I have reviewd my trading as a whole thorughout the past week. First of all, I am very proud of myself for hoe far I have gotten in my trading. From swing trading to scalping, I paid my entrance ticket. Now, it’s time to show the world that I can be the best! Second, I have learned that as long as I trade my trading hours. my trading style will always result in me having a positive day! I am very happy about this. The only thing that seems to get in my way is my focus, I need to work on that!
Lessons:
FOCUS! I need to focus, focus, focus! I am missing a lot of trades because I am not focused. I have a solution for this and I will implement it. Also, I need to stay consistent. I need to be trading all the hours that I set aside for myself. Those hours will help me always end the day positive! I KNOW I CAN DO THIS! LET’S GET IT!
Pattern: Butterfly
Entry: 82.381
Exit: 82.451
I measure this pattern correctly. Waited for the entry and the RSI conformation, it just didn’t work out.
Pattern: Butterfly
Entry: 111.477
Exit: 111.532
Measured this pattern correctly. Followed my entry rules. I lost this trade but, doesn’t matter because in the long run I KNOW I WIN.
Stay focused!
Pattern: Gartley
Entry:1.1186
Exit: 1.1193
I drew this pattern correctly. Followed all my rules and didn’t give up after my loses! Never quit! I CAN DO THIS!
+2.58%
Pattern: Butterfly
Entry: 124.499
Exit: 124.52
UGH! This trade makes me so mad! I entered around 4:40 PM knowing that the 5 PM close could whipsaw this trade but, I wanted to take the risk anyways. I measure this pattern perfectly and took the trade, got a great price and one of the best risk to rewards I have ever had! It reached halfway to my target profit but, whipsawed to my stop loss as time got closer to the 5 PM close. I followed my stop loss procedures and was out for a minimum loss.
Even though this was a perfect trade that should’ve worked out, the timing just wasn’t on my side. But, the way I traded this pattern was superb!
Pair: AUD/USD
Pattern: Butterfly
Entry: 0.7548
Exit: 0.75521
I measure this pattern correctly and waited until I got a conformation to enter the trade. The trade immediately blew past my stop loss and contuine to fly upward.
There is nothing wrong with losing that’s why I take a 1;2 risk to reward ratio.
–1.1%
UPDATE: I have been reviewing my trades for this week and as I redrew this pattern very precisely, I noticed the D was not near the 1.13% but, near the 1.272% of the XA leg. I would’ve never taken this trade if it was drawn correctly because RSI never gave me a entry.
Pair: USD/JPY
Pattern: Gartley
Entry: 110.058
Exit: 110.089
I have checked the drawing of this pattern and my pattern was correct. I also waited for a close and a conformation from my indicators. I did everything right in taking this trade.
I just have to trust the process on this and believe in the back test I have done that I will turn out profitable.
---- 0.48%
Pair:EUR/GBP
Pattern: Butterfly
Entry: 0.87888
Exit: 0.87995
This pattern tested my patience and the rules that I set out for myself. But, I stuck to my rules and ended up with a winning trade. Great Job!
There was another trade that triggered after I took this trade. That trade went directly to profit target quickly. I have compared signals on both trades and am exploring new ideas that should hopefully help me get to the next level!
+1.45%
UPDATE: As I review my trades and look into getting better and better by putting the odds in my favor, I looked into this trade. If I had drawn the the pattern from the XA all the way on the left then I would’ve been able to capitalize on a winning trade. Although, eventually I would have still lost this trade which was drawn incorrectly. The BC leg should’ve shown to me that the retracement should be up to a 1.00% retracement of the XA Leg.
Pair: EUR/USD
Pattern: Gartley
Entry: 1.11913
Exit: 1.11954
I wasn’t even supposed to take this trade. This was a pattern I outlined according to a different trading plan in order to become a better and more accurate trader. Anyways, I also though this trade would fail but, it didn’t. Following my rules I carefully moved the my stop loss to breakeven and waited until price hit target profit!
I have been noticing that since I take patterns on the five minute time frame my target profits are very small. When I set my risk to reward up, it says that I will achieve a 1:2 risk to reward but, that never happens. I barely had a 1:1.5 risk to reward on this trade. What’s the point of pattern trading if I am not at least doubling the money that I risk? Should I move up to the fifteen minute time frame and take less trades but, have a better risk to reward??
+1.49 %
Pair: EUR/JPY
Pattern: Gartley
Entry: 124.442
Exit: 124.483
I followed my rules on this trade and waited for the entry confirmation. Price turned around for a bit but, then immediately fly up to my stop loss.
– 0.75%
Pair: AUD/USD
Pattern: Gartley
Entry: 0.75519
Exit: 0.75459
Was late on the entry so that’s why this pattern cost me a little bit more than it usually did when it failed. Waited for my rules of entry and entered.
– 1.36%
UPDATE: This pattern was incorrectly drawn. The true D was at the 88.6% level of XA. Even though, this trade failed it would have bounced enough to cut my stop loss in half. I would’ve taken a much smaller loss if I had double checked my analysis.
Lesson: Always double check your analysis.
