If your trades are according to my strategy, then we could share the journal but you need to explain your chart so that others reading it can know what you did and why you did it. You get what I mean, otherwise posting a chart without description would be meaningless and clogging up the journal space.
it s also in my post, dunno why u can t see it… i d never post just to tell u how much i made or lost if it s not related to ur method or market aproach cheers
I also saw this. Didn’t take it because I thought the RR was very low. Also, the bearish candle for the two bar reversal was much extended, see how the upper wick went to the resistance level and it closed about halfway towards the support. Just my thoughts though. Maybe this could turn out to be a great trade for you. Please, update on the outcome when you close the trade.
it s a great trade, and i expect lower prices to come for EU. u have a lot of volume(highest volume in quite few days indicating bearish momentum) rejecting higher prices into 4hr fib, fake break of previous resistance closing back into range and bearish divergence. i took the trade off of 5m chart on a huge upthrust( like a bearish pinbar). with the 4hr and 1hr in mind.
thse are high probability trades in my opinion and also based on how i trade and journal etc, and just wanted to show that even without nothing on the chart, with basic knowledge of support and resist, fake breaks that close back into range(double top and bottoms) u can have quite a nice time trading. like i said, engulfment also talks about imbalance between buyers and sellers, shift in momentum etc. and i was curious to see if u spot the setup.
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sure np, u can check here Trading discussion if u wanna see where my sl was and where i entered the trade.don t want to cluster ur journal with all those charts. cheers
just gonna paste this1 chart, cos if u recall i just talked with u the other day about this particular setup if u read above, when i said about volume rejection, fake breaks and ending with engulfments.
hope it s ok.
Just subscribed to that thread
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btw, didn t posted that thread hoping u ll sucscribe etc, i don t need followers lol…i try and help as much as i can who wants to be helped, as i had no1 helping me and had to go thro all the hurdles alone. so i know the hustle. but sure, feel free to check the charts in there, whenever i post i tend to also explain why i took the trade, bias and whatknot. cheers
Solid move on your part. I see more USD bullishness today you can definitely still reap more rewards IMO.
Making money is not the important thing. Being consistently profitable is the most important thing and that involves having an edge. When you make money now and lose out in the game, what use is it entering the fight? You are still not using risk management.
When one discovers he or she has developed bad habits in trading such as revenge trading or chasing trades due to FOMO, it is time to start making changes. But change is not always easy. In fact, some people internalize the bad habit as a problem that it impedes the ability to make changes. But it is not a problem but a challenge.
To make change simple, this is what one can do.
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Pattern recognition. Recognize that a bad behavioral pattern has been formed. This will help you know when it manifests itself again. Write it down in your journal when you recognize that this bad behavior pattern has appeared in your trading.
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Pattern interruption. Tell yourself about the consequences of repeating that pattern when they appear. Make it your enemy. Decide that you will not be defeated by not repeating the pattern.
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Pattern substitution. Start doing something else. If it is the urge to revenge trade, take deep breathes. Do something to take your mind off that behavioral pattern. You could even decide to watch some funny videos that would help you relax.
If you repeat this three step process anytime a bad behavioral habit in trading is developing, you will have success in arresting that habit.
Great thread, keep it up @Emekadavid. I am also enjoying the contributions made by others, it certainly keeps things interesting.
Loss. AUDUSD. H4. Short
Reason for trade: The market is in a range and about to start a new trend or so it seems. I see a bearish engulfing at resistance although the pullback is not very strong. This indicates that price is likely to go down. The bearish engulfing pattern satisfies the criteria for engulfing patterns. The market control is not counter to what I want to trade but in its direction. I think this is not too significant because this is not a rejection pattern but a momentum pattern, so market control is good. The size of the pattern is good. But one thing is that the trade is counter trend to the daily, so I don’t expect much price movement. Will have to be watching it. I have placed a pending order.
Trade management: Sell stop triggered. I should have closed the position when I saw a bullish harami, but because I was so confident in the engulfing bar that it would turn out profitable, I left it. Then, this morning my stop was hunted by a tiny candle. Really disappointed. Took about thirty minutes when I saw it on the mobile app before I took the courage to come and record this. I always tell myself to cut losses short but never knew why I failed in this instance. Have to be reminding myself that regularly. Think first of losses before profits. I was thinking of profits that is why I got a bigger loss.
Trade Result Remarks: Loss. 60 pips Loss.
After today’s loss, I reflected on the fact that forex trading is hard work. Forget about Instagram and Twitter accounts that flash luxurious cars, houses and jewelry. You need to put in the hard work, screen time and persevere despite the stress to succeed in forex trading. There is no true hype. This is a business and all businesses involve putting in the hard work that gives experience.
Many traders don’t want to do this so they opt for trading signals. It only makes me laugh. How can they verify those signals? How do they know the risk management involved in those signals? How would they understand what is behind the signal? This is why that alternative fails.
So, to make any money in forex, you have to be ready to put in the hard work. Period.
If your greedy urges are not restrained after taking losses in trading, I really don’t know what was learned. I always do risk management and position sizing but all the time there is a lurking urge to take higher positions so as to make more profits. You have to control that urge. You have to restrain that greed. It takes time to succeed. So, you have to be patient. Nothing good comes easy.
That’s it. Moving forward from this loss. Thinking about the process and not the outcome.
i do agree with u about the hard work, stay disciplined, follow ur plan etc… looking at ur setup, i wouldn t have considered that as resistance to be honest. and looking at ur other charts, i think this is where u need to work on, ur support and resistance. u don t choose obvious levels, ur going for hidden 1s, that might or might not work. i for 1 would t have chosen that as resist, from the 4hr perspective or 1hr. that was a swing where market turned on 4hr, so i d call that support. it s just an observation. now u can say i m wrong and u know better and keep at it as u ve done till now, ur u might wanna take a look at that and try and pick obvious levels or turning points and see if ur results improve
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so i d say u sold at support, and as u also know, support and resistance are areas, not a line in the sand.
hopr u can see the chart.
cheers
Thanks. I thought so too. I thought I sold at support. I was thinking price had broken through the support and had gone upwards to make that level resistance but my thinking was faulted after looking at the chart. That was before you indicated it. The upward move in price by two candles was not enough to call that a swing high.
Initially I didn’t consider that setup. But it was when someone posted on tradingview that he was selling audusd that I thought of trying it out. Now I know what it means to stick to your rules and never be influenced by others because their rules are different from mine.
Thanks @1odi, I appreciate your bringing that up. Actually I was somewhat greedy too. Decided not to trade today so as to calm my emotions.
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Need to remind myself of that. Always.
never look at what others post in terms of social media, u have to follow ur gut and ur analisys. there s so much misinformation outhere it s crazy. this is just an observation of mine by looking at several charts of yours, and that popped up as a common nominator. hope it helps. oh, and also u might wanna draw support and resist over the pins(wicks) and treat that as an area. i find it so muc easier to have that predetermined area rather then lines all over the place.and go for the obvious, don t over complicate things like i used to do few years back. cheers
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