More Newbie Trades

[GavGav]

Originally Posted by eastmaels

This is my own thread which I want to begin to post all of my trades, also keep tabs on them, to examine trades that I take and for future reference.

Eastmaels,

I Believe that is a great idea, so I Believe I will do exactly the same. I believe posting my trades with an explanation concerning why I entered them can help me to become more disciplined, and I will learn a lot in my trading personality, not I have really developed you.

When a transaction does not go my way, I will post the reasons I believe it did not, and try to not make the identical error in the future.

Okay, here is my first trade. Went short on AUDUSD in .7516. The reasoning: appearing at the chart price touched the price, but couldn't shut above. Both of these bars formed a version of a DBHLC (only two pips apart on my software). Also the first bar closed over the surface of the BB and the pub closed below, would this be a gimee pub? Also the 89 ema touched. To me that's 3 things I would call confluence. Looked in the weekly chart and the pair was in a downtrend for about 6 months. Set stop over the previous pub.

Any feedback is always appreciated.

Jimmy

[GavGav]

Stopped out about the bar, it went to .7542. My stop was put at .7539 just 3 pips into low. Price went and turned, so I would be in it, although this might not have been a trade, with a stop that was looser.

The matter is I like the notion of tight stops, and I'm not sure I will loosen them a lot later on, I guess if that happens a lot I will have have to try to.

Funny thing, when habeeb's auto trickle zone calculator (thanks habeeb!) Reset to today's R1 it is at .7543 just 1 pip over where price went to. If I had my stop or one pip above, I would not have stopped outside.

Aint hindsight grand?

Oh well, will keep trying.
Cheers all.
Jimmy

[GavGav]

Short eurusd in 1.1975. Playing 4hr trap pub that touched the 89 ema and 62 fib. It might have been nearer but seems pretty good.

See what happens

Jimmy

[GavGav]

In 25 pips closed half my place and introduced stop to break even.

Jimmy

[GavGav]

Iso, thanks.

I admit it was not the ideal pin bar, the eyes were definately somewhat far apart and it had been at the center of the trend lines, but the simple fact that it touched the ema and the fib, and if I had been right, price would proceed down in the direction of the current fad, and it made it appear to be a good trade.

Really I overlooked two better, preceding snare bars which are visible on the exact same chart. I added another line along the tops of the bars leading to the first one's swing top have marked them. Look price went back and over that line; the pin's eyes are right on that line, and they are fine and close together. The price then tanked. I am happy that you added your lines into the chart because the lineup which I added just caught my attention. I enjoy how you can look at a chart and make it as simple or as complex as you want; spotting ascending, decending triangles, etc..

Overall I am Pleased with the trade. I saw the opportunity, entered the transaction, and price replied as I (called: hoped?) . I knew it was not an A trade, but thought the risk/reward was there. I traded one minilot in my demo, closed half the place at a 25 pip gain attracted my stop to break even (with a ten pip trailing stop). Obviously, taking a look at the charts tonight, the second half of the place stopped out, but I'm cool with that.

Jimmy