Skaven's Road to the Banks

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SkavenDC
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Cancelled Trade

Postby SkavenDC » Tue Jul 19, 2011 1:34 am

Alright. Here is one I was looking at right before I left work. EUR/USD 1H MightyZone. I actually had a pending limit order in at 1.40970. Decided to cancel. I wouldn't get to it again till about now (4 hours later) and thought that there was still room to move down. Top blue line was my original target. We will have to see how it pans out. I'd rather miss a good trade than take a bad one I guess.

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SkavenDC
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Postby SkavenDC » Tue Jul 19, 2011 12:36 pm

Trade would have eventually hit my target, but not after stopping me out (the red price box). Actually I would have closed the trade after the second down bar closed against me (at the blue arrow) if I was able to babysit it. I wasn't up at that hour, so had I kept the buy limit order in place, it would have been a loser. I will see how this method pans out for me. I may need to adjust my stop losses. I am trying to keep them small; however had I used an atr(480) of the hourly chart, my stop loss would have been 32 pips, and I wouldn't have stopped out. Reward:risk would have been around 2:1. Just have to remember to...

[glow=red]***KEEP THE TRADES SMALL AND STAY IN THE GAME***[/glow]

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SkavenDC
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Botched Trade for the day.

Postby SkavenDC » Thu Jul 21, 2011 5:02 pm

Well. Kind of a botched trade. The actual botched trade I do not have pictures of. Lets just say I was short in EUR/USD this morning even though I ***SAW*** the price going up. Pierced my entry point again at break even and actually gained a few pips. Decided to "build my trade" by doubling up. Anyway, I had the opportunity to get out with a little profit because It was obvious the price was not going in my direction, but I held on to a 3% loss on account. US Dollar Index is trading into an area of demand. I believe that EUR/USD is getting ready to a drop in price and that I just got in at the wrong point. So I went short again at a better price. I handled this trade a little better.

First picture shows my entry at the top red line which is a 4H z-line and the bottom line is my take profit. I had a 10 pip stop loss. The green price is my entry. At the blue box, I had to go to work so I moved my stop loss to 15 pips profit. It seems that as I was starting the car, my stop loss was hit. Profit is profit and it's better than hitting my initial 10 pip stop loss. It's also a lot better that my trades 30 minutes prior.

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Next two images show what it looks like on the 4H and 1H.

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I observe, along the lines of what Sam Seiden says about supply and demand, the MightyZone had a limited number of attempts to the area. You may be limited to one Z-Line and one trade away from resistance/support. The area I traded already got pierced by the long wick as seen on the 4H chart. I need to pay better attention to how many times that area has been used.

LittleKnown
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Precious Diamonds

Postby LittleKnown » Mon Jul 25, 2011 12:28 pm

Hey Skaven hope you well, have you used the diamonds of perception for anything?
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SkavenDC
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Postby SkavenDC » Sun Jul 31, 2011 2:12 am

SkavenDC wrote: Not ready for the "Diamond of Perception" yet, but I'll get to that too.


Still not there LittleKnown, but I intend to get to it. I intend to get to everything that MightOne has put forth. As far as the first part, every thing is going....smoothly. May not be trading where I would like yet, but they are controlled, and that is a start.

Ed

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SkavenDC
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Postby SkavenDC » Sun Jul 31, 2011 2:40 am

Nothing really to report. Still been kind of a busy, but did manage to put forth a few trades. No pictures though. Still trying to streamline the process of chart markup and making it easier. Few bad trades during some Aussie news that I wasn't aware of at the time. Full stop loss on 2, and a few pips on a third. Few good trades that just went against me. Proper money management kept my losses small. One full 10 pips, two 2 pip loss and one break even. Five good trades that only gave me a handful of pips. About 1:1 risk-reward and lower. Three of the trades though I was up about 5:1 at one point. I fought pressing the button to close the trades. I should have. I have been playing with my stop losses which turns out to be a good thing because they all would have been losers. It seems that I set my take profit to high. For this coming week, I will set it lower (2:1) and focus on taking that profit. Had I just shot for that, I would have won 5 of the 9 trades (discounting the Aussie fiasco I was stupidly in). That would have been a 100 pip profit and a 14 pip loss. In actuality, I should not have had any losses on the good trade set-ups. On all 9 trades, I was at break even at some point in the trade. I was obvious to me that the losers were not going my way and I was just hoping that they would. I should have gotten out with a couple pips or at least break even at the first chance.

Proper money management has made for a great trading week. Even though I had a loss on the account of 0.7% it's something that can be lived with. Regardless of the dollar amount, I would still have 99.3% left. Bad weeks can and will happen, and with my current set-up, it's something that will not remove me emotionally from the game. Even after a few bad weeks.

SkavenDC
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Postby SkavenDC » Mon Aug 01, 2011 5:11 pm

***Old habits are really, really hard to break***

...but these series of trades may help break that. As stated in the previous post, I seem to set my take profit too high for the trades that I am taking. I placed a few trades over night at some Mighty Zones. I kept the risk:reward to 2:1 except the first which I decided that 1:1 for be a little better (emotionally, not physically). I woke up this morning to 3% in the account. So far so good. The second trade though was taken at the exact area for me to take advantage on that monster drop in EUR/USD. Oh well. A gain of 24% (or more) would have been nice, but I'll settle for my 2% for now.

Now the problems start. I had a feeling that the price was going to reverse so I threw in a couple random trades in the gray area of the chart. They were both losers. The stupid/funny thing was that I had a buy limit at the bottom price box which is a Might Zone. I deleted the pending order after the second loss. Well, it appears that price just touched that area and went up. Seems that trading with rules for entry is better than trading without (I actually already knew that).

The only good news is that I followed my money management so even after my couple random trades made with no rules, I am still in the black for the week.

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Last edited by SkavenDC on Mon Aug 01, 2011 5:40 pm, edited 3 times in total.

SkavenDC
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Postby SkavenDC » Mon Aug 01, 2011 5:11 pm

Double post. Stupid lagging computer.

That's another lesson that's critical in forex trading.

Patience.

SkavenDC
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Postby SkavenDC » Tue Aug 02, 2011 12:53 pm

Over night trade. Placed a buy limit at an established Mighty Zone. Placed it a couple pips above the line to compensate for spread. Trade was taken, hit my stop loss by one pip then went up. Would have hit my take profit times 3. Again I had it set to 2:1 risk:reward. Although my stop loss was hit, I feel it was a good trade. Perhaps if I set over night trades I may need to adjust my stop loss and position size accordingly. It's amazing just watching the charts how they just tap those lines and "bounce" off. Down 0.2% for the week. Yup. Means I still have 99.8% of my account. God I love money management.

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SkavenDC
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Postby SkavenDC » Wed Aug 03, 2011 4:50 pm

If not for 0.6 pips....

..I'd be up 10% on the account. Set a trade last night on AUD/USD. Placed a trade on a daily Mighty Zone. Now I know that a valid z-line exist anywhere within the Might Zone. I usually place a buy/sell limit at the 50% mark, but since this was off the daily chart, I lowered the entry by about 5 pips to get a better price and give it a little more room to move while keeping my stop loss low. While I was working on my getting two different broker feeds to update my excel using DDE, the price came within 0.6 pips of taking the trade then shot up to my take profit. Had I actually placed it at the 50% line, I would have been in the trade and woke up a happy camper. Actually except for my previous AUD/USD trades where I was trading during Aussie news and my EUR/USD trades where I entered using no rules, I have been very happy with all my trades. By the book, low risk trades.

First the daily and the 5 minute view from last night after I realized I missed the entry.
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This morning's result in daily and 30m.
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