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Hi, my name is KMidas and I am a brand new member in this forum. I found the blog few months a go and now I just joined the forum. The reason I joined the forum is because I can't and don't want to discus about trading with people around me in real life.
My plan was originally to lurk for a while, to get the feeling of the community and the start posting but I saw the Big Mikes announcement about the contest so I thought why shouldn't I try also. After all I want a tablet
Anyway, so far my preferred method of trading is with point and figure. I have learned a few things for price action analysis with bar charts but I feel that Point and Figure offers a bit more objectivity. That is purely my opinion and I feel that I can trade more comfortably with it.
Right now I trade Forex using a demo account from alpari.co.uk. My trading platform is Metatrader. I am curently reading the book on point and figure by Jeremy Du Plessis.
I intend to trade demo for 6+ months until I reach consistent profitability and be confident that I can do it with real cash.
So far my analysis method goes something like this. I watch the bar charts in daily to identify the main trend. Then I watch the Point and Figure hourly using HL prices to identify price action. For more confluence I watch the hourly also to see if the support or resistance agrees. If everything agrees then I place a pending order above or below the box that would break the pattern. Stop on the other side of the pattern, take profit in the next support or resistance level. As I will progress further with the book I believe I will refine my rules, adding few more or changing some.
This is a trade that I took this week.
EUR/USD is in uptrend even if it is a bit choppy. The PnF displayed some Higher Highs with Lower Lows and it was ready to break the higher high at 1.358.
Buy stop @1.359
Stop Loss @1.353
Take Profit @1.367
Thoughts: This trade was good. We had a nice basing formation, plenty of room to go up with much resistance down. My only concern is that I might took profits too early.
I really should do more research with past data to see what are the potentials. I must finish the book first.
Another trade I took is the GBP/JPY pair. The daily is going sideways but with big swings in the meanwhile. It seems that looking from the perspective of the bar charts we are sitting in a resistance level. In hourly we have a big bullish bar engulfing many smaller bars and we also trading over the 135.000 which is a important round number. From the PnF perspective we have a signal above the 135.1 so this is where I placed a buy stop. Unfortunately the resistance is very close so there is not much room for it to move. However a pip is a pip and I am grateful for it.
bought @135.1
stop @134.3
tp @135.4
profit 30 pips
After trade thoughts: I risked 80 pips to gain 30. That might not be considered very smart on my behalf but as I said a pip is a pip. As I progress more in understanding these charts I believe I will do better analysis and will define better profit targets. for now I am glad for acquiring as many pips as I can.
Here is a trade that I considered taking but I will not take. GBP/USD is trending up in the daily. It certanly is trending up in the hourly also. In the Point and Figure we have a possible bullish catapult if it breaks. The problem is that we have a resistance very close. That can be nothing important and the price may penetrate through it like an arrow or can be the place where the bears have deployed their army. This is not a risk I am willing to take so I will pass this trade. Maybe if the price moves over that resistance I will consider again this pair.
EUR/AUD is looking as it is in the end of its bear trend or at least in a pause from it. In the hourly it looks like it is going to be a sideways move. In the PnF it did a triple top breakout and it looks like it will give another buy signal.
Excellent journal midas . Good to see more forex traders around here . Hope you were wrong on the cable , Im long from 6220 only 2 lots and a tight stop .
And I look forward to more posts. You've done a nice job so far, keep it up.
