Seeking consistency

Leia

Active member
Dec 17, 2009
788
4
28
EUR USD short

My daily indicators are short and 4 hour long

Price has printed a daily rejection candle (shooting star) at the level of a previous daily high (March 15th) confluent with the 38% fib re-tracement level of the recent daily down swing

I have placed an order to go short part way back into this daily candle @ 1.30 90 with a stop above the high of 1. 31 25 (risk -35 pips)
T1 = R1 @ 1.30 55
T2 = 1.29 90 (R3) and
T3 trail to recent lows @ 1.27 50
 

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Leia

Active member
Dec 17, 2009
788
4
28
Re: EUR USD short

I have placed an order to go short part way back into this daily candle @ 1.30 90 with a stop above the high of 1. 31 25 (risk -35 pips)
T1 = R1 @ 1.30 55
T2 = 1.29 90 (R3) and
T3 trail to recent lows @ 1.27 50
Order opened and stop hit for full loss on all three parts
 

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Leia

Active member
Dec 17, 2009
788
4
28
GBP NZD short trigger

My daily trend indicator is short, the 4 hour long

I notice this pair has been consolidating, following a significant down move (on the daily and weekly time-frame)

Price has retraced to the top of the more recent range and a 4 hour rejection candle printed, indicating rejection of higher prices at this time.

This trade set up is an opportunity to trade back to the bottom area of the range (risk reward is almost 3 times, should it come off) with the added unlimited potential of a further break into empty space, as price is making new all time lows

My order to sell is at 1.81 55, with a stop @ 1.82 80 (risk -125pips)
Target 1 is R1 @ 1.80 30 (+125pips), at which point I will move remaining stops to breakeven
Target 2 is at the present daily bottom @ 1.78 00 (+355 pips, R=2.8) and
Target 3 will be a trialing stop, until taken out
 

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Leia

Active member
Dec 17, 2009
788
4
28
Re: GBP NZD short trigger

My order to sell is at 1.81 55, with a stop @ 1.82 80 (risk -125pips)
Target 1 is R1 @ 1.80 30 (+125pips), at which point I will move remaining stops to breakeven
Target 2 is at the present daily bottom @ 1.78 00 (+355 pips, R=2.8) and
Target 3 will be a trialing stop, until taken out
Order triggered open and price touched T1 (but no profits taken, due to spread), so stops have been moved to breakeven on all three open parts
 

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Leia

Active member
Dec 17, 2009
788
4
28
CAD JPY long trigger

My daily and 4 hour indicators are long
The last weekly and yesterdays daily candle both indicate rejection of lower prices (long tailed 'hammer' type formations)
Price has retraced to 50% of the previous 4 hour up move (end of last week)

I have placed an order long, about half way back into yesterdays daily candle @ 96.50 with a -75pip risk stop at 95.75 (4 hour swing low)
Target 1 = R1 =+75pips @ 97.25
Target 2 = recent daily high @ 98.75 (R3)
Target 3 = trailing stop )essentially looking for a break higher on the daily time-frame
 

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Leia

Active member
Dec 17, 2009
788
4
28
EUR USD short

My daily and 4 hour trend indicators are short
Thursdays daily candle was of a shooting star type of formation suggesting rejection of higher prices and this point in time

I have placed a short order @ 1.30 15 with a 40 pip risk stop at the highest point of the retrace into Thursdays bar on Friday morning @ 1.30 55
Initial target is R1 @ 1.29 75 (+40pips)
target 2 the recent lows @ 1.29 15 (+100pips R=2)
target 3 is a trailing stop loss to the years lows @ 1.27 55
 

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Pat494

Well-known member
Mar 27, 2004
13,125
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Hi
Well you have certainly kept going since you started 2 years ago.
If I was to comment I would say you are putting a lot of emphasis on entries. From a spectators point of view there is not much on how the trade turned out. This might help your game too. Analysis of what went right/wrong and why and what you will do about it in future trades. Running totals on different strategies etc. P&L too

Helpfull criticism hopefully
 

Leia

Active member
Dec 17, 2009
788
4
28
Re: EUR USD short

I have placed a short order @ 1.30 15 with a 40 pip risk stop at the highest point of the retrace into Thursdays bar on Friday morning @ 1.30 55
Initial target is R1 @ 1.29 75 (+40pips)
target 2 the recent lows @ 1.29 15 (+100pips R=2)
target 3 is a trailing stop loss to the years lows @ 1.27 55
Stop hit on the weeks gap up (all three positions taking full loss)
 

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Leia

Active member
Dec 17, 2009
788
4
28
Hi
Well you have certainly kept going since you started 2 years ago.
If I was to comment I would say you are putting a lot of emphasis on entries. From a spectators point of view there is not much on how the trade turned out. This might help your game too. Analysis of what went right/wrong and why and what you will do about it in future trades. Running totals on different strategies etc. P&L too

Helpfull criticism hopefully
Hello Pat494

Thank you very much for posting to my thread

Yes, very constructive criticism, thank you

You are right, my focus is very much set up and entry based, as my trade management is completely passive (I'm a 'set and forget' trader, as I haven't achieved emotional mastery and I am not always able, or indeed necessarily willing, to monitor the markets or my individual trades intra-day, every day)

I try to always post updates to trade set ups that I have posted, but they will be pretty boring (trade open, stops hit: trade removed as initial target level achieved without order being triggered open: order opened, initial target achieved, stops to break even on remaining parts, etc, etc)

What I haven't done is kept a running total of all of my trades performance, by set up type. That I agree would be useful to me as (now you have made me think about it) I don't clearly differentiate between the different set up strategies I regularly use and to do so may provide some useful feedback

I'll see if my records are good enough to pull something together to post for the current year and then aim to maintain it each month