Yes, I'm Italian by birth. I was born in Milan and now I live in Rome.
BTW one of the brothers of one of my grandparents also went to Australia a long time ago!
Many italians were emigrants at the start of the last century.
Doh!: failed continuation move after an explosive move
These can be traded as is, without indicators, using naked charts. The indicators I use and explain here, are meant only to make price action clearer, and not to define the setups themselves. Price action is the setup, not the indicators.
Last edited by jagui; September 7th, 2010 at 09:57 AM.
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I tried to write a trading plan to start trading seriuosly, and soon I realized that this could easily be just another formal excercise. It serves you nothing to write the most perfect trading plan in the world if you don't unconsciously believe it.
So I relaxed and looked deeply into myself and found out that all I need is nothing more than a simple set of rules. I know well that discipline is the area I have to improve if I want a long term success. I'm not a beginner, I have setups, a deep understanding of probability and risk, capital, good money management skills and experience.
What I don't have now is enough time, because I run a small business. I've been tracking my trading errors for 9 months, and they are related to time. These are the errors I did the most, in order of frequency:
I often did non-setup trades because I felt the urgency to trade to maximize the use of time. During the day I may have only 2 or 3 hours free to trade, so I did not want this time "wasted". Of course I know it is better no trades than losing trades.
I did delayed entries and missed trades because I was doing my other job while keeping the charts open on other monitors, and so I could not be focused enough on following the setups forming, leading to late entries and missed trades, and a poor work too.
At the evening I often work until late, because I have to finish my job, which I didn't do during the day because I was trying to work and trade at the same time => not enough sleep time.
It's amazing how powerful keeping a trading journal here can be. Just writing this post has made so clear that a better time management will improve my trading by removing the main source of errors.
Another weakness is failing to wait for the second target and closing half of the position too soon. I usually have two targets and can almost always spot a good second target but I often fail to wait and close the position too soon.
Other errors are very rare. I never do revenge trading, overtrading and news trading.
Last edited by jagui; September 8th, 2010 at 08:25 PM.
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Yesterday I went to sleep at 4 a.m. because I was watching the US Open on tv.
So I broke the rule "Go to sleep no later than 24:00".
This morning I obviously felt tired, so I did not trade, just watched.
In the two charts attached I marked the setup I could have traded today in the Eurostoxx50 and the Bund.
I'll be watching the Bund in the next days, to see if I can trade it instead of the ES, because I like trading during the European morning (the Bund is most active in the morning) and it is quoted in euro.
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