YouAreNotFree's £1k-£1,000,000 Journal
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YouAreNotFree
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Gaps everywhere today and it threw me off a GBP/CHF short.
I was waiting for a breakdown of the bear flag (it was also around a t/l) but when it was the result of a gap down I wasn't sure what to do. Thinking about it now it really isn't any different to a big red bar being there so I should have taken the trade, and in fact it is probably more bearish if anything.
Another lesson learned
I was waiting for a breakdown of the bear flag (it was also around a t/l) but when it was the result of a gap down I wasn't sure what to do. Thinking about it now it really isn't any different to a big red bar being there so I should have taken the trade, and in fact it is probably more bearish if anything.
Another lesson learned
YouAreNotFree
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What a bummer of a week so far.
I don't know if I have analysis paralysis or if I just suck more than I thought but I haven't managed to get any trades placed.
This is the GBP/AUD. I deemed this trend-line to be too 'iffy' so didn't trade it.
This is the EUR/JPY. Missed the bearish outside bar/multiple inside bar off the t/l, double top, bearish div on MACD setup. Then after that mistake I didn't feel like taking the subsequent break of the rising t/l.
What I am learning is that when I miss set-ups that fit perfectly with my methodology either through stupidity, inattention or days when you are unable to trade, it makes it that much more difficult for me to be able to pull the trigger when the next opportunity comes along. To help keep things as clear as possible I've removed the moving averages from my 4hr charts. They were not good for anything I don't think anyways. On the daily's I will use a 200 but only because I hear that is what the institutions use.
Need to get back in gear fast.
I don't know if I have analysis paralysis or if I just suck more than I thought but I haven't managed to get any trades placed.
This is the GBP/AUD. I deemed this trend-line to be too 'iffy' so didn't trade it.
This is the EUR/JPY. Missed the bearish outside bar/multiple inside bar off the t/l, double top, bearish div on MACD setup. Then after that mistake I didn't feel like taking the subsequent break of the rising t/l.
What I am learning is that when I miss set-ups that fit perfectly with my methodology either through stupidity, inattention or days when you are unable to trade, it makes it that much more difficult for me to be able to pull the trigger when the next opportunity comes along. To help keep things as clear as possible I've removed the moving averages from my 4hr charts. They were not good for anything I don't think anyways. On the daily's I will use a 200 but only because I hear that is what the institutions use.
Need to get back in gear fast.
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mattboffey
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Enjoying the journal and wish you the best of luck!
YouAreNotFree
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Thanks, and there will be more trades placed from now on. I'm sick of trading scared. It sucks.
First trade of the week/ month.
WTI
Short
4hr timeframe
2% risked
Enter- 96.58
Stop loss- 97.58
Target- ?
Took this trade in the middle of the bar formation. At the time it was a large pin. With all the large moves in the markets just now I wanted to try and get me a piece. As much as I like to say I only trade the charts, I don't. News does play a part in my thought process for good or bad. The poor manufacturing news gave me a bearish bias.
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YouAreNotFree
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Good luck with this trade, i enjoy this journal
This one is positive start to a new month and fresh approach to taking trades, just what I needed.
WTI trade closed out for £59.00/ +4.2% of the account. New balance is £1450.32.
There was alot of support at the 93.50 area and we had a few tails formed suggesting price didn't feel like dropping much more in the near future. Decided to move my stop above the previous bar and it was hit at the yellow line. The red scribble was the entry.
YouAreNotFree
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Thanks bud.
Losing trade on a long NZD/USD.
I didn't like this trade all that much to begin with. I was playing the bullish outside bar off a 50% fib retrace. We did make a lower low which was bearish though.
My order was filled, price retraced a touch and got stuck there for a few hours. I didn't like that at all, I wanted to see some momentum and a strong bullish conviction, we didn't get that so I closed it out for -£6.68/ -0.45% of the account.
Top yellow line is entry. Bottom is stop loss.
Oil trade....
WTI
Short
4hr timeframe
2% risked
Enter- 92.76
Stop loss- 94.10
Target- 89-90
I got pushed out of my Monday WTI trade only for price to then move down again. Once we got below some lows at the 93.50 area I wanted to be short, the chart was looking very bearish. The target is the June lows.
Later on I will post up some charts of patterns I have been observing very frequently over the last few months and which should provide me with some good trades in the future.
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YouAreNotFree
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This is the state of play on the oil trade. I took half off at 90 for a little under 2% banked. Stop moved to June lows.
I feel pretty stupid for not getting some more good trades in during the wild movements this week. I'm certainly learning plenty through the chart time though.
I feel pretty stupid for not getting some more good trades in during the wild movements this week. I'm certainly learning plenty through the chart time though.
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YouAreNotFree
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I'm glad I got out of that one cheaply as it went in completely the opposite direction afterwards. Someone posted on the forum just recently about situations when one of your set-ups fails, the idea being that that is then a signal for you to trade in the opposite direction. I'll keep an eye out for those kind of scenarios and we'll see if they're a good tool to add into the mix.
Another trade.......
NZD/USD
Short
4hr timeframe
2% risked
Enter- 0.84217
Stop loss- 0.84830
Target- half off at 81.50
I'm certainly late to the party going long the USD. We broke a 5+ touch t/l in what is now a short term downtrend with plenty of momentum. I don't know if there is some kind of relief rally due in the USD, commodities etc but if there is I don't think I'll let this one turn into a loss.
YouAreNotFree
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WTI s/l hit for £85.20/ +5.85%. I managed to give back no fewer than 400 points to the market on this one. Top yellow entry, bottom exit.
NZD/USD stopped out for b/e. It moved to more than 2x risk, should have taken half off as in the oil trade but I was too greedy. What I failed to take note of was a t/l I already had in place on the daily chart. Price stalled and reversed there.
Yellow line entry and exit.
Daily chart t/l
A little under 10% for the week/ £137.60. Good but should have been better.
NZD/USD stopped out for b/e. It moved to more than 2x risk, should have taken half off as in the oil trade but I was too greedy. What I failed to take note of was a t/l I already had in place on the daily chart. Price stalled and reversed there.
Yellow line entry and exit.
Daily chart t/l
A little under 10% for the week/ £137.60. Good but should have been better.
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Keep your head up. 10% for the week is great.
YouAreNotFree
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I'm trying
If my management is that bad in just half of my trades though its going to take me much longer to build this account than it should. Trade....
EUR/USD
Short
4hr timeframe
2% risked
Enter- 1.42386
Stop loss- 1.43450
Target- 1.39
The huge bearish outside bar alerted me to a short, action over the last weeks has been a bit sideways to down but it looked ok to go ahead. I'll take off 1/3 at the recent lows and see what is what from there. I've already moved to b/e because there is a G20 meeting and I have no idea the effect that will have.
There was plenty of similar action on other EUR pairs, AUD, CAD etc, but the Euro was so strong against those last week that I didn't fancy calling a top. In fact I wanted to short the EUR/JPY, but given potential BoJ intervention I didn't. It made a very nice move too.
YouAreNotFree
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Back from my hols.
The last trade posted was a b/e jobbie.
I'm going to be trading the 5 min charts for a while in addition to my usual method and see how it goes. It will be under a separate account for a fixed amount per pip to keep things simple. At the beginning of the year when I first became interested in trading I did receive tutoring on the 5/15 min time-frame but never traded live. Now with more knowledge and some experience I should have a better chance of success. To keep costs as low as possible I'll only be watching the Dax, UK 100, EUR/USD and AUD/USD. The two indexes are 1 pip spread, both Fx pairs are 1.7. Don't want to be paying any more than that when stops will be so tight.
If I ever manage to make a living via trading I would definitely prefer it not to be from the 5 min t/f. The leisurely 4hr would be much preferred.
I'll post up a daily summary and the odd chart.
The last trade posted was a b/e jobbie.
I'm going to be trading the 5 min charts for a while in addition to my usual method and see how it goes. It will be under a separate account for a fixed amount per pip to keep things simple. At the beginning of the year when I first became interested in trading I did receive tutoring on the 5/15 min time-frame but never traded live. Now with more knowledge and some experience I should have a better chance of success. To keep costs as low as possible I'll only be watching the Dax, UK 100, EUR/USD and AUD/USD. The two indexes are 1 pip spread, both Fx pairs are 1.7. Don't want to be paying any more than that when stops will be so tight.
If I ever manage to make a living via trading I would definitely prefer it not to be from the 5 min t/f. The leisurely 4hr would be much preferred.
I'll post up a daily summary and the odd chart.
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Admire you vision i'm hoping to start a similar journey hopefully by the end of the year. I also use to play online poker which has taught me so much about money management and keeping my emotions under control, looks like its helped you the same way.
Anyways good luck, will be following your progress.
i'm hoping to start a similar journey hopefully by the end of the year. I also use to play online poker which has taught me so much about money management and keeping my emotions under control, looks like its helped you the same way.Anyways good luck, will be following your progress.
YouAreNotFree
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Admire you vision
Anyways good luck, will be following your progress.
Thanks chaps. Welcome.
Meh, I'm super busy right now.
A quick summary of the week so far, I'll post charts at the weekend....
I took a full 2% loss on a AUD/NZD trade. I would have made an exit with probably a 0.5% loss but on Tuesday I slept for 17 hours straight (illness) and so that got messed up.
Other than that I raped part of the Gold sell off for 9%. I based that trade mainly off the margin hikes and downbeat news on further QE.
Looks like I have my new ECN broker sorted now too. Sweet.
