++22_10_2010.jpg)
++22_10_2010.jpg)
Trade entry 15693 08:37 Buy ask
Stop 15678 15 pips 7 below level
Stop 15678 15 pips 7 below level
Target 15745 below todays high 67 pips 4 to 1
Trade entry MT3 on Renko
+ 61% Fib on weekly 15685
+ 2 previous daily low 15680
+ Support on yesterdays low 15685
+ Support on FXMAX Turbo on 30 min
+ Current day ATR 65, HT ATR 157
Trade exit Stop hit
PNL 15 PIP LOSS
Trade entry MT3 on Renko
+ 61% Fib on weekly 15685
+ 2 previous daily low 15680
+ Support on yesterdays low 15685
+ Support on FXMAX Turbo on 30 min
+ Current day ATR 65, HT ATR 157
Trade exit Stop hit
PNL 15 PIP LOSS
Ok so you went for it. Stepped in front of a bus - look at the angle of attack - look at the time you traded.... right bang in the London open - but at the end of the 30min bar but that is not a hourly bar is it?
ReplyDeleteAlso if you learn to read a chart you will see you stepped in front of fast moving traffic...
But sometimes that is the thing to do...
Not the worst trade as it had combinations, but but why did you not follow the system rules at 8:53?
Why did you not look at the chart and the levels in the morning as the trade plan states and note down all the levels and bets places to trade?
on tjhe 10min 0% FIB was the bounce... you did not trade it, why????
Trade Plan System Rules are to trade that setup... why did you not trade the winning trade? You are taking loosers and filtering the winners... the double whammy of non consistent trading...
GREAT TRADE at:
When the market bounced at that 0% fibonacci level?
NOTES:
+ Support on yesterdays low 15685
Support? WHERE? no meaningful support there was there? Look at those red candles you stepped in front of a steady down trend move..during the London Open.
Time you can kearn to think in more sophistication:
use the word - Potential
Potential support on previous daily low 15685
do this if you want to improve your potential.
System rules not followed.
+ Support on FXMAX Turbo on 30 min
Support on FXMAX turbo 30min is not in the trade plan. - Please read the rules in the trade plan do not add in rules that are not listed in it. you are ad libbing again a little.
30min chart mentioned but not posted - you need to post it - You score 0 for laziness and it has no justification - you cannot learn from this post... you are not following the trade plan journal rules. My Advice to people learning like that is print the trade plan, shred it and sell your PC.... or get serious.
You need to write without fail a consistent meaningful journal or just forget trading altogether.
TRADE SETUP
TRADE ENTRY
TRADE EXIT
ok that was harsh I hear you say. but the market is a brutal place to make a living. Make a Trade plan and learn it like a religous nut - bang your head on the cover and chant until the words are your own personal gospel. I have an idea for training which works very well.
ReplyDeleteDrill 1000 trades, 25 per day for 40 days.
On a 10 minute chart you can simply use 1 chart and move the data loaded backwards and forwards so you can do 1 month at a time. dont worry about the trading time, jsut speak every setup, entry, order, stop target and exit that occurs.
Like someone who wants to learn kungfu you learn the 1st form, this a series of moves that teach the brain...this is my version of it.. if you want to be anything more than a slot machine player you will do this....to learn the rules...
If you have a look at:
ReplyDeletehttp://microtrends-ninjatrader.blogspot.com/2010/10/forex-trading-gbpusd-london-pre-market.html
You will see that many time frames help to identity a great trade oppurtunity...
FOLLOW YOUR £100,000 pa TRADE PLAN...
THIS IS THE TRADING FRAMEWORK
SYSTEM RULES
DAILY ROUTINES
JOURNAL
FOLLOW THESE DO NOT JUST FOLLOW SYSTEM RULES!!!!
IDENTIFY
PREDICT
EXECUTE
TRADE SETUP
TRADE ENTRY
ENTRY ORDER
STOP
TARGET
TRADE EXIT
SPEAK
DREAM
LOVE