Thread: 2018 Trading Account Experiment

Hii marc, goodluck for next days.
I trust you can take a dre

Hi,
We now turn to the price action analysis for your daily chart of EUR/USD:



Here I visit a downtrend which was halted with a double bottom which resulted in a new uptrend, punctuated by a retracement that held at support around 11700. Market has broken up in a new upleg and operating towards resistance at old highs around 12100.

It's perhaps a bit late to try and jump on board the current upleg now, a safer play would be to wait and see when we get a false fracture of 12100 that ignites some longs, and we would look to short together with the flow on the way back down.

So, again, wait and watch for now.

Next post looks at USD/JPY


Account Overview: Balance #10,000 ( 0.0%) No. Trades YTD 0

Hello,
Our third and final analysis is that the price action analysis for your daily chart of USD/JPY:



This market looks as though it's been meandering aimlessly for a few while inside a wide range between approximately 11100 and 11500. There's some potential intra-range service at 11200 for the current movement down. A fake break and sharp change back up in the degree might lure me into a long using the new momentum.

Instead, a conclusive drop below this service would get me anticipating a test of this 11080 range low and we then will be looking for a brief as the sellers would then be in control, though there isn#8217;t a lot of room to get a window of opportunity for us.

Again, wait and see what happens.

You might have already noticed in such first three charts that the analysis contributes to a lot of waiting and viewing. We analyze the chart, envisage possible/likely situations from here, then look to find out if anything could supply the kind of transaction we're looking for.

We do not want to take from the cool, nor do we would like to enter transactions based on nothing but our predictions. We wait to find out if the market will offer us a fantastic trade. If it does, we input without hesitation and gracefully accept the consequences; if not, we sit on the sidelines and wait a few more.

We just want good deals, i.e. just those that are fully in accore with our method. Superior trades won#8217;t win anywhere close to every time but I do have to feel that they are great to be obtained. My fundamental mental check before I have a situation is: Am I pleased to shed on this trade?

Anyway, back tomorrow after my intraday trading to get an upgrade.


Account Overview: Balance #10,000 ( 0.0%) No. Trades YTD 0

Originally Posted by ;

Hello , We turn into the price action analysis for the daily chart of EUR/USD: image Here I visit a downtrend which was halted by a dual bottom which resulted in a new uptrend, punctuated by a retracement that held at support around 11700. Market has now broken up in a new upleg and running towards resistance at old highs around 12100. It is possibly a little late to attempt to jump on board the current upleg now, a better play is to wait and see if we get a false break of 12100 that ignites a few longs, and we would look to brief with the flow around the way back...

If it can help

Originally Posted by ;

Hii marc, goodluck for next days. I hope you can have a fantasies

Hello ichwan29,
A warm welcome to this particular thread. I am rather hoping that some noise trading along with also the law of large amounts over time will create needing chance redundant, but it never hurts to have some on your own side.

I look upon trading something like playing backgammon. It's a match of both luck and skill but should you play steadily and correctly for long enough, the chance evens out along with the skill makes the difference. Whether this thread ends up displaying any web positive skill is, of course, this question!

Originally Posted by ;

quote If it might assist

Hi parisboy,
A warm welcome to you personally.

Thank your for your chart, I can only surmise you like trading with envelopes. As explained briefly in post#2 above, I am not much of a believer in some of the standard indiors. They may well have value to many but, sadly, not for me. I am a simple soul and easily confused, so that I much prefer just using the core price action on the chart that has served me well enough over several decades, at least about the intraday scale.

That said, I have understood many profitable traders whose screens seem like a jumbled mess of multi-coloured spaghetti to me however they made money with it. To each their own, I guess!

Originally Posted by ;

quote Hello, A warm welcome to you personally. Thank you for your chart, I can only surmise you enjoy trading with envelopes. As explained briefly in article #2 above, I am not much of a believer in some of the standard indiors. They may well have value to many but, regrettably, not for me personally. I am a simple soul and easily confused, so that I much prefer just using the core price action on the chart that has served me well over many decades, at least about the intraday scale. That said, I have known many profitable traders whose displays look like a jumbled...

HI Marcmarc it's simply because this way you can

- classify rationally the different trends you see on the chart
- define a Fantastic approximation of the greatest potential Price Action Up or Down
- subsequently evaluate the quality of your entry along with your Risk Reward

Hi,
Back for the daily review. For those situations of those 3 markets put out in articles #11, #13 and #14 upgrades are:

AUD/USD: Waiting to see whether a consolidation forms around 7800. If it will and is tested successfully, i.e. market resists any real retracement and starts up again we will look to go long likely in the 7810-20 area.

EUR/USD: Has backed away from highs at 12100. Looking for a test break of 12100 or evidence that the current back-off accelerates down to become a legitimate trend change which we can then look to combine.

JPY/USD: Currently analyzing possible intra-range support at 11200. What goes on here will determine if we want to look for a long or short, could be right now.

I confess I'm already(!) Finding this daily chart timescale somewhat slow in comparison with the intraday trading I'm used to but patience is a virtue and we are going to find a trade on earlier or later.

Back for a further update tomorrow

Account summary: Balance #10,000 ( 0.0%) No. Trades YTD 0

Hey Marc! I have read a couple of your articles across the forum and love your input and ideas. I will be keeping an eye on your journey .

Just a suggestion, I'm certain you've already considered this but incorporating more pairs will increase the potential trade setups. I trade off dailies and observe 25 pairs so. Of course many are closely connected or inversely correlated however, it permits you to diversify across them using a similar installation or go with the best looking choice.

I believe you stated on another article you only have a 56% at a 1:1 RR, I'm curious how that's working for your bottom line. Trading a 5 second chart would probably just give you a couple setups a day, even on a busy month it appears you'd need to be investing in a seven figure account to cover the bills.

I believe you said you handled a finance as well, would like to learn more about your adventures there as well if you care to share.

Hi ,
Here is the Tuesday update for the 3 markets (last set out with chart in post# in brackets):

AUD/USD (post #72): Current 7878. We are flirting with danger on our Aussie 7820 short trade since the market tested 7900 today, our stop stays deliberately just another side of the big figure at 7920. We will give it a chance to wilt at this barrier and will accept being taken out at the stop if it chooses to power on.

EUR/USD (post #72): Current 12404. After becoming within 20pts of our 12250 cease, our Euro long has made an effort to turn about and go back up its trading range as we hoped, now sitting 12404 and at profit. We will place an overnight limit market on at 12450 to determine if we can grab a nice 1:1 Rtrade on a thrust up overnight, so:
TRADE #11: CLOSING LIMIT ORDER TO SELL #1/pt EUR/USD at 12450, cease 12250, current open P/L #54

USD/JPY (post #73): Current 10660. Yen has had something of a roller coaster ride today, at one point we touched 1070 and also our long trade was 90 in profit before it dropped back in the afternoon. We stand in profit so we will sit tight for tonight and see whether it may have another run to break through 10700 for us.

Daytrading Update: Just couldn't get in sync with the market now and ended up giving up in fruion with a scratch all around. I don't like to attempt and force trades on days like this because it's more than likely I will do something silly and regret it - and then compound the mistake at fruion/revenge etc.. I have leaned just to sit , see the market as if it's a practice day and only take a transaction if it scre at me that I certainly must. No such chance came along so we just sat it out now but I am absolutely happy with days being scratches and wins, it's the big losing days that I worry about about! We hope for better fortune tomorrow.

OK, order put, back to get an update tomorrow. In the meantime that the next post is a further RANT to vent my irritation, appropriately on the topic of how to improve as a trader. The irony for now is perfect...

Account outline (closed transactions ): Balance #10,003 (0.0%) No. Trades YTD 10