New Year New Plan

[brewski1984]

I didn't want to influence your trade, now I'm going to feel bad if it would have worked out for you. I should have kept my opinions to myself.

 

[robertdaley]

NO, don't worry, really my account didn't warrant me taking on the trade. I won't feel bad if it pushes up from here, I have learnt to be accepting of the decisions I make.

 

[robertdaley]

Well, crude oil popped higher today but I'm happy with my decision to exit. I have removed crude oil from my charting software.

Today I entered a long trade on AUDCAD. It was based on a pin. I risked £132, so I'm looking to make about £250 ideally.

I've also entered long on AUDUSD but a small position. I will trail a stop on this trade. I'm making a move on the Aussie dollar. And I'm going to stick with the plan, win or lose.

 

[robertdaley]

Stopped out on both my trades. Not going well so far.

9 trades. - £266.

On to the next one.

 

[robertdaley]

I have taken a short on a 4 hour signal on NZDJPY (error in title on image).

 

[robertdaley]

I have sold gbpusd short today.

 

[robertdaley]

Having lost quite a bit lately, I've decided to review the situation. I have looked over the charts and tried to identify clear cut signals over the last twelve months on Eurusd, Gbpusd, Audusd, Nzdusd and the yen pairs and have found 24 signals, that's 2 each month.

Lately I have been trading about 15 signals per month. I think that's where things are going wrong.

I am going therefore to trade less than I have been doing. I will wait for A+ set-ups.

 

[tomorton]

I don't think 15 trades a month is necessarily over-trading if that's your concern, it depends on the risk per trade, whether trades are effectively duplicates increasing your exposure to risk, your workload in managing positions etc.

But I don't think pin bars have been found to be a very reliable entry signal.

 

[Splitlink]

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.

Yes, it's an idea to be optimistic if you are in a trade. I travel around lunchtime for about an hour, or so. I have had some spikes in my favour during that period and. if they are unexpected, they are a real bonus to the ego as well as the account!

 

[Splitlink]

That has happened to me this midday. I put a target of 20 points on FT and it went at 6304 . Must have been at about 1420.

 

[robertdaley]

Maybe 15 trades a month isn't over-trading, but I know I would be more successful by reducing that figure to two or three trades. I'm picking sub-standard entry signals, sometimes 4hr chart signals, which I'm not supposed to be doing. So it is a lack of discipline also which is proving problematic. I am doing my best now to address this.

 

[robertdaley]

New Plan New Year New Month : February

1st trade : Sold short GBPUSD today @ 1.5680 100 pip stop. 300 pip target (Support @ 1.5380)

 

[robertdaley]

2nd trade: Sold short Audusd @ 1.0360. 56 pip stop. Will trail a stop.

Currently up 85 pips on the two trades.

 

[robertdaley]

I've gone long on cable today. Pin bar. Countertrend but it is nicely formed and has occurred near a zone of long term support. Aiming for 1:2RR. That would be

 

[robertdaley]

I went short Eursd yesterday and it has come off nicely.

I will go long GBPUSD today if prices retraces a little on this daily pin.

 

[robertdaley]

I went short Eursd yesterday and it has come off nicely.

I will go long GBPUSD today if prices retraces a little on this daily pin.

Well, price retraced a little more than a little and I was stopped out with quite a loss. I figure I'm unlucky to be wrong so much of the time, but I am determined to succeed and am confident I will.

 

[robertdaley]

Right, this is a signal to get serious about. Today on Eurusd, looks like we're getting this....

 

[robertdaley]

Well I made 200 pips on my eurusd trade. Unfortunately the candle didn't turn out to be a pin bar, so I cashed in at the end of the drop.

Now there's a decent pin bar on NZDUSD. I will be shorting this.

 

[robertdaley]

I am healthily in profit from my nzdusd trade. I will let it run.

I am shorting eurusd today @ 1.3060, based on 4hr chart signal.

 

[robertdaley]

Eur usd was a loss, but I have shorted Audusd from a one hour pin @ 0281. That's added to my short Nzdusd position. We should see them head south now I have invested my money