4 line and it went up again.
Now it is close to hitting the Daily lower middle line and the upper H4 line.
I am still short in the pair with the trade I took last week on the H1 chart.
USD/JPY
It is currently in a support area.
I believe it is going down to the lower Daily pitchfork line.
GBP/USD
Problably will go down to the Lower line.
USD/CHF
Double top on the Daily, wants to continue downtrend I believe.
It is in the median line. Probably will go down to the middle one.
USD INDEX
Just want to say a quick point ok
Not to brag
Not to be smart
Just to give you something to think about
so… Just focussing on this… that you said now…
GBP USD
Now THE QUESTION YOU ASKED PREVIOUSLY (that you were utterly convinced was going down) was this…
i basically said
LET’S SEE HOW IT UNFOLDS
Your were convinced it was going short and that it was a good trade to go short
i was against it
You asked me AM I STILL GOING LONG (as if to say… hehe look at it now) hehe
well… Look at what’s it now doing
Now, again, this isn’t bragging
and i still hold to my other opinion that regardless of who is wrong or right here , 1 trade means nothing.
but What i’m trying to teach you here (for your benefit ) is this…
so i would like to you to consider this…
How do you think that i knew that it was going to turn around ,when you were CONVINCED that it was going down
what do you reckon
I mean i said it was experience… AND IT IS…
but, the point is… You try and figure it out , because if you can, You’ll be more profitable in your trading… ok
JUST SOMETHING TO CONSIDER AND DIGEST, OK, NOTHING MORE
Be cool
GBP/USD
I have just shorted the pair!
R2 PIvot+ Resistance+0.618 fib+ Bounce of the 200 EMA+ bounce off the middle Median line!
There’s a trendline across 4 peaks, on your last picture, which you have Not drawn in 
Hehe!
It is in the chart with the S&R and the trendlines!
I have got 4 charts on each pair!
Three charts on MT4:
1)S&R and trendlines
2)Pitchfork tool
3)EMAS 21, 34, 50, 100 and RSI (Choros system on this chart, based on price action, I am still reading about it and there is great material and knowledge on this system. CHOROS System @ Forex Factory. One of the top systems in forex factory that has been trading successfully for years. Purely based on price action.)
One chart on trading view for quick drawings!
I can’t have everything on one chart because I get confused.
Having multiple charts for one pair gives me a better picture.
GBP/USD
Let’s recap the trade!
R2 PIvot+ Resistance+0.618 fib+ Bounce of the 200 EMA+ bounce off the middle Median line!(first look)
+ABCD pattern (complex correction)+1.414 extension of AB+1.618 inversion of BC
+Shooting star +engulfing candle
+bulls don’t look to have that much power compared to the bears.
Take profit 45 pips at the 0.618 of CD just above the S1 PIVOT.
SO what is your TP & SL on this trade ?
Take profit 45 pips at the 0.618 of CD just above the S1 PIVOT. I have drawn them on the chart
I don’t usually set a strict stop loss.
I don’t have rules for TP and SL yet.
I am in the process of making some rules.
What do you think, any suggestions?
I could give you suggestions, but they woud nt be helpful I don’t think.
I trade a different set of observations and at the end of the day the very WRONG thing to do is to trade someone Else’s “Rules”.
Remember 90-90 -90 rule - Consensus will have you well into the middle of the Bell curve of that rule. That is BAD !
You and I and anyone who hopes to survive in this game, needs to be the masters of their own thought patterns.
I do see a possiblity that you could take 45 pips with your trade, on a retest of 1.3800 - which may happen soon, or may not. I don’t know, but you do have a logic to your trading. Whether that is the right logic and you can make it profitable - only your testing (forwards) will tell.
I do watch your trades though and wish you all the very best
JOURNAL UPDATE
GBP/USD
The market didn’t go my way so I closed my trade.
My major mistake was that I focused mainly on the H1 TF.
From now on the main analysis must be made on H4 or D1 and the H1 must be used for entering and fine tunning.
The analysis was good. For example, looking at the M15 chart I could have taken 30 pips profit easily, during the ASIAN session, which I would not trade if my aim was day trading.
Day trading is not for me.
I want to spend only a few hours on the weekend and a couple of hours each day.
H1 TF is to fast for this purpose and the main analysis must be made on higher TF.
There is no need to take trade every day.
It was Monday and I wanted to trade. That is wrong!
UPDATE
EUR/USD
I just closed a trade at 1.23000 that I took short at 1.22700 last week on the pair.
-30 pips.
Keeping the trades for a few days is not that bad. It gave me a positive swap of 0.18 £.
USD/JPY
I took a short trade on the pair at 106.088.
The pair is in a downtrend + Double top at previous structure + 0.786 fib.
First target at 105.400, 2nd target at 104.000. ST at 106.500.
The bears are currently struggling to beat the 106.000 level. Hopefully, it will hit the trend line and it will go down.
UPDATE WEEK 11/03/2018 - 16/03/2018
EUR/USD
Monthly
Daily
Pitchfork
GBP/USD
Monthly
Daily
Pitchfork
USD/JPY
Weekly
Daily
Pitchfork
USd/CHF
Weekly
Daily
pitchfork
EUR/JPY
Monthly
Weekly
Daily
Pitchfork
Having made some bad trades last week, I add a new rule to my entry reasons.
Only enter trades that give a solid candlestick pattern on H4.
Looking mostly for dojis and engulfing candles.
