Although I love a plan I have to admit as the GBPCAD has just come back into profit I took the opportunity to cut my risk by half as I was risking way too much on this trade. I now feel comfortable with which ever way it chooses to go.
[QUOTE=āMr B A Barracus;611379ā]Although I love a plan I have to admit as the GBPCAD has just come back into profit I took the opportunity to cut my risk by half as I was risking way too much on this trade. I now feel comfortable with which ever way it chooses to go.[/QUOTE]
Iāve conceded, Iāve been spooked enough to get out of this trade, I donāt like that proxy bar? Sticking out of the 4hr ascending triangle trend line so Iāve taken the smallest bit of profit and ran like that coward Benedict.
channel testingā¦ GBPCAD.
Drawing channel from daily, trend line was so obvious and the price moved just as Scott said it would. Price now touched the lower trend line.
Dial down to H4 and I see the current candle forming a pin. However it doesnāt touch nor penetrate my lower channel. Unlike the previous pin. Iām still curious if I should wait for a PA that forms closer to the lineā¦ Iāll be monitoring where this goes.
Trade Iām in is AUDJPY. Nice big pin bar formedā¦ on Friday which was the end of month.
The entry was a bit shady as there was a gapā¦ but it seems work nicely, for now.
Points I want to learn from this trade.
- I moved stoploss to BEā¦ if that was the right move. Will it stop out my winning trade? Should I leave it above the channel?
- Will it really make it to the heart line?
Panupat,
Good work buddy, you have a good trade in your hands.
As far as the Trade Management you are asking to validate your actions, your first MUST have a Trade Plan before entering any trade. This is very different than the Trading Plan. You should before entering the trade (as this is daily closes) which gives you a lot of time, draft all the alternative scenarios and anticipate what would be your most accurate action. After you draft your plan you Trade the Plan and nothin else.
Having said that my personal recomendation is to look for possible stalling points in lower times frames, where the pair may struggle in either direction, and I try to establish a ITM area. Where I would MOVE my SL to ITM (In the money) as soon as I get there. Also just in my case that Iām usually at the computer after a trade moved 30 - 50 pips in my direction I move to BE. If I get stopped out, I look another entry, but you DONāT want your positive trade turn into a SL (-40 pips after being 40 pips positive).
So wrapping up and sorry for my english, is not my native language, write your trading plan, make a trade plan for each trade, and just trade your plan. AND THEN you can begin a modification process until you really feel confortable with.
Also keep record of your trades, so that way you can really add up, what you are doing, and what are de consequences of your doing or not doing. In the end you MAIN goal is capital preservation and risk management. You can have a guy with a 70% win ratio and 30% ratio losing 50% of his equity. And have a guy with 50%/50% win ratio, showing off incredible winnnings.
So my 2 cents are go to your trading plan, plan your trades, and trade de plans. Go back compare results and improve your plan.
Hope this helps!
Good job thinking on your feet, I have done this many time before. Sometimes the price action sours on our position yet it hasnāt completely lost itās edge in which case it makes complete sense to reduce your account exposure on the position as it appropriate as the setup quality deteriorates.
So far a good start to the month, up 20% in my stock broker and 14% in my Forex broker. Long on the dollar and short on small caps.
Hey,
What do you think of cTrader? I was using it for a while, but candle loading times where terrible and I was using IC markets and the support was even worseā¦
@PipDom. Thanks for your advice. I do have a trading plan, however the plan was made according to horizontal S/R, moving to BE when price his this resistance/support.
Now depending on how well the channel hold (Scott claimed it has 80% chance to hit the heart line), I may adjust my plan for future trade to give my trades more chance to hit it. 
This is history chart within the same GBPCAD channel. On H4.
This one. Price eventually hit the heart line. Fist 2 trades would have stopped me out at BE. But if I leave my stoploss where it was, the trade will never be closed. Maybe I could even add to itā¦ risky, but rewarding.
@adamj. cTrader is the platform I started out with so it maybe hard for me to compare. I like it for itās simplicity and ease of use. You can drag&drop your multiple TP and SL right on the chart. I tried to trade in MT4 after using cTrader for a while and I couldnāt stand it.
About load time, internet in my country isnāt that good so both cTrader and MT4 are about the same for me.
1 thing tho - cTrader loads really slow when I switch between accounts. Itās fine when I launch the program for the first time.
Hey mate, what ever happened to that avatar of the cute puppy. Loved that.
On this trade it looks like you have drawn your KHL a bit low. Just my opinion.
Darth
What broker do you use to trade the stocks old chap?
Lord Darthy
Hey Darth, I use optionshouse.com. Most of their software tools are built around options and are much more advanced that most brokers offer. They also have very cheap options and stock fees. Their stock fee is around $2.50 per trade and they have 2 options pricing model depending on if you are trading a mass amount of options or just a handful.
[B]Market overview for 3/12/14[/B] - I wanted to give my general market commentary for the morning while I sit here and sip on some coffee. As mentioned earlier this week the currencies markets have been low volatile. For one, there is not a lot of economic news out this week, but this doesnāt mean we wonāt experience big movements in the near future. The markets have been reeling the past 2 weeks over a large number of dynamics that have come to surface.
[B]Russia, Ukraine and Crimea[/B] - The first started with Russia and Ukraine. While things seemed to āsmooth overā fairly quickly it has created an air of uncertainty in the markets. You have the usual saber rattling of countries but you also have threats from Russia cutting off gas to the rest of the world and the Ukraine trying to get nukes back. While this will most likely come to naught, it does create the type of volatility in the markets that generate either fresh new breakouts or market reversals. While we donāt try and predict how the market will react to next, we always need to stay away of how news affects volatility.
[B]China[/B] - The next noteworthy item, and perhaps more important than Russia is Chinaās sudden drop in exports. The China exports graph eerily looks like it did right before the 08ā crash. Before the crash China was seeing export increases of 10-20% MoM, and suddenly turned south in the ballpark of -15 to -20%. We are seeing something similar as this month saw a swing in china exports from solid double digits to -18%.
[B]Copper, Gold, Oil and the Dollar[/B] - The biggest news here is Copper. Copper began its plunge shortly after chinaās export numbers came out. Copper is an industrial metal and a falling prices could be hinting to a slow in demand, hence slow growth in the industrial sector. Also copper is often used as collateral for loans, once the price of copper falls and warehouses start rushing to sell the metal, it will cause copper prices to plunge further and bank will stop accepting it as collateral for loans. Overall a falling price in copper is not a good sign for growth. Gold on the other hand has had the spotlight since late January of this year. As markets began to top, we saw gold bottoming. Gold reached the all important number of $1350 last week where it predictable struggled and risked trend reversal. Last night we saw gold break through $1350 we aggression and it is fair to say that there will be another solid run up in gold. Generally when gold prices spike along with money pouring into gold ETFs it doesnāt bode well for stock markets. This is because markets are considered āthe riskier betā, when trader feel the risk is getting to high, they will put their money into safe haven markets I.E. Gold and currency. This could be a little hint that the ābig playersā are exiting the stock markets and putting their money into gold. Next on the list is oil, not much to say here except that rising oil props up the stock markets and falling oil weighs on the stock markets. Market are already showing signs of weakness with a potential for correction, with oil dropping as hard as it has been, it will only increase the chances of a market correction/market top. Oil has formed price action that would suggest much lower prices in the coming weeks.(One of my new years predictions was NYMEX oil at $80 a barrel, while extreme by any standard it isnāt beyond the realm of possibilities at this point). The dollar has been doing about as poorly as gold was but even the dollar may still have a heartbeat. While the technicals for the dollar arenāt terrible strong I have noticed bullish reversal patterns forming in some of the baskets, and have even been trading some of these reversals for profit. Just like gold, the dollar tends to see strength when participants exit the stock market. If we see a large correction in the market, the dollar may find strength simply from that.
[B]Conclusion[/B] - There are a large number of other things going on right now that I canāt cover but I wanted to point out that there are some big things brewing in all markets right now. While it seems that Forex may be somewhat in a lull, the atmosphere is right for major volatility. As things stand right now, established trends in many markets are being shaken up. This type of volatility can create great opportunities for making profit.
Itās important to remember that things such as the dollar and gold have far more dynamics affecting itās price than just stock market corrections, so never make a trade based on these single issues. An attentive trader can use these external market indicators as hints to where money is flowing and where markets may be moving in the future. As with any type of analysis, these external markets and indicators are there to make the price action story clearer, but trades should always be primarily based on price action and support/resistance levels.
Just closed my GBPUSD short for about 6% profit. There were 2 shorts taken, both from different patterns. I will try and post analysis tomorrow.
Nice work, look forward to your analysis. Iām currently looking to go long on the same pair around 1.6655.
Same, My target was hit today. Though not 6% 
You know I like to risk haha.
[QUOTE=āmancamy;608651ā]ā¦thanks guys - i had a rough january/feb so I am coming back slowly. Hereās how I am managing this trade: <img src=ā301 Moved Permanentlyā/>[/QUOTE]
My audnzd short off the daily finally hit profit after being in the trade for over a month and made me 5%ā¦
[QUOTE=āmancamy;608651ā]ā¦thanks guys - i had a rough january/feb so I am coming back slowly. Hereās how I am managing this trade: <img src=ā301 Moved Permanentlyā/>[/QUOTE]
Finally my Audnzd short hit profit target after being in the trade for over a month and made me 5%. Am currently flatā¦
Nice AUDUSD Trade.
On Rising Trend Line and at shoulder support.
Daily Pin Bar, used H4 Inside Bar to enter.
TP 1 and 2 have been hit, going to move SL to BE now.
AUDJPY. Price only miss my TP by 1 pip before bouncing up and stopped me out at +20 pips. Bummer I wasnāt watchingā¦
