Seeking consistency

This is a discussion on Seeking consistency within the Trading Journals forums, part of the Reception category; Originally Posted by Leia watching 1hr and 15m time-frame for a strong indication of a rejection of higher prices Here ...

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Old Mar 31, 2010, 4:24pm   #8
Joined Dec 2009
Re: Eur gbp

Leia started this thread
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Originally Posted by Leia View Post
watching 1hr and 15m time-frame for a strong indication of a rejection of higher prices
Here is a 1 hour shooting star candle, providing a potential set up to get in short

Lets see what happens (entry @ last weeks low: 0.89 18; stop @ 0.89 50 which is 50% fib just beyond the tip of the candle wick and target @ 0.87 50 being the last significant 4 hourly support level)
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Old Mar 31, 2010, 7:04pm   #9
 
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Re: Seeking consistency

I understand why you do this. I post all my trades on the live forex calls and set up thread. You dont seem to mention R/R in any of your posts.That and money management are the most important things IMHO. Learn them and you will learn to trade
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Old Apr 1, 2010, 12:46pm   #10
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Re: Seeking consistency

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Originally Posted by Lord Flasheart View Post
I understand why you do this. I post all my trades on the live forex calls and set up thread. You dont seem to mention R/R in any of your posts.That and money management are the most important things IMHO. Learn them and you will learn to trade
Actually I just started to do the same thing yesterday on a free blog. My hope is that if I post my trades then I will be more inclined to follow my own rules. Do you find that it has helped in that respect?
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Old Apr 1, 2010, 1:30pm   #11
Joined Dec 2009
Re: Seeking consistency

Leia started this thread Hello there

Many thanks for your posts.

You are right, I haven't really tightened up my thoughts on Risk vs Reward as yet, I understand that if you only take a trade where the potential reward is twice the initial risk, then providing you achieve 1 winner for every three trades you will still break even. However my feelings are that you can't be certain that you will hit your target (for example you may get a strong reversal signal at your reward = risk level, ie 1:1), so you exit and take your profit even though you haven't reached anything like your target. Its still a good (winning) trade. You can be certain that you will hit your stop levels though (unless you move them) I'll keep thinking about this aspect of my trading....

With regard to the point about: has posting up trades helped me follow my rules? Its really too early to say, I only started this yesterday.

To update:
I cancelled my Dax long posted yesterday (off 15 minute hammer / double bottom) as price didn't come back down to the entry level and has subsequently taken out new highs. I also received a FX500club notification for a potential ftse short, which being contrary to my intended trade direction, made me happier for missing my long entry

I have moved my stop to break even on my eurgbp short and am delighted that my 1H set-up entry hammer turned into a 4H hammer too and price is trading lower today.

I'm not to sure about entering new trades this pm, as its a four day bank holiday weekend and NFP tomorrow
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Old Apr 6, 2010, 1:04pm   #12
Joined Dec 2009
gbp usd

Leia started this thread I have taken a set up against the daily cable down trend

This is because my 4 hourly trend is up, I have identified the daily 20ema as a support level and the 1 hour time-frame has just printed a bullish engulfing candlestick at the bottom (hopefully) of a downward retrace to the 61.8% 4 hourly fib level

I have taken screen shots showing the daily (arrow indicates recent rejection of the 20ema); 4 hourly (trend, 20ema above 50sma, both slanting upwards, retrace to 61.8% level of last up move) and 1 hourly setup trigger (bullish engulfing / outside) bar. I have also attached a 15 time-frame chart which I took as my first entry point earlier today (hammer, order to enter at break of high), but I cancelled my order when the lower price was taken out

Stop is 1.5120 (risk = 60pips) and Target 1.5380 (reward = 260pips)

Lets see what happens
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Old Apr 6, 2010, 1:11pm   #13
Joined Dec 2009
Re: gbp usd daily chart

Leia started this thread daily chart - support found on 20 ema?
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Old Apr 6, 2010, 1:23pm   #14
Joined Dec 2009
Re: gbp usd

Leia started this thread 1 hour chart bullish candle (outside bar / engulfing bar)
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