New Year New Plan

This is a discussion on New Year New Plan within the Trading Journals forums, part of the Reception category; Here's my crude oil trade. CR HO 6 - 52...

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Old Jan 13, 2013, 7:28pm   #16
Joined Feb 2012
Re: New Year New Plan

robertdaley started this thread Here's my crude oil trade.

CR HO 6 - 52
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Last edited by robertdaley; Jan 14, 2013 at 10:54am.
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Old Jan 14, 2013, 10:20pm   #17
Joined Feb 2012
Re: New Year New Plan

robertdaley started this thread Crude oil formed a second pin bar today, adding more weight to the one formed yesterday, as shown in the image posted. More upside is a possibility in this market. I am targeting £300 @ 96.80.
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Old Jan 15, 2013, 9:40pm   #18
Joined Feb 2012
Re: New Year New Plan

robertdaley started this thread Update: Crude oil has fallen a little today but my trade is still open.

Today I have my eye on USDCAD. See image.
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Old Jan 15, 2013, 9:55pm   #19
Joined Sep 2010
Re: New Year New Plan

Interesting, I have been short Crude from 94.00 for a few days now. I don't see those last "pin bars" as a buy signal (hence I haven't closed my trade) but more of it just trading within range. Don't let me influence your trade though because I'm just another idiot on a forum, it'll work out for one of us
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Old Jan 16, 2013, 12:38am   #20
Joined Feb 2012
Re: New Year New Plan

robertdaley started this thread Well, you made me re-evaluate. I was £32 down, and I was running a tighter stop than I would have ideally liked, according to my plan, so I cut my losses. I need to trade according to my rules: at least 4 months of trend data, trade in line with trend, spot signal, then wait for confirmation, put stop above/below signal. I saw a great signal on crude oil but to trade it correctly according to my rules, I would need a stop of £250, which is too much for my account size. I nevertheless took the signal hoping a tight stop of £115 would be okay, but it probably isn't, so I'll take a £32 loss. I am going to trade according to my rules with the USDCAD trade, should it close favourably.

7 trades £80 down
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Old Jan 16, 2013, 8:16am   #21
Joined Sep 2010
Re: New Year New Plan

I didn't want to influence your trade, now I'm going to feel bad if it would have worked out for you. I should have kept my opinions to myself.
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Old Jan 16, 2013, 9:07am   #22
Joined Feb 2012
Re: New Year New Plan

robertdaley started this thread NO, don't worry, really my account didn't warrant me taking on the trade. I won't feel bad if it pushes up from here, I have learnt to be accepting of the decisions I make.
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Old Jan 16, 2013, 9:39pm   #23
Joined Feb 2012
Re: New Year New Plan

robertdaley started this thread Well, crude oil popped higher today but I'm happy with my decision to exit. I have removed crude oil from my charting software.

Today I entered a long trade on AUDCAD. It was based on a pin. I risked £132, so I'm looking to make about £250 ideally.

I've also entered long on AUDUSD but a small position. I will trail a stop on this trade. I'm making a move on the Aussie dollar. And I'm going to stick with the plan, win or lose.
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Last edited by robertdaley; Jan 17, 2013 at 12:57am.
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Old Jan 17, 2013, 6:17am   #24
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Re: New Year New Plan

robertdaley started this thread Stopped out on both my trades. Not going well so far.

9 trades. - £266.

On to the next one.
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Old Jan 22, 2013, 12:35pm   #25
Joined Feb 2012
Re: New Year New Plan

robertdaley started this thread I have taken a short on a 4 hour signal on NZDJPY (error in title on image).
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Old Jan 23, 2013, 9:19am   #26
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Re: New Year New Plan

robertdaley started this thread I have sold gbpusd short today.
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Old Jan 28, 2013, 1:19am   #27
Joined Feb 2012
Re: New Year New Plan

robertdaley started this thread Having lost quite a bit lately, I've decided to review the situation. I have looked over the charts and tried to identify clear cut signals over the last twelve months on Eurusd, Gbpusd, Audusd, Nzdusd and the yen pairs and have found 24 signals, that's 2 each month.

Lately I have been trading about 15 signals per month. I think that's where things are going wrong.

I am going therefore to trade less than I have been doing. I will wait for A+ set-ups.
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Old Jan 28, 2013, 12:01pm   #28
Joined Feb 2002
Re: New Year New Plan

I don't think 15 trades a month is necessarily over-trading if that's your concern, it depends on the risk per trade, whether trades are effectively duplicates increasing your exposure to risk, your workload in managing positions etc.

But I don't think pin bars have been found to be a very reliable entry signal.
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Old Jan 28, 2013, 12:59pm   #29
Joined Nov 2001
Re: New Year New Plan

Quote:
Originally Posted by tomorton View Post
Good luck with this robertdaley.

As a free tip (which I have not seen elsewhere) I would suggest entering a limit order to close your trade which is initially way beyond your normal R:R - occasionally price moves dramatically in your direction if you really have identified a good entry signal and it's good to let it have the opportunity to run immediately after entry: later you can pull the limit order back to normal parameters.

e.g. If your R:R is intended to be 1:2, put your stop at -100, but initially put your limit order at +800. Occasionally you will find the market is moving on a similar entry signal to yourself and price goes briefly way beyond your target. Later in the session, pull back to +200 as normal.

If you leave entry orders in the market whilst away from the screen, you might do likewise. I have occasionally caught price spikes on unexpected good news affecting individual stocks this way.
Yes, it's an idea to be optimistic if you are in a trade. I travel around lunchtime for about an hour, or so. I have had some spikes in my favour during that period and. if they are unexpected, they are a real bonus to the ego as well as the account!
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Old Jan 28, 2013, 3:43pm   #30
Joined Nov 2001
Re: New Year New Plan

That has happened to me this midday. I put a target of 20 points on FT and it went at 6304 . Must have been at about 1420.
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