Good Morning Journal!
So, let’s see. Another week in the books, and more stuff that I am learning about. And guess what? Your gonna hear about it!
Ok Mike. Talk to me. What’s going through your head?
Well, this week was a bumpy ride. Boy oh boy. Well, let me show you. Remember my excitement with the Comms, and how I got in real nice with them? Things kind of changed. This is what I was looking at on Tuesday, end of day. (the new day candle just hasn’t begun yet)
Yeah, OK. So I took a hit. Well, my first question to myself would be, what did I do wrong? Well nothing!
Like, you know, it happens. I mean, I was definitely ready for a trend to begin, but, it just didn’t. At this point anyway. The only thing I was contemplating this week about this was the stop loss aspect. As you see there, I don’t have one. Those white lines are where I entered. But look at the NZD/JPY one. Man did that hurt. shrug What can I do? There’s good and bad with my rules of a one-look-a-day. Cause you never know when you will get a surprise like this. Look. It’s ok. I understand that this is all about the cost of finding out if a trend will begin or not. This is my mission though. And I’m definitely learning because of it.
But, there’s more to the story. So. What did I do, at this moment? I remember. I kept thinking that the trend is over. Honestly, that middle one kept my mind memorized. Trend over. And that means I’m out. So, that’s what I did. I jumped. And here I was, not in any trade. I was kind of bummed cause it’s more exciting being in a trade when my end of day look happens. I was like, it just doesn’t matter now. So, Wednesday’s results are in. Not a whole lot of change. I’m more accepting now, that I’m just not in the market. It is ok. Let’s just see how it plays out.
Then I remember reading an article. This really stuck with me. You know how you will get an opinion from an analyst from such-and-such bank or hedge fund. Well this person really, and I mean really thinks that the GBP is gonna tank, and they will have a very hard fall because the brexit thing is just not over. That got me to be looking at the Pound closer. So, guess what I did? On demo, I just did a little bit of practicing. I wanted to see if I could get in on a down move with them. I’m still torn with the notion of keeping with the JPY only, to wanting to branch out to the other currencies. Well, why not do the practicing on demo? I forgot exactly when I placed these trades, but it was some days ago. I put on 3 entry orders, at the green lines. This is what happened.
Take a look at that. Isn’t that something? Yeah, that’s really nice. Sorry for not being all that excited, but, dog-gone-it, this is not live! You can plainly see where I sold those at. Man, I couldn’t have executed that any better. Those 3 were the only ones that I took, because the setup was just there. And this was all beforehand. See, this is the game for me. Getting in at the green line simply has to do with preparing before price gets moving. Look at the right one (GBP/CAD). Just look at exactly where the yellow line crosses over the green. Previously, price spent 3 days lower before it finally crossed over. And then the other 2. We haven’t even witnessed the crossover yet! And now price is so far below the green line it’s just impossible to get in at it now. Well, guess what. I got in there. Boy, that is what I call getting a good jump on the trend.
Yeah, this is all nice to see. But, I need to see it for what it really is. It’s practice. It tells me that this whole system is possible.
You know Journal, I do have some good news for ya. Let me tell you what I did come Thursday.
So, yeah, my mind has been on the Pound, like you’ve seen, but I still am committed to the Yen. So then, I thought, why not go in with the GBP/JPY? As you should know, they are not my favorite pair, only because I got burnt too many times. The pain still lingers. But, I’m thinking about this analysts’ sentiment. I’m seeing a good setup on the chart. And here we go. I’m getting in.
This is how it happened. It was at end of day Wednesday (I think) . I decided to place an entry order. And at the time price was a bit higher, than my entry spot. So, what happened was price kept rising up. My entry did not kick in yet. Then the next morning when I woke up, at the London open, I seen (because I get news updates on my phone all the time) that their GDP figures were not so good, below expectations. So, I had to take a look, and I mean it was a quick look, at my trade. I had to see if I got stopped out. I was pretty shocked. The way it looked was like I got stopped out, but in fact, my trade never did get started. I came to realize that price was on it’s way on up the whole night and leading up to the data time. Then price took a dive. So on the chart it looked like I got stopped out, cause I put a stop at the high from the previous day. Needless to say, I was relieved. Of course I was not going to alter anything, and I just let it run it’s course.
And what do you know…take a look at what happened on Friday.
So yeah. I’m happy. Oh, and by the way, the reason why you see there why my entry point is not exactly on the green line. That’s because I had to make a decision that night. See, what you see there is not my broker. My 8 & 21 EMA lines drawn, from my broker, do not match those that you see there (NetDania). I decided to use my broker’s green line price point, for my entry. I don’t know why they are different, but they sure are. Maybe because their end of day closing time is probably different. I don’t know. So I went with my broker’s green point. I’m sorry, but I still can’t get to looking at my broker now to show you (maintenance scheduled time still going on now).
Ok, so that’s all nice and good. I do have one more surprise for you. I am in with another trade. The AUD/JPY. I got in at the same time with the GBP. I mean, the setup was conducive, and I went with it. You can see my entry and my stop there. So, 2 trades I’m in at the present time.
Now Journal…here’s another lesson that I mind mapped. (I’ll have to show you sometime my ‘Reasons’ Mind Map on all of the things that I am learning, on the subject of ‘Why I cannot get in, stay in, and end a complete trend’ ). Do you remember that I just jumped out of this trade, there at the big green candle? I just got done telling you, above, that I was fixated with the NZD/JPY, and therefore I jumped. Well, with the NZD, yeah, look above, the yellow line did cross back over the green line. But not with AUD/JPY! As I now see. Well, I have that down now, that I need to be patient and wait for the crossover. Look. If I would’ve waited one day, I would have seen that doji candle. That means indecision. I could’ve been ok with that. And then the very next day would’ve settled me down. And I could’ve still been in the trade. So, this is another lesson for me. I’m collecting these reasons (like I said in a mind map) and hopefully will learn how to handle it better in the future.
Ok Journal. Gonna get some more coffee now. Send this out. And come back with some other thoughts I have. I want to talk big picture stuff.