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This is a discussion on TDs Journal within the Trading Journals forums, part of the Reception category; Yesterday I was looking at a chart of the Bund and decided that I wanted to sell it as it ...

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Old Sep 12, 2008, 4:06pm   #41
 
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trader_dante started this thread Yesterday I was looking at a chart of the Bund and decided that I wanted to sell it as it looked to me like it was under distribution.

I sold £2 per point at point 1 on the attached chart which was directly into a rising TL. Contrary to the way most traders operate, I sometimes SELL support.

What happened immediately after is why this is not always the best idea. Price found value and made its way back up to the highs.

There was a huge point of control on the Market Profile at 23's and clear resistance on the charts so I put my stop a short way above this. Although it look obvious and I have drawn it here, I hadn't seen the TL across the tops when I took this.

The market took out the highs but only just and in the process came very close to my stop but didn't hit it. This turns out to have been a false break and then once again it turned and as soon as it did my conviction that this was going to break became ever stronger. When it returned to the TLs, I began to sell again - £1 on a break of the first one (point 2) and another £1 on the break of the second (point 3) to give me a £4 per point net short position.

I held this position as an overnight and when the market moved lower this morning, I closed £2 at the first support level on the hourly. I put the stop on the second half to just above the hourly S/R pivot with the intention of trying to run it down as far as 00s but it was hit when the price bounced at my support.

Total profit on the trade was £99.

Whilst I was in this Bund trade, I also bought £2 per point late last night when the Euro formed a daily pin bar. (see weekly charts for the levels and daily for the pin) I was alerted to this by a post from superspurs on my thread and as a result when I withdraw, half the profit goes to a charity of his choice.

The actual entry coincided with a bounce from an S/R pivot (see point 1 on hourly chart). I had a target of 1.4150 (just ahead of the resistance) but when price stalled not far from it, I decided to exit on a break lower of the inside bar at point 2.

Total profit on the trade was £176.

Account balance is now £978.90
Attached Thumbnails
bund_hourly.jpg   euro_weekly.gif   euro_daily.gif  

euro_hourly.gif   account_summary.jpg  
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Last edited by trader_dante; Sep 12, 2008 at 10:29pm.
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Old Sep 12, 2008, 5:33pm   #42
 
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superb.
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Old Sep 13, 2008, 12:38am   #43
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Great Trading Dante

Dante,

Think you are doing some great things with this thread. You probably deserve some .

Really touched by why you have done this as my partners Dad also suffers from parkinsons. He's still pretty active but taking the drugs and coming on and off them is awful to watch. It's also tough cos he really likes playing with our daughter but she wears him out to much but is not old enough to understand.

It definitely makes you feel good about society knowing there are people out there like yourself. And a darn site better than listening to all the bad news on TV and in the papers.

Keep up the good work. I will continue to watch with interest.

Glen
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Old Sep 13, 2008, 1:03pm   #44
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Tom,

Well done for reaping money from the ether to give to charity but you're still a t0sser in my eyes!

Good stuff mate
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Old Sep 13, 2008, 8:04pm   #45
 
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Quote:
Originally Posted by Lord Lucan View Post
Tom,

Well done for reaping money from the ether to give to charity but you're still a t0sser in my eyes!

Good stuff mate
Bah! Go back to scalping the FTSE off the order flow and leave the real moves to the big boys, LL!
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Old Sep 14, 2008, 9:18pm   #46
 
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Top drawer stuff this Tom; good luck with the quest and I hope it brings you and the charity a good financial reward.
Best of trading,
Grim
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Old Sep 16, 2008, 10:54am   #47
 
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trader_dante started this thread Not the best day yesterday. I played the gap fill on the Euro/Usd with the entry coinciding with a break of support (point 1) but after half the gap filled, I moved my stop to breakeven and then got stopped out on a retracement covering near the highs before the REAL move kicked off.

I then tried to get long later in the day off the inside bar that appeared near the lows entering at (point 2) Long tails showed short term value rejection below the S/R pivot so I went long on the break but after being 40 ticks up decided to move my stop once again to breakeven with a pivot between my entry and the price. A retracement bought me out once again for nothing.

I tried again later at point 3 but closed immediately for a scratch when I found that the inside bar was actually the result of a data error in MT4 and price had actually pushed higher in that bar and then been forced down.

Finally, in the evening, I caught the violent break to the upside from the consolidation area, entering £2 per tick at point 4. I closed it at first potential resistance at point 5 for a profit of £120.
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euro_hourly.gif   account_summary.jpg  
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Last edited by trader_dante; Sep 17, 2008 at 8:55am.
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Old Sep 17, 2008, 12:19am   #48
 
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Fantastic thread TD, made even more special by your motives...congratulations on smashing the £1000 mark!

Sini.
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Old Sep 17, 2008, 12:22am   #49
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"Not the best day yesteerday"

Don't be so hard on yourself TD! you made 120 pounds and didn't lose any.

Great stuff, keep up the good work.

Cheers,
PKFFW
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Old Sep 17, 2008, 9:20am   #50
 
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trader_dante started this thread Yesterday marked the end of my second week trading this account and it was marked by another £70 credit referral This bonus money can't actually be withdrawn from the account for three months, not that it matters because more money means more margin...

So, the record so far is 14 trades:

8 Wins
1 Loss
5 Scratches

...and 2 referral bonuses.


The intial £40.60 is now at £1,168.90.

The first target of £1,000 was hit. My second target is £2,000.

I'm going to aim to hit that by the 7th October (Five weeks from my first trade)
Attached Thumbnails
account_summary.jpg  
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