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Wow!, what turned out to be!!
I was talking with a high voice for a while but I made it out with a couple pips gain, I can't remember how many but it was only a couple. I was in too much rush to rely
Another lesson learned - if you make a mistake, fix it as soon as possible!!
I had a few opportunities to get out with even a reasonable gain (nearly 100 pips at the same point), I was watching the activity and got greedy, I adhered to my buy in egy only to have exactly what I was saying bite me on the arse - I even purchased in again but I am happy I waited or it could have been a lot worse.
This is a tough one to test, the plan even worked to rescue me in the end although I could have been outside a good deal earlier, it would have saved me a few hours grief.
I was nearly going to bight the bullet and give up if it moved beyond my previous days lt;editgt; 1st entry, it was cooked by then but I followed the PA and it was going apartment only now, a chance came along with the cost reversed enough for me to escape with my clothes on.
Basically I kept an eye on this pip complete, it was going south nearly to my brink before it went flat, I decided to hold on a little more to find out what happened - it was worth it - this moment!
https://www.forexforum.co.za/attachments/1518162634.jpg
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Well, the 'mistake' commerce I put on this morning is exercising ok, so far I'm up about 40 29 = 69 pips, I'm fighting the urge to buy another lot as it is progressing but history shows them 'impulse' purchases can take more pips than you may gain if it goes against you.
(Self: make sure you read this regularly!)
For eg.
I've 70 pips up my sleeve, if I buy in today and it goes against me 20 pips, I not only shed 40 of my 70 but additionally 20 I didn't have!
The other side to this is when I don;t buy in I'm really only missing out on 20 pips when it goes in my favor that much, I will still be getting 40 in my original place.
The plan that I Intend to employ then is to Await the correction to bounce, then pounce
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I eventually pulled the pin this morning as the A/J was coiling up in the 97.00 mark. Now I was still down 2700 in my blotter but I had managed to construct my book up to over 115k, and so I reserved the little loss and still walked away very happy with a 11k gain (or there abouts), the action blotter below.
My 'view' at this stage is that there is a fantastic prospect of the price heading south but I'm not jumping in again until I see some conformation, it might well break resistance in 97 and mind skywards which is what the daily would cause you to think.
I've learned volumes on this trade! MM - margin and vulnerability, MO - what's my target and stick with it, PA - I've been using fib's into 'expect' price entry and gain goals (after a quick read over in Skunny's ribbon) and using these the last few days has been amazing! I'm not leaving home with no golden ratio, it was a real eye opener
Anyway, I'm likely to have a break for a day or two, play some fib's and some numbers as I find time and fine tune my entry and exits a little more. I also need to crunch some numbers to suit my measly 1k account once I open it soon
https://www.forexforum.co.za/attachments/1518162319.jpg
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A quick update:
Through the night I put my tp's at some fib levels I put yesterday and many were struck to leave me with a negative on my blotter of just -$2500 and an account balance of approx. $ sweet!
I started up this morning to watch a couple more struck my 1.618 fib level only to miss it by a couple of pips then watch it plough down to the -0.382 degree. I had been buying in 12500 agian .
Looks like another long day, on the bright side although it's hit the lower level and it is clawing it's way back up so let's see if I could pull a few more k out before finally calling it quits with a very reasonable profit.
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Following 4-5 days I'm making headway, if I closed out my position now I would be 2k ahead! There's still a bit left in the tank I hope to close out my other damaging components in gain and it'll have all been worthwhile.
https://www.forexforum.co.za/attachments/1518162317.jpg
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Believe it or not, I'm still long about the A/J! My blotter does not seem to healthy at the moment but I'm still taking gains as they become available on the swings.
So far I've had this position for three days and I've pulled out a considerable amount.
My goal in the very least is to acquire square where I was another day or much better, if the purchase price keeps rallying upward though I will keep hanging on until 'square up' my blotter and call it a day if it seems like it will return again.
This will still leave me with a fantastic profit.
When I have something I'd change on this kind of trading is my own hazard, this is a very competitive position, I allowed myself to danger 10% of my funds with this 1 position to see how I'd manage it, exactly what the margin could be etc.. Thus far I've got to around $6500-7000 potential loss but in saying that I've also pulled about $4000 in small profits so that still leaves me with a loss of around $3000 so I still have space to hold on if I want it.
I'd probably bring my danger back to 1-2% if trading this sum however, but I could try this with a small amout, state a $1000 accounts simply to build it somewhat quicker. If I can bank a couple bucks early I will then use the home money to keep going high-risk else start again until I build a half decent account size.
Scary stuff indeed!
P.S. see also the take gains in my personal activity blotter, these were set overnight, I might have played a bit better if I was watching the action, ie. I'd have held several transactions a bit more time to compound the gains. At the stage though I was happy if they all got closed out to get a little profit
https://www.forexforum.co.za/attachments/1518162313.jpg
https://www.forexforum.co.za/attachments/1518162298.jpg
https://www.forexforum.co.za/attachments/1518162315.jpg
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Happy New Year All, wish you all the best on your trading this year!
I'm still on demo to get a little until the market settles into the new year, I'll open a live account next week, probably 500-1000$ to begin together and see how it goes. Working out a safe position size to protect margin is going to be the toughest first obstacle but dependent on %ages that I've been using I should be okay with mini/micro lot sizes.
Here is my activity record so far this year, I am pretty pleased with it
I need some way to plot an equity curve out of my reports, I am guessing I will have the ability to with Oanda once I go live, you will find a number of options disabled in demo mode, we will see.
https://www.forexforum.co.za/attachments/1518162310.jpg
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1 Attachment(s) just closed out the first 2 postions to get 122 103 pips respectively, I may have been somewhat quick at pulling the trigger however, price has just continued somewhat about the 1m/5m, may be a little noise but I did not like the PA so that I did some banking
As we talk I still have 2 units in and they are both optimistic, I'll now be watchin closely for potential buy in or quick exit with small loss with this 'free' trades (ie. I'll give them some room for sound), if not I will hold them for a longer duration given the tendency remains strong.
UPDATE: shut out other 2 components for 3 and -14 to get a small loss of 11 pips, PA is undesirable now and it seems like a correction may be round the corner, I'll be on the lookout for a re-entry if trend continues - waiting
Not a bad transaction total 214 pips.
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In again using the AJ, also bought GJ long by accident then bought another to bond me out since the set have been trending in my favor generally, we will see.
https://www.forexforum.co.za/attachments/1518161660.jpg
https://www.forexforum.co.za/attachments/1518161631.jpg
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I made my rankings open immediately using a SL that would have left me with just a tiny profit. If I had have been trading live I'd have nursed it a bit further with a more rewarding SL and additional open positions, here's how I'd have played with it -
https://www.forexforum.co.za/attachments/1518161658.jpg
