Zombie Zone Trading

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  • bo_brownbo_brown Posts: 551 ✭✭
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    Aug 09, 14:48:24 USD/JPY 96.316 96.299 Aug 09, 14:55:00 $10.00 74% $17.40 ITM

    In this trade, I saw a pullback setting up. I dropped down to the 1 min chart to watch for the best spot to enter. As soon as I saw a doji candle start to change into a red candle, I took the trade. I had a family emergency this morning, so I had the afternoon off today. I'm glad I had the chance to catch two winners.
    Have a GREAT weekend!!
  • bo_brownbo_brown Posts: 551 ✭✭
    edited August 2013
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    Here are 4 good trades I missed tonight. Right before 9, the %R touched the -50, but did not cross over it, so that was not a trade i would take. Between 7 and 10 pm EST is the hot zone for my system at night. I had a busy weekend with a sick spouse, and just did not get up in time this morning to trade. And by the time I got home from work, I saw these fine missed opportunities. I feel good, though, because 2 more trades, and my initial $20 will be over $100, and it will be Nadex time! I might leave a little money with Marketsworld, just in case I need a plan B.
  • bo_brownbo_brown Posts: 551 ✭✭
    edited August 2013
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    I took this trade this morning, and I got a green candle, when I expected a red one. LOSER. And just to laugh in my face, look what the market did on the following candles...
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  • bo_brownbo_brown Posts: 551 ✭✭
    edited August 2013
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    Second trade of the morning. SAME STORY!!! ( except I was trying to time a pullback )

    And here is the market laughing at me again...
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  • bo_brownbo_brown Posts: 551 ✭✭
    edited August 2013
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    Aug 13, 07:29:21 AUD/JPY 89.4765 89.4730 Aug 13, 07:35:00 $8.00 95% $15.60 ITM

    This one aint pretty, but it is my only win for today...I was looking for a pullback and it just squeaked in there. I'm still just 3 trades away from switching to Nadex. No worries!
  • mifunemifune Posts: 160 ✭✭
    I'm really liking the AUD/JPY screenshots. I'm not that familiar with that pair, as I've never really traded it I don't think, but the price action looks pretty smooth and obeys its support and resistance levels fairly well.

    What broker(s) are you using for your trading, if I might ask?
  • bo_brownbo_brown Posts: 551 ✭✭
    Hi Mifune,

    Right now I trade binopts with MarketsWorld. I have a spot forex account with Oanda. But my main focus right now is reaching my $100 goal and opening a live account with Nadex.
    As for AUD/JPY, it is a friendly pair to trade. I look at all the pairs offered by MW, except AUD/NZD. That one is trouble for me.
  • mifunemifune Posts: 160 ✭✭
    bo_brown said:

    Hi Mifune,

    Right now I trade binopts with MarketsWorld. I have a spot forex account with Oanda. But my main focus right now is reaching my $100 goal and opening a live account with Nadex.
    As for AUD/JPY, it is a friendly pair to trade. I look at all the pairs offered by MW, except AUD/NZD. That one is trouble for me.

    I was actually thinking of doing a bit of trading with Markets World again. I don't like variable pay-outs, but as long as I'm still able to average about 80% I'd be happy. That said, having the fixed 85% I'm getting with the USD/CHF on Trade Rush is nice at the moment.

    I'm looking at a 5-minute AUD/NZD chart right now and that's definitely not a pair I'd feel confident in trading. Way too much chop and random bursts of volatility. It just wouldn't work very well with my personal style of trading.
  • bo_brownbo_brown Posts: 551 ✭✭
    edited August 2013
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    Aug 14, 22:08:38 USD/CAD 1.03286 1.03227 Aug 14, 22:15:00 $10.00 75% $17.50 ITM

    Wow, this is my favorite trade of the week, so far. My only regret is not taking a quick consecutive trade on the next candle.
    What I saw here was the candle pushing on support, and a nice drop on the %R. I dropped down to the 1 minute chart, and it was bleeding with a big red candle, so I knew the 5 min would close under support. I didn't know it would start such a strong downtrend. I'm at $70.14. Almost Nadex time!
  • bo_brownbo_brown Posts: 551 ✭✭
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    I took this trade today when %R crossed below the -50, price broke down through support, AND the candles crossed under the 6EMA. The 6EMA was also angled down. I noticed that the other two EMA's are good for overall trend direction, but I only need to pay attention to the 6EMA for a trading signal to coincide with the %R crossing the -50. I do not need to wait for the candles to cross all three EMA's.

    Aug 15, 07:24:52 USD/JPY 98.106 98.088 Aug 15, 07:30:00 $14.00 75% $24.50 ITM
  • bo_brownbo_brown Posts: 551 ✭✭
    edited August 2013
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    Aug 16, 06:57:06 EUR/USD 1.33380 1.33366 Aug 16, 07:05:00 $15.00 75% $26.25 ITM

    Ending the week with a winner. The %R crossed down at a sharp angle, and the 6EMA was angled down. Obviously, my trades on the 5 min chart are quick hitters. Get in and get out. Nothing long term here, as price is starting to range. If I could just get myself out of bed earlier, I could start getting 3 or 4 trades a day, and really boost my progress!!
  • mifunemifune Posts: 160 ✭✭
    bo_brown said:

    image
    Aug 16, 06:57:06 EUR/USD 1.33380 1.33366 Aug 16, 07:05:00 $15.00 75% $26.25 ITM

    Ending the week with a winner. The %R crossed down at a sharp angle, and the 6EMA was angled down. Obviously, my trades on the 5 min chart are quick hitters. Get in and get out. Nothing long term here, as price is starting to range. If I could just get myself out of bed earlier, I could start getting 3 or 4 trades a day, and really boost my progress!!

    Lol, I know this feeling. This summer, though, I've actually been doing my trading before I go to bed and ending my trading session whenever I start to become fatigued or if the market I'm watching just isn't looking favorable to trade set-ups.

    Also, I gave you a bit of a shout-out in the first sentence of my August 15 blog article, with your thread here encouraging me to do some AUD/JPY trading.

    http://www.binaryoptions.net/audjpy-trading-on-august-15-2013-34-itm/

  • bo_brownbo_brown Posts: 551 ✭✭
    Somebody has to set the example of what NOT to do, and I am that example today! Let me preface this with an observation. I am unconsciously following a pattern for the whole month of August. I have 2 losing trades, then 4 winners, then 2 losers, then 4 winners. I just saw this pattern today, thanks to MarketsWorld's colorful ITM and OTM symbols. This is the fourth time I started this pattern. I think I am so anxious to get back to trading after a weekend, that my mind is out of focus, and I just want action. Now, Tuesday will roll around, and I will sober up and I will start my little win streak again. I just started reading an excellent book on trading psychology. It is older, but the content is still valid. "Trading to Win" by Ari Kiev. Good stuff.
    Ok, on to the OTM's...
  • bo_brownbo_brown Posts: 551 ✭✭
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    Aug 19, 07:38:14 USD/CAD 1.03324 1.03334 Aug 19, 07:45:00 $15.00 70% $25.50 OTM
    I thought the next candle would be red, and it was. BUT, my strike price was too high, and I lost. I was looking at the 1 minute charts to time my entry in times past, and I need to get back to that, I think it helped.
  • bo_brownbo_brown Posts: 551 ✭✭
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    Aug 19, 07:24:57 USD/JPY 98.028 97.985 Aug 19, 07:30:00 $18.00 70% $30.60 OTM

    I forgot to save this image this morning, so ignore the actual price indicated now. This is my really poor trade decision. I thought it was going to break up through resistance, and I jumped in, and the resistance resisted. So, tues, it's back to basics. %R, 6 EMA at an angle, and S/R levels. Ignore the 60 SMA. I have that on there for longer term trades I am trying out on a Nadex demo account.
  • bo_brownbo_brown Posts: 551 ✭✭
    4/4 , just under break even after 8 trades. I discovered that I like looking for support/resistance breaks on the 60 sec charts. I noticed the success everyone is having on the message boards, I figured I should learn,too. MW does not have 60 sec expiry times, but the little reversals and line breaks seem to run a good 6-7 candles in your favor, so my 6 minute expiry times seem to be ok and winning for now.
    So, here's my charts...

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    Aug 20, 06:19:19 AUD/JPY 88.1190 88.1145 Aug 20, 06:25:00 $12.00 70% $20.40 ITM


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    Aug 20, 07:54:34 AUD/JPY 88.1520 88.1205 Aug 20, 08:00:00 $10.00 75% $17.50 ITM


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    Aug 20, 22:09:50 USD/JPY 97.214 97.210 Aug 20, 22:15:00 $10.00 76% $17.60 ITM


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    Aug 20, 22:24:12 USD/JPY 97.250 97.193 Aug 20, 22:30:00 $10.00 95% $19.50 ITM
  • bo_brownbo_brown Posts: 551 ✭✭
    And here's my OTMs...

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    Aug 20, 06:44:54 EUR/USD 1.33936 1.33958 Aug 20, 06:50:00 $13.00 75% $22.75 OTM

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    Aug 20, 07:13:28 USD/JPY 97.316 97.259 Aug 20, 07:20:00 $13.00 70% $22.10 OTM

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    Aug 20, 21:39:03 EUR/USD 1.34200 1.34208 Aug 20, 21:45:00 $10.00 75% $17.50 OTM

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    Aug 20, 22:44:42 USD/CAD 1.04155 1.04200 Aug 20, 22:50:00 $10.00 70% $17.00 otm
    No excuse for this one. Just sloppy that I did not pay attention to the price being above the 60 SMA. I was using the 60 SMA for a longer term strategy , but I started to notice the 60 sec price will respect it many times, so I will start using it for a trend direction, and trade with the trend.
  • bo_brownbo_brown Posts: 551 ✭✭
    I went 5 out of 8 today. I think the most frustrating thing that happened was that 2 out of the 3 losers were times when I tried to cheat a little extra leverage into my trade size, and they ended up losing!! That's what I get for being impatient with my progress.

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    Aug 21, 06:28:04 EUR/USD 1.33943 1.33939 Aug 21, 06:35:00 $10.00 65% $16.50 ITM
  • bo_brownbo_brown Posts: 551 ✭✭
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    Aug 21, 07:06:19 GBP/USD 1.56724 1.56780 Aug 21, 07:15:00 $7.00 65% $11.55
  • bo_brownbo_brown Posts: 551 ✭✭
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    Aug 21, 07:39:19 AUD/USD 0.90440 0.90389 Aug 21, 07:45:00 $10.00 79% $17.90
  • bo_brownbo_brown Posts: 551 ✭✭
    image
    Aug 21, 21:44:26 EUR/GBP 0.85405 0.85378 Aug 21, 21:50:00 $10.00 89% $18.90 ITM
  • bo_brownbo_brown Posts: 551 ✭✭
    image
    Aug 21, 22:09:57 AUD/JPY 88.2150 88.2115 Aug 21, 22:15:00 $10.00 65% $16.50 ITM
  • bo_brownbo_brown Posts: 551 ✭✭
    image
    Aug 21, 06:53:13 AUD/JPY 88.0475 88.0195 Aug 21, 07:00:00 $16.50 86% $30.69 OTM
  • bo_brownbo_brown Posts: 551 ✭✭
    edited August 2013
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    Aug 21, 22:03:19 EUR/GBP 0.85391 0.85442 Aug 21, 22:10:00 $15.00 80% $27.00 OTM
    The first arrow was a winner. The second arrow, not so good...
  • bo_brownbo_brown Posts: 551 ✭✭
    image
    Aug 21, 22:28:29 USD/JPY 98.189 98.206 Aug 21, 22:35:00 $10.00 70% $17.00 OTM
  • kostaszekostasze Posts: 227 ✭✭
    edited August 2013
    The second arrow, not so good...
    Hi buddy I see that you have some good trades with your system. What timeframe do you use?
    I notice this chart and I think you could filter some of your signals with something like this.

    image

    Happy trading!


  • mifunemifune Posts: 160 ✭✭
    bo_brown said:

    image
    Aug 19, 07:24:57 USD/JPY 98.028 97.985 Aug 19, 07:30:00 $18.00 70% $30.60 OTM

    I forgot to save this image this morning, so ignore the actual price indicated now. This is my really poor trade decision. I thought it was going to break up through resistance, and I jumped in, and the resistance resisted. So, tues, it's back to basics. %R, 6 EMA at an angle, and S/R levels. Ignore the 60 SMA. I have that on there for longer term trades I am trying out on a Nadex demo account.

    You did have the trend going in your favor on that one, but if anything, a put option would've been more reasonable there due to the resistance that had formed. Also try to keep tabs on whole numbers in the market. The 98.00 level likely served as resistance due to the whole number itself. And, in general, it's really tough to win call option trades when resistance is immediately above your entry (and the same thing regarding put options with support immediately underneath).

    But overall, your trading is looking good and it seems like you've got a pretty good system in place.
  • mifunemifune Posts: 160 ✭✭
    bo_brown said:

    image
    Aug 21, 22:28:29 USD/JPY 98.189 98.206 Aug 21, 22:35:00 $10.00 70% $17.00 OTM

    An R3 trade at 98.280 looks like it could've been a good one since price was definitely show some sensitivity to that level by rejecting it. But I can't say for certain if it's one that I would've taken had I had the same chart in front of me. I would have had to take a look at the five minute chart to get a better feel for the overall structure of the market.
  • mifunemifune Posts: 160 ✭✭
    kostasze said:

    The second arrow, not so good...
    Hi buddy I see that you have some good trades with your system. What timeframe do you use?
    I notice this chart and I think you could filter some of your signals with something like this.

    image

    Happy trading!

    The part where Kostasze drew in the red line shows a weak retracement -- i.e., a small dip in the context of an uptrend in this case. This market pattern specifically is usually an indication of a continuation of the uptrend. It's on the one-minute chart, so it's not quite as reliable as it might be on the higher timeframes, but it's something to be wary of. But I like that you're sticking with your system and seeing some good success with it.

  • bo_brownbo_brown Posts: 551 ✭✭
    Thank you both for the guidance. I totally missed that resistance against a whole number! Ugh, I get caught up and forget some of the lessons from the past. And then, the weak retracement caught me swinging because the %R started to dangle over the -50 line. But right after I entered the trade, it pulled back, and the red candle turned green, and climbed up and up. I need to watch retracements a lot more, AND wait for the %R to stay across the -50 line until the candle closes. I am going to start studying Fibbonacci as well.
    Again, thank you both for the insight!
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