barjon
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...and if it goes further against you?
...and if it goes further against you?
Hi,
I exited for a .5R loss.
I will now keep to my bread and butter bull/bear flag signals or wedges which indicate continuation of the trend.
I still have my bund trade open, nearly 2R up on that.
I started this endeavour with a small trading account. I had enough money for 15 trades. I've taken a few losses now.
I will step back and refocus.
barjon
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Well done for taking the loss 👍. Hanging on in hope - when the rationale for your trade has disappeared - is an account destroyer.
USDJPY Bull flag
I have decided to simplify my rules and take bull flags that form after prolonged sell offs that are in the first or second wave of buying, and vice versa for bear flags.
I'm being quite aggressive with this usdjpy trade then as a possible trend reversal unfolds. If we look at a line chart we can see how there is a higher high, then a lower high then another higher high, although this is not clear in a candlestick chart. This was a technique I was recently made aware of and I'm interested to see if it is valid in practice.
I'm long on this bull flag in any case.
I have decided to simplify my rules and take bull flags that form after prolonged sell offs that are in the first or second wave of buying, and vice versa for bear flags.
I'm being quite aggressive with this usdjpy trade then as a possible trend reversal unfolds. If we look at a line chart we can see how there is a higher high, then a lower high then another higher high, although this is not clear in a candlestick chart. This was a technique I was recently made aware of and I'm interested to see if it is valid in practice.
I'm long on this bull flag in any case.
Attachments
West Texas Oil - caught off guard
I anticipated a flag forming here on this chart, but not one that pulled back so deeply so I had turned my attention elsewhere over the last few days. I looked back at this chart and saw that a great flag had triggered, alas I am not in this trade.
This is a lesson learned, flags can pull back quite severely.
I anticipated a flag forming here on this chart, but not one that pulled back so deeply so I had turned my attention elsewhere over the last few days. I looked back at this chart and saw that a great flag had triggered, alas I am not in this trade.
This is a lesson learned, flags can pull back quite severely.
Attachments
My definition of a pole is now at least 4 consecutive bars of ideally the same colour, will generally not accept more than one bar being of the other colour.
I have dabbled with one hour and four hour charts as I have some spare time atm, but will try to focus on daily charts from now on.
I have dabbled with one hour and four hour charts as I have some spare time atm, but will try to focus on daily charts from now on.
West Texas Oil 1:1 trade
It is technically okay to enter on the high of the pole, the rewards are much reduced however. One might argue that I am chasing the market, but it is a valid entry point and it is thus far a winning signal so I have decided to try this out with this west texas oil trade. The pattern has shown itself to be valid so it is just a case of whether price can follow through to a greater extent. I'm shooting for a 1R gain.
It is technically okay to enter on the high of the pole, the rewards are much reduced however. One might argue that I am chasing the market, but it is a valid entry point and it is thus far a winning signal so I have decided to try this out with this west texas oil trade. The pattern has shown itself to be valid so it is just a case of whether price can follow through to a greater extent. I'm shooting for a 1R gain.
Attachments
Edge is present here - GBPNZD
I haven't picked particularly good setups lately, but this one fits my plan and I'm more confident about it than any I've taken recently. It is important to be patient for signals that fit rather than trade sub-par signals, and I am trying to improve in this regard. You can see from a past gbpusd trade how when price makes a new high it often pulls back to the most recent high which can be lower down.
I haven't picked particularly good setups lately, but this one fits my plan and I'm more confident about it than any I've taken recently. It is important to be patient for signals that fit rather than trade sub-par signals, and I am trying to improve in this regard. You can see from a past gbpusd trade how when price makes a new high it often pulls back to the most recent high which can be lower down.
