Extended EURUSD at 1.29912 (July 19, 2010: Approximately 12:00 Midnight)
Take profit of 6 PIPS: 1.29972
Profit: $17.40 on 0.29 lots
Current equity 612.61 from 595.21
Total real Cash lost (10$)
Extended EURUSD at 1.29912 (July 19, 2010: Approximately 12:00 Midnight)
Take profit of 6 PIPS: 1.29972
Profit: $17.40 on 0.29 lots
Current equity 612.61 from 595.21
Total real Cash lost (10$)
Extended EURUSD at 1.28548 (July 20, 2010: Around 8:30 AM)
Take profit of 6 PIPS: 1.29488
Profit: $17.40 on 0.29 lots
Current equity 630.01 out of 612.61
Total real money lost (10$)
It looks like I am though taking a heightened risk. It is a percentage of my equity. Important issue is that I shall not activate in the middle of excitement because one error is enough to sink my ship. This is high risk, so going further I am planning to tweak my money Adminiion
Short EURUSD in 1.28905 (July 20, 2010: Approximately 3:05 PM)
Take profit of 6 PIPS: 1.28845
Profit: $18.00 on 0.30 lots
Current equity 648.01 from 630.01
Total actual money lost (10$)
Lesson learned: The reason behind this trade was because of higher volume on the pretrade candle compared to the previous (the candle before pretrade) one. Despite greater volume the price closed lower on pretrade candle. The retracement on pretrade itself wasn't enough and was almost at the lowest low of the prior candle although not breaching it. So the odds are the trade candle with at least 10-13 expected PIPS range on half an hour on EURUSD will move exceeding 6 PIPS in favour of my speculation. That it did!!
Thankyou guys. I'm done for the day with 12 PIPS. No longer trading for now. Have a great piping
Post trade standpoint that EUR will go small up. The place I shortened was slighly above daily support. Looks like there is some support here too much shortening without testing can be risky. The mouse cursor is the candle which I did my small short (right at the onset of candle)
Alright from the last article. This time the flag is in the reverse direction. I am no expert. I am rather super idiot novice and neophyte in this FOREX JUNGLE just trying to sharpen my skill and monitoring and eating a few redundant leftover 6-10 PIPS. The resistance zone looks like involving 1.29163 and 1.29224 for moving LONG on EURUSD. Current low quantity might be accumulation phase for dollars
However one thing I forgot is that IF Jill understands this then the professionals tackling smart cash has to be understanding this and rather planning this from few weeks. May be the resistance zone will produce another bull trap. This is challenging and interesting. Lets see what will Mr London give/take tonight
Folowing up about the comments/ predictions from expert jill (figure 2 mouse cursor): well as believed there was a breif bullish run or BULL TRAP until the resistance (1.29136) prior to the gravity influenced euro
Alright, so this really is different. As I mentioned earlier, I had been planning to tweak my money management. And so, I experimented a little on this trade. Yesterday night, although the market was in its egic manner of non-decision I had been considering the inverse waving flag and potential bull trap (wow!! I am getting kind of nerdish on FOREX).
So I started a LONG EURUSD one nano lot (0.01) in 1.28899. Of course, I survived the London open bear effect because the lot was so tiny. Good that through the bull trap stage I had been sleeping.
Now the price action suggested a correction, and so I opened a comprehensive percentage lot of 0.30 Extended EURUSD at price of 1.28212 with TP of my dear 6 PIPS (1.28272). Now that is supposed to provide me profit of $18 on 0.30 lots and reduction of 6.27 on 0.01 lot. An successful profit of $11.73. This is fine with me since I will be getting rid of the test-dose 0.01 lot as well but with final profit. The items functioned well and here I am now.
Effective profit of 11.73
Current equity 659.74 out of 648.01
Total actual money lost (10$)
This nanke... thing in 2:00 PM and my account is all drained!!
Oh no..lesson learned rather a BIG BIG one is
STAY AWAY FROM NEWS JILL!!!
So..The big lesson learned today is STAY AWAY FROM NEWS!!
DO NOT TRADE NEWS....DO NOT TRADE NEWS. . .DO NOT TRADE NEWS
but there's another lesson learned that try to trade London session. This really is the one that saved me, other wise Mr Bnanke had nearly screwed my account. This trade was done (arrow head) about 15 mins prior to Bnanke testimony and observing this the EURUSD dipped and at one time I'd only 35 dollars left in available margin. Ofcourse the first lesson of gambling would be to always use stoploss....BUT I am still learning how to use them and kind of cynical / dumb in putting them. Not a professional approach, I am learning and I think it will come; optimistic.
So this is my current account:
Long EURUSD in 1.28201 (July 22, 2010: 1:45 PM)
Break at 1.28201 at 4:45 AM on July 23 after London session bull operate
Current equity 658.29 from 659.74 (negative balance because of swap)
Total actual money dropped (20$) Because of heavily suicidal trade
Extended EURUSD in 1.29151 (July 22, 2010: Around 11:00 AM)
Take profit of 6 PIPS: 1.29211
Loss: $55.80 on 0.30 lots
Current equity 602.19 out of 658.29
Total real money lost (30$)
Lesson learned: Opened standing right at the resistance and appropriate in the time when london session was closing after a bull rally. Therefore, market was in prolonged whipsaw and indecision. The reduction was ongoing and this was amazes me to decide how much I am going to loose on this commerce. So do not open positions at market close, especially poitions at resistance; market close; and when the price have moved quite a bit. I was not sure that where will this thing go so to control risk and uncertainity I chose to close all positions with reduction of 55.80.
Important for me is that the lesson learned as well as the reduction is fine. Its part of adhering to and this this insight I know that the mistake is mine.
Hopefully enables see that the london session. Point of cross hair is really where I exited.
During the London open, I did a complex of four trades. Keeping in account the news in the time and breakout egy
Trade A:
Brief EURUSD in 1.28677 (July 23, 2010: Around 3:30 AM)
Profit: $9.30 on 0.3 lots (closed at 1.28646)
Note: Due to important news at the time (The lesson learnt earlier of DO NOT TRADE NEWS TIME). Lesson modified is commerce just following the news release and shut all trades just before news release.
Trade B:
Long EURUSD in 1.29091 (July 23, 2010: Around 4:05 AM) subsequent news release
Profit: $40.00 on 0.2 lots (closed at 1.29291)
Trade C:
Long EURUSD in 1.29375 (July 23, 2010: Around 4:25 AM) Just before GB GDP release. I closed the trade at 4:27 AM before the news release. Therefore, sticking to my rule of not investing before any substantial news
Profit: $13.50 on 0.3 lots (closed at 1.29420)
Trade D:
Long GBPUSD in 1.53849 ((July 23, 2010: Around 4:35 AM) Just after GB GDP release.
Profit: $15:00 on 0.3 lots (closed at 1.53899)
Therefore, I learned something very special from the complex of these four trades.
Greed and fear are so prevalent and its up to us to the way to manipulate it. Now given the fantastic news for EUR and GB, I can trade more of this session. This is greed. After trade or pretrade, I have fear that because the market have quite significantly moved, it may pull back sending all my profits straight back to drains. Based on the timidness, intellect and risk taking potential of jilllearner; Jill is out of markets to get FRIDAY!!
Total profit with this complex of trades is $77.80
Current equity 679.99 out of 602.19
Total real money lost (30$)
Equity 654.08 from 620.03
This was today's London prebreakout. I shorted EU at signal and seized about 15 PIPS. Then though the signal wasn't there, Silly me entered the trade again as brief. The price action at the point showed BULL pin bar and consistent support at the lowest price throughout the london box, therefore I exited the 2nd short immediately with breakeven (and that I pat my back for this my noob standing ). Well what went according to what I believed after which I entered LONG and caught another 15 or so pips. All I exchanged was 0.1 lot and no longer with stop loss. Another POB (pat on back) is that I was convinced in my LONG trade so that I can go back to sleep only to awaken and watch my TP hit.
Hopefully with GOD's grace I will do great. More I work with my system, I am confident relating to this. I am hoping I will stick to this and will likewise fine tune it.
Thank you forexforum.co.za and thanks senior members. I have heard alot from this forum. I am still in ShCOOL!!