After having to deal with opening new gain acct, and all the associated paperwork, then setting up NT to work with gain etc, noticed that I was not getting the same signals as before. Which was quite frustrating. So spent most of last week just watching the scree with my signals to get a feel for what was happening.

Bottom line, have had to become more diligent and conservative in where I take my ob/os trades. Am having to wait even longer now for levels to coincide with trades. Hopefully this will be a positive and make me trade less, but with better strike rate.

This is the first trade for the day, took the first red as it was just as EU was breaking out of the range. Took the buy as the retracement into the range was very little, giving weight to a genuine breakout. Even thought it went up much higher than where I exited, my exit was based on 'apparent' exhaustion of momentum.

Done for the day.

Thursday

I had pivot at 54, and just waited for the downward momentum to stop. took my buy and was done with 5 pips.

I really should have shorted the failed break of 4100 much earlier on, but was just too chicken to take any sells with such strong momentum of eu and dollar weekness.

Waited a long long time for this trade. Almost didn't think it was going to come. Even though market was moving down, everytime I thought abt shorting it, it retraced up and would have gone against me had I been in the trade. So I just decided to stick to my guns and wait for my trade of testing of yeseterday's high, which was also the high of a very high volume 1H candle.

Tuesday

Couldn't get to the desk at my normal designated time during eur open, happened to be at the desk during this down turn, andfailed down spike coupled with o/s. GU was hitting pivot, and so was EJ, so took a bounce for 5pips. Probably finished for the day.

Monday

Knew it was holiday in US, so market would have had a tendency to be choppy (potentially). I just waited for my simple pivot trade, took my buy of the pivot bounce at 14, and exited with a simple profit, finished for the day

Simple trade into eur open, break of 00, and then hesitation, took my simple 5pips and was done for the day.

sometimes it just wasn't meant to be!!!

Well,

Sometimes it just isn't meant to me. First trade was basically break out of range and failure to carry with over sold coming into play. My next target to short was high's from Friday, but it started to stall just below that level, so I took my short after that nice upthrust that I love after a nice move up. Exited on my normal 5pips, walked away only to come back a few hours later to see it has moved 100pips further.

Oh well, such is a scalper's life

Armed and Ready

Sat down today, and saw the range that EU had been in for the last few hrs. Higher lows on all the hrly candles, but topping out. Seemed like a break was iminent.

First trade was basically overbought at hrly resistance line. When the retrace did not really go very far, and held around the 25 level, I entered a buy after that nice dip down and back up, with an expectation of break out of range. Even though my logical target should have been the highs for the day, I exited at the first sign of a stall.

Third trade came quicker than I thought. I was expecting it to do a runner past today's high, but when it stalled and failed on 3 attempts, I entered short and exited with my set 5pips. Though at the time of writing this, it is 45pips off entry :-(

importance of patience

Took one trade on Monday, but it was only a small trade, and I was too tired to make a screenshot.

This is Tuesday's trade. Well, this trade was all about patience. When I sat down, EU was in no man's land, half way between the pivot and already rejected off r1. Since eu is in a strong up trend overall, my preference has been for eu buys rather than sells. Once I started to see the down move, I decided to wait for pivot, which was nicely located around the 50 level (48). First trade was a pivot bounce, second is a reversal trade at the pivot. I could have held for longer, but I have stopped looking at hindsight trades. I reach my goal, and that is it.

Have done very minimal trading this week. Not in the number of days but just the number of trades. I have been trying to keep my trading totally limited to pivot levels or psych levels. Because the trades have been only 1-2 trades per day, I have had to wait quite some time for the to hit my price levels. Too tired in the night to post them. Just finished taking these two, and finished for the week.Another positive week, always a good thing :)

Second was a failure of what I was expecting a move towards 00 level. First was basically a rejection off daily r2.

should I or shouldn't I

I nearly shorted at 94, looking at how the chart was developing. But held back only for 1 reason, it was not my setup. Even though it looked like it was developing a nice short, but the stop would have been way up, maybe past 00, so I did not want to start taking trades in no man's land again. I had pivot at 71, and saw how it was slowing down getting to this level after picking up momentum beforehand. Even though it didn't get to 71 on NT, it did on the mt4 chart and usd/chf was hitting weekly pivot at the same time, hence my entry. Exit was based on it not following through after the first attempted retrace at that price.

Humility is best!!!

Well, I read a long time ago that it is best to be full of humility when confronting the beast that is the market. The market has its ways of making one come to their knees when they least expect it.

I had one of the best months trading for a long time, and let ego get in the way of objective trading. Decided that my entries were always good, and that if it went against me, it was bound to come back because that is what I wanted it to do. Lots of losses, let the trade go past my sl point, adding into positions etc etc. But worst of all, taking trades in areas that I call no man's land, ie getting ob/os well before levels. This led to me giving back all my profits and some.

Took some time off trading, because I wanted to give myself time for self-reflection on my mistakes. The method I use to trade works, period. The profits are there. There are trade oppurtunities abundant. And I believe I have found the missing link in my yo-yo journey of trading for financial freedom.

I shall start posting charts again next week.

Cheers,
K.

Levels

It seems that matching levels with green/red gives better results than just taking the signals in no man's land. First trade was just off green, even though I had DP at 68. Thought about waiting for 68, but got greedy, thinking I might sneak in a few pips here. Did have abt 2 pips profit, but got even more greedy and convincing myself that it will bounce for 10pips here. Exited for a small loss. Finally when 68 arrived, I was too hesitant to take it because of the prior loss, so waited for some sort of indication of reversal. It came with that little spike down and shoot up. Took the buy, made up for the loss and some more. Next trade was an impatience trade, even though it did give me positive pips, but not something I want to take. Got to keep it in my head, wait for your price!!!

last trade of the day for me. Decided to wait for the figure rather than take the red signal. The pace with which it was moving, seemed like 00 would hit for sure (maybe should learn there is no sure thing!). Just hit the sell after it broke 00 by a few pips and then failed to continue. Was looking for 4-5pips out of this and got them.

Second trade was basically off the red, and hitting highs of the day. Then I hesitated to take the setup I had been waiting for. Trend on 5tick is up, and was waiting for a level and green on 1tick. My reason for not taking the trade was that news had just come out 1min ago, it was bad news, and I was expecting a push to 2600 before a nice rally up. And before I could react to the sharp upmove, it had already started going, and I didn't know where to get back in, as I had no idea where it would keep going to. First sell after the upmove was basically halt at 50 level, it didn't halt, so exited. Next trade was the halt after clearing the daily pivot at 60. next trade was basically what I was expecting a profit taking move, but it didn't eventuate so exited.

recovery mode

Yesterday was a big lesson in patience. When I eventually did execute the plan, computer gave me troubles, and that just set me in a bad mood. Tried to take continuations out of nowhere, and managed to do a bit of damage to the account. So, right now, am in recovery mode.

Managed a good day today, back to the plan.

Missed the entire run down on eu. Not sure if I would have taken any trades in the run down though. Came to the desk and saw the string of greens before, looked for the closest level, and it was 51 being S1. Waited to see how price would behave around the 50 mark, took the second push down and failure. Exited for 5pips, but could have had more.

Happened to switch on the computers, and saw this setup. Pivot at 26, red, new highs for the session, push up, failed push, and in we go, exit at 5pips. Second entry was taken on a lower high after the failed push up after my first exit. I think I'll leave it at this for the day.

Go Brittany

OOPPPSSS I did it again is the only thing that comes to mind at the moment. Yesterday was a very mixed day. Started off experimenting with EJ during US news, bad idea. Then decided that continuation trading would be good for today(momentary attack of insanity). I was so convinced that eu was going to continue past the figure that I didn't take my normal set up of short at the figure. Lost a bit. Calmed myself down, and then proceeded to make all of it back slowly just following my own setups. Finished the day b/e, but net negative due to commissions. Still, I think it was an acheivement in itself to get back the losses.

Took the first red after the green cycled already. But the way things were shaping up, it looked like the figure would be hit. Took the first gap up past figure, exited as soon as I saw it halt on quote panel, and given the size of the pull back, a safe bet going long again into the break of the figure. Exited at the first spike up. Thought abt short at 05 to test 00, but the way it had been building up on the 5M was not confident of such a quick retrace. Had Daily r1 at 2921 and also the previous day's high at 2919, so decided to wait for that level. Also, the highest volume candle for yesterday was around this level. Got in abt 2pips late, so took early profit.

A day of could have been...

Today was a day of could have been for sure. My first trade was taken at the day's open level with green coming up. Didn't get much out of the bounce. My favourite trade is highlighted in the blue rectangle, always good for 10pips atleast. Green, then a sharp pointy dip and then a bit of a failed attempt push around a level. Just wasn't there to actually take that trade.

second trade

Took this trade as it was hitting new highs of the day and it was showing red. After the big push into new highs, and the subsequent hesitation, took the sell, and just exited for +5. Usually, I would have re-entered the market into the buy off 30 or 35, but had made enough for the day.

Didn't get a chance to trade on friday.

First trade today was rejection off figure. Was actually expecting a dip below the 00 level as it hadn't really moved all that far down to reach it, but when it rejected off it, and then second push did not take it lower, I entered. I was actually going to hold for a while as was expecting atleast 10pips, but the first big spike up made me nervous so I exited.

2 trades today. the first was a buy off the lows of yesterday, and the sell was taken off break out of resistance, but ej was hitting daily pivot and usdchf was holding the round number. both ej and eu had already travelled with quite a bit of momentum leading upto the high resistance area, so retrace was high probability.

could have re-entered short a little later, but was too chicken, and already too tired to concentrate.

Trust what you know

Ok, these were my only 2 trades today. Have gone back to my motto of following the pip plan. All I know is that it will take a certain number of pips for me to get to a certain $ value of acct. I had stopped trying to take all of what the market gave, and just taken what I could get initially and not come back to the screen. My personal statistics were always that the longer I spent at the desk, the more I lost, even if I was up initially.

So after these two trades, I was finished for the day.

The first trade was a basic plan setup. Second trade is what I love, failed up/down thrusts. Very tight stop, and a simple clear exit. Now market did keep going up later, but I did not enter on any continuations because I have no idea where the retrace stops.

Have been a bit busy to post screenshots.

Have had 2 days of memory lapse and insanity took over. Left my trading setups in favour of continuation moves, and got done hard. No idea why, it was like I had it, and then all of a sudden lost it.

Well, am back on money today, so shall post screen shots later on.

In time to come, REMINDER TO MYSELF - DON'T CHANGE WHAT WORKS FOR U!!!!

the good, the bad and the not so bad.

Well, today was a day of overtrading, not sticking to the plan, but when the plan was executed as it should have been, it came out very well.

First trade was exactly what I look for, green, and then a pause.

Second trade was something that I used to do, and don't look for anymore, but since this was just after news, momentum looked like it was there to continue on. This was not sticking to the plan.

the following few trades were over trading, as neither did I have green, nor did I have a level. My next level was at 57, and all those buys in between were just overtrading and trying to be pre-emptive, which is never a good result.

When I saw it stall just above 57, and usd/chf was hitting the weekly pivot, I hit the buy expecting a 10pip move, but it didn't eventuate, so I exited.

Had I waited for the 57 level, which came a few mins later, I could have entered at 57/58 and had a 10pip move.

Oh well, everyday is a lesson learnt!

Something to keep an eye on - reminder to myself

Just something that I have been observing, and I got to keep reminding myself. Before my session starts, I should look at the 5tick chart to see where the chart was in regards to being ob/os. If the last colour was red, then market has already cycled ob, so I need to be only looking for the market to start to cycle up, ie get a green at a 'level'.

Something that I will keep an eye on to see how it pans out.

Did it again!!!!

As the song goes, "I did it again..." Had a moment of brilliance, and thought i would try my hand at the continuation trading as eu is trending quite nicely these days. Had several small 2-4pip losses, only to see them go my way eventually. Quite frustrating, just like the old days. My only consolation that these trades were very small size trades. So when I eventually did take my setup, oversold, over shoot, at the weekly r1, push up, try and fail, I took it with my normal lost size so was able to recover most of my earlier losses.

Moral of the story, once you know what you are not good at, don't attempt to do it, esp when you already have something that works.

Sometimes, patience is worth it

Well, it took just over 1 hr of waiting for this trade to happen. Was waiting for a buy at the pivot, didn,t come. Waited for the buy at the weekly R1, missed it by 3pips. Once I saw the big up candle, had a feeling that 3100 would be acheived sometime today. Was just hoping that it would be when I would be awake. Didn't take the first push past 3100, since it was the first push past it for some time. Wanted to see the reaction. Once the second push came and it failed, I entered short on the lower high, exited for my pre-determined pip amt. In hindsight, could have stayed in the move, but with 3100 being touched after so much ranging, I was expecting a pretty heavy push past it.

Pivot at 95, got red, waited for the lower high. Then I had support at 73, got green around 75, waited to see if it would hit 73. It went down, and came back up to 75, so entered the trade.

Just a not to myself for future, the huge down move was already being signaled before, red at pivot, lower spike ups, so theoritcally, should have entered at one of those lower high spikes. Oh well, live and learn.

I was getting over sold at the figure, but because it already tested the figure a few times earlier in the session, I was waiting for pivot which was at 95. I actually expected a bit of a bigger push down from the pivot, not a straight out rejection, hence my entry was not at the pivot.

Took two trades today. This one was at a fib.

Traded yesterday, but market was so crap during my time, that I took one trade out of impatience, and knew straightaway it was bad. Cut it for 1 pip. Things didn't pick up much after that, just spikey spikey up down, so called it day.

Took this trade today, after about 20mins of sitting down. Had oversold at high of the day so far, and there was already a bit of a push up before this, so sold the lower high, and exited at the first pike down. stop was above the daily high.

1 trade today - done

This is my trade for the day. Firstly, I had pivot at 60, secondly, I already had green show up as a potential over sold area. Was first touch of the pivot for the day, so was bound to bouce immediately. Normally, I will take a few trades in the day, but today I'll leave it at this for a few reasons - Friday, and also eur bank stress tests results. As I do not know when they will be out, so best not to be in the market at all.

How Much is Enough?

A long time ago, I posted in the forums a question: "How much is enough?"

I was referring to pips. It seemed I got many different views, and in the end it came back to one of the first mantra I read "Know thyself".

I was in a trade at the start of the global financial crisis, when all the CB cut interest rates at the same time at the start of the NY session. My trade was up 3pips, and I 'thought' this should go more. So I held, and then all of a sudden, I was down 60pips in 1 tick. CB cut interest rates. It took me 2 more ticks to get over the shock, and cut the trade, but that was abt 100pips later. 3hrs later, eu was 100pips below where my initial trade was!! Moral of the story for me - enter, take ur pips and exit asap.

There are many limitations to the time I can devote to trading. As such, I have price levels I will wait for, coupled with the overbought/over red/green signal. And if I get just 1 trade for 2-3pips so be it.

These days, I take small amt of pips and let it work out in $$.

My screen as it is.

This is my trading screen on NT. In addition to this, I have a 5M chart of eu and usd/chf, with pivots and volume indicator.

My macro direction is the 25second chart. The 5 tick chart is there for seeing exhaustion points and the 1tick is for entry.

The EJ chart is there for co-relation. I don't trade if EJ and EU are going in the opp direction, unless, ej is running into exhaustion.

The trading screen might look cluttered, but it achieves what I need it to do. ie give me the macro direction, the entry screen, my pair in sync (ie with ej), and turning posibilities.