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Break Even Trader

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  #11 (permalink)
 Silver Dragon 
Cincinnati Ohio
 
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Todays profit from lunch trade

FX EURUSD
Live Trading
10 pips
$10 profit
1 contract
Position Type: Short
Enter: 1.4276
Exit: 1.4266


Notes:
This was a support break. I was expecting it to fall to 1.4250 where the next major support level was. I will try to understand why this did not happen later. Could be because of the volatility. Ironically I missed the bigger move on the other side of the this trade while formatting the attachments.

SD

nosce te ipsum

You make your own opportunities in life.
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  #12 (permalink)
 Silver Dragon 
Cincinnati Ohio
 
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The reason it didn’t go to 1.4250 (my guess) is because buy programs kicked in because a pennant was forming and the volatility helped with the follow-through.


Other thoughts

Chart formations on a range chart are harder to see. When I looked at a 5 minute chart it was easy to see the pennant formation.


I did jump the gun on the trade. Should have waited for the bounce and the confimation bounce on the 89 SMA.

See chart for other notes.

I did find out today that if you have a strategy open on a chart you can not see the price markers.


SD

nosce te ipsum

You make your own opportunities in life.
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  #13 (permalink)
 frosty 
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Great posts. I look forward to continuing reading your journal. The intro was almost verbatim of my trading history.
A few months ago I discovered forex too. Time frames for trading are perfect for my daily/nightly schedules.
One question, what broker do you use for forex trading?
do you keep a separate forex account and stock account or combine the two?

Keep up the good work.

Frosty

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  #14 (permalink)
 Silver Dragon 
Cincinnati Ohio
 
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Thanks Frosty! I use MB trading. Commisions are low, 1.20 or less round trip. The trade I did today was like .83 cents. Crazy, but I am not going to complain. The spread during high volume hours is 1 pip. I always get a good price.

Currently I am not trading stocks. Focusing on one thing to perfect my skill. Once I get things in order I am thinking about moving over to futures, specifically 6e, which tracks Euro. For learning purposes 6.25 a pip trading futures is a bit steep, especially when you are wrong, so I am sticking with forex for now.

SD


frosty View Post
Great posts. I look forward to continuing reading your journal. The intro was almost verbatim of my trading history.
A few months ago I discovered forex too. Time frames for trading are perfect for my daily/nightly schedules.
One question, what broker do you use for forex trading?
do you keep a separate forex account and stock account or combine the two?

Keep up the good work.

Frosty


nosce te ipsum

You make your own opportunities in life.
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  #15 (permalink)
 Silver Dragon 
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Well, My target of 1.4368 would have been hit. Oh well, I will catch the next train.




Silver Dragon View Post
As it turns out the NT error kicking me out my trade yesterday may have been a good thing. We shall see if I would have been stopped out later today.

For the record: the reason I did not re-enter the trade after NT kick me out is because I was emotional about what just happened. (ie pissed off!) Emotional trading destroys trading accounts.

SD


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You make your own opportunities in life.
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  #16 (permalink)
 Silver Dragon 
Cincinnati Ohio
 
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Settings:
  • Trade Time: 3am and 11am
  • Trades: EURUSD
  • Profit target: 89
  • Stop: 83
  • Chart: 5 Minute
  • Entry is based on a high probabilty breakout to the upside.
  • The stop and profit target are high enough to avoid volatility like today.
  • General hold time is 1 to 2 days
  • Its designed to keep out of downtrending markets. Today for example did not generate a signal.
SD

nosce te ipsum

You make your own opportunities in life.
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  #17 (permalink)
 aquarian1 
Point Roberts, WA, USA
 
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Silver Dragon View Post
...
I did jump the gun on the trade. Should have waited for the bounce and the confimation bounce on the 89 SMA.
..
SD

Hi SD,

Nice post and thanks for a well annotated chart. You posted a 5 min chart, but with such quick action perhaps it would be an idea to include a 1 min as well around the action.

Looking at the chart you posted I would say you may have been late - though i don't know what your trigger rules are.
It seems that selling whit the CCI breaking 100 would have added 13 more pips.

BTW in your first post you have the entry and exit prices both the sane at 76 so I'm guessing you meant the exit at 66? for 10 pips. (Is 10 pips not $100 vs $10? - I don't trade Forex).

Keep up the great posts and all the best of success to you!

..........
peace, love and joy to you
.........
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  #18 (permalink)
 Silver Dragon 
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aquarian1 View Post
Hi SD,

Nice post and thanks for a well annotated chart. You posted a 5 min chart, but with such quick action perhaps it would be an idea to include a 1 min as well around the action.

I was using the 5 minute chart to illistrate the pennant. For trading I use 5 range chart. This consolidates the action and removes alot of false signals. See attached chart. I added notes on what I was looking at when I was trading. The 5 minute chart and the 5 range chart have many of the same confirmations but the 5 range chart shows the price action better.


aquarian1 View Post
Looking at the chart you posted I would say you may have been late - though i don't know what your trigger rules are.
It seems that selling whit the CCI breaking 100 would have added 13 more pips.

The crossing of 100 and -100 generate more accurate trading signals and a stronger movement. When the price is between the 100's price action tends to be sideways.


aquarian1 View Post
BTW in your first post you have the entry and exit prices both the sane at 76 so I'm guessing you meant the exit at 66? for 10 pips. (Is 10 pips not $100 vs $10? - I don't trade Forex).

I fixed this. Thanks for pointing it out!



SD

nosce te ipsum

You make your own opportunities in life.
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 Silver Dragon 
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I have business to take care of over the next couple of weeks so my manual trading and in depth analysis will be limited.

Attached is the automated trades from april 8th and today, April 12th.

Todays trade is testing recent highs. Will be watching closely for a reversal.

SD

nosce te ipsum

You make your own opportunities in life.
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 Silver Dragon 
Cincinnati Ohio
 
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Silver Dragon View Post
I have business to take care of over the next couple of weeks so my manual trading and in depth analysis will be limited.

Attached is the automated trades from april 8th and today, April 12th.

Todays trade is testing recent highs. Will be watching closely for a reversal.

SD


There was a hard reversal today after the EURO passed its 15 month high. May close the trade early if correction begins.

SD

nosce te ipsum

You make your own opportunities in life.
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