Catchy Thread Name Here

[Gaggs]

Hello all.
I thought that I would start my journal like so many others have. Not sure what I'm going to trade as this point.(always good to have a plan you know)
A little of this and a little more of that.
In looking through other threads I found free charts that I will use to post stock and index trades in advance.
For forex I will use the charting that came with the platform.
I think I will use this price action stuff that I read so much about.
I don't know how to use indicators so I thought the price action the best way to go.
If I can prove myself to be good at it then I will go live and head for the point of being able to quit my job.
If I make a bunch of mistakes then so be it as I have left the old EGO at the door.
Actually, my last girl friend beat it out of me. Still hurts.
Unlike most threads I am not doing this just for fun, but to see if I have the chops needed.

 

[Gaggs]

First trade would be against the trend for a small scalp. In at 898 out at 900
EDIT: I forgot to say that the stop is at 896.

 

[Gaggs]

Stop has been moved to break even.
I am still in the trade as I believe it has a litle more to go long.

 

[Gaggs]

The reason I went long was Three fold.
First If you look at the first chart again I circles two candles.
On the five minute chart they don't look like much but if this were a ten minute chart those two candles together would be a pin.
The second reason is because 1:00PM eastern time is the second half of the market day and turns the market allot.
The third thing is the high of the day so far and the low that was created by the two candles circled was about 20 points apart. People like round numbers.

 

[Gaggs]

Stop moved to 900

 

[Gaggs]

And stopped out at 900

 

[Gaggs]

Now it's starting to look like the market was just bouncing off 900 for a little higher still.
Should have had my stop at 899 for one point and given it room.
Could just turn into a baby double top and head back down. lets see what happens

 

[Gaggs]

Back in at 900 but short this time stop 902
Target 897

 

[Gaggs]

Stopped out. At break even for the day now.

 

[Gaggs]

Well I will be calling it a day for now as I have to get ready for work.
The over trading demon showed its head so now I know what I have to work on at this point.
Number 1:
Over trading.
Number 2:
Better placement of the stops. As in more in tune with where support and resistance is.

 

[Gaggs]

The chart says it all. The market turned when I thought it would but I was being too careful. Had I set my stops correctly I could have ridden this all the way up.
Question is: Lesson Learned?

 

[foredog]

Now it's starting to look like the market was just bouncing off 900 for a little higher still.
Should have had my stop at 899 for one point and given it room.
Could just turn into a baby double top and head back down. lets see what happens

Or it could've gone to 890.......

You got in, took a profit at what was your original target. Move on to the next one.

learn from the past but don't get angry over it, you can't change it.

 

[Gaggs]

Or it could've gone to 890.......

You got in, took a profit at what was your original target. Move on to the next one.

learn from the past but don't get angry over it, you can't change it.

That's the plan. Thanks for the kind words.

 

[Gaggs]

As of right now no setups on anything I want to trade.
The GBP_USD 15 minute chart had a nice inside bar a couple of hours ago at resistance that would have been nice to trade. I will keep my eyes open now for a set up in the support area in the lower oval on the chart.

 

[Gaggs]

The eur-usd is at support now so I will be watching that also.

 

[Gaggs]

When the US markets open I will see what happens after the first 30 minutes of trade. Then again at about 12:00. Most of the set ups I look for happen or I should say start to happen around those times with the SPX.

 

[Gaggs]

In a trade long gbp-usd.
Enter on green
Stop on red
Targets are the three circles areas

 

[Gaggs]

Looking for a retest of the low.

 

[Gaggs]

If it breaks 895 I expect it to go to 898 or better.

 

[Gaggs]

We had the retest but it never made it back down to the low so we have a higher bottom.