Trading with Price and price only

[jacinto]

Will start a journal to record trades, setups etc. etc. My aim is not to place all my trades, but to record the setups i like, or those that i miss, and that in hindsight can be of interest to me for the future. I am sure that of those setups i post, more, many more will be missed trades rather than actual trades.

probably will start with a missed trade today. will leave for the weekend when i got some time.

 

[jacinto]

OK, the poll was me being stupid last night, but on second thoughts, it is always better to get a democratic hint on the topic rather than some cheeky bu99er like wasp telling me to stop

OK, here we go

The market is FX, and my choice of pairs:

Primary: GPBUSD and EURJPY
Secondary: EURUSD, EURCHF, USDCHF
Have traded, but dont focus on AUDJPY, CHFJPY

Time frames:
COMBO of Daily, 240, 60 and 15 min charts. at times drill down to 5 min for refined entries once a setup is found. Always start any analysis from the weekly though. always a top down approach

Setups:
Basically breakouts from overning ranges, but also open to price patterns (i.e. lower highs, higher lows etc for reversals, and flags and pennants for continuations).
I like the odd trendbreak setup, but have not done that as a breadwinner for some time....dont use trendlines that much anymore anyway......although im coming back to them.
(EDIT: Never trade blind breakouts. always wait for a pullback)

Indicators: NONE!!!!! :cheesy:
although i confess that i keep an eye on 2 indicators on a separate chart (might as well bring it out now than in 20 posts :cheesy (will post the indicators when i post a setup based on them)

I prefer to daytrade and not hold overnight, although at times I do.

OK, guess that is a description of it. if something is missing, will fill the gaps as I see they arise.

j

 

[wasp]

OK, the poll was me being stupid last night, but on second thoughts, it is always better to get a democratic hint on the topic rather than some cheeky bu99er like wasp telling me to stop j

I voted yes damnit! :cheesy:

 

[jacinto]

July 13th......Lucky Friday

Thank you Wasp, you are very kind. Lets just say i decided to "hedge" by naming you :cheesy:


OK, here we go. This is yesterday's trade......missed!

2 charts......240 min and 15 min which describes the whole thinking process.......many lessons to learn from this chart.

a) trend is overall up, price consolidated and signalled a possible move down (240 min without confirmation) but that is the way moves start at times, and IMO in this type of case, a short is a pullback on the larger timeframes which has to be taken rather quickly.
b) The chart will show a huge personal weakness I have.......which is not to be able to change views from short to long in minutes....something to work on.

 

[wasp]

Why did you take trade at 7? It doesn't seem t match up with anything prior you'd said as a reason for a short entry?

 

[jacinto]

Why did you take trade at 7? It doesn't seem t match up with anything prior you'd said as a reason for a short entry?

didnt trade, thats the point. i missed the long trade because my mind was focused on a short. i just didnt get an entry short because i didnt like the breakout bar, then didnt like the pullback.

issue is that the chart told me not to short, but i didnt change my mind from short to long from what was in the chart, and missed the trade

EDIT: i see the misunderstanding. I dont trade blind breakouts. i wait for a break and then the pullback. the pullback is where I get the info if the break is valid or a fakeout

 

[jacinto]

Why did you take trade at 7? It doesn't seem t match up with anything prior you'd said as a reason for a short entry?

sorry wasp, i see........you mean 7) and not 7am.

answer....stupidity, being bored, etc etc etc

 

[wasp]

It caught my eye too because the candle was very similar to the one that stopped you from takingthe short in the morning.

Anyhow... I'll let you continue :cheesy:

 

[jacinto]

It caught my eye too because the candle was very similar to the one that stopped you from takingthe short in the morning.

Anyhow... I'll let you continue :cheesy:

thank you wasp. will continue later. got to take the kid to legoland and see a Barney show, want to come

 

[firewalker99]

Will start a journal to record trades, setups etc. etc. My aim is not to place all my trades, but to record the setups i like, or those that i miss, and that in hindsight can be of interest to me for the future. I am sure that of those setups i post, more, many more will be missed trades rather than actual trades.

probably will start with a missed trade today. will leave for the weekend when i got some time.

Hi jacinto, hadn't noticed you started a new thread.
I was going to vote on your poll, but I think the question is misleading. Yes, you should keep posting but you hardly started

I'll be keeping an eye out for those price only trades!
Hope it'll be an interesting thread.

Good luck!

 

[firewalker99]

OK, here we go. This is yesterday's trade......missed!

2 charts......240 min and 15 min which describes the whole thinking process.......many lessons to learn from this chart.

hmm tight Asian ***** err range :cheesy:

This is the kind of consolidation that I'd be looking for before a decent move.
Because the previous swing high didn't travel as far I'd be looking for a short too. But instead of waiting for the breakout I would've shorted in the range itself.

Obviously it required a lot of patience but a first exit (or scaling out) for me would be at the previous day low. Then I'd move up my stop to breakeven and unfortunately get stopped out. But at least I'd made a profit from around 2.0290 to 2.0270... I don't know how big a move that is in terms of average volatility as I don't know forex, but I'm sure you guys will tell me if it was worth the trouble

 

[Priceman]

Nice thread Jacinto,

can we post our thoughts too and charts? Obviously you call the shots as to where the topic goes...it's a bit like Mr Marcus's thread. Got some great insight from members on there, only thing is unless a pro comes to discuss with us then it's just the retailers who may be on totally the wrong track.

 

[Crap Buddist]

Nice thread Jacinto,

can we post our thoughts too and charts? Obviously you call the shots as to where the topic goes...it's a bit like Mr Marcus's thread. Got some great insight from members on there, only thing is unless a pro comes to discuss with us then it's just the retailers who may be on totally the wrong track.

Hi Priceman, what I thought when i read Jacinto's thread, or what popped to mind was, maybe a thread where members post a screenshot setup up realtime put a basic narrative on it, then the after result.

Like when offshore asked, is this a 5 minute bull flag in cable forming. screenprint, thread, and result afterwards.. I think that might be a good thread, also i think if the chart is posted realtime, then it might actually help develop skills further in finding /translating these patterns in realtime. sounds bloody obvious I know but......

anway, maybe Jacinto might take this idea on for his own on a few examples. couple of things or headings maybe for these charts, might be.


Reversals end of trends,

Continuations mid trends

Pullbacks counter, sub trends

the only thing I think might be tricky with the before and after idea is that I'm not sure if you can edit the post, and drop in a second image after you have posted the first ?

 

[options]

"the only thing I think might be tricky with the before and after idea is that I'm not sure if you can edit the post, and drop in a second image after you have posted the first ?"

No you can't.

No problem with just adding another post though is there!

 

[jacinto]

Will start a journal to record trades, setups etc. etc.

sorry chaps, this is a journal. your comments, feedback, etc. are more than welcome.

Regarding posting charts, i would ask that the charts posted, if at all, are comments on charts i have posted or related to them if you have an alternative view, etc. and those would be also more than welcome.

Priceman,
if you wish to discuss charts, setups, etc. in the way i think you mean, I am more than happy to do so in another thread, can be the old darksiding thread, or a new one, but would rather not change the focus of this journal if that's OK with you.

J

 

[jacinto]

hmm tight Asian ***** err range :cheesy:

This is the kind of consolidation that I'd be looking for before a decent move.
Because the previous swing high didn't travel as far I'd be looking for a short too. But instead of waiting for the breakout I would've shorted in the range itself.

Obviously it required a lot of patience but a first exit (or scaling out) for me would be at the previous day low. Then I'd move up my stop to breakeven and unfortunately get stopped out. But at least I'd made a profit from around 2.0290 to 2.0270... I don't know how big a move that is in terms of average volatility as I don't know forex, but I'm sure you guys will tell me if it was worth the trouble

Hi FW,

yep, i agree with the entry when the asian range is not so tight :cheesy: . I actually sometimes prefer to enter prior to the breakout when the range is some 30 pips, not in this case for my money. I agree with the way you would have managed the short.

regarding the average daily range, well the last couple of weeks has been between 80 and 100 if im not wrong.

j

 

[jacinto]

July 16th

I am eying a breakout of this triangle on Cable. Looks like textbook stuff.....continuation pattern forming after another pattern has yielded its measuered move :cheesy:
www.thepatternsite.com

I am away from my platform all day today since i got to go to Cheltenham to sort out my daughter's schooling (I'm moving in 3 weeks), so hopefully will manage to get an entry. late in the evening if it breaks today.

there are about 140 pips on offer from the breakout level.

 

[brutusdog]

I am eying a breakout of this triangle on Cable. Looks like textbook stuff.....continuation pattern forming after another pattern has yielded its measuered move :cheesy:
www.thepatternsite.com

I am away from my platform all day today since i got to go to Cheltenham to sort out my daughter's schooling (I'm moving in 3 weeks), so hopefully will manage to get an entry. late in the evening if it breaks today.

there are about 140 pips on offer from the breakout level.

wow your getting better looking by the day m8

just found it! Great thread gona be keeping an eye on this to improve my price pattern analysis

all the best.

bd.

 

[Iwy09tr]

Hi!
Jacinto, your journal is a great idea, it's useful to have a many-sided view of some contraversial patterns. Thaks a lot

 

[wasp]

Yeah, its not bad