My Lazy Loss. Well that’s what I’m calling it. I took a EUR/USD 6hr short. Got triggered during the London Session. I was kind of on the fence about this one to begin with, but proceeded anyways. What would have swayed me more was if I had known the FOMC was coming up. Yup didn’t do all my homework. I would be stopped out literally 1 pip before the FOMC, which would then go big in my favor. To add a little extra salt to the wound. I do my charting on MT4 and place orders with another broker platform. The prices vary by few pips. I didn’t feel like redoing all the numbers again. Normally, it makes little difference, but of course this time it would have survived the stop loss. I learned a lot from this loss from start to finish. Funny that I would have learned nothing had I won :rolleyes:
Following is a summary of my October performance trading Z Patterns:
12 trades: 8 Winners for +428 pips, 4 Losers for -131 pips. Net profit +297 pips.
Average winner +54 pips, average loser -33 pips.
7 trades made on 4 Hr chart: 5 wins, 2 losses
4 trades made on 1 Hr chart: 2 wins, 2 losses
1 trade made on 6 Hr chart: 1 win, 0 loss
I started trading Z Patterns on 01-Oct, so these are all of the trades I’ve made. I would be happy if I could continue having similar results. We’ll see how November goes. I will continue using the same Z Pattern trading plan I used during October.
Good work hector! You obviously have your discipline nailed down, having only taken 12 deals in a whole month. Some people trade more times than that in a day!!
Thanks for that. Yes, it is far better to take only a few quality trades, than a lot of lesser quality trades. That is why I don’t even consider taking trades with less than 25 pip profit potential. In time, I may adjust this requirement but for now, that is what I have in my trading plan rules of engagement.
I’ve noticed through my backtesting that you don’t see that many quality setups. So I would expect to see only 2 - 5 quality trade opportunities per week. It is much better to stay out and wait for a quality setup than to try to force a low quality trade.
I shall also start a journal for z pattern only !
I shall follow your pursuit yohec ! i will only aim for h1 and h4 setup . patience is the key :! good luck ! nov should be a good month !
USD/JPY 4 Hr. Here is a good ZP setup. This pair has moved up almost 500 pips since Friday. Maybe it is due for a pullback? This pair has not been this high since 2007.
I like getting a take profit alert message on my phone
I took a EUR/NZD 4hr sell. TP for +86 pips. Of interest was the counter z pattern that did form after entry. However, since it was not tradable, and other reasons, I chose to stay with my initial trade.
[QUOTE=craigfx;665319]I like getting a take profit alert message on my phone
I took a EUR/NZD 4hr sell. TP for +86 pips. Of interest was the counter z pattern that did form after entry. However, since it was not tradable, and other reasons, I chose to stay with my initial trade.
Nice winner, well done.
I saw that same setup yesterday morning but decided not to place an order because of the R/R. On my chart the risk was 80 pips and the reward was 60 pips, or a R/R of 1 : 0.75. My current trading plan requires a minimum of 0.85.
I’m glad it worked out for you. 86 pips is a very nice winner.
Market is expected to pump tomorrow(due respect to every Glaswegian, where the verb pump has got a total different meaning:p) as NFP report (the slaughter house) will get released and we should see strong moves from usd counter parts.
Looking at Usd/Cad right now I like how price has formed a roof rejection, and if I had to tip I’d favour a short. However it’s going to playout it’s gonna be a slaughter house. Just make sure you’re the butcher not the sheep.
Lots of nice Z’s on AUD/USD last few days even found a z pattern that was on the 1hr, 2hr and 4hr chart all at the same time! Been very busy with other work and haven’t stopped by in a while great to see thread is still going strong.
!
