Stopped out. 0/1 today
That was a very good trade
Which trade are you referring roo?
Look at USDCAD run up. watching to see if 1.24 hold as Res
Closing this position early, I know it seems to really start moving but I’m ready to close for the week and protect some more profit.
AUDNZD
Just some thoughts I posted in another thread and wanted to share a little here.
Is the strategy you’re using fit you?
If you’re dealing with a strategy that doesn’t seem to fit you anymore start with some basic questions and some logic.
- How much time do you want to spend at the screen?
- What does your schedule allow?
- If you don’t have a lot of time to spend at the screen maybe think about trading off the Daily or 4HR. Maybe you have time and can sit and use a 1HR, 30min, etc…
- Do you like having indicators or are you intrigued by a naked chart with just price action(which is a “strategy” that doesn’t need to be changed as the market changes). Neither one is wrong just depends on how your brain is wired. I’ve tried both.
- Your account size doesn’t matter if you switch to a Daily, Weekly, or even 4HR just adjust your lot size for your stop loss to be comfortable. Cause bigger time frames may require a bigger stop.
- How much pain can you take, can you keep trades open for days, hours, or only minutes?
Just some simple questions to answer, but also be careful jumping strategies. You can burn yourself out trying to fight just that mental fight of which one fits. Fear and doubt keeps us from being successful in this game, just how our mind is wired. So if you like to start a new strategy just backtest it before going live, at minimum 6 months of backtesting(which is a small sample size but gives you an idea and some confidence in it).
And if you can’t back test, TradingView is only like $20.00 a month and will give you the ability to do chart rewind and test it truly without seeing whats coming up, cause being able to see what happens before where we would place a trade influences your backtesting data and keeps it from being totally subjective.
Also I believe demoing is a waste of time, there is no emotion(biggest single reason traders fail) or feelings in it. And working out the kinks in your system can be done through backtesting it up to present day.
There are plenty of successful strategies out there just got to find what fits you and sometimes that is quite the challenge. Then just hone it and prep your mind for the mental battle.
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The trade I was referring to was the UsdCad buy trade. The entry shown here after the pullback was very accurate and must have made great pips.
I like your opinion on naked charts. I also agree with you that sacrificing a small amount of cash is better then demo trading. The reason is that when you loose money on mistakes, it hurts and therefore the lesson strongly sticks in the brain without the need for revision. Blowing real accounts while learning to me was similar to paying school fees.
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i was short brother, got stopped out. only trade i made yesterday. CAD news come out at 8:30 so im waiting to see how it reacts…GJ still hovering around that 157 area
I have closed out all my positions this morning. I’ll get all the charts and journal posted this evening. Was a good week, even after closing GBPJPY in negative.
nice work. GBP is weak today
well i got in short right before USDCAD shot up again. stopped out. fml. pain in the azz
Gold would have been a great Short today:
You talking about at the area of that accumulation? Before the big green candle?
I got in at this white arrow. usually i short at Res. i was expecting it to continue lower
it was weak, wicks were big, gave it a shot but i hate when i get in and then it chooses a direction lol
you’re right, Inverted H&S. 1.24 Res, current support near 1.232. We’ll see what happens early next week. good pic Fam
Price had been bearish for some time, I was expecting bullish momentum. A good one to end the week 
yeah i was actually waiting earlier in the week for a reversal. decided to go with the trend today, thought it would continue making lower lows. was wrong, lol. i kept loss small but it still sucks to be wrong… what are you guys watching next week? NZD/USD had a sick uptrend going on
