Analysis NZDJPY
Analysis GBPAUD
If the election does not go well for UK government
we could see a sharp move down
If things go well, order won’t be triggered
That was quite a lot of work, but I need to keep on top of
things
I follow 21 pairs ( No CHFs )
Three are open, 14 Pending and 4 have no setups for
the immediate future
Not all the POs will be triggered, but we get a steady stream
of setups
The only slack periods was no setups between 15th and 29th November
and between 4th - 10th December
but why was that? I might have been ill, or maybe I was strictly
picking H1
I find the Higher Time Frames do offer far better setups, and as we
see,17 at the present time, and only one on the H1
I’m still happy to take H1 setups if they are well qualified
Yes, some Daily trades may drag on for several weeks but I
should have plenty of others to keep me occupied.
GBP Normalizing
Usually I would only be buying GBP against the Yen
but given the circumstances ie election euphoria, we
can expect Sterling to normalize, and Short the pound
against the dollar for much tighter spread
Patience is key
The truth is anything can happen now, and this is probably
not a very safe day to trade GBP unless we get some very definite
indication of direction
More to Come?
Seems the Euphoria is still present as GBP is starting to
move up again. Great care is needed. We need volatility,
which we’re likely to get, but things can change very
quickly in such a climate of post election fever
The Hour of Test
There may be a possibility of a decent scalp on GBPUSD at
next retracement
but more than the success of a decent scalp, and infinitely
more profitable, would be the satisfaction of keeping my
hands in my pocket if the setup isn’t 100%
Once you master that, the profit is literally unlimited
A Nice 11 pip Win
but should I have taken it?
Does the expression ‘Higher Highs and Higher Lows’ ring any bells?
Whilst we may seem to have a setup, and sure enough it did win,
but in the face of the fact that at the time of opening the trade the
trend was changing!
and when we note how erratic the market became immediately
afterward, you may wonder if there was any wisdom in even
considering trading GBP today
Getting close to holidays now, and I very likely
will not get involved. An example of need for caution
a perfect setup on CADJPY, the only pair that seem
to be moving today
but look at the last impulsive move up, how much could
we have made?
Believe it or not, a mere 2.4 pips, and deduct commission
and almost 1 pip spread the paltry profit is simple not
worth having
I need a far more compelling reason to enter a trade
+24 pips thank you very much
I entered a perfect setup on M5 and switched down to M1 to trail
the momentum.
For me at least, the real secret to scalping is in not getting sucked
in, trade only the best setups and know when to sit on your hands,
or better still walk away.
I am quietly confident I may have some future as a scalper if
I can just maintain this level of discipline
Not so long ago I lost thousands when I gave into impulsiveness
It might have been the most valuable learning experience to date!
Regarding my Divergence system, now back to a very long list
of winners since October 17th, thats two months now
I currently have 9 trades open and 11 pending, minor DD overall
which is irrelevant in this system
Leaving them all open over the holiday period? Isn’t that asking
for trouble?
I doubt it. the system seems to be indestructable, so this will
be a good test. My guess is there will be little movement until
new year, and then targets will either be hit, or trades will
be retired pending a second bite of the cherry, which so far
never seems to fail.
Yup, it was asking for trouble alright, as minor DD
is now major DD, but $700 yesterday down to about $560
today, and spread over many trades. no one trade is seriously
DD
But look at GBPNZD missed TP - how unlucky was that!
More to come?
Two wins this morning. I was cautious, especially
on the second trade, as the market had already moved
100 pips since LO
While anything is possible, especially given the volatile
nature of the News over the weekend
nevertheless, the more price has moved from LO, the
greater the chances of a big retracement or Reversal.
I think I’ve reached a decision
I have been trialing both my reversal system and Snipes
scalping system for exactly one month
The reversal system has 16 open positions, some dragging
on for weeks
between them I am $550 DD which is only $35 per trade so
that isn’t a problem
but over the last month I have had no losers and one winner
making $35 profit for the month. - but so tedious!
the scalping system has seen setups most days I’ve looked
in, and I don’t think Ive had a losing day yet
a few minor losses where I pulled out promptly, but thats
about it
so I’m serious inclined to give the LO scalping my 100 %
focus. Seriously, one winner a month is of almost no
interest to me
I have only ever had disaster with M5 with M1 being nothing
short of suicidal!
so I am amazed by the results, ok not the 149% profit per
month that Snipe enjoys, but extremely consisternt nontheless
I like to see the profits mount up
Whilst the system is great, I know I would have been losing most
days in the past. If you lack discipline you will fail at this
Today was a very good example
Firstly we see that price seemed to be turning down despite
no setup whatsoever! You just got to sit on your hands
Patience was rewarded and we got a nice win
We see the two significant levels on H4. In the past I would
have ignored them. After the win I saw price turning down again
and I thought there was more
-
but too near major support zone
-
also where is the cross or bounce off the moving average?
there was no setup!
Neither greed nor impulsiveness are good reasons to throw the rules out!
Even after that, there were two more situations where price seemed
to be turning down again
The world is never enough!
Fortunately I stuck to my guns, and sure enough price moved right
back up after that
the rules are there for a reason
1 Like
Looks like you’re in a groove!!
Congratulations! Nice work!!
Great job on discipline and controlling emotions!
Something I have to work on!
KC
Trading Forex is actually quite simple, given enough
chart time
but discipline and patience is the key, and the reason
why 98% fail, they’re not fools, they just want a quick
fix.
I’m in a groove, or in the zone, despite making some
unbelievable mistakes
If you’re scalping, it means being content with 6 - 10 pips,
even when you can see 150 pips might be available on
H1 - Thats not scalping, thats being a ‘Jack of all trades
and master of none’
The two trades below are worthy of comment
The first trader was basically good, and I can’t remember
the story behind it, but in hindsight there was much more
to be made just trailing the bars, about double in fact
There was no reason to close prematurely
I’m very pleased with my last trade, purely in terms of
chart reading
Price bounced off 60, cut through 20. I waited for the retest
of 20 , much stronger than a simple bounce off 60,
although that would have got the job done I was pleased
I was able to see a pattern I would have missed in times past
Finally last month total ending on 12th was $137. already up to
$169
Also I want to monitor Fridays. I got caught in a non moving
market last Friday and was still in for News which spiked me
out.
I think I won it back but it was all a bit precarious as Snipe says
This is the one I should have been trailing
This is the one that was picture perfect, very strong entry and got out
optimally as prior Support
I think this post very well demonstrates what journal keeping is
all about
Im not beating myself up, neither am I gloating, I’m simply noting
what I’m doing right and wrong for future reference
reminds me of Maxwell Maltz’s ’ Psycho Cybernetics’
Cybernetics (loosely translated from the Greek): “a helmsman who steers his ship to port.” Psycho-Cybernetics is a term coined by Dr. Maxwell Maltz, which means, “steering your mind to a productive, useful goal
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