Adversaria

Decorum · Jan 25, 2009

The plan is to analyse and strategise, playing the most high-probability setups.

Mostly currencies, but open to anything.

Will lay a few 'guides' down in the next post to aid myself in maintaining trading discipline.

I hope others will join in...

Decorum

Decorum · Jan 25, 2009

Some initial guidelines...

- Trade only 06:00 to 16:00 GMT

- Only one trade per day

- Maximum of 3 trades per week

- Any particular trade must be planned at least one day prior to execution

- Having two consecutive losing days will result in taking the following day off

- Having two consecutive losing weeks will result in taking the following week off

- Once entered, a trade can only be exited according to the planned TP/SL strategy

- Maximum of 3% of account risked on any particular trade

Decorum

Decorum · Jan 25, 2009

Setup 1 AUDUSD

Will be watching the 0.6840 area on the AUDUSD as a reaction level. This area is a price pivot and .50 Fib retracement.

Decorum

Decorum · Jan 25, 2009

Setup 2 GBPUSD

1.3000 is probably a prominent area to watch for a reaction purely as it is a significant round number.

However, the daily chart attached from '84/'85 shows that price pivoted around the 1.3000 level.

Decorum

JDTRADER · Jan 25, 2009

Decorum said:
Some initial guidelines...

- Trade only 06:00 to 16:00 GMT

- Only one trade per day

- Maximum of 3 trades per week

- Any particular trade must be planned at least one day prior to execution

- Having two consecutive losing days will result in taking the following day off

- Having two consecutive losing weeks will result in taking the following week off

- Once entered, a trade can only be exited according to the planned TP/SL strategy

- Maximum of 3% of account risked on any particular trade

Decorum

What balance you trading ? for 1-3 trades per day ?

3% I agree. I go for 2%

Decorum · Jan 25, 2009

JDTRADER said:
What balance you trading ? for 1-3 trades per day ?

3% I agree. I go for 2%

Each guideline is there so I can try and stop myself doing 'silly' things.

The self-imposed limit of one trade a day is to make sure I only play the very best setups.

3% is a ballpark figure, most likely be less than this most of the time.

Decorum

Decorum · Jan 25, 2009

Setup 3 AUDUSD

0.6460 is an area to watch out for a reaction.

Decorum

Decorum · Jan 25, 2009

Setup 4 EURJPY

117.00 area has seen support then resistance over the last week. Confluence of 0.50 Fib also.

118.40 area has also seen support turned resistance. Again, also confluencing with a Fib, this time the 0.618. There is also a descending TL coming down on the 4H charts.

Decorum

Decorum · Jan 25, 2009

Setup 5 USDCHF

1.1500 area is resistance turned support with confluence from 61.8 Fib.

There has already been a reaction just above this area at around 1.1530.

Decorum

Decorum · Jan 25, 2009

Setup 6 GBPUSD

15m chart shows a price pivot area at around 1.3730. The European session shows price hitting 1.3730 area three times before getting through on the fourth.

This level could now provide support.

Decorum

Decorum · Jan 25, 2009

Setup 7 EURJPY

Potential area of support just below 114.00

Decorum

Decorum · Jan 25, 2009

Setup 8 USDCAD

1.2500 to 1.2520 was a support area. 1.2500 may now provide a resistance area. There is confluence with the 50.0 Fib.

Decorum

Decorum · Jan 25, 2009

Setups 3, 4, 5, 6 and 7 have potential of playing out tomorrow.

Setup 3 AUDUSD and Setup 4 EURJPY both look good and so I will lay out a strategy for each.

Setup 5 USDCHF will not be strategised as it is quite poor when compared to Setups 3 and 4. Also, there is a chance it will have already triggered by the European session.

Setup 6 GBPUSD will be left just now to see how it develops. If price continues to rise then this setup may still hold weight. Again, chance it will have triggered prior to start of European session.

Setup 7 EURJPY will be left as it does not look very solid.

Decorum

Decorum · Jan 25, 2009

Strategy for Setup 3 AUDUSD

Entry #1 at 0.6470
Entry #2 at 0.6460

SL for #1 and #2 at 0.6445

TP on #1 will be a 2-bar trailing stop on the 15m
TP on #2 will be 0.6485

Decorum

Decorum · Jan 25, 2009

Strategy for Setup 4 EURJPY

Entry #1 at 116.80
Entry #2 at 116.90

SL for #1 and #2 at 117.10

TP on #1 will be a 2-bar trailing stop on the 15m
TP on #2 will be 116.35

Decorum

Decorum · Jan 26, 2009

The area of 1.3730 in Setup 6 GBPUSD failed to provide any support.

Sunday night open gapped down and continued down from there.

Decorum

Decorum · Jan 26, 2009

The 114.00 area outlined in Setup 7 EURJPY held as support a couple of hours after Sunday night open.

Reached low of 113.71 then proceeded to continue steadily up to 115.50.

Decorum

Decorum · Jan 26, 2009

The shorting strategy for Setup 4 EURJPY at 117.00 failed. There was a small amount of resistance but continued to rip up through.

The 4H descending TL was touched almost to the pip and price since retraced around 140 pips.

Decorum

Decorum · Jan 26, 2009

Setup 5 USDCHF failed to provide any support at the 1.5000 level.

Support at around 1.1380 was good for around a 50 pip bounce.

Decorum

Decorum · Jan 26, 2009

Setup 9 EURUSD

Price pivot around the 1.3060 area.

Possible reaction at around the 1.3300 area. 50.0 Fib is just below this at 1.3280.

Above this there was previous resistance around the 1.3380 area. The 61.8 Fib is at 1.3400.

Decorum

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