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Breakout Journal - a journey to full time trading


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Breakout Journal - a journey to full time trading

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  #581 (permalink)
Legendary Data Wizard!!!
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Luger View Post
Nothing that you have learned is going to go to waste, it is just going to be transitioning. Having a deeper understanding of the market will certainly help you manage higher time frames as well.

I have said this in other threads (maybe even the one Mike posted...lol). I thought the last time frame I would ever trade would be swing. When my system creation put me in that direction, I did enough research to get me over the overnight "risk" hurdle and I've been pleased ever since. That risk hurdle can be overcome with little more than proper position sizing based on your risk tolerances. The weirdest thing for me was realizing that I didn't have to be glued to my screen while my trades were out there. Instead of grinding day in and day out for your points/pips etc., you get bigger changes less frequently and the market grinds for you, hopefully in the direction of your trade

Given what you have said about things coming together for you, I think the timeframe change could be more natural than you realize. You are going to be able to interpolate and understand what is going on below your timeframe, use some of your tools at the new timeframe, thus being armed with more information to make better trades. vs


@Luger

Thanks Luger.. I agree with you 110%. As frustrated as I am with the whole situation, I would not change a thing that has happened over the last year. Its been worth every dime, sweat and tears I have put into it. I see things now on any chart time frame I look at that have never seen before. Without a doubt what I learned will help.

Robert

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  #582 (permalink)
Legendary Data Wizard!!!
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Played two breakouts trades on 4 hour charts on my live account. AUD/USD & EUR/GBP. Traded one micro lot on each.

+118 ticks on AUD and +15 ticks EUR/GBP. Held each for two days.

Looking at the daily chart on the AUD I think it could back to 1.00. Its currently at 96.6.

I am still not sure about holding through the weekend. With the world the way it is anything can happen. So for now the plan is to close all positions on Friday.

Robert


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Had some time this weeks to take some trades. Ended up taking in scalp in USDJPY today. I couldnt pull the trigger yesterday on my entry signal but did get the follow through today for +16 ticks.

Holding a short position in AUDUSD on the break of the trend line. Entered at 9572. price is currently 9473. I have a support target of 9350ish. Not sure if I will hold that long. Currently at 100 ticks profit.. My day trading instinct is to close it down now and take profits.. However, I am going to move my stop to + 50 ticks and attempt to let it ride.

Trading longer term is hard when your used to seeing your profits evaporate quickly while day trading.

Robert


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  #584 (permalink)
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Silver Dragon View Post
Had some time this weeks to take some trades. Ended up taking in scalp in USDJPY today. I couldnt pull the trigger yesterday on my entry signal but did get the follow through today for +16 ticks.

Holding a short position in AUDUSD on the break of the trend line. Entered at 9572. price is currently 9473. I have a support target of 9350ish. Not sure if I will hold that long. Currently at 100 ticks profit.. My day trading instinct is to close it down now and take profits.. However, I am going to move my stop to + 50 ticks and attempt to let it ride.

Trading longer term is hard when your used to seeing your profits evaporate quickly while day trading.

Robert


Entry for AUDUSD on the trend line break. Revised my target to around 94.

Robert


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  #585 (permalink)
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Remembered late last night of the FOMC meeting remarks are today. Did not want to hold through the announcement. Closed it out @ +93 ticks.

Robert


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  #586 (permalink)
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Trading ideas for USDCAD..


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Trading idea for USDJPY.. This may have the power to push out of the flag. I had a scalp on this a couple of days ago... Would like to have it back.. I was in below 98. .. I may be tempted to get back into it.


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  #588 (permalink)
Legendary Data Wizard!!!
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Traded USDJPY this morning after the pull back yesterday. Made 37 ticks. Per my rules I closed my position out because it was Friday. I struggled with this decision because based on the technical's it looks to go higher. I will post a what I see this weekend.

Robert



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  #589 (permalink)
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Profit and loss for this week.



Ended the week +146 ticks. My biggest mistakes this week was ignoring my entry signal on USDJPY and then selling it early after a late entry. Ended up taking two trades when I should have just taken one.

AUDUSD looks to have started another leg down today. Its on course to go on to hit my original target. I closed my trade out because of the FOMC meeting on Wednesday. (no regrets) Something to think about next time is getting back into the trade after the meeting.

What I need to work on:
  • Take the entry signals when I see them.
  • Get away from monitoring my positions all day long. Big Mike called it stalking your positions.
  • Let go of the day trade mentality of wanting to close out my position at the first sign of weakness. I have to wait for the exit signal.
  • Let my positions run till the market says it is done running.

It has felt good trading my own money again. I have had to slow down my trading quite a bit while waiting for setups. Some days it feels like an eternity just waiting.. but.. the results so far are above my expectations. I am using what I have learned in the combine to help enter trades on a smaller time frame charts. This is doing two things; It allows me to enter on pullbacks for a better entry and in the event I am wrong I will lose less because I had a better entry. win win..This week the combine experience netted me a extra 30 ticks.

I have also signed up with a trading service to learn from a professional swing trader. He trades stocks and options but does not trade FX. This was good for me because it forces me to learn how to trade and not simply take the trades he is taking. The trades I took this week were based on his methodology. Funny thing is I had signed up with his service several years ago. Didnt learn a damn thing the last time I was there. This time around I was like wow, how did I miss this setup!?!? Even though he does not trade FX he will give feed back on charts. This is what I need now is a mentor to learn from. I find many of things he teaches apply to FX. He has multiple setups but I am focusing on just one which really jumped out at me. Not going to mention the service here but if you want to know you can PM me.

Robert

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USDJPY analysis

USDJPY appears to be ready to break out of bull flag. The potential is to retest the high above 103. The trendline on the current bar is around 99.20. I will be watching this closely for a strong breakout.

Robert

Daily chart bull flag formation



Closeup of daily:



Weekly chart:


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