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This is a discussion on TDs Journal within the Trading Journals forums, part of the Reception category; Yesterday marked the end of my third week trading this account. I went short £2 of Usd/Jpy at point 1 ...

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Old Sep 24, 2008, 9:40am   #78
 
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Joined Aug 2005
trader_dante started this thread Yesterday marked the end of my third week trading this account.

I went short £2 of Usd/Jpy at point 1 on the hourly TF after the S/R pivot was rejected and a pin bar formed.

First target (support) was hit but I decided to hold the full position and add more on a possible breakout rather than get some out...and it came right back and stopped me out for breakeven.

It's examples like this that people always point to when they say "take some profit off the table" and I have been doing that at times but a trader has to make a judgement call each time, based not on the desire to secure profit but rather by weighing the probabilities of a continuation against that of a reversal. I can't count the number of times I've reduced my position or even lost it altogether, just before a huge move.

In this case I got it wrong.

So, another scratch (these are close to making up the majority of my outcomes).

In the three weeks so far, I have made 20 trades in total:

10 Wins
2 Loss
8 Scratches

The intial £40.60 is now at £1,593.50.

I am currently holding an open position in the equity cash market but I will document the outcome of that when I close it. You can see the interest rate charges in the statement below.
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usd_jpy_hourly.gif   account_summary.jpg  
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Old Sep 24, 2008, 1:58pm   #79
Joined Mar 2007
A question for Trader Dante if I may...

Could you (or have you already, if so, where?) provide a list of the price signals that you use with a brief description of how you would trade each one? This thread is fascinating and I'd like to do something similar. I stopped trading (spread betting) a while back because my head was all over the place and I had become paralysed with confusion and fear of losses. I want to get back into it but I want to do so with a very clear idea of what I'm going to do, and how, so I don't lose the plot again.
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Old Sep 24, 2008, 2:31pm   #80
Joined Nov 2007
http://www.trade2win.com/boards/firs...y-trading.html
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Old Sep 24, 2008, 3:07pm   #81
Joined Mar 2007
Quote:
Originally Posted by chocolate13 View Post
Thanks, Iíve read that thread before but I guess Iíll have to go over it again. In the meantime, if anyone can provide a condensed list of the candlestick formations, what each one is called, what your next move would be and what other circumstances one might take into account before trading a signal that would be that would be very helpful.
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Old Sep 24, 2008, 4:41pm   #82
Joined Apr 2008
but steve nison's book " the candlestick course". he is the guru on candles
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Old Sep 26, 2008, 12:30pm   #83
Joined Mar 2005
Quote:
Originally Posted by MitchT View Post
Thanks, Iíve read that thread before but I guess Iíll have to go over it again. In the meantime, if anyone can provide a condensed list of the candlestick formations, what each one is called, what your next move would be and what other circumstances one might take into account before trading a signal that would be that would be very helpful.
Just look on the internet, they're really not that hard to find, and in any case the candles should only make up part of your trading plan. They're not to be solely relied upon. Also trading is completely subjective, you need to explore the options yourself and find what works for you, there's not just one way to trade a certain pattern etc. Good luck.
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Thanks! The following members like this post: omni
Old Oct 1, 2008, 2:06pm   #84
Joined Apr 2008
hi trader dante. have you stopped this thread or just having a break
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