Thread: Benems journey

Here is my trading plan:

Time Frame used Daily and Weekly.

Looking for PA as PIN-BUOB/BEOB-DBHLC/DBLHC in confluence with:


1)BRN (each 500 pips)

2)PPZ.

3)Fib retracement as 50%,61%...I may use 38% as further confluence but not consider it as one element.

4)Trend Line.

5)Macd (just for counter trend).



To have a trade I have to have 3 variables,PA with two of the above components.

Only commerce based on the principal tendency except when I have a divergence on the MACD.

I will take note of this PPZ;TL;BRN ahead of the fact....every sunday I'll draw my charts with the area that for me personally have an attention and I'll wait for the price to visit me.If not NO TRADE.


Exits:

As soon as I enter an order I'll take note of this first issue region FTA and second trouble area STA.

I'll examine three exits approaches:

1)When price reaches FTA transfer stop to BE and take partial profit.Second unit will be shut at STA.

2)When price is at 0,5% profit I'll close half position and proceed stop at -0,5%. Second lot will be closed at 1%.

3)One pub trailing stop ( I trail the stop below everyone's pub low that ecxeed the prior bar high).


Risk 1 percent

I'll demo-trade for 3 months....till 10/31/2010 to find out what kind of resoult I got.

Price broke the DLHC and got to my FTA seted in 1.30 where I close half position with a gain of 60 pips (0,14%) and brought stop loss to BE.

Differently of everything said I did not close the second half in 1.31 STA but I am tring to trail the stop below each support aiming 1.35.
I changed the egy because there has been a change in vogue in my opinion with Eur/Usd on account of the price broke down the down trend line(it is only my opinion....http://www.group.us/forums/im...rn/biggrin.gif)
so that I'll leave the 2nd half in BE....


1 lot= 0,14%
2 lot= Nevertheless BE

I identified 1.3265 as potential area for its price to undo,so I chose to place my TP under 1.3250 RNB exactly at 1.3245.
My TP has been reached and I got out having a pleasant 304 pips.

So Closing resoult with egy 1:

1 Lot: 0.14percent
2 Lot: 0.69percent

Here a set up where I wasn't familiar with although is in accord with my trading plan....

Originally Posted by ;

Here a set-up where I was not comfortable with although is in line with my trading egy....

Price has reached the principal trouble area (blue area)....so fine exercise accordig to J16 principle where the price is very likely to go.

Using the method for handling the trade I would have done a good 0,38%.

I saw this Buob on CHF JPY but it was too near to this first trouble area and didn't wish to run the risk because is a counter trend with no Divergence on MACD.

Originally Posted by ;

I found that this Buob on CHF JPY but it was too near to the first issue area and I did not want to run the risk even because is a counter tendency free of Divergence on MACD.

Price went where was anticipated to go....and even attained the descending trend line....but as stated previously it did not value to take this trade but I'll watch carefully if price will soon broke the trend ....

Together with my MM I would've got a mere 0,05 percent....better anyway than a reduction.

Here we go back following a quite long absence not for me however due to the low liquidity throughout the summer....

We have a pleasant Buob off the BRN 0.95. Price broke the upper trend line and came back to test the round amount.

Reason to thake the trade:

1)Buob
2)BRN 0.95
3)Tl broken
4)38% Fib....but we know that is not a valid variable....but is a niceconfluence.

First goal is 0,9616.

Here is the sort of trade I have to look to....of course what could be wrong,but I have to wait for this quality of setup.

Originally Posted by ;

Here we go again following a very long absence not due to me but because of the low liquidity during the summer....

We have a pleasant Buob off the BRN 0.95. Price broke the top trend line and came back to examine the round number.

Reason to thake the trade:

1)Buob
two )BRN 0.95
3)Tl broken
4)38% Fib....but we understand that is not a legitimate variable....but is a niceconfluence.

First goal is 0,9616.

Here is the sort of trade I must search for....of course everything might be wrong,but I must wait for this quality of setup.

Price broke the Buob and stalled near the very first trouble area staying beneath 0.96 for 3 hours so I decided to shut one lot and bring the Stop Loss to BE for the next lot getting 32 pips.
This decision saved me from a fall that occurred just few minutes following my decision.

LESSON LEARNED: always check What Type of news Will be released following you thake a trawith procedure 1:

Final result with method 1:

Initial lot: 0,25%
Secondly lot: 0%

Today I have observed a Buob on Eur/Chf. Reason to take a commerce:

1) Buob
2) 50 percent Fib ret.
3) PPZ
4) Trend line

On weekly time frame there is not a succession of peak and valley as I will add in my analysis.

FTA in 1.3339 that coincides with the 50 percent of the ones that are looking to go short.