I agree with mcawally
both of my charts aint so accurate as Yunny1s … if u look wheres those older daily candle bodies closed ( at 1.346x. = support) and if u look todays 15min action below 1.3460 (support became resistance) price stalled below it and bonced back south from there… im seeing ghosts or its random noise ? i never would think different charts can make such a difference …
Woha, I am also going to do trade using Naked,PA,Fibo…
MeiHua you are a nice trader.
Different chart with different Timeframe or sametime can make difference with the zoom level and color.
Not possible to change the timeframe. However you can use a different broker based in a different timezone to match up. Fxcompany is a russian one and they are one hour off uk based providers. I think it illustrates that you need to be able to do candlestick addition in your head, and possibly also illustrates why candles are not what they are cracked up to be
Well guys i am glad there’s actual replies in my thread. I really though no one read this thing.
Anyway after a successful week last week. I will be upping my risk back to my normal .5% i know it seems petty but really this is my demo account. I know right now my trading will never be as bad as it is ‘right now’ at this moment when i am a novice trader. So I will continue to scale up with this account as my success compounds. With a max probably around 5%, due to the small size of my account. Although I would be more comfortable around the 2-3% mark but that’s a long way down the road. Anyway on to the usual currency analysis.
EUR/USD
We already touched this demand zone twice. This will be the 3rd touch. which i never trade. SO i am bearish on this. level and think price will travel through the current demand we are in. There is only 1 saving grace that the 2nd touch moved farther away than the original touch by almost double. But this is still somewhere I would use probably price confirmation or just wait an see not a limit order.
GBP/USD
As you can see here why I don’t take levels that have another opposing level and the ‘pressure’ i talk about that builds up. So the demand level did do what it was supposed to and created a 300ish pip up swing. But look at the supply level and what happened when price ran into that. It stopped dead in its tracks. definitely going to be looking to go short until the bottom the current demand level.
EUR/GBP
again we have visited this zone before. The move previously was about 250 pips. But i have highlighted an area above that i doubt we will penetrate if we do in fact bounce up again. But we have had an amazing downs hot and if it keeps going entry into the level. I think you could probably take a ‘scalp’ long for a 50-100 pips in there somewhere on the long side. I don’t talk about fundamentals much. But all these currencies above have to do with EURO or high euro correlation and overall based on those fundamentals i am bearish.
USD/JPY
we just kept inside that trading range. USD/JPY has been he ugliest of the jpy pairs that i trade. So i have stayed away from it. if this bull candle entry makes it cleanly into my level i will look to go short. No problem.
EUR/JPY
Boring everything is ages away.
GBP/JPY
You can see where i took my successful trades here. I went long with TP right before the level. Although I have the capability to reverse direction quickly sometimes. I haven’t really refined my self and my mind to be able to hand that. Usually it comes after making a mistake that I can reverse. Not after a win. Something I am going to be working on but really you can make a lot more money if you can be that flexible mentally. Since my TP is right under a level its should kinda be implied that price should stop there.
USD/CHF
We are going to that supply we already touched before. But as with the JPY the CHF has been really hard to trade since it went under intervention. I really believe that in the long term view this should be shorted. But where to get in and not get shaken out by the SNB. Will be looking for PA + internal S/D for shorts here in all likely hood. But its got to be really prefect or i am just going to turn my attention to other pairs. No reason to force anything. I have so much variety there are much easier spots. But my fundamental view is very bearish.
EUR/CHF
If this drops a little more i might take a long at the bottom of that bull candle that happened before the range but again these intervention currencies are very annoying to play.
AUS/USD
Actually I didn’t clear a trade out before the weekend. IT was pretty far away and i thought nothing of it. So i am currently carrying a long into this weekend and onto Monday. Its a complete gamble at this point because of Monday gaps. I have made about 10 pips in carry interest over the weekend which is pretty tight. This level caused a 350 pip reaction last time and barely pierced the level at all. So that’s why i am taking it on the 2nd touch. But the carry interest has decreased my overall risk so i don’t mind. Also my stop is pretty large.
EUR/AUD
once it hit that congestion/supply zone. things just got really nasty, I was expecting a more significant down turn but price kept putting pins into the level until it finally broke. So i expect the uptrend to continue. using this area of conjestion as a floor.
USD/CAD
really zoomed out here because the next supply was created so long ago. Well over a year in aug 2010. But I still believe it has relivance am going to go short at that level. But long bias until then.
EUR/CAD
i made more successful trades in this currency. than u cad but I believe that the upper level of supply is something I will be looking for. That will give me more opportunity. Until then just wait and watch.
Well good luck everyone in the coming week. CHEERS AND GOOD PIPPIN’!
real crap start to the week. Down about .8% took 2 standard trade losses. Scalped some back but then since i was using public internet sitting on a bench outside a woman’s restroom, it kept disconnecting me. So that really boned me in the end. Anyway i am probably down somewhere around 50 pips who knows since i cant use my computer to do the calcs or show graphs. Tried out some new strats today but just the environment wasn’t conducive to me. prbably going to have to stick to the longer term stuff for now until i can move apartments or find some kind of solution.
I thought I would add a note. I over extended my risks trying to get back to even today. I did the 100% classic revenge trading. I lost a bit more but not much. I will try to put a full report on. But the stress from disconnecting all the time, and other external environment factors really gave me a bad mood to trade in. Considering i was already losing, so it hwas hard to keep my head and eventually i cracked. I stopped trading all together for today. going to recover tomorrow and try to stick to my strategy and get my head out of the 1-5 min time frames. Yes i had more winners than losers but my losers were much larger. Could i have negated that with more constant connection. Yes should i have been doing it in the first place. Probably not. So back to 15 min swing trades for me. Atleast I hope so anyway. The 5 min timeframe is really good actually. You can scalp yourself some serious pips.
I really disappointed myself yesterday. Down a lot but really mad I didnt follow my own rules today I will stick to my system. Wow really felt the emotions and lack of discipline that cost me was a harsh reality
OK so today was a good day. I did make a mistake on my first trade and lost 10pips since i was basically just sat down and started firing away. But after i closed it, talked with a babypipper and grounded myself again. I was ready to roll. I only have limited time now and either have to take very long term trades or short term ones. Since i am only able to get on the internet for periods of time and may have to move between spots. Which sucks. But we power through all for the love of the game.
AUD/USD
Price:.95289 SL:.95458 TP:.94989
Scale out: .94933 - 17.7% .94836 -49.2% .95032-33.1% (in purple dashed lines)
OK this is only traditional S/D on a higher time frame trade i as able to execute today. I really only had a few hours to trade and wasn’t going to force anything. I had been talking with a trader I highly respect and we had gone over some scaling out techniques that I have tried to employ. This trade overall was successful in that regard. I got 3:1 on my money while reducing my risk and locking in profit along the way. Even though my original goal was only 2:1 due to the congestion at the very bottom of the previous swing low. Very comforting and useful at the same time, that is something that doesn’t happen often in trading. I just did quick mental math as i went along to scale out. But you can see what i was trying to do.
[U]Average net pips: 44.6[/U]
Scalps:
I had a lot of these today. But I doing quite well giving a new set of tools a try. Combing some techniques to allow me to trade the short term trades i need to execute given my current environment.
Scalp 1:+3.93
Scalp 2:+6.57
scalp 3:+7.1
scalp 4: -14.6
Scalp 5: +5
Net+8
I scaled out a lot most of my scalps were up between 10-15 pips at some point. But i would scale out very early around 3-5 pips at first to lock down money. Its a lot of trades but my winrate is high. These numbers are actually out of order since i just went down the list. SO they are reversed. I should have closed the -14 trade earlier but i didnt. Its tiny wins and yes they add up i supposed but my winrate is very good. 4/5
+52.6 pips total
Yesterday i lose 1.71% of my account. Today I made back 1.47%. Although the numbers are scewed do to changing capital sizes at the start of the day. You can understand I have made back a majority of my losses. So trading is a roller coaster ride. Allow yourself to rebound and you will. Get frustrated and smash your own account then only YOU destroyed it. I really had a revelation last night and today. 1st I can trade many different styles, once you see the market dynamics at work you can truly trade any time frame. 2nd Its just ME and the Market. I am responsible for all my mistakes and must battle myself. I would say me vs market but really the battle is in my mind. The market just gives me opportunities to make money or to take it away. It is my selection of those opportunists that determines if i profit or not. I guess people read this. But really I am developing myself as well as my trading style. This thread is like a voyeuristic window into my trading soul. Because i don’t know who reads this. But I hope who ever is, can learn from my mistakes.
Curious, what’s your scalping technique?
Nothing special. Same S/D as always but with some tape reading and PA. I look at the quotes and tick chart, also seeing if volume will help though i am unsure about it. Its really not refined as much as my other strategy.
Here is a trade i took at a 4h on
GBP/USD
Price:1.53599 SL:1.53249 TP:1.54599
Ok so i closed out this trade early, but i was watching the action on the 5min chart and this was during news so i had a very aggressive strategy. I could have taken it back down to my BE stop. ALways fear, but in this case I am taking profits. They say ‘you cant go broke taking profit’
Average Net : + 36.23
News scalps i won 3 /lost 2. Which sucks but i as all over the place both long and short. I got too fancy with my trades. SHould have just stuck to the bias i had going into it.
Scalps Net: +18.118
news session total: 54.32 pips
[I][B]DAY NET TOTAL:106.95[/B][/I]
[I][B]DAY NET %:1.98[/B][/I]
really i am getting crappier at keeping my journal cause i am taking lots more trades a day. This might be a bad thing, since i am mucking around in 5min 1min. Anyway i loathe the last trade because i was stopped out then shot up to profit. this rarely happens like that. maybe 1st time for me. Actually i closed the trade of a mental stop, but same difference. I took 11 trades today lost 3. Good win rate, but my losses cost a lot. I netted around 25 pips or so. But its about a break even day. LOL i made .09% capital so yeah. small win but for all intents and perposes BE. I took 3 good swing trades in asian session, but due to being away i couldnt manage them as i wanted. I started the day up with around 70 pips paper profit but as they fell back into the range i got taken out with smaller profits as i moved my SL up. Anyway
TODAY IS BREAKEVEN
OK so i had some orders to go long cable but I thought they were a significant distance away. I also took 1 news trade that was a loser. So overall 3 losses. But I was in a significant profit from the trade below. This one was really nice. To be honest i don’t even remember setting it up. It must have occurred while i was sleeping.
USD/CAD
Price:1.06464 SL: 1.06763 TP:1.05263 Closed at TP
This was definitely my most elegant trade. I honestly didn’t know i was in profit at all. Which is weird but i kept trading the same. So yeah its a 4H level i took and picked a perfect top. One of my largest single pip trades ever.
Net:+120.1 pips
EUR/AUS
Price:1.38046 SL:1.37533 TP:1.40053 Stopped at new SL : 1.37714
Scale out 50%:1.38197
Here took this level on the left. It was a 4H level. Price kinda struggled to get to my entry but we were in an uptrend so i thought it was good. Got into profit almost instantly. Waking up to pips in the green is amazing. So as the day went on i checked at lunch time. PA was horrid and i scaled some out. I reduced my risk from the original stop to the higher up candle wick once we reached 25pip profit mark.
Average Net - 9.05
Lost a lot of pips due to news. I had orders sitting very far away in my opinion when cables news was released it just instantly stopped me out. I also took a news trade which was also stopped out.
Capital net: -2.75% OUCHIE
OK folks, i have lost [B]10.27%[/B] of my account. I quit trading today after losing some more and just dropped it. I have decided I am going back to the drawing board and going to read some books and create a some more systematic method to trading. I hope it works out well. So from now on guys and gals. I am banning myself from live trading and going back to demo. I am sorry for all you out there who have followed me with intrest. I know I have started out these last several weeks, almost about 2 months now. I know i am still at the very first step of my journey. I hope that I can take the demo seriously and work on really really improving my trading. My goal is by next year to be a break even trader. I know its not saying much but really would help me out a lot so i can survive this game long enough to build up a skill set. I really love the baby pips community and hope that i can continue to contribute and participate, but i am seriously in some kind of hole right now. So cheers and good pippin everyone. I am taking my arse back to forex temple.
you must have done something emotional after the news spike yesterday. It happens.
Maybe the babypips community isn’t helping your trading. Stay out of the chatroom and the stupid comments that are there - ie: people saying they were shorting cable/fiber after the news drop yesterday. Listening to other people trading will only serve to break your gameplan. You know that your gameplan is solid, so just stick to it, and listen to nothing else. Boring, but the only way to do it. The only time I am on there now is when I am not trading to chat rubbish (ie: don’t listen to me) or to discuss wild theories on how the price moves.
I use to do chat room thingy with those who wanted to learn how to trade. It was a disaster. Everyone was so sure of their own input that it started screwing up my trading.
Stop taking advice and follow what the chart is telling you.