T's Journal

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tmanbone
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Postby tmanbone » Fri Mar 19, 2010 9:50 pm

Trade Plan REV-3

Trade only the E/U, G/U, and the E/J
Add more pairs to watch list only after I become comfortable watching the above three pairs.
Trade only the daily time frame.
Trade only shooting stars and hammers @ S/R
Find S/R zones off weekly line charts.
Check posistons, adjust stops after 17:00 est.
Trade in direction of longer and intermediate term trends.
Max risk = 2% of account balance.
Develop an itemized written check list for taking trades on a scale from 1 to 5, pros/cons.
Write down plan on every trade.
Take picture of every trade for future review.
Never make the same mistake twice.

Example of how I find S/R

Image

Image

Entry @ low of shooting star.
Trade 3 lots, one off at 50 pips, one off at 100 pips, and trail the last till market takes me out @ reversal PA i.e. hammer

Notes: Rounded bottom had folks confused. There seemed to be a lot of traders on various forums thinking trend reversal.
Exchange rate did break trendline.
Stopped on previous trade due to impatience.
Had been thinking 1.38 entry for some time.
This trade faded SSI & Currensee.

Lessons learned: Patience, wait on the reversal PA @ S/R. I only need one trade a month to add a zero to my account balance each year. I don't need to monitor PA 24/7, to be profitable.
Keep it simple.

Trade plan and various trading tools will always be posted in first post of thread.
Last edited by tmanbone on Sat Mar 27, 2010 12:33 am, edited 2 times in total.
"The simplicity of the markets is it's greatest disguise"

T

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tmanbone
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Postby tmanbone » Wed Mar 24, 2010 10:23 pm

Image

Will continue to trail till reversal PA.
"The simplicity of the markets is it's greatest disguise"



T

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newschool
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Postby newschool » Mon Mar 29, 2010 7:17 pm

What I am starting to see in Forex, is that the general trend is our friend, but there is always a "in your face" trend wich is always a trap. For example the MZ knows where the real trend is going, but it waits for the fake to buy on pullback..

Basically it made realize what "buy low sell high" is really about...

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tmanbone
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Postby tmanbone » Mon Mar 29, 2010 10:59 pm

Image

Enter @ 1.3724 stopped @ 1.3494

1 + 50
1 + 100
1 + 230

Looking to sell shooting stars @ trendline; Hedge/exit @ reversal PA; Wait on next setup.
"The simplicity of the markets is it's greatest disguise"



T

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Postby tmanbone » Thu Apr 01, 2010 3:36 am

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Setting up.
"The simplicity of the markets is it's greatest disguise"



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Postby tmanbone » Mon Apr 05, 2010 2:01 am

Image

Experimenting with trend line breaks on H4
"The simplicity of the markets is it's greatest disguise"



T

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tmanbone
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Postby tmanbone » Mon Apr 05, 2010 4:06 am

Image

Break and retest of H4 S/R. Better entry.

Lesson: Patience
"The simplicity of the markets is it's greatest disguise"



T

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noone22
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Postby noone22 » Mon Apr 05, 2010 6:33 am

tmanbone wrote:Example of how I find S/R
Image


And how actually you're founding S/R?
And which line (from the bunch) is actual S or R?
(Only don't tell me, that they're all S or R).

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MightyOne
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Postby MightyOne » Mon Apr 05, 2010 10:10 am

noone22 wrote:
tmanbone wrote:Example of how I find S/R
Image


And how actually you're founding S/R?
And which line (from the bunch) is actual S or R?
(Only don't tell me, that they're all S or R).


That is exactly how I feel about Fibs noone22 :lol:

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newschool
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Postby newschool » Mon Apr 05, 2010 8:18 pm

just a quick opinion here :

I dont enter on trendlines,

I only add.

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