My Trading Log

[nev]

Hey matt I was referring to G/U on the last one, I’ve been putting a bit more focus on the technicals (pins) recently and its been paying off even better - funny every time I start looking a little more into other areas of strategy I end up forgetting or look past the basic bread and butter

That’s a great link, I find it useful going back to ground zero every now and then to make sure everythings still intact up there

[o990l6mh]

I swear I put a post here earlier!

I caught the link in my email notification, mwahaha

Thanks for the link, I’ve been there long ago and scavenged the place.

I have a huge bunch of ebooks and so little time… Right now I’m looking forward to Pring’s book in real paper. From me to me

[o990l6mh]

I haven’t been trading much lately as I’ve spent all my forex time learning and reading.

I’ve recently come to a few conclusions:

1. I’ve removed my subscriptions to almost all threads here. Following this multitude of threads is just a time thief and gives virtually nothing back.
   I’ve kept only the best threads.
   In the coming year I will “mind my own business” largely, not wasting precious time like I have been doing until now.

2. There’s never any [I]the right time[/I] so waiting for it would be in vain. I will start trading for real after the holidays, using a few setups and and a rule set I’m working on. Nothing fancy, just putting down in a document some rules that must be heeded regarding time frames, risk/money management, etc.

3. Babypips is in the process of launching a really cool tool, much better than Meetpips. I intend to run a demo and log all my trades there for all to see. Everyone will know exactly what my trading results look like, they’ll just not know my real account balance. (Only LITS trades won’t show up there - since I only have two arms I have to use them for the real LITS trade.)

4. I will continue on with the J16 project, it’s moving forward all the time. I’ll incorporate Pring’s book along with material from the private forum - I intend to join for a while when I’ve finished the public thread.
   My goal is to have the entire project finished by this time next year. Earlier would be nice, but I’m trying to be realistic as to the extent of hours and work required.

5. Everything I do will have a strong KISS focus. It has to be simple and fit in with the time I have for forex. Nothing less than 12H bars will be traded.

6. After every profitable month I’ll add more money to grow my account faster. That is my major carrot to stay profitable and not stray into bad behavior. After a net loss month no money can be added.
   My absolute main focus will be to only trade the very best setups. Less is more. If I had to identify my number one goal, that would be it.

[o990l6mh]

As they’ve said on the J16 thread lately, once you’ve grasped the essentials it makes a lot of sense to kick back and just trade using what you have without trying to elaborate on it or turn it into a gilded trading system until sometime further down the road. This does several things - it takes the pressure off always having to spend time learning and it also proves to yourself that the material in its basic format works. And that’s important because if you don’t truly believe and trust in the methodology you cant build upon it (that’s a generalisation, not necessarily aimed at you Magnus!).

Yes, you’re right. I should have done this a while ago, but the perfectionist in me is a hard guy to fight. He always whispers: if you’ll just read/test/do this little thing then it’s all going to be much better.
I’m going to keep him pleased by finishing the things I’ve decided to do, but he’ll have to accept that I’m done waiting for the right time to start.

NZDUSD won’t wait forever…

[nev]

BP is more of a beginners sort of forum after all, personally I’ve been looking for more tips in the new att thread on dealing with fundamentals and outlook in the current climate for a template based system but the replies have mostly been don’t-complicate-things and the they’re-already-in-the-old-threads, guess it’s time to do a bit more random article cramming (&trial and error)

[o990l6mh]

BP is more of a beginners sort of forum after all, personally I’ve been looking for more tips in the new att thread on dealing with fundamentals and outlook in the current climate for a template based system but the replies have mostly been don’t-complicate-things and the they’re-already-in-the-old-threads, guess it’s time to do a bit more random article cramming (&trial and error)

Yeah, there’s a cheery know-it-all attitude from the self proclaimed expertise in the new ATT thread. It’s a shame, the two threads run by Tess & co were great and friendly.

It’s true though, there’s nothing new in the new thread…

I look forward to the new thing BP will present in a while, that will take care of all the braggers and separate them from the actual achievers. I have a feeling there will be many surprises and gurus won’t seem so divine anymore.

[o990l6mh]

Do you know something or is this just wishful thinking?

I reckon what they need to do is rearrange the categories ala FF and also bring in their vouching system.

I know something, check your PM.

[o990l6mh]

I’m starting early, just went short on NZDUSD based on the monthly view.

Hopefully this will be a long ride downwards during next year.

I guess this is trade nr 1 then.

[o990l6mh]

Entry at 0.7053, stop at 0.7350, a whopping 4% risk (yes, 4% - I know, but it’s a major monthly pattern - ones like these are pretty rare and far between. Don’t yell at me ;))

[o990l6mh]

All right, it’s time to say merry Christmas!

Probably won’t be able to keep away entirely from forex though.

[o990l6mh]

As Mike said of his gold trade - it’s just another trade. Just because it’s a weekly or monthly pattern doesn’t mean you should put more faith in the trade or risk more than you would normally.

Not that 4% is excessively high. However as it is presumably above average for what you would normally use I would suggest making use of that by scaling out if the trade goes against you and scaling back in again if you get the chance. If this appeals to you then I would look for S+R levels to tuck your stops behind.

Yes, if PA should suggest that we’re headed higher then I’ll scale out and then back in if appropriate. I’ve decided that 4% is the absolute maximum risk for any one trade and I’d be hard pressed to find a better setup than this one.

I feel that the fundies are on my/our side as well: 301 Moved Permanently

My risk will be between 1-4% depending on setup quality and total risk of open positions. Maybe it’s all the gingerbread, but I deemed this setup deserved a 4% position.

We shall see.

[o990l6mh]

I’m more of a retrace person than wait for the break, but this one i didn’t want to risk missing. (is that called chasing a trade? hmm… :D)

Merry to you too!

[qwertystfu]

Whoa, finally found this forum.
Hope can learn much from here.

[mayo367]

The bulls have been mounting a challenge to the bears authority today without let up on nzd/usd, the sellers argument has not been credible, good luck o990l6mh, I wish you well. let’s see if sellers in large numbers do come into the picture at resistance, and if they don’t well i suppose it will come down to that age old expression: you can’t win them all, but I can’t imagine that will be of great consolation either.

[o990l6mh]

The bulls have been mounting a challenge to the bears authority today without let up on nzd/usd, the sellers argument has not been credible, good luck o990l6mh, I wish you well. let’s see if sellers in large numbers do come into the picture at resistance, and if they don’t well i suppose it will come down to that age old expression: you can’t win them all, but I can’t imagine that will be of great consolation either.

I wouldn’t read too much into short term price action, especially not today just before Christmas. This is a monthly/weekly setup and as such we must give it weeks to play out.

edit: nothing is ever certain and there’s of course always the risk that this formation will prove to be a trend continuation flag instead of the beginning of a major reversal.

In either case I’ll be perfectly happy to take a 4% loss as I’m trading my plan. I’ll be happier though taking a profit and that’s the higher probability in my opinion.

[R_Carter]

Entry at 0.7053, stop at 0.7350, a whopping 4% risk (yes, 4% - I know, but it’s a major monthly pattern - ones like these are pretty rare and far between. Don’t yell at me ;))

I like it… thats a ballsy trade. I think scaling in that 4% would be wise though. I would be more comfortable with an entry if and when PA broke 0.6712… but its certainly looking good so far. I’d keep an eye on the 100 day MA to see if it flattens out or better comes over. Next test of PA I would imagine will be the 200 day MA on your trading time frame.

The very best of luck and have a great Christmas… go easy on those Gingerbread men though.

[o990l6mh]

I like it… thats a ballsy trade. I think scaling in that 4% would be wise though. I would be more comfortable with an entry if and when PA broke 0.6712… but its certainly looking good so far. I’d keep an eye on the 100 day MA to see if it flattens out or better comes over. Next test of PA I would imagine will be the 200 day MA on your trading time frame.

The very best of luck and have a great Christmas… go easy on those Gingerbread men though.

Uh oh, stomach pain…
Worth it though!

If the trade goes against me I’ll reduce the position, I’m not planning to take a full 4% loss.

I see you’re a fellow FX-Man now. Congrats, well earned!

[wrtm_19]

I haven’t been trading much lately as I’ve spent all my forex time learning and reading.

I’ve recently come to a few conclusions:

1. I’ve removed my subscriptions to almost all threads here. Following this multitude of threads is just a time thief and gives virtually nothing back.
   I’ve kept only the best threads.
   In the coming year I will “mind my own business” largely, not wasting precious time like I have been doing until now.

2. There’s never any [I]the right time[/I] so waiting for it would be in vain. I will start trading for real after the holidays, using a few setups and and a rule set I’m working on. Nothing fancy, just putting down in a document some rules that must be heeded regarding time frames, risk/money management, etc.

3. Babypips is in the process of launching a really cool tool, much better than Meetpips. I intend to run a demo and log all my trades there for all to see. Everyone will know exactly what my trading results look like, they’ll just not know my real account balance. (Only LITS trades won’t show up there - since I only have two arms I have to use them for the real LITS trade.)

4. I will continue on with the J16 project, it’s moving forward all the time. I’ll incorporate Pring’s book along with material from the private forum - I intend to join for a while when I’ve finished the public thread.
   My goal is to have the entire project finished by this time next year. Earlier would be nice, but I’m trying to be realistic as to the extent of hours and work required.

5. Everything I do will have a strong KISS focus. It has to be simple and fit in with the time I have for forex. Nothing less than 12H bars will be traded.

6. After every profitable month I’ll add more money to grow my account faster. That is my major carrot to stay profitable and not stray into bad behavior. After a net loss month no money can be added.
   My absolute main focus will be to only trade the very best setups. Less is more. If I had to identify my number one goal, that would be it.

Excellent post. I couldn’t agree more, specially point number 6, the “less is more” part.

I’ve found my “comfort area” with sort of the same principles as you, with great results, and the part that I like the most, and that I took in my own words, is today is the day, no more waiting.

[o990l6mh]

Just received Martin Pring on Price Patterns.

[o990l6mh]

How are you managing your NZD/USD? At what points are you planning to scale out if price continues to rise?

If price goes above 0.7235 I’ll reduce my position by half with the intent of adding it again if a PA setup forms to support it.