Matty’s Money - Trades, Ideas and Info

Trading Discussion Trade Journals
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I wanted to start this so that I had a place to put my trades, ideas, as well as all those little gems found scattered all over this forum that resonate with me.

I trade using monthly, weekly and daily S/R levels. I tend to gravitate to channels, and I’ll also look for double or triple tops/bottoms, which is simply just price testing a S/R level and failing. If I don’t see anything on the daily chart I’ll look at the 4H.

I stick to smaller positions, 1 or 2 percent of my account balance, and keep my risk around 1% per pair. I like to play it safe as I’m in it for the long haul. Unless I see a money trade, in which case I’ll bet the farm!

Kidding, I don’t own a farm…

Indicators: I like the idea of indicators, however, they don’t usually stay on my charts for more than 2 or 3 weeks before they’re deemed obsolete. I do like to experiment with them, some I play with more than others such as MA’s for trends, Ich. Cloud for shorter time frames on the rare occasion, but it usually comes back down to simple price action, long term.

My charts generally look like this:

AUDUSD Monthly, long term - Bounced off SR2, headed down to SR1

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4H Bounced off major S/R area, ascending channel forming. Target exit for this trade would be at the bottom of the channel which also lines up with a daily support area.

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Sell Stop order at 0.68309, SL just above Resistance at 0.70529.

I’m being cautious with the USD right now due to what’s going on with COVID-19, which is why I placed an order rather than going right in. Order are the safest way to go anyways, regardless of what’s going on.

Alright, it’s late, time to hit the hay!

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Short position opened on GPBUSD. Descending channel on 4H, SL above previous daily SR area. Risk is less than 1%.

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I kwon it may be a stupid question but how do you find the pairs to trade?Do you scroll every single charts or do you have something else to reduce the list?

Thanks

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There are no stupid questions.

I have a list of all 28 pairs. Starting with the top 7 majors, I slowly work my way down each one until I find something.
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You can disregard SPX500, Gold and Oil, those are just personal preferences.

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Thanks

I thoght maybe there were some shortcuts but you actually check one by one from the list.

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No sir, there are no shortcuts in this business. Not for me anyways.

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I think I still don`t have enough experience to agree or disagree.
:sweat_smile:

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I didn`t mean it in a lazy way, but like for day training some traders they use to match the strongest and weakest pairs first and then find some important zones on that select pairs.

I though maybe you had a system to cut the choice down.

Thanks

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Good stuff Matty! Note also that, as price moves through the down trend, in addition to reacting to previous lows, it also reacts to previous tops created during the preceding up trend. This allows you to trade retracements with confidence.

See the last region where price touched the bottom of your channel. It reacted to a previous top (look left). Since the top was a significant one the retracement was correspondingly significant. Your first TP could have been the swing low above the beginning of the retracement impulse. Move your SL to BE at that point and then ride it up further to the bottom of the bullish candles in the middle of the down trend sandwiched between all the bearish candles, which also corresponds to previous swing low. That’s the market telling you where it might go. :slight_smile:

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Handy list to keep to hand. Thank you

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As a matter of fact, I do have the currency index list at the top which I reference.
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@teppo1990 I would recommend following @Dennis3450’s Trading the Trend with Strong/Weak Analysis if you’re not already. This thread is updated regularly.

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I have been watching AUDNZD for awhile now waiting for price to drop back down into that weekly channel. If/when it does, I’ll be looking at a long term short. This might not happen any time soon though.

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Thanks will do.

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Those were some interesting stats Matty, and you looking for a long term short on AUD NZD is also a great idea. Thanks bud.

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My long term analysis for the DXY(USD).

I can see some more down side, at least to the trendline that’s been acting as a support area since 2012. Worst case scenario price drops to SR2, but that would be extreme, which is not out of the question right now with this pandemic! More likely if it breaks through that area then I would expect it to bounce off the weekly SR area (WSR4).

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Here is my Weekly chart:

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I also trade Weekly/Daily Chart and look for trades on H1 and H4.

On a $1000 account what would your daily Goal be ?

On a $200 Account what would your Daily Goal Be?

If we was only building our account 1 to 2 % a Day?

TabiusLee
My Proof Profit Strategy

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Yes, I’ve read your threads.

I’m not trading on a $1000 or $200 account.

I don’t set daily or even weekly goals, too much pressure. My goal is 6% per month. Compounded, this will double an account each year. If I attain that, great. If I go over, even better. If I don’t make it well then, there’s always next year.

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That’s Ok I know the answer . I use a compounding chart myself.

when we start out with Forex we are impatient to make money right NOW!

I grew my account 1% this week. As a former scalper that use to get 200,000 pips a day 1% growth is Awesome since I could never hold on too my money and would blow my accounts. Love these boring trading days :slight_smile:

TabiusLee
My Proof Profit Strategy

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Also love to sleep at night :wink:

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