Hello I’m Sriddy,
I have always kept my trading to myself but, since MeetPips.com has recently shut down so I have decided to post here.
Term: Short
Pair: GBP/JPY
Pattern: Shark
Entry: 127.29
Stop: 127.367
Target: 127.1
This was a flawed trade. I missed my entry, got in late and tried to compensate by moving my stop loss closer to protect my R:R ratio.
Sriddy
Ended up getting stopped out because of the above situation and traded up hitting my target.
Term: Short
Pair: CAD/CHF
Pattern: Cypher
Entry: 0.7243
Stop Loss: 0.72361
Target: 0.7253
This was a great trade until I got filled in. A 5 pip spread on this trade lead to a non adequate R:R. I have to remember to account for spread!
Term: Short
Pair: CAD/JPY
Pattern: Deep Crab
Entry: 76.7
Stop Loss: 76.6
Target: 76.9
This was a wonderful trade! Price hovered around breakeven for awhile then slowly moved toward target!
+21 Pips
Quick update on Pips this week…
-7 Pips
-7 Pips
I’m back!
I was not comfortable trading during the election results but, since then the markets have processed the results. Let’s get back to trading!
Term: Short
Pair: AUD/USD
Pattern: Bat/Shark
Entry: 0.7689
Exit:0.770
Target:0.766
Got in on the perfect time with the correct position size, the pattern just didn’t work out!
-13 Pips
Term: Short
Pair: AUD/JPY
Pattern: Shark
Entry: 81.178
Stop Loss: 81.329
Target: 80.89
I had a perfect entry with the correct position size, the pattern just didn’t work out.
-15 Pips
Term: Short
Pair: GBP/AUD
Pattern: Shark
Entry: 1.669
Stop Loss: 1.670
Target: 1.666
This trade should not have been taken based on the trend strength before the reversal.
-10 Pips
Term: Short
Pair: AUD/CAD
Pattern: Cypher
Entry: 1.022
Stop Loss: 1.0214
Target: 1.024
The trend before the reversal point was not weak enough in order for a reversal.
-10 Pips
This weekend I went through the trades I took from November 2nd to November 11th. I have come across a few things that I think need to be incorporated into this week’s trading:
Precision I think will play a huge role in predicting where I should enter. Drawing patterns from wick to wick will help me know exactly where my price reversal zones will be. Also, precision will help me get into the trade at a better price and hold the trade for more pips.
I think I have found a way to use a technique to my advantage in finding which patterns are more likely to complete and reverse in the price reversal zone. Hopefully, this will eliminate the weak patterns in which the C to D Leg strength is too much causing price to blow past the price reversal zone. This technique should only let me enter into the creme de la creme of patterns where the probability of a reversal in the price reversal zone is very high.
My last idea that I think will be helpful is dedication. Being a student means I can’t trade during the big NY and London Session so, the Sydney and Tokyo sessions are crucial. I know there isn’t much volume but, there are still patterns completing and I need to push myself to stay up and wait it out until those patterns complete.
I hope these three ideas will help me at least break even this week! I love what I do and one day I will be the best in the world!
Sriddy
Term: Short
Pair: AUD/JPY
Pattern: Shark
Entry: 81.139
Stop Loss: 81.28
Target: 80.814
I ended up exiting the trade manually because I totally forget to use my new technique in order to sort through all the patterns. Plus, when the technique was used it wasn’t giving me an enter trade signal.
-2 Pips
Term: Short
Pair: EUR/GBP
Pattern: Bat
Entry: 0.8615
Stop Loss: 0.8623
Target: 0.860
I can’t pinpoint what I’m doing wrong. Do I not know my patterns? Is this not what I was meant to do in life? Is this going to work out? Should I switch trading plans? I tried to trade only patterns where the D Point is final unlike shark or cyphers but, it’s not working out. I see all the people that got me into harmonics achieving their trade targets but, not me. Last 24 hours have been tough…
Update: I just realized that my stop loss was placed incorrectly and price went to target profit.
Date: 11/17/2016
Time: 2:45 AM
Term: Short
Pair: CAD/JPY
Pattern: Cypher
Entry: 81.39
Stop Loss: 81.573
Target: 81.2
I think I have found a way to put more winning trades under my belt. But, that by no means that this solution has no setbacks. This needs to be tweaked, tuned, and retuned.
“Don’t complain about your plate being full when you asked god for a buffet.”
+18 Pips
Here is what I feel needs to be worked on this week…
Dedication/Consistency
I feel like I can give more. Over the weekend, I came to the conclusion that I feel empty when I don’t trade. I feel like I am missing my true happiness and I feel useless. I will make this work and that is a promise.
Time Frame
Every since I have moved up to the higher time frame that I use now, there is a lot less D Point completions during the night. I might get one or two compared to when I used to get five or six. That worries me because I am used to lots of action and I feel like I won’t be able to fill my quota that I have set for myself. There are three options for this problem:
Mindset
I need to get back to my old rhythm of reading. I have missed out on many hours of reading and self-education that I feel will just help me clear my mind, learn, and keep me focused on my goals and trading.
I know my trading so far has been everything but great. But, I made a promise to myself when I was eight that I would be wealthy. I made a promise to myself at ten that I would change the world. I made myself a promise at thirteen I would ride Forex all the way to the top. And I made a promise to myself when I was sixteen that I would be the best in Harmonic Price Patterns in the world. I intend to keep those promises.
Sriddy
Been away for a while. I felt that my potential reversals zones where such a hit and miss and I just didn’t know where price would reverse. This bothered me all of last week. I felt like a failure, like a one hit wonder, and I felt that the only reason I made money was because the market pitied me. I questioned myself many time. Would this work? Is this my calling in life? Should I just give up? Restless nights and second guessing myself was the normal in the past week. I decided to do something about it. I found Scott Carney’s Harmonic Trading Books and have started to read them. That was step one in order to solve my problem. My second step was to relearn the patterns and I have now learned the AB=CD Pattern. Hopefully, by refreshing the patterns in my mind I will be able to eliminate simple mistakes. The last step in coming to a viable solution to my problem, hit me out of nowhere. I continue to implement this tactic but, it does require a lot chart watching and studying. Again, I can’t complain when all I asked for was to eat. I have also scratched the surface on Andrew’s Pitchfork, it is an interesting piece of technical analysis that I hope to use when D points of patterns are far off. This past week has been rough but, I know persistence wears down resistance. I know I will be the best in the world someday…
Sriddy
Term: Short
Pair: AUD/JPY
Pattern: Bat
Entry: 84.53
Stop Loss: 84.58
Target:84.32
That was just a great trade! Amazing risk to reward and flawless execution. But, my method for entering trades and picking the best reversal zones worked! Hopefully I didn’t just get lucky on this one!
+21 Pips
Term: Short
Pair: EUR/GBP
Pattern: Shark
Entry: 0.8308
Stop Loss: 0.83009
Target: 0.8323
This trade took a little longer than I like to hit my target but, then again it is Sunday night. I really wanted to manually exit this trade but, my gut told me to hang in there until my target and it was right! Again, the thing that makes me the happiest is that my new method of entering trades and finding the best potential reversal zones seems to be working! This week is starting off good!
Pattern: ABCD
Entry: 1.2745
Stop Loss: 1.275
Target: 1.3734
I took this ABCD Pattern twice. Once at a PRZ zone near the 1.414 and another at a PRZ zone near the 1.618. On the second time, I should have been a little more patient and waited until I got a red candle close. This was the first time trading an ABCD pattern but, I’m glad I took this trade. This trade showed me I have to work on my judgement when price reaches to the PRZ zone. Hopefully by improving on this, I can find patterns that are more likely to complete.
