My seventh trade, is a SHORT trade on the GBP/JPY. Entry was made at [B]134.69[/B] using a one candle CBL; indicated by the yellow “arrow” ([I]it displays as a distorted circle in Linux![/I]). The stop-loss was set at [B]135.61[/B] according to my Trade Plan. My first profit target is the middle Bollinger Band, where I will close 1 out of my 3 trade contracts.
Mental State at the time of initiation: Well-rested.
The trade was stopped out here. I will be unable to re-enter, because I am switching time frames (explained in the post below).
Choosing the right time frame, is proving to be just as demanding a decision as choosing a broker! While sleeping last night, something told me to try to look for an updated version of the Period Converter, and to my surprise, one actually does exist - a 2009 version, which I hope will render my 2005 version obsolete. It is written by [B]pips4life,[/B] here. I have made 8H time-frames of my charts, which I believe will be the best compromise between the 12H and the 4H.
My eighth trade, is a SHORT trade on the AUD/USD. Entry was made at [B]0.9000[/B] using a one candle CBL. The stop-loss was set at [B]0.9076[/B] according to my Trade Plan. My first profit target is the middle Bollinger Band, where I will close 1 out of my 3 trade contracts. In this trade, I set my actual Take Profit Target Line slightly above the Middle Bollinger Band, to take into account its remarkable effect of repainting - by the time the Price Action reaches it, it should be about there.
Mental State at the time of initiation: Neither here nor there. :rolleyes:
The trade was closed with all 3 contracts once the Take Profit was hit. This is because I realized that this trade did not adhere to my Trade Plan, because the extreme candle I selected to form a CBL [B]did not touch the Outer Bollinger Band![/B] I consider myself quite fortunate to have closed off the trade in the green, but feel a little perturbed that I could have made such a careless mistake!
NB: The green splotches are how the PSAR dots are displayed in Linux!
Nice trade Trizzle! Glad that you ended with positive pips despite your slip
I’m just curious, the BBs at the time of your entry seemed to be forming a bubble, which I’d always thought was a no trade area. Wouldn’t it be a tad risky to take trades like this?
Thanks TimberWolfWk2 Indeed it is a no-trade area, but my Trade Plan dictates that if I am stopped out, I should try once again, and searching for that second entry, sometimes unfortunately brings me into that zone of peril. It appears that my Trading Plan contradicts itself, and I am currently picking my brain to try and figure out how to rectify this quandry.
Sadly, I do not think I will be in a sound state of mind to continue trading this week. This comes on the heels of my first driving test which I failed with flying colors! p The exact facet of driving that gives me the most trouble - starting off on hills - is the first maneuver I had to do! Talk about unlucky!
However the break will be productive! I will be taking some time to closely look at entering on [B]different time frames,[/B] as [B]IronHeart[/B] does, as the Risk:Reward ratios on such trades have proven to be excellent on preliminary examination. I also wanted to more closely examine the aspects of currency pair correlations, because there will be times where my Trade Plan will give a long signal on [B]EUR/USD[/B] and a simultaneous short signal on [B]USD/CHF[/B]. I know that there is a very high inverse correlation between these pairs, and thus it seems that I will have to choose one of the trades and fore-go the other. I have seen “similar” occurrences with my JPY pairs as well. Finally I need to address the hindrance that [B]TimberWolfMk2[/B] has brought up, as it has also got my creative juices flowing. I will keep at it this weekend, and provide you all with an update at the Market’s Open!
Thus I believe this week has ended with a net loss of [B]-0.1%[/B].
Trizzle, good to see you soldiering on. Just out of curiosity, I’m not clear why you don’t like the 4H time frame? I’ve had excellent results with 4H trades lasting days and making hundreds of pips with cheap entries. Due to the fractal nature of price action over different time frames, it would seem that any good strategy over a 12H time frame would also be good for a 4H TF. Perhaps there is something in your trading plan that I’m not aware of?
Bravo for your trades to show clearly and accurately.
I have unfortunately not much time to post, but I’m always different son in connection with our Lord to all, Tymen.
I tried to make myself a thread like this, my method is a little different, but based on many indications Tymen, which allowed me to make a leap forward.
That said, continues to show us your trades, and as soon as I would have more time, I will try to help you by making you my opinion, if you will, of course.
Good continuation, good luck and good luck in your business, because yes, trading is a business, and you’re about to show us, as I say, you’re telling us the show.
Again, congratulations, best regards, Didier.
Thank you to everyone for the very encouraging replies so far! However, I must regret to inform you that I am changing residence as a result of me leaving to attend university, and as such will be unable to trade for approximately two weeks. Perhaps this will be a good time to take a break from the markets, so I can return with a fresh zeal, clear mind and new perspective on the markets.
[B]To all my comrades who have been keeping their own journals, I applaud you all and in the words of Tymen - Soldier On![/B]
p The exact facet of driving that gives me the most trouble - starting off on hills - is the first maneuver I had to do! Talk about unlucky!