My Trading Journey thus Far - Page 2
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Thread: My Trading Journey thus Far

  1. #11
    Another dumb transaction gone wrong. I've murdered the trades. The method by which in which the daily closed about the aussie indies to me its going to make a new high. On closer review after deleting my invalid lines all over my chart the aussie is in a pattern. An ascending triangle. A continuation pattern usually. For some reason I did not find this before putting the trade. I just looked in the previous few candles and it seemed like a top and Friday's candle a change. Now very possibly I could have nursed back this to break even but I vow. The narrative of my trading career up till now. Well feelings kick and kill a trade. It does not matter because it was in hindsight a bad transaction to take none the less out of a daily chart perspective anyhow. I'll be watching what happens from here onwards on this pair. I am still bearish but maybe prematurely. I'll wait and watch. My thinking which has lost all credability in this stage suggests a fake break through the upper side after which a decrease back in the triangle.

  2. #12
    I murdered this transaction also for exactly the very same motives as the aussie. Again might have nursed back to a small profit but I'm a poor trader. The weekly demones a decending channel that it broke to the upside but shut down. It looks like re testing it. The daily was looking like a fall back to the trendline and turned around. The daily candle closed above 7150 that was evident resistance in June. It totally freaked me out. I guess this is market plogy that I am not coping with at the moment. I'm also entering these trades in the wrong time of where they're going and counter trending. It's got to stop.
    I'm still bearish but I can't see and think clearly at this time.

  3. #13
    Hi Oz

    Do you think that volumes may be significant decision Variable during the consolidation/ accumulation / distribution phase

  4. #14
    Quote Originally Posted by ;
    Hello Oz

    Do you think that volumes might be significant decision variable during the consolidation/ accumulation / distribution phase
    that I feel that the markets are being seriously manipulated really. All are awaiting these Euro stress test outcomes, everyone would like to crash the markets. Hence as all are in short it provides great liquidity into the big money movers to go long and tidy up all of the stops. Also psyching out the mentally week like me. Apparently summer vaions in the northern hemisphere can be keeping out players. I am considering a long play right now . however, it's purely a return in the market egy, not a fantastic play if it works out.

  5. #15

    A new day a new mind, maybe not... So I awakened to find that my self sabotaged trade is actually doing fine. The aussie is a bit in profit and the kiwi roughly 50 pips in profit. It matters not as I cut them on the basis of a powerful looking daily candle that was threatening to carry out my ceases and set new highs.
    I've done this again and again, especially so on extended time frames. If any one of you readers are psychiatrists or plogists please chime in...
    Today what, I'm tempted to re input but my risk has now multiplied by 2. Not a professional game plan but a frued effort to get my losses back.
    I killed a Gold trade a few weeks back in precisely the same style, incurred a small loss as it went all the way for my target. Last Friday I was in a frued mood and deliberately set out to seek a terrible trade. I took it, it lost and I was happy. I was glad that I let it hit my stop loss without intervening. However, they say cut your losses short, this is very difficult to understand as unless it hits your stop loss you have not actually lost even though your trade may be travelling in the wrong path briefly.

    At what stage do you give up? Does a bad candle which goes against you constitute a failed setup? This time I did and it was premature. To think that had I left it for another hour, the whole thing shifted back into my favour but I did not.
    I stated that a closed candle over the last high would mean I cut it. The Kiwi did so I cut it, the aussie not so but I killed it anyhow.

    I think self imposed trading bans have been in order. Perhaps I should let the rest of the week go, await the stress test results, and find out how the week closes the weekly candle. I can re enter a new installment that I enjoy?
    Another concept would be to stop trading my mini and go back to micro?
    It's not the unsuccessful trade but my emotions aren't giving me a chance to let a trade perform. I guess this is what 9 weeks of scalping does to you. I can not scalp, no time. I'm also needing to participate in certain duration moves. Well at least a day or 2 for starters. And certainly not kill a transaction until it's at least profit rather than going anywhere.

    OK time to look at the charts and have a think.......

  6. #16
    OK I'm a sucker for punishment.
    I enjoy this installment on the Kiwi.
    A hourly chart. It looks like a head and shoulders. It ought to reevaluate the 7150 zone to produce the ideal shoulder and you may see the take profit line. I believe Goal 2,3,4 will perform over coming days,weeks.
    I will be seeing this for today.

  7. #17
    Well lucky I didn't convince myself into that previous post's move. The kiwi and aussie just took off like rockets. I would be farther in the red.
    The trend is your friend is your moral I want to stick to. Very hard for a contrarian thinker such as myself. I drew some basic trend lines on the 4hr and daily and said your not going short unless those move backward and deviate and thus saved myself some cash and pain.
    Why don't you buy on the bull move?
    I really saw it setup, 4 x hourly candles with extended wicks rejecting reduced prices. All my indy's were supporting the move to as were in oversold territory. It was within my trading plan which seems to function in Intra day.
    Well I don't wish to play intra day since I can not monitor my transactions. I also have a bearish outlook permanently entrenched in my head which I clearly need to reevaluate or I will not have any success as a trader.
    Taking a look at the economic calendar a series of superior euro figures appeared to add spark to the transfer. However this move began 5-6 hours before the figures were published so people out there understand what is happening and get in fast. A tainted market for sure. .
    What we have here is USD weakness among global instability. Hence the USD will weaken good figures and strengthen bad news. Some US data will even strenghten the dollar also.
    Or is just a big stop hunting tactic, I wonder??

  8. #18
    Friday today. I think I revealed discipline in not taking any more trades this week. Reflecting back on my two losing trades this week in hindsight I moved against the trend. My emotions intervened in some time if though my direction was wrong I had the chance to make a small profit instead of a loss. I want to bear in mind that even when a trade goes against you, if it had been put near a significant Sup/Res area as I did, then the market will give you a opportunity to escape in break even or minor profit. If I'd let it go I would have dropped a lot more so reading the candles is quite important also. Looking ahead at potential setups, USD/JPY looks bullish but this is counter trend play. Appears set for reversal. I have been watching the last 2 weeks. Double bottom on Daily but can't split above 1.6100. Again a counter trend trade. The other majors have picked a direction and moving along nicely but are due for a retrace. See what I mean I just can't shake the contrarian out of me....hmmmm

  9. #19
    Back ...

    OK well I don't take trades on Fridays BUT many reversals are putting up on the charts:
    I will bend the rules and live or die by the sword on this trade.

    Test16: NZDUSD SELL. It is right up against construction, a hangman candle close, DBHLC, way overbought, plus a totally harmonic movement return AUG-OCT. . I'm taking it. TGT, STOPS,ENTRY on the chart.

    Obviously could be incorrect and that is going to ram the play purely by your rules theory down my throat.

  10. #20
    Tues update: Both positions are alive and well no alterations to stops or goals. No new positions.

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