Thread: The Moneybags journal

I am finally back here. I need to do a better job of keeping up with this journal.
On Friday Jan. 18th, me and my wife welcomed an 8lbs baby boy into our family (our first). Everything sounded great and all people are doing great.

One piece of information I have for people: The last couple of days before the birth of your child, I would keep trading to a minimum, or stop entirely if possible.
I made a few really dumb trades these days...

Daily AUDCAD commerce I am in.
Price broke PPZ and trendline. Re-tested both and shaped a Pin bar.

Originally Posted by ;

Daily AUDCAD trade I am in.
Price broke PPZ and trendline. Re-tested both and formed a Pin bar.

Funny I'm new and am being schooled by TikiTrader on this very play here. I'm in as well at .8929. Using little $. TP @ .9150??? This will be interesting to watch. Hopefully it'll be a fantastic play. I would say decent luck but that could be a insult to all the diligent work which you've set into knowing how to trade. So I will only say I wish you the best.

BTW, congrats on the new addition. I have three kids and I could not imagine life without any of these.

Hey KF,

Thanks for the congrats. It's been an amazing experience so far having a baby.

And I will never take offense to some good luck wishing for transactions.
I will take anything I can get and sometimes a little luck is needed.
Let us see where this thing can proceed.

Tom

DADDY!

Haha

looking forward to seein the new baby pics

Originally Posted by ;

Daily AUDCAD trade I am in.
Price broke PPZ and trendline. Re-tested both and shaped a Pin bar.

I took this PB also. Two spikes set me outside of this trade. I always use stop orders for entering and leaving my transactions. A spike took my buy stop order by 1 pip. Subsequently it retraced where my stop loss was took off. Shit happens...
I place my SL beyond the 61.8percent FIB of the PB but not outside the H/L of this PB. What I've found is my winners do not retrace too much so putting the SL beyond the PB is giving the trade tooooo much distance and it affects my Ras my risk will be larger. Normally if it retraces that far it's a loss and having a smaller SL makes my profit longer important since adjust my position dimensions to my SL and not otherwise. However that PB still looks legitimate...

Just wanted to share I hope it makes sense.

Fabian.

That is why I have started to provide some more funds for my pending orders.... Only hate when this happens to me... better to set the order another 10 or even 15 pips outside and shed these pips, rather than get ticked off with a pip... and shed excess... ( HA Hope you got the pun...!!! ) I know it affects R:R.. . But I cope with it...

Originally Posted by ;

I took this PB also. Two spikes set me in and outside of this trade. I always use stop orders for entering and leaving my trades. A spike took my buy stop order by 1 pip. Subsequently it retraced where my stop loss took off and was. Shit happens...
I place my SL past the 61.8percent FIB of the PB although not outside the H/L of this PB. What I've found is that my winners don't retrace too much so placing the SL past the PB is providing the commerce tooooo much distance and it affects my Ras my risk would be bigger. Normally when it retraces that much it's a loss and having a smaller SL makes my profit longer important since adjust my position size to my SL and not otherwise. But that PB still looks legitimate...

Just wanted to share that I hope it makes sense.

Fabian.

Yeah, getting your entry and/or exit clipped with a few pips consistently stinks.
It happens frequently enough but that's part of the sport. It's inevitable for the most part.

However much you put your entry or stop loss, there will always be the time where you'll get taken out with a few pips or less. It stinks, but you must forget it and proceed. There will be instances at which that works in your favor too. I have had transactions at which price came within pips of my baldness only to reverse and go in my own direction. Although that scenario appears to happen less frequently.

That is an interesting way of setting your stop loss for snare bars Fabian.
I know where you are coming from. It's about what works best for you personally all. If through backtesting and experience you set a belief, then that's what you'll trade.
The 1 thing you might wish to consider for that form of exit egy, is the pair you are trading and market conditions. The AUDCAD is very jumpy so that it might not work and for other more smooth pairs.
I hope that makes sense.

Tom

Originally Posted by ;

DADDY!

Haha

looking forward to seein the new baby pics

LOL.
Don't worry bro.
I'll hook you up.

Originally Posted by ;

The 1 thing you may want to think about for that form of exit egy, is the pair you are trading and market conditions. The AUDCAD is very jumpy so it may not work as well as for other simpler pairs.
I hope that makes sense.

Tom

Hi Tom!
It creates a lot of sense to me... I never take care of those matters but I think I'll start doing it, not all pairs act exactly the same but again, I still haven't taken that into consideration!
Thank you for your enlighting response....

Best,

Fabian