Thursday morning was a lot calmer than yesterday. I went 2 for 2 ITM's. Short and sweet... I forgot, I am on a new laptop, my wife is using my old one where I saved the screen shots. I will post them tomorrow.
Aug 22, 07:04:22 USD/JPY 98.661 98.620 Aug 22, 07:10:00 $10.00 75% $17.50 ➕ Aug 22, 06:58:42 AUD/USD 0.89872 0.89889 Aug 22, 07:05:00 $10.00 70% $17.00 ➕
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.
Thanks Kostasze. I started this thread using the 5 min charts, but this week I switched to trading from the 1 min charts. MarketsWorld does not have 60 sec options, so timing is critical.
We are moving today, so I am not 100% focused on trading. As you will see, I started off with two OTMs, but ended my little session with one ITM.
Aug 23, 06:24:02 USD/JPY 98.901 98.956 Aug 23, 06:30:00 $10.00 78% $17.80 OTM I jumped into this trade, not fully awake. There was a WHOLE NUMBER providing support at 98.900. I noticed this after I placed the trade. I just turned on the laptop and started shooting. Mistake #1.
Aug 23, 06:29:53 USD/JPY 98.954 98.937 Aug 23, 06:35:00 $10.00 70% $17.00 And this time, I tried to chase it the other way. had I got in on the short green candle, I would've cashed in.
Like Mifune said patterns many times are not so steady in 1min timeframe. That's why I asked you the TF but patterns like this one is actually price action and they can protect you and keep you away from the false signals of the indicators. Also, you can study the Elliot Wave Theory buddy!
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!
Whole number levels are really easy to miss if you're paying attention to just the chart instead of the actual price itself. Whole numbers are something to look out for, but they should never, of course, be the foundation for a trade in and of themselves.
Adding some Fibonacci lines to your chart would be great, as many traders use these. I like to draw mine on the weekly and monthly charting timeframes, as these levels tend to be the most robust. However, if there is a conspicuous price movement on a smaller timeframe, I will occasionally draw that one in. For my USD/CHF trading from a few weeks ago, I had Fib retracements drawn in on the hourly chart and had some good trades set up at those levels. But all in all, I don't get a ton of binary trades off the Fib levels, given I go for mainly the most important, longer timeframe ones. Hence, they don't pop up that often, but can offer some very solid trades if they do.
I suppose that trading the nightly Asian session means I should look at pairs that are AUD or JPY related. I took one trade on eur/usd, which just did not have the momentum to break down through support. I thought the big red candle was a good sign combined with the sharp angled drop of the %R across the -50. It did not break down as planned.
I suppose that trading the nightly Asian session means I should look at pairs that are AUD or JPY related. I took one trade on eur/usd, which just did not have the momentum to break down through support. I thought the big red candle was a good sign combined with the sharp angled drop of the %R across the -50. It did not break down as planned.
I've never really done break-out trading. I've tried it on demo accounts, but I've never really got it to work for me even if I was taking a trade after a full-body candle that opened and closed above or below S/R, with the trend. I know some folks love doing the breakouts, but I think they just don't fit my trading personality.
Also, are you exclusively using the 1-minute timeframe to trade? I would recommend using the five-minute as your base timeframe and move down to the 1-minute if you enjoy entering trade on the time compression, as many traders do.
Mifune, you have a valid point. I started out on the 5 min charts at the start of this thread. I sometimes would drop down to the one minute chart to get a good entry time. That usually worked out well. Last week I started using the one minute time frame only. I probably should get back to watching the 5 min for a -50 line cross and then drop to the 1 min for the best strike price. I had two nice trades this morning.
This one I am proud of because I watched price touch the 61.8 level. When it started to drop away, I entered the trade. The red horizontal line is my strike price.
Here I found another fibo retracement. It scared me for a couple of candles. Then it finally dropped below my strike price indicated by the red horizontal line. Winner.
After that losing trade, I headed off to work. I kept going over, in my mind, what I could do better. I am reading "Trading to Win", which is excellent book to get the right mindset to bounce back from losses, and expect bigger wins. Reading that, combined with the great examples set by Kostasze and Mifune, have me really focusing on s/r levels a lot more. As a matter of fact, these next two trades I did not use my indicators. I deleted the EMA, and ignored the %R. I looked at price action only. I felt like Luke Skywalker flying into the Death Star. I turned off the guidance system, and used only the Force. And won BOTH trades!
Aug 29, 22:26:05 GBP/USD 1.55162 1.55124 Aug 29, 22:35:00 $7.00 76% $12.32 ITM
Aug 29, 22:24:17 EUR/USD 1.32480 1.32458 Aug 29, 22:30:00 $7.00 77% $12.39 ITM
I am determined to break through and rise above a break even trader. Today started off with frustration,again. I have found a price action system on a higher time frame, which I will be intensely studying this weekend. I know I am close to getting to that next level. I have heard many times that timeframes lower than 1 hour can be too wild. I know many people have success in the lower timeframes, but I might have to face the facts, that they are not good for me.
Aud/Usd fooled me twice, but the 3rd time, I found the right entry. You can see my thought processes unfold. At the 1st candle, I expected price to drop, but drifted sideways. The 2nd candle was when I got paid. Of course, that happened to be on a lower entry price. My two losers were at $10 each, but I had to scale back according to plan. Just disappointing winning with a smaller entry price, that is not a winning strategy.
Aug 30, 07:36:12 AUD/USD 0.89312 0.89263 Aug 30, 07:45:00 $6.00 77% $10.62 ITM
Ok, after a lazy holiday of sitting around most of the day, I managed to get 2 out of 3 winning trades today.
This first trade I placed this morning by looking at the 4 hr chart. Price dropped through support and I won. I should have saved a bigger image. The support was broken at a major psychological level of 1.32000 Sep 02, 10:54:31 EUR/USD 1.31914 1.31900 Sep 02, 16:55:00 $10.00 78% $17.80
2nd trade today was a loser. I went back to 5 min charts. Although, my chart reading was on the right track, as I watched the candle that formed after my closing candle drop right through my strike price, minutes after I lost. Sep 02, 18:29:06 GBP/USD 1.55440 1.55451 Sep 02, 18:35:00 $10.00 77% $17.70 OTM
Last trade for today was a winner. The %R and price action were giving me loud and clear "SELL" signals.. My entry price is indicated by the red horizontal line. Sep 02, 18:54:57 EUR/USD 1.31915 1.31897 Sep 02, 19:00:00 $10.00 85% $18.50 ITM
Sep 03, 22:22:01 EUR/GBP 0.84596 0.84611 Sep 03, 22:30:00 $5.00 75% $8.75 OTM I entered this one when that loooong pin bar candle was a nice big red juicy candle. Right after I entered the trade, the candle shrank up into a pin bar. I will be back at it tomorrow....this aint over!
3 out of 5 winners today. Should have been 4, as you will see, one of the losses was very close. Winner #1, in this picture bounced up off of support, and the %R climbed over the -50 line. I wish they were all so easy...
Sep 04, 07:03:59 AUD/JPY 91.0735 91.1230 Sep 04, 07:10:00 $5.00 75% $8.75 ➖ I thought the bears had control of this one, but it found support and tricked me.
Winner #3 Sep 04, 07:16:27 USD/CAD 1.04960 1.04945 Sep 04, 07:25:00 $2.00 80% $3.60 ➕ I only put $2 in this trade because I wanted to see if I was reading the fibbonacci level correctly, and I was. More experience than money from this trade, but that will be useful in the immediate future!
Loser #2 This one was a heart-breaker. I planned on red candles, then the candle I needed to close red, closed green. I lost and proceeded to watch the very NEXT candle drop where I would've needed it to win... I was watching the level of .84400, to see if price would break through. I should have jumped in on the bounce off of the 50 Fibo line, and I would've got paid! Sep 04, 07:51:47 EUR/GBP 0.84392 0.84396 Sep 04, 08:00:00 $5.00 75% $8.75 ➖
The second day in a row that I went 3 for 5. The scariest thing was my first trade. I accidentally entered at $10, and of course I lost that trade! The next trade went down in flames as well. THEN, I masterfully pulled out 3 winners. I need to analyze the two losers. If I can just tighten that up a bit, I can be successful. Ok, loss #1...I was trying to trade price action only, ignored my indicator, and lost. Sep 05, 06:20:25 AUD/JPY 91.3000 91.3510 Sep 05, 06:30:00 $10.00 80% $18.00 OTM
Comments
I forgot, I am on a new laptop, my wife is using my old one where I saved the screen shots. I will post them tomorrow.
Aug 22, 07:04:22 USD/JPY 98.661 98.620 Aug 22, 07:10:00 $10.00 75% $17.50 ➕
Aug 22, 06:58:42 AUD/USD 0.89872 0.89889 Aug 22, 07:05:00 $10.00 70% $17.00 ➕
I notice this chart and I think you could filter some of your signals with something like this.
Thanks Kostasze. I started this thread using the 5 min charts, but this week I switched to trading from the 1 min charts. MarketsWorld does not have 60 sec options, so timing is critical.
Aug 23, 06:24:02 USD/JPY 98.901 98.956 Aug 23, 06:30:00 $10.00 78% $17.80 OTM
I jumped into this trade, not fully awake. There was a WHOLE NUMBER providing support at 98.900. I noticed this after I placed the trade. I just turned on the laptop and started shooting. Mistake #1.
Aug 23, 06:29:53 USD/JPY 98.954 98.937 Aug 23, 06:35:00 $10.00 70% $17.00
And this time, I tried to chase it the other way. had I got in on the short green candle, I would've cashed in.
Aug 23, 07:14:20 AUD/USD 0.89957 0.89909 Aug 23, 07:20:00 $10.00 77% $17.70 ITM
I took a few minutes and just listened to Bloomberg. Cleared my head, and took this beauty.
Have a great weekend!
Adding some Fibonacci lines to your chart would be great, as many traders use these. I like to draw mine on the weekly and monthly charting timeframes, as these levels tend to be the most robust. However, if there is a conspicuous price movement on a smaller timeframe, I will occasionally draw that one in. For my USD/CHF trading from a few weeks ago, I had Fib retracements drawn in on the hourly chart and had some good trades set up at those levels. But all in all, I don't get a ton of binary trades off the Fib levels, given I go for mainly the most important, longer timeframe ones. Hence, they don't pop up that often, but can offer some very solid trades if they do.
Also, are you exclusively using the 1-minute timeframe to trade? I would recommend using the five-minute as your base timeframe and move down to the 1-minute if you enjoy entering trade on the time compression, as many traders do.
I had two nice trades this morning.
This one I am proud of because I watched price touch the 61.8 level. When it started to drop away, I entered the trade. The red horizontal line is my strike price.
Here I found another fibo retracement. It scared me for a couple of candles. Then it finally dropped below my strike price indicated by the red horizontal line. Winner.
Aug 29, 07:39:51 AUD/JPY 87.6730 87.7080 Aug 29, 07:45:00 $8.00 65% $13.20 OTM
Aug 29, 22:26:05 GBP/USD 1.55162 1.55124 Aug 29, 22:35:00 $7.00 76% $12.32 ITM
Aug 29, 22:24:17 EUR/USD 1.32480 1.32458 Aug 29, 22:30:00 $7.00 77% $12.39 ITM
Aug 30, 06:30:57 AUD/USD 0.89235 0.89268 Aug 30, 06:40:00 $10.00 85% $18.50 OTM
Aug 30, 07:14:28 AUD/USD 0.89333 0.89344 Aug 30, 07:20:00 $10.00 80% $18.00 OTM
Aug 30, 07:36:12 AUD/USD 0.89312 0.89263 Aug 30, 07:45:00 $6.00 77% $10.62 ITM
This first trade I placed this morning by looking at the 4 hr chart. Price dropped through support and I won. I should have saved a bigger image. The support was broken at a major psychological level of 1.32000
Sep 02, 10:54:31 EUR/USD 1.31914 1.31900 Sep 02, 16:55:00 $10.00 78% $17.80
Sep 02, 18:29:06 GBP/USD 1.55440 1.55451 Sep 02, 18:35:00 $10.00 77% $17.70 OTM
Sep 02, 18:54:57 EUR/USD 1.31915 1.31897 Sep 02, 19:00:00 $10.00 85% $18.50 ITM
Sep 03, 07:49:55 EUR/GBP 0.84678 0.84694 Sep 03, 07:55:00 $10.00 95% $19.50 otm
Sep 03, 08:08:57 AUD/USD 0.90320 0.90321 Sep 03, 08:15:00 $7.00 70% $11.90 ITM
Sep 03, 22:22:01 EUR/GBP 0.84596 0.84611 Sep 03, 22:30:00 $5.00 75% $8.75 OTM
I entered this one when that loooong pin bar candle was a nice big red juicy candle. Right after I entered the trade, the candle shrank up into a pin bar. I will be back at it tomorrow....this aint over!
Winner #1, in this picture bounced up off of support, and the %R climbed over the -50 line. I wish they were all so easy...
Sep 04, 06:43:21 EUR/GBP 0.84374 0.84426 Sep 04, 06:50:00 $4.00 70% $6.80 ➕
Sep 04, 06:52:43 GBP/USD 1.56128 1.56116 Sep 04, 07:00:00 $5.00 70% $8.50 ➕
Sep 04, 07:03:59 AUD/JPY 91.0735 91.1230 Sep 04, 07:10:00 $5.00 75% $8.75 ➖
I thought the bears had control of this one, but it found support and tricked me.
Sep 04, 07:16:27 USD/CAD 1.04960 1.04945 Sep 04, 07:25:00 $2.00 80% $3.60 ➕
I only put $2 in this trade because I wanted to see if I was reading the fibbonacci level correctly, and I was. More experience than money from this trade, but that will be useful in the immediate future!
This one was a heart-breaker. I planned on red candles, then the candle I needed to close red, closed green. I lost and proceeded to watch the very NEXT candle drop where I would've needed it to win...
I was watching the level of .84400, to see if price would break through. I should have jumped in on the bounce off of the 50 Fibo line, and I would've got paid!
Sep 04, 07:51:47 EUR/GBP 0.84392 0.84396 Sep 04, 08:00:00 $5.00 75% $8.75 ➖
Ok, loss #1...I was trying to trade price action only, ignored my indicator, and lost.
Sep 05, 06:20:25 AUD/JPY 91.3000 91.3510 Sep 05, 06:30:00 $10.00 80% $18.00 OTM