The Forex Portfolio - How to Gain Consistent Profits by Staying in the Market 24/7

Trading Systems
992

This is my analysis for today

As you can see there are LOT of less trades open.

[ul]
[li]EURUSD Bias long. Will require a break above 1.3140 to place a buy[/li][li]GBPAUD Bias undefined. Stopped out for a -248 pip lossI see it inside of a range and will require some sort of signal to decide my way.[/li][li]EURAUD Bias changed to buy. It was stopped out for a -115 pip loss. I’m waiting for a retracement to place an entry.[/li][li]USDCAD Bias long. Today it surged a lot placing it at +37 pips just after being a loser.Want to see a break above 1.0260 to be sure that it is really a long. I’m monitoring it because it is on a strong resistance.[/li][li]GBPUSD Bias long. Require a break above 1.5438 to place a trade[/li][li]AUDNZD Bias short. It made a higher low, so I’m better locking some profits with my stop at previous resistance. That locked 119 pips.[/li][li]EURNZD Bias undefined. It is showing signals for a trend reversal, but I need to see more closing bars to decide if it continue short or become long.[/li][li]AUDCHF Bias undefined. It was stopped out for a -192 pip loss. It could become a short if it fails to make a higher high.[/li][li]GBPCAD Change to Bias long. It will require to close above 1.5694 to get an opportunity.[/li][li]GBPCHF Bias changed to long. I would require a close above 1.4316 to get a trade there[/li][li]GBPJPY Bias long. Currently in a correction. I’m looking a nice looking pinbar just at a support. I want to see it again in 12 hours (at market close) to decide if it is a pinbar or not.[/li][li]NZDUSD Bias long. It is making a higher low, if today’s bar close above 0.8456 I will place a buy[/li][li]NZDJPY same as GBPJPY. I closed (with stop) a trade today for a +192 pips[/li][li]NZDCHF same as NZDUSD. Require a green close above 0.7870[/li][li]AUDSD Undefined[/li][li]AUDJPY Same as NZDJPY[/li][li]CADCHF Bias short, but it is showing strong support, so I’m locking some profits[/li][li]CHFJPY (stopped for +81 pips),CADJPY (stopped for +331 pips),USDJPY (stopped for +406 pips) Same as other yen pairs. a nice pinbar over support.[/li][/ul]

I think that the yen pairs are very good looking, but I want to wait for a close. If a close above the high of the pinbar is achieved, I’m going to place a trade there to buy.

993

MG,

Thanks for an inside to your methodology. I’ve always been skeptical about methods posted in this forums because I just felt its just too complicated and requires too much time for a few pips. As I am not a professional trader nor an active trader due to my inexperience in trading (I’ve only been trading for a year or so, but never had any good results due to complicated methods which is a reflection of past results), I’m convinced that this mindset you’ve taught us will be more useful in the future for me as a trader. I’ve been using this mindset to trade for the past 2-3 days and I’m already on unrealised 400 pips profit. In most cases, I would’ve closed it after hitting my 20-30 pips TP.

Thanks again, MG.

Max

994

Why don’t you hold on for longer than that, for example a TP of 50 - 100 at the very least. It doesn’t make sense to risk 200 or so pips on each pair for 20 pips or so profit. Imagine what would happen if you went for the yen last week …

995

This is my analysis and trades for today.

Various of my yen trades (well, all of them) are in. Some are on green other on red, but they are still begining.

[ul]
[li]EURUSD bias long, long trade cecause it broke the resistance. will see what happens.[/li][li]USDJPY bias long i placed a buy on all yen pairs because I saw price action that told me it is time for a continuation of the previous trend and also my long term bias is bull[/li][li]NZDJPY bias long, same as USDJPY[/li][li]EURJPY bias long, same as other yen pairs[/li][li]AUDJPY bias long, the same as other yen pairs, also my next resistance is far away :)[/li][li]CHFJPY bias long, just broke and bounced on a small range/consolidation[/li][li]CADJPY bias long, bounced on previous resistance, now support, inside a up trending channel, very nice looking[/li][li]GBPJPY bias long, bounced on support, that is also the middle of my uptrend channel[/li][li]GBPAUD bias to define. If it break and close above 1.4891 i will buy it[/li][li]EURAUD bias long, but i want to see a pullback or a break above previous resistance[/li][li]EURGBP bias long, it is almost there on my entry point. If it closes above it, I will buy it.[/li][li]GBPUSD bias long. It is almost there, i need to see a close above 1.5438 to buy it[/li][li]AUDNZD bias short. My stop still there and holding. Price managed to close below previous day low, but i want to see a close below previous low. If I don’t see that tomorrow, I think I will going to narrow my stop.[/li][li]EURNZD bias mild long. It is currently on a resistance, but I see strong potential for a long. I’m going to place a buy if it closes above 1.5567[/li][li]AUDCAD bias undefined, maybe short if it closes below 1.0545[/li][li]AUDCHF bias mild short. I will sell it at 1.9554[/li][li]NZDCHF bias mild short. I will sell it at 0.7791[/li][li]CADCHF bias short, I will require a retracement to get nice entry price. My stop was hit today and got me out for +25 pips[/li][/ul]

996

I meant in my previous trading system, for every trade I aim 20-30 pips with a stoploss of 15 pips. I have never ever closed a trade with more than 80 pips. So MG’s approach to this allows me to have more space outside FX.

As for the last 2-3 days using this approach, I’ve opened 4 trades and I’ve been struck by luck to say that all my trades went my way.

997

Hi all

I have mustered enough courage to put my open and pending trades out there since adopting what I understand to be MG’s methodology.

A very liberating process when you are not sweating on stop losses and take profits, but a little daunting too. My fledgling start, but I will extend as I become more familiar with the methodology. Thank you to those brave souls who put up their results to start the ball rolling.

Open Trades:

Open Time Type Size Item Price S / L T / P Price CommissionTaxes Swap Profit
2013.04.16 12:37 sell 0.01 audchf 0.96063 0.00000 0.00000 0.95720 0.00 0.00 0.00 3.58
2013.04.15 11:08 buy 0.01 euraud 1.25639 0.00000 0.00000 1.26916 0.00 0.00 0.00 12.77
2013.04.15 11:09 buy 0.01 eurcad 1.33599 0.00000 0.00000 1.34646 0.00 0.00 0.00 9.87
2013.04.15 11:07 buy 0.01 eurnzd 1.54232 0.00000 0.00000 1.54979 0.00 0.00 0.00 6.11
2013.04.15 11:08 buy 0.01 gbpnzd 1.80802 1.78220 0.00000 1.79938 0.00 0.00 0.00 -7.07
2013.04.15 11:08 sell 0.01 nzdjpy 82.878 0.000 0.000 82.842 0.00 0.00 0.00 0.36
2013.04.15 11:08 sell 0.01 nzdusd 0.84780 0.00000 0.00000 0.84736 0.00 0.00 0.00 0.42
0.00 0.00 0.00 26.04
Floating P/L: 26.04

Working Orders:
Open Time Type Size Item Price S / L T / P Market Price
2013.04.16 13:01 buy stop 0.01 gbpusd 1.54200 0.00000 0.00000 1.52479
2013.04.17 10:58 buy stop 0.01 gbpaud 1.48780 0.00000 0.00000 1.47390

998

If you are using the word “luck” in forex then you are in the wrong mindset, you need to think of it as high probability trades, doesn’t mean it’s guaranteed, but gives you an “edge” (the term that is constantly floated around everywhere). You should congratulate yourself and try to repeat consistently …

1000

Hi, I picked up the courage and tried this method this morning. Now this is the progress of the trades. :56: It seems most trades are not going my way? Can someone advise if there’s anything that went wrong? Did I read the trends wrongly? In such situation what should I do? Please guide me along to make it work! Thank you!

1001

Thanks, mrchilled for the encouringing words. In that case, I’ll just have to consistently repeat my current results for my future trades. :slight_smile:

1002

[QUOTE=“truthzz;479482”]Hi, I picked up the courage and tried this method this morning. Now this is the progress of the trades. :56: It seems most trades are not going my way? Can someone advise if there’s anything that went wrong? Did I read the trends wrongly? In such situation what should I do? Please guide me along to make it work! Thank you!

[/QUOTE]

19 TRADES??? THIS MORNING???

I recommend you start by reading the thread, to get a better idea of what it’s all about. The methodology is based on taking trades on pairs that where a trend is clearly starting or re-starting. Just as a reference, I only opened 1 new trade, for a total of 11 currently opened trades.

As far as your trades, manage them accordingly. Cut losers short, let winners run. Identify support and resistance levels and use them to set some limits.

Don’t jump the gun… If you opened them today, they are definitely in their infancy. You need to let them work themselves out before they are closed.

Also, you don’t need to monitor the trades like day trades. I look at my portfolio once in the evening.

Best of luck

1003

Hi there! This are my open trades, thoughts and results of some of my pairs. As always, if I don’t say anything about a pair, is that I continue thinking the same way and nothing new has changed :slight_smile:

You will see that there are less yen pairs. Unfortunately, they made a big fast retracement that got me out. More details below.

[ul]
[li]EURUSD Bias long, but it failed to break above 1.3185 and stopped me out for -147 pip loss. It is currently in a range. I’m going to buy it again if it close above 1.3256[/li][li]USDJPY Bias long, showing some signals of trend weakening[/li][li]NZDJPY Bias long, but is showing signals of weak trend[/li][li]EURJPY Bias long, stopped out for -165.4 pip loss. Want to see a nice retracement to entry long or a close above 1.3140[/li][li]AUDJPY Bias long, stopped out for -106 pip loss. Want to see a green candle that close above 102[/li][li]CHFJPY Bias long, stopped out for -162 pip loss. Want to see a close above 108 with green bars. But I see what can be a big and long double top[/li][li]CADJPY bias long, stopped out for -135 pip loss. Want to see a close above 96.50 with green bars[/li][li]GBPJPY bias long, the support is holding, but I see some signals of weaker trend. Not moving my stops[/li][li]EURAUD Bias long, still waiting for a close above 1.2760[/li][li]EURGBP Bias long, but that ugly pinbar is making me move my stop 10 pip below.[/li][li]USDCAD bias long, it seems to be working[/li][li]USDCHF bias short. Huge move yesterday almost stop my trade, but the resistance held.[/li][li]AUDNZD bias short. It is working nice, I’m waiting for a swing high to move my stop and lock more profits :)[/li][li]EURNZD bias long, need to see a close above 1.5655 to place a buy[/li][li]GBPNZD bias short. The trade is working and not too well. I’m going to monitor it to see if it gives clues about an end of the downtrend.[/li][li]AUDCAD bias short if it closes below 1.0521[/li][li]GBPCHF bias long, with very nice looking pinbar over support. If it closes above 1.4268 I will buy it.[/li][/ul]

1004

I am not sure if this qualifies as “show me the money” but I thought I’d help those who have paid their taxes previously. I am an accountant by trade and have been in dispute with HMRC (UK tax authority) for over 7 months now interpreting dozens of case law which argues whether forex trading is taxable. What people say on this forum about HMRC having the tendency to tax those who make lots of gain and deny losses for others is fairly correct.

However, I think this can change now. I have letters in my hand showing HMRC admitting their position that the activity of forex trading, whether you make a gain/loss, is considered gambling and in particular informed gambling. Thus, gambling in the UK as most of you know is not taxable as many case law have shown. But this is not an open and shut case where you can just say its gambling. It is highly technical and interpretation of about 7 different cases to present that argument.

So if any members here have previously erred on the side of caution and paid taxes on their forex trading in an individual capacity (as opposed to through a company structure) and had another occupation whilst doing it, you MAY be able to claim your tax back. This is for both those who paid it as revenue or those who paid it under capital gains.

If you want more details, feel free to send me an email or post on here. Just FYI. I am not working as a tax accountant, do not work for an accounting firm and most importantly not charging you a fee or anything like that. What I can do is to be transparent and tell you whether you should seek professional advice given your set of circumstances so you don’t pay for your accountant to do research. This is just me wanting the HMRC to be fair and not have different tax treatments for the same circumstances just because they can tax people.

1005

This are my thougths for today. I was a little sick today, so I looked at the market about 3 hours later than normally I do.

The previous post has my thoughts about many pairs. This one only reinforces/complements that view. For me the best one at the moment is GBPCHF. It has nice candlestick signals, good support, nice uptrend and also correlation with other GBPxxx pairs that gives very nice up trend probability (at least for me).

[ul]
[li]GBPAUD is going to be long for me if it closes above 1.4891[/li][li]CADCHF is going to be short for me if it closes below 0.9[/li][li]EURUSD Bias long, I’m going to buy it if it close above 1.3256[/li][li]GBPUSD bias long. I’m going to buy if it closes above 1.5440[/li][li]GBPNZD bias short. It is still wondering what to do. So far the resistance is holding, but It is making a uptrend pattern. Will monitor it[/li][li]NZDCAD bias long. It is in a retracement on the longer up trend. I’m going to see if it holds as a retracement with a up pattern and then enter a trade.[/li][li]GBPCHF bias long, it is still with very nice looking pinbar over support. If it closes above 1.4268 I will buy it.[/li][li]NZDCHF bias long, but I see some signals to doubt. It made a higher high followed by a lower low. The HH was a “yikes/pinbar”. That is enough to set sidelines and wait if the LL is fake or is true. I want to see a Lower High followed by a break below the last Lower Low.[/li][/ul]

1006

Hi! Its me again :slight_smile: Yesterday I had problems with the electricity, so I did not did my daily analysis. But because I’m(we, I suppose) trading in daily view, 1 day is not a trouble.

This are my open trades :slight_smile:

And this is my analysis:

[ul]
[li]AUDUSD Bias short, but I see a pinbar and doji on same support level. I’m going to move my stop 10 pip above that pinbar.[/li][li]NZDJPY Bias long, some difficulty crossing the resistance, but no signals that make me move my stop[/li][li]GBPJPY Bias long. The PA is telling me that it made a channel breakout (on lower TF), then it bounced on the breakout line and failed to closed below it. I think it is still a valid buy[/li][li]CADJPY Bias long. In the same situation as GBPJPY. I think it is a buy.[/li][li]AUDJPY Bias long. Equal as others Yen. But it looks a little nicer because the previous day was a dragonfly candle. If today closes green, it could be a nice bullish continuation pattern over a previous resistance now support.[/li][li]NZDCAD Bias long, in a retracement. I think that today bar will trigger me to buy it i it closes above 0.8671[/li][li]AUDCAD Bias mild short. It closed below the neck of a double top, but last bar was a small pinbar. I want to see a green bar close above 1.0545 to forget about short and move my stop[/li][li]AUDCHF Bias changed to neutral until I see a bearish candle. My last sell was closed by the stop for -100 pips loss[/li][li]GBPCAD bias long. I’m waiting until a signal shows against my trade to move my stop, but with current level and PA I think it is a long.[/li][li]NZDUSD bias long. Nice support confirmed by a pinbar. I think it could be a good long if it closes above 1.4450[/li][li]EURCAD bias long, making a retracement. Nice entry point I think. Because I’m inside the trade I’m going to move my stop if this swing low becomes stable, but also because my current trade size is smaller than MG99 uses (only 0.25%) I’m going to add to winners to get the equity/lotsize value.[/li][li]NZDCHF bias long. nice long candles, nice support. If it closes above 1.7985 I’m going to buy it[/li][li]GBPNZD bias short. My stop was not hit (it was near! only 3 pips saved it) and I see the resistance holding. I think it may continue it’s selling in the near term.[/li][li]GBPAUD bias long. No comments for the moment[/li][li]CADCHF bias short. In a retracement. A close below 0.9131 Ican make me start a short on it.[/li][li]EURUSD bias long. Making a retracement. I like it at current price but i want to see a signal to buy it It is possible that I can bypass the signal and simply buy if it closes above 1.3061.[/li][li]USDJPY Bias long. maybe a double top, but the PA and my bias is telling me that it is going to continue up. Also “news” and BoJ actions is telling me that it is still a buy (and maybe a good buy for longer term)[/li][li]GBPCHF bias long. Nice green candle today! The next resistance is at about 1.4440. If it closes above that line it should continue for a while until 1.4534. I think this trade is a good one![/li][li]EURJPY Bias long. This one looks well for a buy if it closes above 131.4.[/li][li]CHFJPY bias long. Same shape as EURJPY (they are very correlated, so it is almost a mirror). If it closes above 107.84 i will buy[/li][li]EURAUD bias long. My current entry is at 1.2760. If it closes above that price, I will buy it.[/li][li]EURGBP bias long, but it is in a consolidation. I want to see a bounce on the trend line at about 0.8457 and a close of 2 green bars OR a nice candlestick pattern on that trend line to buy it.[/li][li]USDCAD bias long. Current candlestics are showing resistence on my middle channel line. If it breaks that trend line, I think it will jump fast and furious to next resistance at 1.0330[/li][li]USDCHF bias short. About to bounce on upper trend line. Previous trade failed and I got a loss of -22 pips. I moved my stop when I saw a “train tracks” pattern that also was an bullish outside bar and a tweezer bottom (all on a support). It was a good action, because my loss was pretty small[/li][li]GBPUSD Bias long. I’m still on my original entry point at 1.5438. I will not buy it unless that level is broken or i see a nice candlestick pattern on a support line.[/li][li]AUDNZD Bias short. I see strong support forming at 1.2190. Various long tail candles closing above that level. Today candle seems like a bullish pinbar, but as You know from reading this thread, it is better to wait until candle close before doing anything. If the candle closes as a pinbar, I think I’m going to move my stop.[/li][li]EURNZD Bias neutral, maybe long if it closes above 1.5655. This is because I saw a LH-LL-LH-LL-HH pattern (market structure or whatever it is called). If it makes a new HL, then it should make a new HH and that is my entry point[/li][/ul]

1007

Well, this is my analysis for today. Yesterday analysis was not posted correctly yesterday, so I hit again the post button and so the post has today date, but the figures and analysis is for yesterday.

This is for today :slight_smile:


[ul]
[li]AUDUSD Bias undefined (again). Last short failed. I ended with a stop loss with a loss of -28.6 pips. I moved my stop because I saw a pinbar on a support zone.[/li][li]NZDJPY bias long. It made a bullish continuation pattern and it is now on my upper trend line. I still don’t see anything that makes me change my mind.[/li][li]CADJPY bias long. It is in a consolidation period. the price is giving me clues that makes me think it will continue it’s up trend, so I’m not going to do anything on it.[/li][li]GBPJPY bias long. It is in a consolidation and I see more odds to continue long because the price action. Not moving anything.[/li][li]AUDJPY bias long. Same as other yen pairs, in a consolidation, but the PA looks right for a bullish continuation.[/li][li]NZDCAD bias long. the previous bar is a nice, big, long green candle after trying to penetrate a support. I see more reasons for the uptrend to continue than for to make a down break.[/li][li]AUDCAD bias short. it has some problems breaking the support but i see more signals for a short than for a long. I think i will change my bias to neutral if the price closes above 1.0545.[/li][li]AUDCHF bias short. Currently in a retracement (61.8 %). On 1 closed bar that signals reversal for downtrend I will short the pair.[/li][li]GBPCAD bias long. Current consolidation is a little more lengthy than what I see on previous ones. I expect it to break on any of the sides this week. Because my bias, I think it will be long.[/li][li]NZDUSD bias long. I placed a trade today because yesterday close was green, above the middle of my uptrend channel and previous bar was a nice pinbar/yikes over support and 61.8 % retracement.[/li][li]EURCAD bias long. It is in a retracement, and last candle is a nice bullish candle over a support.[/li][li]NZDCHF bias long. The price is currently on a resistance. I think my last entry on it is a little late, it could be done better at 0.7961, but the 0.8 level is a good round number to be broken.[/li][li]GBPNZD bias short. it is on a support, and i think this is becoming a little boring, because it is doing nothing. But past experience shown me that patience is good when trading, and it has not broken my stop, so I continue with it.[/li][li]GBPAUD bias mild long. I want to see a close above 1.4887 to feel confidence about my current trade or see a reversal candle to move my stop.[/li][li]CADCHF bias short. Current retracement on the 61.8 %. Very nice for me! also, it is on a resistance and inside a zone with various resistances. Yesterday candle was a good enough hesitation candle. I’m going to short it at 0.9177.[/li][li]EURUSD bias long. A close above 1.3057 will trigger my buy[/li][li]USDJPY bias long. Currently on a resistance and middle of my uptrend channel. Some mixed signals showing consolidation, but I see more reasons to continue long than to short.[/li][li]GBPCHF nothing to say! it is working pretty nice as a buy. Next resistance at 1.4534[/li][li]EURJPY, CHFJPY bias long. waiting for my entry point.[/li][li]EURAUD bias long. waiting for my entry point[/li][li]EURGBP change to short. A close below 0.8450 will trigger my sell[/li][li]USDCAD bias long, but I see lots of dojis and similar candles there. Cant find enough past reasons for that, just the middle of my uptrend channel. Checking past price action, I found that this pair in my current channel trades up making a pause at the middle, a 50-61.8 retracement and then continue to extend the previous high, so I think this is what it is doing. My current trade is a little one, so I think if it retraces to the 50-61.8 it could be a good opportunity to add the rest of the position at a good price.[/li][li]USDCHF bias short. Currently almost on my downtrend channel upper line. Also, yesterday was a good enough pinbar over that line and a resistance and a 50% retracement. I’m going to setup a short if the price closes below 0.9450 That would give a very nice entry for a great risk-reward[/li][li]AUDNZD bias short. It closed below previous swing low and it is the lowest low on my chart. Inside a downtrend channel and with so many pips from here to the bottom of my channel, I think I will let it run without moving my stop, that is locking profits :)[/li][li]EURNZD bias long. It seems to be doing a higher low after a higher high. If it succeed on this, I will buy it at 1.5655. It also seems to be doing a very nice and huge double bottom since mid 2012 to today.[/li][/ul]

I’m thinking on opening an account specifically for this methodology, that I can share on myfxbook and that can give me a better stats about my efficiency as a trader. If I open it, I will post it here.

PS: MG99, a lot of thanks for this methodology. I feel calm and confident when using this methodology. Removing all the indicators and only using support/resistance, trend lines, candlesticks and sometimes fibos is easier, faster, and it seems to have better results than all my previous trading!

1008

Hello everyone! This is my analysis. I think this is what in the school “make a journal”

The other day I closed my MT4. I set up my trades using a simple entry script that place the trades when the price closes above/below a line that I draw, but when I close the MT4 all the “script pendent trades” are lost, because the script is disabled on MT4 restart, so I lost all the pendent trades, but I was able to rebuild them using the log I post here, without need to reanalyze the market :slight_smile:

This is the current results

There are 500 more pips than yesterday, and 2 new trades were placed today :). As common, if i don’t place info about one pair, then previous analysis is what I still think and no new notes about it.

[ul]
[li]NZDJPY bias long. Previous bar was a small pinbar on my upper channel line. That level has been respected a lot so I’m monitoring the pair closely.[/li][li]GBPJPY bias long. I see it closed above my entry for a big bunch of pips (+122 in this picture), but the high of the candle is at the same level as previous high, that very well could be a double top, so I’m monitoring the pair.[/li][li]AUDJPY bias long. Is on strong resistance, unable to close above my entry point for almost a week, but also it has not close below the low of my entry day, so it is moving in a range. My stop is near the kingdom of Shrek (far, far away) so I don’t think there is a problem in the near time.[/li][li]NZDCAD bias long, but yesterday’s candle is a big red pinbar, so I’m moving my stop 10pips below that pinbar at 0.86544.[/li][li]AUDCAD bias short, the trade seems to be working[/li][li]AUDCHF bias short, yesterday candle is a nice red pinbar on a resistance level. Im adding a pendant order to sell on close below 0.9700[/li][li]GBPCAD bias long. Yesterday I wrote that its range time has lasted longer than expected but I was going to keep waiting. Well, that really paid. The previous candle (from yesterday’s close to today’s close) broke the range and broke all the resistances, penetrating 4 levels of resistance and closing above one of them. If today’s bar close above 1.5742 I think it will continue the fast and furious uptrend I desire.[/li][li]NZDUSD bias long, but yesterday’s candle is a big green pinbar. I’m not moving my stop just because it is green, not red, and that shows me that the buyers managed to overweight the sellers and close higher. The close is also highest of previous 10 days, that also gives me clues about what is happening.[/li][li]EURCAD bias long. Previous bar closed red, very red. I’m waiting for the pair to tell me if it is going to continue the uptrend (showing 1 good reversal pattern or 2 nice green candles). Meanwhile I’m moving the stop of the small order I have in the pair to 10 pips below the yesterday’s low. That is going to lock +130 pips on the pair.[/li][li]NZDCHF bias long. It made a green pinbar at previous resistance. Bad thing that it was my entry point. Good thing it is a green pinbar that closed above previous day close. Not doing anything.[/li][li]GBPNZD bias about to change to neutral. Previous bar was a green yikes bar, but the low of the candle is a lowest low of 7 days and it’s high is only the highest high of 2 days, so It seems to have enough selling power to make it for a short. But also the shape of the market is a range. It needs to close below 1.8 and continue below to confirm the downtrend is continuing.[/li][li]GBPAUD bias long. It managed to close above my entry and a good number of previous highs (since Feb 20) with strong green candle. It is currently on the 127 % extension that is almost the same as my resistance at 1.4984 AND it is a round number of 1.5. In the past that number has represented strong enough support, so I’m going to be looking closely the trade.[/li][li]EURGBP bias short. It managed closed below my entry level, so I placed a short on it. The next level of support is about 0.8390. If it manages to close below that level, I think it will continue down for a while.[/li][li]USDCAD bias long. The pair made the 50 % retracement I said yesterday, and that gives a nice entry point to add the remaining lots to my original trade at same or better price. If current candle closes above 1.02 I will add the remaining lots to my trade.[/li][li]GBPUSD bias long. it managed to close at my entry point, so I forced an entry (my script places the entry ONLY if close above, this closed at the same price). The close was highest high of 46 days, and that is significant.[/li][li]AUDNZD bias short. Previous day was a spinner, that signs balance between bulls and bears. I need to see who win the battle to move my stop (if the bulls wins)[/li][li]EURNZD biash long. Previous candle is a nice red pinbar on the 61.8 % retracement. I need a green candle to setup my trade. The current shape (or market structure, I think) is making HH-HL and for me that shows a good uptrend. Note that if my entry is activated, there is a good risk of failure until the price closes above 1.555, after that I think it will continue, but because I can’t see the future, I will do what the price is telling me.[/li][li]USDCHF bias short. The price managed to open my short. Let see what the market gives (or gets).[/li][/ul]

This post took me 45 minutes, since I opened my MT4 screen until I sent the post. So all the analysis for 28 pairs took me 45 minutes. Better than to stay infront the screen for hours hunting for a 10 pip trade :wink:

1009

Hey Medisoft, do you take profit only when a you see a change in bias?

1010

Nop, I take profit when the trade touch my stop.

I move my stop when I see enough reasons to doubt about if the pair is going to continue. For example, if I’m in a buy, and I see a well formed pinbar on a previous detected resistance, I then move my stop near the low of the pinbar. If the price retraces, then my stop takes profit, if not, I continue the trade and do anything until I see another signal that makes me doubt.

That is the way I understood from MG99 :slight_smile:

1011

So when do you adjust your SL, when you do your 45 min analyse each day or are you more across the markets on a regular basis?

1012

While I’m writing my log here, I’m doing the actions I say there. I don’t do any other action after that. I review the charts again at the next day, after market close.

MG99 wrote an example (very good example indeed) that shows a “wannabe pinbar” candle that at the end of day it became something different. That example was enough to convince me to wait until day’s close to take any decision.

I have hard take profits at 10 times the initial stop, but they are there only as an emergency measure (just like my initial stops). If for some reason I must be far from my computer for extended amount of time, I want that if my trades go my way, they take profits at some point, and if they are not my way, then to stop loses. That’s the reason I add initial SL and TP, but if you check them, they are very far away, outside daily and also weekly “noise”.