Seeking consistency

This is a discussion on Seeking consistency within the Trading Journals forums, part of the Reception category; Originally Posted by Leia watching 15m & hourly for opportunities around this price It appeared on the 30min timeframe and ...

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Old Apr 7, 2010, 3:39pm   #31
Joined Dec 2009
Re: cad usd - 30 min tf set up

Leia started this thread
Quote:
Originally Posted by Leia View Post
watching 15m & hourly for opportunities around this price
It appeared on the 30min timeframe and I think I have missed it. Order placed anyway, lets see
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usd-cad07-apr.10-set-up-entry.jpg  
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Old Apr 7, 2010, 3:51pm   #32
Joined Dec 2009
Re: Seeking consistency

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Quote:
Originally Posted by The Artist View Post
Hi,

Another question, since you just bid on cable; since you have a "medium-term" strategy, how do you handle days like tomorrow?
You have already committed to trade within 24h of the most important econ data release of the week, but does it affect your target, stop? Are you not concerned about liquidity drought when today's european session ends?

I am just a curious about how structured your trading plan is. I am more mechanical in my trading in the sense that I need to have most scenarios covered with associated risk management conditions beforehand, so I can automate everything. It would be interesting to know how it works out for you who is more discretionary in application.

Hi there

Thanks for taking the time to post another thoughtful and interesting comment. Yes, it will be interesting indeed.

I only look for the news release times at the start of each day to prepare me for a potential set up (for example USD CAD earlier) opportunity. The USD JPY set up I took at around the same time (twice!) was not news release related ,as far as I know.

My objective (at the moment, on this thread) is to get into what I perceive as the four hourly trend. My cable trend (my 20 and 50 ma's) are long at the moment, hence I have taken what I see as potential set ups to get long. If I'm wrong (or even spiked out by a news release tomorrow) then I'll lose on this trade.

Only time will tell me if this style of discretionary trading suits my personality, or if I need to start building more mechanical rules. If so, perhaps you will be kind enough to give me some ideas that work for you?
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Old Apr 7, 2010, 5:11pm   #33
Joined Dec 2009
Re: gbp usd - update

Leia started this thread I am nervous (as stated below) about my 4hour trend holding, so have moved my stop very quickly to break even, due to the bearish hourly candle that just printed possibly implying the 4hrly 20ma has now become a resistance level.

At least I won't lose anything if cable starts to turn downwards now


Quote:
Originally Posted by Leia View Post
However this is right at the bottom of their 'channel' and the last 4 hourly High was a lower High than its predecesor, so this could signal the start of a trend change to either ranging or downwards. Time will tell...
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gbp-usd-07-apr.10-protective-stop.jpg  
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Old Apr 7, 2010, 6:01pm   #34
Joined Dec 2009
Re: cad usd - 30 min tf set up

Leia started this thread Stop hit for -20

cumulative results so far:
result running total
GPB USD 0
JPY USD -35 -35
CAD USD -20 -55

what did I say about stops being hit in my introduction post to this thread, I think I need to allow these trades a bit more space to move

I just re-read my post number 28 regarding this pair. The attached chart has a note stating "will 1.00 50 hold as resistance now it has been broken as strong support".
So why was my stop for this particular trade placed below this level rather than (say) 10 pips above it?
Best I read my 4 hourly charts again before I place my stop and target levels on trades that have set up triggers on lower timeframes

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Originally Posted by Leia View Post
It appeared on the 30min timeframe and I think I have missed it. Order placed anyway, lets see

Last edited by Leia; Apr 7, 2010 at 6:12pm.
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Old Apr 7, 2010, 7:06pm   #35
Joined Dec 2009
Re: usd jpy

Leia started this thread
Quote:
Originally Posted by Leia View Post
1 hour timeframe offers an entry opportunity too:
(risk 30 pips)
Also stopped out for -30 this time

cumulative results so far:
(second colum is the result running total)
GPB USD 0 0
JPY USD -35 -35
CAD USD -20 -55
JPY USD -30 -85
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Old Apr 8, 2010, 11:07am   #36
Joined Dec 2009
Re: Eur gbp - update

Leia started this thread Target hit @ 0.87 50 = +160 pips

cumulative results so far:
(second column is the running total result)
GPB USD 0 0
JPY USD -35 -35
CAD USD -20 -55
JPY USD -30 -85
GBP USD 0 -85
EUR GBP+160 +75


Quote:
Originally Posted by Leia View Post
I have just moved my stop to 0.88 75, locking in 40 pips profits at roughly 1:1 risk / reward of the opening position, because its just above what I perceive to be the current resistance level at 88.60, prior to the current push lower (purple line)
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Old Apr 8, 2010, 11:45am   #37
Joined Dec 2009
gbp usd

Leia started this thread Once again my long trade has been stopped out at break even.

It seems that the price is trading in a narrowing range and as there is big news out today I am looking to take a trade in the direction of the break out of the range. Broadly long above 1.53 00 and short below 1.51 00 (fx500 club have notified of similar set ups, Christian is looking to continue buying the low 1.51 85 to the top of the range 1 52.60)
Attached Thumbnails
gbp-usd-08-apr.10.jpg  
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Old Apr 8, 2010, 12:05pm   #38
Joined Dec 2009
aud usd

Leia started this thread Price is pulling back into the 20/50 4 hourly and 50% 61.8% fib retracement levels

the hourly indicates a rejection of 0.92 20 area, lets see if this can hold as support
(Christian is looking to buy dips to 0.92 40 for 0.93) I'm setting a higher target, based on my 4h channel of 0.94, just below this years high
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aud-usd-08-apr.10.jpg   aud-usd-08-apr.10-set-up.jpg  
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Old Apr 8, 2010, 12:16pm   #39
Joined Dec 2009
indices (Dax)

Leia started this thread Last night and this morning have seen a fall off on stock markets. I'm waiting to see if they get as low as my buy areas (between my 4hr 20 & 50 ma's) and if so, find support from which I can get in with a long position
Attached Thumbnails
dax-08-apr.10.jpg  
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Old Apr 8, 2010, 7:01pm   #40
Joined Dec 2009
Re: indices (SnP)

Leia started this thread I have taken a long position @ 1181 on SnP, stop is @ 1174 and target is 1188, which is only 1:1 risk / reward

(I have moved my stop up to break even, below the low of the last hourly candle, incase this is a change in trend as opposed to a pull back!)

Quote:
Originally Posted by Leia View Post
Last night and this morning have seen a fall off on stock markets. I'm waiting to see if they get as low as my buy areas (between my 4hr 20 & 50 ma's) and if so, find support from which I can get in with a long position
Attached Thumbnails
snp-08-apr.10-long-level.jpg  
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