++18_10_2010.jpg)
MT3+Setup+&+entry++18_10_2010.jpg)
Trade entry 15844 09:07 Buy ask
Stop 15832 12 pips
Target 15920 todays open
MT3 setup & entry on renko
15837 monthly low
15848 weekly high,
15850 Daily fib 88%
ATR 166
Trade exit, close trade, Top of trend channel on 987 chart
Whole No 15900
Fib level dynamic current day 38% 10 min
PNL 42 Pips profit
Stop 15832 12 pips
Target 15920 todays open
MT3 setup & entry on renko
15837 monthly low
15848 weekly high,
15850 Daily fib 88%
ATR 166
Trade exit, close trade, Top of trend channel on 987 chart
Whole No 15900
Fib level dynamic current day 38% 10 min
PNL 42 Pips profit
Good Trade..
ReplyDeleteDo you mean trade entry on renko?
I think you do.
Did you notice the FXMAX MAX on the 60MIN?
This was a key component to the trade.
What kept you out of the false trades earlier?
ReplyDeleteRecord it and come back to it in the future - a trophy on the wall to look at.
Ok i was reading the chart notes - i have read what i needed to on your comments - yes that's good trading... but still vague.
ReplyDeleteWhat was the trade setup. entry combinations?
you have a list of stuff how was that used?
What is the system rules that ran in your brain?
Verbalise them, write them, you need to be able to back test them, so they need to be recorded.. in the journal so an alien can understand how you did what you did - then you are really cooking... e.g. why this trade and not the earlier?
Was it
Renko trade setup
Low + 15837 monthly low + 100% ATR?
Trade entry close above previous renko candle high?
Why do you list the following?
What is its purpose to you?
15837 monthly low
15848 weekly high,
15850 Daily fib 88% -
ATR 166 -
Trade exit,
close trade, Top of trend channel on 987 chart
Whole No 15900
Fib level dynamic current day 38% 10 min
Yes i did mean trade entry on Renko, thank you Tom,No i did not notice the FXMAX ON THE 60 MIN, this however has now been noted,
ReplyDeleteDid not take earlier trade entries based on waiting for monthly level 15837 as support,predicted from HTF charts, combined with exhausted ATR over 100%-166,the strong downtrend needed a strong level as support, the monthly low was the predicted level, oppopsed to the weaker levels price broke through to get there,
Renko confirmed the entry with 1st green brick, closed above previous renko candle high,
Trade exit was based on previous trend channel upper line rejection, combined with price at whole No 15900 also dynamic fib level current day 38% on 10 min, this combination was strong enough to reject price rising above the level
Monday trade
ReplyDeleteMT Setup on 10, 987 and Renko
+ Multiple Reasons to trade
Low Pulled back past to 60Min FXMAX Max
ATR HTF >=100%
+ Weekly Level 15843 + Fib Prev Week 23.6% + Prev Month 88%
With timing 09:10,. With trend
Entry on Renko – candle close above setup candle high
Targets
Near
50% Fib Prev Week
60 Min FXMAX Long MA 5915 gives
Monthly Level 15921
Risk Reward 75pips to 10pip stop = 1 to 7
30Min,10Min FXMAX MAX?
Far target
FXMAX Triple
Current Open
So why did you jump in front of a lorry and die Friday? - dont jsutify it... you do not have a get out of jail for free card that ehxhonerates rubbish trading..
Monday was good... Print Friday and monday out
in big red letters write on the Friday trade:
I must not lie to myself, I must not justify bad trading - I need mutliple reasons required to trade... I need to follow the system.
All the easy trades are propping you up while you waste money and train yourself with bad habits during the trades that loose, the ones you should be sitting on the side waiting for a great looking fish to swim by...you need to learn to develop your memory in this area.
About your comment
ReplyDeleteYour charts do no demonstrate that -they are bland and bare.. devoid of what you wrote about.
IE That was a weekly level not a monthly...
that combined with the setup...
set your cahrt to plot trade excutions so we can see what you mean.
If you use other charts try and take a snapshot and annotate them - post them all up here. To become financially free you will do this as it will tidy your thoughts in your brain and hopefully drive out your self justified impulse trades that undermine your trading...Friday is a great example of that. That was mindless in comparison to this trade, better comments would be i screwed up... when you screw up... be honest admit fault, reward yourself when you follow the system.
If you cannot see this then it is because your trade plan does not have clear rules to follow.
you need multiple reasons
with trend is best
if not wait till the tredn move is exhausted - how>?
use the distance between price and the FXMAX...!!! and the HTF levels and ATR HTF
When you speak of trend:
Specify the context... you mean there was a pullback intraday - a price move downtrend from the open continuing from Fridays sell off at 1.6106
the
Intermediate TREND IS UP
Short Term Tren is Up
Monday Morning intraday trend down
This was a pullback to a weekly level and a great trade for 100pips... 50% pre week fibonaccia target provided a 1 to 7 risk reward...
We need to get you in to multiple lots so you can let your winning trades run - but it is hard as you are self desgructing on other trades and draining down your PNL....
Overall though most excellent MONDAY HURRAH!!!!
you need to understad last weeks trades were losers becuase you chose that path.. i had 1 trade last week, any i am 150pips > than you...
The clever Heron waits for a slow moving fat fish to swim to its feet...
You did not see the FXMAX MAX 60Min . .ok well done for admitting that you are driving blind witht your eyes shut....
ReplyDeleteIt is key to your trading alawyas has been - it is the intermediate trend. The marekt sold off from friday and pulled back to ii.
Your trading needs to use levels:
horizontal levels
Dyanmica levels
projected levels
Trend line S/R
you are commiting a crime not paying attention to the trend..
If you want to get from A to B jump in with the direction of the flow.... do not jump withouth looking to see which way the traffic is going.. you will get flattened...
this is your map and guide to making money... never forget the FXMAX EVER!
Ok another cardinal sin - this was a S2 trade
ReplyDeletePowers of observation
New Low MT3 Setup
+ ATR>= 100%
+ on the hour 09:00 ish
+ weekly level 15842
+ Fibs prev week 23.6%, Pre month 88%
+ pull back to FXAMAX 60Min MAX
+ With Trend FXMAX Intermdediate
+ Woodies Pivots S2
Trade Entry
Renko Close above trade Setup candle high
Early entry with renko...
This is an example of a perefect trade
please do yourself a favor and print the 30Min, 60Min charts , daily and weekly -