A fresh start! Doji's Trading Journal

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newscalper
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Postby newscalper » Fri Jan 31, 2014 8:31 am

Image


In context

Image

So in context - at the moment, even though both my open trades are working out, my GU one at least was opened in an area where, from the line I'm using to give me direction and context (price is moving down from the high), price was too expensive for me to trade. So I shouldn't be patting myself on the back too much :lol:

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Postby onontsira » Fri Jan 31, 2014 12:01 pm

So you only trade with a ZL on lower TF ONLY WHEN price is in the "ok zone" and head in the correct direction AND THEN hits a line?

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Postby onontsira » Fri Jan 31, 2014 12:18 pm

And what if price breaks the range?

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newscalper
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Postby newscalper » Fri Jan 31, 2014 4:01 pm

See my EJ trade. If it breaks the range and you're already short you're quids in - the range is just a pricing mechanism not an entry mechanism. It just give a heads up as to areas to position from and profit potential. EJ is trending down like a MOFO - current momentum is down and you stay with the current momentum until it is exhausted. If you want to re-define where the high line is, come next week you can. Find where the new daily zline is (H4 breakout) and work your position from there), there's not too much in its way unless you go up to the weekly chart for quite an old level. New momo has to come into the market (unusually large daily up bar perchance) to think about going long atm.

Still holding EJ and GU short :lol:

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Postby onontsira » Fri Jan 31, 2014 5:17 pm

Thank you news, I get it

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Postby dojirock » Fri Jan 31, 2014 8:40 pm

Great work News.
Good to see you making progress

doji
"A small loss is just as satisfying as a large gain" -MO
"Sometimes we need to stop learning and start thinking...."
"Once you stack, you'll never go back!"

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Postby newscalper » Fri Jan 31, 2014 8:45 pm

Thx Doji :)
Just liquidated both positions for the w'kend.
First up week in a loooong time.

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Postby onontsira » Sat Feb 01, 2014 12:38 am

Hi News, remember this?
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2vunfc3 (1).gif (25.35 KiB) Viewed 317 times

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Postby newscalper » Sat Feb 01, 2014 6:31 pm

Exactly. Now think how many in and outs between the extremes on H1/H4.

But it's not just that - it can give orientation. Go back to the monthly chart one - think in terms of GU. GU has been travelling in a range for HOW long.
In terms of bias etc if it's near an all time high or low and tend to range between those levels, if you were a rat which way would you trade? Red rat for sure if it's in the top 25% zone. Now drop to a lower TF chart and zone that one up again. Top 25% area, red rat. etc.

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Postby onontsira » Mon Feb 03, 2014 8:53 am

Does this mean that you can only start trading once you have captured a range?

In other words: do I need a lowest high and a highest low to start trading?

:-k

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