3 Ducks Demo journal

This is a discussion on 3 Ducks Demo journal within the Trading Journals forums, part of the Reception category; Stopped out for $203 loss Balance $6323...

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Old Dec 15, 2011, 10:40am   #16
Joined May 2011
Re: 3 Ducks Demo journal

mentormeplease started this thread Stopped out for $203 loss
Balance $6323
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Old Dec 15, 2011, 11:42am   #17
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Re: 3 Ducks Demo journal

mentormeplease started this thread Good setup here. Could trade a break of the symmetric triangle forming but will stick to the rules and place order on break of the support at 0.8374
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Old Dec 15, 2011, 11:46am   #18
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Re: 3 Ducks Demo journal

mentormeplease started this thread Order placed
Sell at 0.83740
sl: 0.84040
tp: 0.83140

Last edited by mentormeplease; Dec 15, 2011 at 1:11pm. Reason: Price has pulled up higher than the 5min SMA so I've pulled the order.
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Old Dec 15, 2011, 11:58am   #19
Joined Oct 2009
Re: 3 Ducks Demo journal

Quote:
Originally Posted by mentormeplease View Post
Stopped out for $203 loss
Balance $6323
Hindsight is easy but buying just below 400 probably not the best setup, I think
this is where the discretion part comes in.
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Old Dec 15, 2011, 12:22pm   #20
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Re: 3 Ducks Demo journal

mentormeplease started this thread Yes you're right, round numbers and support and resistance. In this case resistance. Thanks, I must try and bear these in mind as well.
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Old Dec 15, 2011, 12:29pm   #21
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Re: 3 Ducks Demo journal

Quote:
Originally Posted by mentormeplease View Post
Yes you're right, round numbers and support and resistance. In this case resistance. Thanks, I must try and bear these in mind as well.
Also 400 was the high of the day which adds to it, although TRO is without
doubt a pretty ecentric character his thread is worth a look if just to remind
of the importance of highs/lows of the day. Well done with the thread. Dazzer
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Old Dec 15, 2011, 1:06pm   #22
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Re: 3 Ducks Demo journal

good journal, keep it up
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Old Dec 15, 2011, 1:08pm   #23
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Re: 3 Ducks Demo journal

mentormeplease started this thread Yes, I did run through his thread but couldn't come to grips with his methods and lost interest. I'll go through it again though. Thanks for you input. I really need this sort of feedback which I know will improve my trading which I think was lacking previously.
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Old Dec 15, 2011, 1:10pm   #24
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Re: 3 Ducks Demo journal

mentormeplease started this thread
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Originally Posted by sj8070 View Post
good journal, keep it up
Thank you. Please feel free to provide any feedback.
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Old Dec 15, 2011, 1:19pm   #25
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Re: 3 Ducks Demo journal

mentormeplease started this thread
Quote:
Originally Posted by mentormeplease View Post
Order placed
Sell at 0.83740
sl: 0.84040
tp: 0.83140
Hey Dazzer,

Just out of interest, this order was also close to the low of the day but not really a round figure. Any thoughts on that.
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Old Dec 15, 2011, 2:17pm   #26
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Re: 3 Ducks Demo journal

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Originally Posted by mentormeplease View Post
Hey Dazzer,

Just out of interest, this order was also close to the low of the day but not really a round figure. Any thoughts on that.
I suppose you have to build a story, you had
consolidation prior to the low plus the flag
so the low would not have been as much of
a concern IMO.
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Old Dec 15, 2011, 2:19pm   #27
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Re: 3 Ducks Demo journal

mentormeplease started this thread
Quote:
Originally Posted by dazzer_fx View Post
I suppose you have to build a story, you had
consolidation prior to the low plus the flag
so the low would not have been as much of
a concern IMO.
thanks
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Old Dec 15, 2011, 2:24pm   #28
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Re: 3 Ducks Demo journal

mentormeplease started this thread GBPJPY setup for short
Sold at 120.644
sl: 120.98
tp: 120.00
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Old Dec 15, 2011, 3:03pm   #29
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Re: 3 Ducks Demo journal

mentormeplease started this thread Looking at this trade again, it was not a good setup. I actually sold on the support that was developing from yesterday. So I'm going to tighten my sl to the resistance as shown in the chart and bring my tp to break even. I should have rather waited for the support at 120.60 to have been breached before entering the trade.
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Old Dec 15, 2011, 5:19pm   #30
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Re: 3 Ducks Demo journal

Quote:
Originally Posted by mentormeplease View Post
Looking at this trade again, it was not a good setup. I actually sold on the support that was developing from yesterday. So I'm going to tighten my sl to the resistance as shown in the chart and bring my tp to break even. I should have rather waited for the support at 120.60 to have been breached before entering the trade.
I think its sometimes easier to revert back to a higher time frame to get
perspective, you sold in a into a pretty strong trendline which has just
broken. It then has todays low to contend with and then yesterdays low, in
my mind then it gets some clean air. Perhaps I'm just a little too careful!
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