New Year New Plan

[robertdaley]

I will trade 3 types of daily signals, including pin bars.
I will trade predominantly with the short to medium term trend.
I will risk about 100 pounds per trade.
I will aim for 1:1 risk reward in the beginning, then move up from there as the account grows.
I will usually wait for confirmation of the signal before entering, i.e. let the market show me its hand.

Trade 1 Nzdusd Hoping to enter long at around .8260
Stop at .8170 (90 pips)
Targeting .8350 (90 pips)

Can't post a chart for various reasons, but here's a link to one
NetDania Charts | Forex Charts from DailyFX | DailyFX

 

[robertdaley]

Trade 1

I have just entered long on Nzdusd from 8264, stop at 8174, target at 8354.

Update: price has moved north to 8313 in the first two hours of trading.

 

[robertdaley]

Trade 1

I have just entered long on Nzdusd from 8264, stop at 8174, target at 8354.

Update: price has moved north to 8313 in the first two hours of trading.

My target was hit soon after this.

Toal profit for the month: 90 pounds (1 trade taken) :clap:

 

[robertdaley]

My target was hit soon after this.

Total profit for the month: 90 pounds (1 trade taken) :clap:

The reason I took this trade was because the medium term trend was long, as determined by the last 4 months on the daily chart. There was a price action signal on support @ .8200 which was subsequently confirmed when price closed above the pin bar high. This told me price was headed long. It has shot up today, I managed to grab 90 pips but there might be more on the table.

 

[robertdaley]

Trade 2 Eurusd short 13210. Stop 13310.

Price has formed a daily countertrend pin bar. Price has already fallen to 13130 without triggering my sell limit. If price closes below the pin bar, I will sell on a retracement to the nose of the pin (13150) and use a 100 pip stop.

 

[robertdaley]

Trade 3 Long on gasoline from 2.832 Stop 2.765.

The daily has a confirmed signal and is also showing a trend reversal pattern. First resistance is at 2.900, which is 1:1 RR. I think I will trail a stop on commodities. I'm only risking 67 pounds here.

 

[Futures Hunter]

why dun u risk X% of your account?

woo u trade gas also

 

[jungles]

you've started well, i wish you consistency all of 2013

 

[robertdaley]

why dun u risk X% of your account?

woo u trade gas also

I should risk a percentage of my account, but I'm happy to risk a set amount of somewhere in the region of £100 per trade. That's what I'm comfortable with, and to be honest, I'm only starting off with a very small amount this time, where 2, 3 or even 5% would be negligible, the first few trades have to be winners. I am trading very conservatively so I have confidence. We shall see though.

 

[robertdaley]

I went long off the long silver bullish daily pin bar 3 days back (29.90, stop 29.15). I exited with 26 pips profit (£26) after reconsidering the set-up. I realised I wasn't trading with the trend.

I also went long on crude oil based on the bullish daily pin bar 3 days back. But price false broke at resistance at 93.80 and I decided to exit with an 80 pips (£80) loss. If price closes at or above 93.80, I will look to go long again.

I lost 40 pips (£40) on my gasoline trade when in hindsight I realised the medium term trend was down and I was likely buying at a swing high.

So that's two trades I changed my mind on, because I didn't trade witht the medium term trend. This shows a lack of discipline. I must work on this.

 

[robertdaley]

My Profit/Loss record to date

4 trades taken at a loss of - £4

 

[robertdaley]

I went long on AUDCAD on close of the daily candle, there was an inside pin. I entered at market, risked 109 pips and am targeting 190 pips. I am currently up 66 pips (£). I have changed my plan to target near to 1:2 RR. I have to believe my set-ups are good enough to move significantly in the desired direction and 1:1 RR requires a win rate of more than 50%, which is difficult if you are lacking that extra bit of discipline.

 

[robertdaley]

Looking to go long on crude oil today, based on a daily pin a few days back. First it must break through resistance at 93.80 on my metatrader chart.

 

[tomorton]

Good luck with this robertdaley.

As a free tip (which I have not seen elsewhere) I would suggest entering a limit order to close your trade which is initially way beyond your normal R:R - occasionally price moves dramatically in your direction if you really have identified a good entry signal and it's good to let it have the opportunity to run immediately after entry: later you can pull the limit order back to normal parameters.

e.g. If your R:R is intended to be 1:2, put your stop at -100, but initially put your limit order at +800. Occasionally you will find the market is moving on a similar entry signal to yourself and price goes briefly way beyond your target. Later in the session, pull back to +200 as normal.

If you leave entry orders in the market whilst away from the screen, you might do likewise. I have occasionally caught price spikes on unexpected good news affecting individual stocks this way.

 

[robertdaley]

AUDCAD was up to 1:1RR at one stage, but I made a loss of £26.

5 trades -£30.

Crude oil is looking promising with another daily pin bar today. Price came close to my stop, but my set and forget strategy came good.

I have sold a daily pin bar on heating oil, aiming to make £120.

 

[robertdaley]

Here's my crude oil trade.

CR HO 6 - 52

 

[robertdaley]

Crude oil formed a second pin bar today, adding more weight to the one formed yesterday, as shown in the image posted. More upside is a possibility in this market. I am targeting £300 @ 96.80.

 

[robertdaley]

Update: Crude oil has fallen a little today but my trade is still open.

Today I have my eye on USDCAD. See image.

 

[brewski1984]

Interesting, I have been short Crude from 94.00 for a few days now. I don't see those last "pin bars" as a buy signal (hence I haven't closed my trade) but more of it just trading within range. Don't let me influence your trade though because I'm just another idiot on a forum, it'll work out for one of us

 

[robertdaley]

Well, you made me re-evaluate. I was £32 down, and I was running a tighter stop than I would have ideally liked, according to my plan, so I cut my losses. I need to trade according to my rules: at least 4 months of trend data, trade in line with trend, spot signal, then wait for confirmation, put stop above/below signal. I saw a great signal on crude oil but to trade it correctly according to my rules, I would need a stop of £250, which is too much for my account size. I nevertheless took the signal hoping a tight stop of £115 would be okay, but it probably isn't, so I'll take a £32 loss. I am going to trade according to my rules with the USDCAD trade, should it close favourably.

7 trades £80 down