The apprentice's Journal.

[AspiringTrader.]

RBA cut rates, 25BP. Stopped BE, 18 points shy of target.
Looking for short Aud/USD same pivot point1.0200

 

[AspiringTrader.]

Short Aud/Usd.

15 Minute breakout, pulled back and rejected 1.0201 pivot line, Entered on continuation of previous rejection candle.

 

[AspiringTrader.]

Entry 1.0185
Stop 1.0230
Target S1,S2 & S3. See previous two charts

 

[AspiringTrader.]

closed out 1.0205 - 20pts, looking for re-ntry, 5pts shy of S1 target then retraced and nearly stopped me out.

 

[AspiringTrader.]

possible AUd /Usd short, watching and waiting.

 

[AspiringTrader.]

Short Aud/Usd,

Enrty 1.0121
Stop 1.0165
Target S1 1.0086

 

[AspiringTrader.]

Stopped out BE after re-trace 4 points shy of target.

 

[AspiringTrader.]

AudUsd follow up

 

[paullunt1976]

fantastic journal really interesting, honest and no self aggrandisment. I will definitely be following it further. What is your running P/L upto now?

 

[AspiringTrader.]

Thanks for your interest in my journal paul! Really glad you like it, and would even like to see more!

Okay soo for P/L, well overall I'm up 98 points( not including minus the spreads)so really i'm only actually up $19.56, taking into account spreads and rollovers at that i'm only trading on avergae 0.48c (aus) per point at this stage. So at least not in the red..lol.

And hopefully i can learn to improve on my mistakes and increase my P/L and consistency in the near future by keeping my journal.(fingers crossed)

Thanks again for your support,

Cheers AT

 

[AspiringTrader.]

Short Aud/Usd TA with lots of confluence i think,

Entry 1.0094
Stop1.0140
1st target 1.0050

See chart for details

 

[AspiringTrader.]

Aud/Usd Stopped out the other day, Bad stop placement really, another potential 200pts i didnt catch. Seriously these stupid mistakes have to stop. It's just not good enough

Aus/Usd end up dropping to 0.9860 today.

Chart if from yesterday morning.

Time to review my trading journal and weed out why i'm making these stupid avoidable mistakes that are costing me. It just has to stop, it's getting beyond the joke really. This trade really bummed me down...


I dont even know why i didn't account for the possible hit of the major 1.0150 pivot lvl, it came to mind but i just left the stop where it was " She'll be right! " i said, " Shouldn't go near there " blah blah blah and the rest is history.. yet another lesson on what not to do!......

I knew it was stupid stop placement, yet i still left it......and got stopped whilst i was out.....

AT

 

[AspiringTrader.]

Ok so i've reviewed my journals and heres whqat i've come up with.

I think i'm entering too early, looking for entry signals before a usually consistent pullback occurs on break outs, continuations ect., which has put me in a bad position stop placement/profit wise. Too often am i entering a trade to watch it pull back temporarily and stop me out, or if i don't get stopped i'm either losing extra profit i could have made or i'll panick and close out BE then watch as the trade would eventually move in my favour.

So timing of my entries is a big one for me i think, and now onto targets and exits. A lot of the time i miss my targets by 10 or so points only to watch it pull back and stop me BE, so now i generally always know that when price approaches my target Support or Resistance area that it's most likely going to temporarily pull back or pull back indefinitely, rarely does it confidently smash through my target and keep going with momentum, and this is where i'm also losing profit, getting stopped out BE or even worse getting getting stopped in negative territory ( Losing money even after being in profit!!, i know sounds crazy thinking you can let yourself do that... but it happens, and a lot with me ) so i need to protect my self from this by better placing my targets , ie, a little closer to my entry from S/R than i would normally which gives me a better chance of hitting and locking in some profit than watching it come so close but ultimately so far then turning against me on an inevitable pull back, be it temporarily or permanent. So exiting on targets at first sign of a pull back and then looking for re-entry will much suit my trading better. Unfortunately i cant close out half of my position because 0.50c Per Point is the lowest wager i can place through my broker so it wont let me close out half.


So hopefully with this outlook i can time my entries better, giving me better stop placement and more profit, less BE even stops and less stress/panic (hopefully..lol) then adjust my targets, actually locking in profit and not watching it turn around and stop me BE, then take on re-entry after the trade pulls back also re-capturing profit i already took and looking for my next target.. Which also addresses another major problem of mine not letting my profits run to my next target because i panicked and got out BE or in negative territory and was too scared to re-enter in case i lost more money.

Also i wont be trading till probably mid january when as i hear majority of traders come back from their holidays, i've been told this time of the year with all the fulltime traders gone from the market, that it's even more unpredictable,

Cheers,

AT

 

[AspiringTrader.]

I'm back, and ready to make every laugh at my dodgy trades again. jk

I have a real plan these days, just battling some disciplinary issues. hopefully posting trades in here again will keep me in check.

 

[AspiringTrader.]

Sitting on my hands at the moment with this one, not sure whether it's going to be risk-on or off today, even though it's come off yesterdays low and breaking back through the 1.0450 H4 pivot lvl . I'll probably just wait until tomorrows RBA minutes to look for some direction, just seems pretty neutral to me at the moment.

 

[AspiringTrader.]

Long Aussie @ 1.0475 ( bullisih hourly close above 1.0450 lvl after somewhat positive news from RBA)

Stop 1.0440 just below pivot line

Target 1.0528.

Possibly take half off at 1.0500 pending on how much momentum the tradr has going forward.assuming it even goes in the direction of my bias.

 

[AspiringTrader.]

Update: Hit 1.0505 after some minor consolidation, still seems to be going okay. Won't be taking any off the postion at the moment.

EDIT: if it hits 1.0528 with some momentum, i'll be taking half off and moving to BE or 1.0500

 

[AspiringTrader.]

Update: Closed out half of my position @ 1.0510 (stalling on the M30 chart)

Moved other half to BE

hopefully it won't fall too far.

 

[AspiringTrader.]

Looks like it could shaping up to be very risk-on during the US session

"FED'S LOCKHART: U.S. economic recovery 'remains disappointing'."
"FED'S LOCKHART: Sees 'fundamental imbalances' in U.S. economy. Only 'fiscal reforms' can overcome some challenges."

Going to let it run over night, if i get stopped BE, so be it.
Think it could run higher, hourly candle also rejecting breaking back below 1.0500 .

 

[AspiringTrader.]

Stopped out BE. Chart later.