£80

[trader_dante]

Today I placed two trades one on the GBP/JPY and the other on USD/JPY and they did not workout the way I wanted it to. Oh well on to the next........

Those pairs are fairly correlated and the setup was almost identical on both so the chances were high that if one failed, the other one would also.

I can see why you took them - The pin that appeared at 2pm helped form an hourly double bottom. My problem with both of those setups though is that the market is back at that level in the first place.

Have a look at the daily chart of Usd/Jpy (chart 1). We have two major levels that mark a zone between 93.90-94.40 and this is a pretty critical level. Now look at the level above that at 95.50. We tested this in late June, crashing through it on the 23rd only to undo that and go back at above it the next day on the 24th. Two days later on the 26th, we smash back through it again and then after the weekend, on the 29th (the next trading day) we undo that day and move higher. But the rally just runs out of steam after three days and then we come back into that level hard again. Note how yesterday we also break the ascending minor TL.

Now check out the second chart which is Usd/Jpy on the hourly. A pin formed at a minor hourly support (not shown here) at 8am this morning. This rally took us right where we would expect. Another test and failure to close above the hourly s/r pivot (yellow) and the prolonged retest of that ascending TL. In my opinion we are going to make a decent attempt to take out 93.90 very shortly. Wind and rain erode the coastline over time.

 

[epetrov]

Hi L80,
I think that you play quite well.
The only thing that I don't like is that you don't consider the global movement(trend). In the latest two examples you play long but the global market movement is down (so obvious). You'd better play short and you would make money.
That's from my side.
Cheers,
:clap:

 

[trader_dante]

Mate, in deference to your £80 starting point, I meant to replicate the trades that I take in my main account in a very small one and see what I could turn it into so you could specifically have a means of comparison. I had £71.47 in an old tradefair account which is pretty close to your initial capital But then I got caught up in the sh*tstorm over my good name (lol) and forgot all about your thread.

I've only made 4 trades since I began doing this for you which was on the 26th June. (today marks the 7th trading day).

I've attached a screenshot of my account summary (and trades) and some charts with notes on my reasoning and trade management. (Entry is the arrow, exit is the price label)

Trade 1: Gbp/Usd: If you are trading £1 with a small capital like this you can't afford to get many wrong Fortunately I take every trade as if 100% of my account is about to go on it and only trade when I am damn certain I can't lose. This makes me very picky. The setup was a great one for me. Rejection candles on daily showing basing pattern and good support. Hourly shows reverse H&s formation with pin at right shoulder at hourly s/r pivot. Exit taken at first major s/r pivot.

Trade 2: Eur/Usd: All the profits from previous trade go into this one. When you are trying to build an account and your hit rate is very high you can be a bit more agressive although its always nasty when you lose your profits as it takes you back to square one. Hourly pin that closes above two hourly s/r pivot bands and 61% of last hourly swing. Three hours later comes an IB with all three wicks finding support at the same zone which is the top of the band . This is where you get very confident that we're going up. First two exits come at s/r pivots as I scale out. (note I hold this overnight hence the 19p interest charge). Final exit taken after price has a sharp pull back and hits my trailing stop. I gave back 110 pips profit on this last position. I do this quite a lot. I was trying to catch the next big run up. I almost got it but almost never stood for much in this game

Trade 3: Eur/Usd: IB at level I mentioned in the last trade above. This time from the other side. Time to hit it short. The US is on holiday and the market is hardly moving. So I scale out of a bit at a time throughout the day. 1 pip down on the first part. 1 pip up on the second etc. Basically a breakeven trade. I wasn't prepared to take the event risk of holding over the weekend although as you can see it would have worked out very nicely.

Trade 4: Gbp/Usd: Daily support looks like its about to be tested again. See post above about levels being eroded before giving away. Market opens Sunday night gapping lower and then forms an IB under the recent lows (so support/becomes resistance). I sold the IB marked with the arrow but I didn't put the stop just above it because there was still the chance of a gap fill (see pin bar that occurs). I put a hard stop at the orange line but would have probably got out earlier if we hadn't turned right down after filling the gap (a very reliable and predictable market pattern) I scaled out in increments. I was confident it was going to make a sharp move down but the support levels were very significant ones and I didn't want to take any chances. Had a wicked exit on my final quarter which was the low of the move to the pip.

These are the only trades I have taken since that time right up to now. I didn't trade today I was playing with my iPhone. Bloody trading apps are going to kill what little remains of my life

OK, I'lll update you on what happens but since I don't trade that often I'll pop in, in a week or so.

 

[ilplusq]

£80, I was in your shoes, it seems, just a few short months ago. Besides MMT and Potential Setups, the james16 private forum has been an immeasurable help. It helped me move to the next level, and then to the next level again, and there's more to come. When I felt like I've hit the wall, I watched mbqb11's webinars. It is dollars well spent and they go to good people and for a good cause. The site does not contradict what we've learned here, it is rather more of the same with some ideas and just a little different view, enough to give perspective.

Good trading.
Ilya

 

[Headless Chook]

£80, I was in your shoes, it seems, just a few short months ago. Besides MMT and Potential Setups, the james16 private forum has been an immeasurable help. It helped me move to the next level, and then to the next level again, and there's more to come. When I felt like I've hit the wall, I watched mbqb11's webinars. It is dollars well spent and they go to good people and for a good cause. The site does not contradict what we've learned here, it is rather more of the same with some ideas and just a little different view, enough to give perspective.

Good trading.
Ilya

There are quite a number of free videos in the J16 Guest Section also. Well worth a look...

 

[ilplusq]

There are quite a number of free videos in the J16 Guest Section also. Well worth a look...

of course. funny I forgot to say that.

 

[£80]

Thanks guys I had a look at the J16 site a while ago and I do agree that it is a very informative site. The only problem is that I cannot afford to pay $129 a month and that is why I am here trying to follow Trader_dante's every move because he trades the same way and is always willing to help, maybe TD should start something similar with videos......hint hint lol

 

[advfntrader]

are you profitable now ?

£80, I was in your shoes, it seems, just a few short months ago. Besides MMT and Potential Setups, the james16 private forum has been an immeasurable help. It helped me move to the next level, and then to the next level again, and there's more to come. When I felt like I've hit the wall, I watched mbqb11's webinars. It is dollars well spent and they go to good people and for a good cause. The site does not contradict what we've learned here, it is rather more of the same with some ideas and just a little different view, enough to give perspective.

Good trading.
Ilya

 

[£80]

I placed a trade on the EUR/GBP because of a pin bar that formed minor S&R. I waited along time for a trade and any winning trade is well worth waiting for. So my lesson today is patience an emotion that takes long to master..... but it can be done.

 

[£80]

I placed another trade last night on the GBP/CHF pair but this time I got it wrong. My analysis went as usual, looking for S&R level, pin bar formed and to add strength to the trade there was a fib level as well but everything doesn't always go according to plan.

 

[trader_dante]

I placed another trade last night on the GBP/CHF pair but this time I got it wrong. My analysis went as usual, looking for S&R level, pin bar formed and to add strength to the trade there was a fib level as well but everything doesn't always go according to plan.

8pm is not a great time to trade.

I try to limit my trades to approx 6am - 4pm GMT.

I will trade outside these hours if I have too but it's not recommended for new traders.

 

[£80]

8pm is not a great time to trade.

I try to limit my trades to approx 6am - 4pm GMT.

I will trade outside these hours if I have too but it's not recommended for new traders.

I have read some where that trading after 5pm GMT is not a good idea can you perhaps tell me why.

 

[foredog]

Uk is one of the biggest markets for FX so when the London offices go home volumes drop.

USDCAD will still trade but for EURGBP most major participants would be at home at 8pm

 

[£80]

Uk is one of the biggest markets for FX so when the London offices go home volumes drop.

USDCAD will still trade but for EURGBP most major participants would be at home at 8pm

Thanks Foredog it does make sense but is there any reason why the UK is the biggest market for forex?

 

[Masquerade]

I have read some where that trading after 5pm GMT is not a good idea can you perhaps tell me why.

Depends what style of trading you want to do. The later hours can be great if you want to range scalp.

 

[foredog]

Thanks Foredog it does make sense but is there any reason why the UK is the biggest market for forex?

I think it's becasue of the overlap of timezones, you get the end of the Asian session and the start of US.

 

[advfntrader]

maybe move to higher timeframes ? Daily charts you'll get less stop outs (but also less trades...)

 

[£80]

maybe move to higher timeframes ? Daily charts you'll get less stop outs (but also less trades...)

I have recently started to watch daily time frames but I try to concentrate on the hourly because of the lack of opportunity and the size of risk.

 

[ilplusq]

are you profitable now ?

Sorry, I did not follow this thread for a while. Technically, yes. But I am hardly profitable so it is diffcult to say whether I'm consistently profitable. I've made fewer than 100 trades since February, and the last two months have been good, compensating for some initial drawdown.

 

[£80]

Two trades today one was very clumsy and the other not enough analysis

GBP/JPY: My entry was good but I had to step away from my pc and didn't get out when I was suppose and my take profit order was higher than it was suppose to be these are mistake that should never be made in my opinion.


AUD/USD: This trade might go short but I did not put enough effort into this trade. I got out of this trade because I overlooked the S&R level and thought the market might react to it.