ProchargedMopar's Trading Trilogy

[prochargedmopar]

Here is a sample of my faulty scalping.

got off work at 6:30am....pulled out netbook and started driving home. Saw some push back up after a little retrace so I entered a couple trades on the drive....LOL

Here are the entries:
13023185 EUR/USD 30 B 1.40684 1.40721 3.7 11.10 0.00 7/15/2009 07:35 7/15/2009 07:41
13023145 EUR/USD 30 B 1.40710 1.40669 -4.1 -12.30 0.00 7/15/2009 07:33 7/15/2009 07:35
lowest price since my entry was 66. entered at 71 and 68.....highest price was 86 and 10 min. later 83 and 5 min. later 83.

It's not what you trade it's how you trade it.
Right TRO?
Now tell me "there is no right or wrong"........
My first wife always said that phrase and added "only consequences".
Maybe.

[monolisa]

Hi procharged,

Where exactly did you enter? I just don't understand why the second trade is a loss when the trend is going up...

Lis

[john225]

What are Z-Lines?

[prochargedmopar]

Monalisa,
I entered near the open of the 2nd to last 30M candle overlay.
1.40684
1.40710

Here is what I think we can all agree is a momo 2hr overlay.
this should show us the true direction of the market.
Post momentum trading?
So we wait for pullback and then go with the flow?
Or, we wait till things peter out and then trade back to zero as held profit is cashed in.
Pretty simple right?
Just NOT yet easy!!

[prochargedmopar]

Thanks to a tip from dchappy I figured I'd try something this morning VERY simple.
If channel up/ price off bottom/ go long.
I added an overlay of M30 to use as an added filter.

Here is the first trade using it.
13031796 EUR/JPY 30 B 132.260 132.257 -0.3 -0.96 0.00 7/15/2009 11:00 7/15/2009 11:02
And here is a pic of the chart.
Leave it to me to get a -0.3 pips.....
Errrrrrrrrr. I'm pissed.



All trades for london and NY sessions.

13031796 EUR/JPY 30 B 132.260 132.257 -0.3 -0.96 0.00 7/15/2009 11:00 7/15/2009 11:02
13031147 EUR/JPY 30 B 132.279 132.313 3.4 10.86 0.00 7/15/2009 10:45 7/15/2009 10:45
13030751 EUR/JPY 30 B 132.311 132.345 3.4 10.87 0.00 7/15/2009 10:35 7/15/2009 10:36
13030469 EUR/JPY 30 S 132.518 132.463 5.5 17.57 0.00 7/15/2009 10:29 7/15/2009 10:33
13023185 EUR/USD 30 B 1.40684 1.40721 3.7 11.10 0.00 7/15/2009 07:35 7/15/2009 07:41
13023145 EUR/USD 30 B 1.40710 1.40669 -4.1 -12.30 0.00 7/15/2009 07:33 7/15/2009 07:35
13017837 EUR/USD 30 S 1.40527 1.40484 4.3 12.90 0.00 7/15/2009 03:21 7/15/2009 03:26
13017839 EUR/USD 30 S 1.40520 1.40484 3.6 10.80 0.00 7/15/2009 03:21 7/15/2009 03:26
13017820 EUR/USD 30 B 1.40579 1.40530 -4.9 -14.70 0.00 7/15/2009 03:21 7/15/2009 03:21
13017772 EUR/USD 30 S 1.40576 1.40579 -0.3 -0.90 0.00 7/15/2009 03:19 7/15/2009 03:21
13017432 EUR/USD 30 B 1.40612 1.40576 -3.6 -10.80 0.00 7/15/2009 03:10 7/15/2009 03:19
13017434 EUR/USD 30 B 1.40617 1.40610 -0.7 -2.10 0.00 7/15/2009 03:10 7/15/2009 03:18
13017351 EUR/USD 30 S 1.40533 1.40614 -8.1 -24.30 0.00 7/15/2009 03:05 7/15/2009 03:10
13017314 EUR/USD 30 B 1.40600 1.40533 -6.7 -20.10 0.00 7/15/2009 03:03 7/15/2009 03:05
13017207 EUR/USD 30 S 1.40600 1.40591 0.9 2.70 0.00 7/15/2009 02:58 7/15/2009 02:59
13016162 EUR/USD 30 S 1.40335 1.40325 1 3.00 0.00 7/15/2009 02:31 7/15/2009 02:33
13016167 GBP/USD 30 S 1.63921 1.63868 5.3 15.90 0.00 7/15/2009 02:31 7/15/2009 02:33
Total 510 2.4 9.54 0.00

And Look at that thing climb.......
Do you know how many trades I've had like that today......
When I read the books and they said that EXITS were the most difficult and that is what most people have troubles with...taking profit.
I laughed!!!!
You know what, I ain't laughing now.

You see how far it went in this pick alone, with 3 red m1 candles.
I see 42 pips so far on the m1 chart.
look at the last wave of the last "bounce".
Happened just before I got chart set up.....Hmmmmmmm

[prochargedmopar]

This can not be rocket science:
Look at next bounce.
Look at next M30 candle open.
Look at pips.

I'm not naive here. I know this will not work every day.
Or every session....
But, in high volume and after a momo bar pullback it would only take 1 or 2 days a week of trading.
That's alotofpips man.

[MightyOne]

Only a fool continually repeats a formula that does not work.

Price = position

Profit = time

[Gert Frobe]

Pro I wished I had the self control to do mental stops. I have to use the stop market on the orders. I sometimes think I don't need to but I'll take a big hit and rember O Ya that's why I use them.

Air

[dwhite13]

I WAS IMPRESS BY PIERRE23 TRADING STYLE AND HE TOLD ME HE LEARNED IT FROM YOU PROCHARGEDMOPAR AND MIGHTYONE. i WOULD LIKE TO LEARN THE HORIZONZTAL/ BREAKOUT/Z-LINE TRADING.

MY EMAIL IS delanow55@hotmail.com would you send me anything u have on it so I can learn it also.

thanks in advance

[pierre23]

I WAS IMPRESS BY PIERRE23 TRADING STYLE AND HE TOLD ME HE LEARNED IT FROM YOU PROCHARGEDMOPAR AND MIGHTYONE. i WOULD LIKE TO LEARN THE HORIZONZTAL/ BREAKOUT/Z-LINE TRADING.

MY EMAIL IS delanow55@hotmail.com would you send me anything u have on it so I can learn it also.

thanks in advance

I mentioned everything you need to know are in these posts (and the never lose again thread) =)

You want to read MightyOne, TRO and es/pip's posts.