No brainer trade journal

[Doomberg]

Good luck with this Dutch, and gawd its gone quiet in the general section recently

I was trading today as i took a day off, had a storming day... i updated my journal

 

[MajorDutch]

order cancelled trade didnt trigger

 

[MajorDutch]

kinelll. daily bars close in 30 mins and decent pin bars showing on Gold, Brent Oil & CADMXN, got 30 minutes to do some analysis.

 

[MajorDutch]

rejecting Brent Oil pin bar as back into chop, rejecting CADMXN as back into rising trend line and also the Gold daily pin bar looks epic.

 

[MajorDutch]

bit of analysis. here is a chart

confluence

perfect pin
off $1700 round number
off previous support and resistance, recent top of chop zone
with long term trend

fundie - Gold price should be solid as Euro chaos plays out up to Friday's Greek vote.

I will be entering a buy stop order above the pin on close of daily bar, stop below the pin. 1st trouble zone marked on chart is $1745 so I will be looking to move my stop to b/e at $1740. This is a good place to take full or partial profits however I will be holding to see if we can get a break out into the 'space' up towards $1900 it could run, you never know if the Euro breaks down could be a long term hold.

this is one of those trades that I happy to put my bolloxs on the line for, it is v.high prob imo.

 

[MajorDutch]

buy stop order @1725 SL $1680 move to b/e @ 1740 planning to hold up until $1900 depending on price action.

 

[MajorDutch]

buy order filled nice initial move. looking to get that stop to b/e @ $1740.

 

[ordinaryguy76]

Hey Dutch, do you normally place orders around midnight (I know you wait for daily candle to finish) and then cancel them in the morning if not filled ? What will tell you to cancel them ? I'm asking because AUDCAD would have been filled if you left it running, but perhaps the opportunity wasn't there anymore.

 

[MajorDutch]

stop moved to b/e now (actually +1 pip for psychological reasons, don't like small slippage losses).

Ordinary guy - I place orders at candle close, I normally keep orders open for the remainder of the next bar, sometimes for one more bar if I like the PA, otherwise I pull them. basically I like clean moves away from my setups dont want price farting around too much.

 

[MajorDutch]

it's times like this when price is approaching the first trouble zone (c.1740-1750) that it pays to work out what you are going to do beforehand. I learnt a lot from James16 here. at the first trouble zone you either have to take full or partial profit or move your stop to break even. If you are trading for a meaningful amount of money it would be hard to watch price come back and take out the back of the pin - personally I cant let it happen, especially with a meaningful amount of cash on the line. The result is there will be a number of break even stop outs and you have to take these on the chin. If it is a great setup and it does come back to break even I will sometimes look to get back in with a very tight stop on the 5m looking for a retest of the last high/low.

 

[rathcoole_exile]

here is the daily chart, daily bar closes in 15 minutes on my feed. I will only take this trade if price breaks the top of the daily bar on the next bar........
CHFTRY is an exotic pair, IG for example dont quote it

Dutch, whatever happened to this pair ?
Looking at it now, I would have been looking to get in with either a Buy Stop at 2.1140 or a Sell Stop at 1.9860
I don't have access to this pair, just curious what happned and if you would have been correct if your trigger touched off ?

 

[MajorDutch]

Dutch, whatever happened to this pair ?
Looking at it now, I would have been looking to get in with either a Buy Stop at 2.1140 or a Sell Stop at 1.9860
I don't have access to this pair, just curious what happned and if you would have been correct if your trigger touched off ?

just checked the chart, if my order had still be in place it still wouldnt have triggered. Price has been chopping around for now. it's not a trade for me now, unless the trade triggers in the next bar or following bar I don't take them.

just watching gold, I would dearly love for it to break last weeks high of $1752 and move up into the space above.

 

[MajorDutch]

stopped out for +1 pip as price came back. Looking for price to make a new daily high $1736 before considering a new long following on 1st retracement.

 

[MajorDutch]

re-entered long 1737 SL 1728

 

[MajorDutch]

exited for +1 pip bad price action on 5m looking for better entry

 

[MajorDutch]

ok I am going to leave this now until price tests the previous $1752 high (could be later today especially if G-pap kicks off again) as I am uncomfortable taking a long into this previous S/R. I am setting my price alerts to $1752 and will look to play a breakout when/if we get there.

 

[ordinaryguy76]

we've got 1755 at the mo

 

[MajorDutch]

you beat me to it, just watching price now. ideally here I would like to see price come back and retest the 1752.2 previous resistance becomes support.

 

[MajorDutch]

bias is now bearish on 1m t/f. waiting for bias to shift back bullish and for a pullback after a higher high is made.

 

[MajorDutch]

long now, looking to get stop to break even soon.