FxPundit
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Trading Method
My Simple trading method:
My trading method is Discretionary but I have incorporated set of rules which will make my method Discretionary mechanical Trading method.
I also use 20 period EMA just to help me to identify support/resistance and also for trailing stop.
My Simple trading method:
- Buy or Cover on Demand zone (Drop-Base-Rally or Rally-Base-Rally)
- Short or Sell on Supply zone (Rally-Base-Drop or Drop-Base-Drop)
- Set limit order for 'Really Good' demand / supply zone and Conformation entry for 'Not so Good' or already visited but not violated demand/supply zone.
My trading method is Discretionary but I have incorporated set of rules which will make my method Discretionary mechanical Trading method.
I also use 20 period EMA just to help me to identify support/resistance and also for trailing stop.
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FxPundit
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EurUsd Trade
This was my trade setup for this week. The setup was done on 4hr Chart.
First trade was just limit order as it was good supply zone. The trade was closed was for 80 pips.
Price visited the zone second time. this time it needed to be conformation entry. But price went above my supply zone at second visit however the new rally was created by the news hence it was temporary rally. I shorted the EurUsd on conformation and took my profit near my demand zone for 180 pips. Then I wen long on EurUsd because it was on my supply zone which was already setup on Monday.
I have closed my long position on EurUsd because its almost 13:00 and price is visiting last rallied point. I made 130 pips on this trade.
This was my trade setup for this week. The setup was done on 4hr Chart.
First trade was just limit order as it was good supply zone. The trade was closed was for 80 pips.
Price visited the zone second time. this time it needed to be conformation entry. But price went above my supply zone at second visit however the new rally was created by the news hence it was temporary rally. I shorted the EurUsd on conformation and took my profit near my demand zone for 180 pips. Then I wen long on EurUsd because it was on my supply zone which was already setup on Monday.
I have closed my long position on EurUsd because its almost 13:00 and price is visiting last rallied point. I made 130 pips on this trade.
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FxPundit
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Hello Traders,
Back again after long time. Though I was trading I didn't post any of my trade in the T2W Journal. I actually thought this journaling online is just rubbish, however since reading few posts from well known Traders I have come to conclusion to keep on posting my trades when possible to this journal. Hope fully one day I can post trade as I am taking it but currently I don't have enough time for this due to my other commitments.
When I am free I will definitely post some trades and keep the community upto date with my trading method.
I really believe my this journal will help novice traders who are just starting to trade as I finally starting to come out from that zone and making some profit.
Also, I want to say my trading strategy has significantly changed since my last post, However my basic strategy of Supply And Demand has not changed. I have just twicked it a little bit to help myself trade more better.
I think this is enough writing for this message.
Happy Trading Guys
Back again after long time. Though I was trading I didn't post any of my trade in the T2W Journal. I actually thought this journaling online is just rubbish, however since reading few posts from well known Traders I have come to conclusion to keep on posting my trades when possible to this journal. Hope fully one day I can post trade as I am taking it but currently I don't have enough time for this due to my other commitments.
When I am free I will definitely post some trades and keep the community upto date with my trading method.
I really believe my this journal will help novice traders who are just starting to trade as I finally starting to come out from that zone and making some profit.
Also, I want to say my trading strategy has significantly changed since my last post, However my basic strategy of Supply And Demand has not changed. I have just twicked it a little bit to help myself trade more better.
I think this is enough writing for this message.
Happy Trading Guys
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FxPundit
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Basic Things
Hello Traders,
As I mention earlier, I have again started to write on this journal and have decided to post few things early on before I put my trades setups.
I have found and met few traders in my short trading career whom I actually believe to be very good traders. As my profile suggests I am very much in debt to Mr. Sam Seiden of Online Trading Academy ( Whom I have actually met )and Mr. Lance Beggs for helping me start my trading (through books, article, email, seminars and webinars).
I would also like to thank Louise Carr, Occasional Instuctor of Online trading Academy. I was lucky enough to have opportunity to learn from her and her trading method especially Swing Trading method. Another person I would like to thank is Ex. RAF. Mr. Paul Wallace, with lots of experience in trading, coaching and mentoring. You can read his blogs on FXTraderPauls Trading Adventures | About FXTraderPaul . I actually recommend every trader of every experience to look at his blogs and also you can meet him (if you are in london or UK) from meetup group in his blogs.
I hope I didn't forget anyone. Even if I did then will definitely add later on and sorry for that.
Have a great day people
Happy Trading
Hello Traders,
As I mention earlier, I have again started to write on this journal and have decided to post few things early on before I put my trades setups.
I have found and met few traders in my short trading career whom I actually believe to be very good traders. As my profile suggests I am very much in debt to Mr. Sam Seiden of Online Trading Academy ( Whom I have actually met )and Mr. Lance Beggs for helping me start my trading (through books, article, email, seminars and webinars).
I would also like to thank Louise Carr, Occasional Instuctor of Online trading Academy. I was lucky enough to have opportunity to learn from her and her trading method especially Swing Trading method. Another person I would like to thank is Ex. RAF. Mr. Paul Wallace, with lots of experience in trading, coaching and mentoring. You can read his blogs on FXTraderPauls Trading Adventures | About FXTraderPaul . I actually recommend every trader of every experience to look at his blogs and also you can meet him (if you are in london or UK) from meetup group in his blogs.
I hope I didn't forget anyone. Even if I did then will definitely add later on and sorry for that.
Have a great day people
Happy Trading
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FxPundit
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Trade Journal for 20/09/2012
Hello Traders,
After brief come back message and thanking, I have come to the point of attaching today trades.
First of all I would like to say that I normally trade EurUsd simply because it has more movement than other pairs. But that doesn't mean I don't trade other pairs. Currently I am trying new method of using other pair to hedge the EurUsd pair or any trade i do. We will talk about it later.
Below are two trade I took today. The picture is what i put in my private journal along with other regular information about which I will write in near future.
First of all the trade I took was setup on Wednesday with limit order placed. Having already taken another trade that morning, I placed the order in same place.
This trade was triggered in evening when I was outside meeting some other traders organised by London Traders Network.
This is the picture of the trade that was on progress. See pic for more detail
The trade was closed at 1.2957 with about 110 pips profit for 15 pips risk i.e. 7R trade. Well Done Me
The trade was closed because the momentum had dried up and my strategy signalled that it was good time to exit the trade. Yes if I had stayed little longer I would have made more money but I am really happy with my 110 Pips profit.
This trade was taken, executed, managed and exited all according to my plan and I was really lucky to get good pips for following my plan. :clap:
I took break from trading once I closed the above trade and went back to learn my trading book and blogs.
When I came back for my afternoon session I saw a divergence in the price. See below.
When I saw the divergence I was waiting for setup to produce a reversal sign which I got and took the trade with 10 pips risk. Closed the trade for 20 pips profit because I didn't like the market conditions and also my setup was giving closing signal. I could have trailed the stop but I was happy with my 20 pips gain.
Another trade today according to plan. :clap:
Lesson Learned:
Thats it for today Folks
Happy Trading
Hello Traders,
After brief come back message and thanking, I have come to the point of attaching today trades.
First of all I would like to say that I normally trade EurUsd simply because it has more movement than other pairs. But that doesn't mean I don't trade other pairs. Currently I am trying new method of using other pair to hedge the EurUsd pair or any trade i do. We will talk about it later.
Below are two trade I took today. The picture is what i put in my private journal along with other regular information about which I will write in near future.
First of all the trade I took was setup on Wednesday with limit order placed. Having already taken another trade that morning, I placed the order in same place.
This trade was triggered in evening when I was outside meeting some other traders organised by London Traders Network.
This is the picture of the trade that was on progress. See pic for more detail
The trade was closed at 1.2957 with about 110 pips profit for 15 pips risk i.e. 7R trade. Well Done Me
The trade was closed because the momentum had dried up and my strategy signalled that it was good time to exit the trade. Yes if I had stayed little longer I would have made more money but I am really happy with my 110 Pips profit.
This trade was taken, executed, managed and exited all according to my plan and I was really lucky to get good pips for following my plan. :clap:
I took break from trading once I closed the above trade and went back to learn my trading book and blogs.
When I came back for my afternoon session I saw a divergence in the price. See below.
When I saw the divergence I was waiting for setup to produce a reversal sign which I got and took the trade with 10 pips risk. Closed the trade for 20 pips profit because I didn't like the market conditions and also my setup was giving closing signal. I could have trailed the stop but I was happy with my 20 pips gain.
Another trade today according to plan. :clap:
Lesson Learned:
- Always follow plan strictly. You get paid by market handsomely for following the plan.
- Trade less as Less is more. At least I didnt give away my profit taken from market back to it. This happens a lot in the journey of novice trader.
- Always keep eye on Momentum indicator for Divergence as it can show trade entry and exit point.
Thats it for today Folks
Happy Trading
FxPundit
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Trade log for 21/19/12
Hello Traders,
Hope everyone had wonderful morning (Here in UK). After waking up early in the morning (5 o'clock), I opened my trading platform and guess what I found nice setup coming up in GbpUsd (Normally I take EurUsd setup but this time GbpUsd had clear signal than EurUsd), so I setup the sell limit order and waited for it to get filled. It got filled and guess what it goes straight to north almost taking out my stop. Luckily it didn't hit my stop and started to go south. Once it started to go south in my direction, I saw little pocket of support and fitted my long strategy so I decided to close the trade early on (See pic for details).
I made 24 pips profit in that trade.
Since my long straegy was matched up and the risk was just 5 pips I decided to take long from the support. Well not exactly on support because I got slipped by my broker. Well next thing price rocketed towards north in my direction. When my strategy gave signal to close the trade I closed it for 67 pips profit and waited for another Entry signal (Didnt matter whether it was long or short) but it never came.Well, Signal did come which I missed completely but hey lets talk about that in another message, Lets keep this message just for these two trade.
The chart shown is 30 min chart of EurUsd. This is my Journal Chart as well.
Hello Traders,
Hope everyone had wonderful morning (Here in UK). After waking up early in the morning (5 o'clock), I opened my trading platform and guess what I found nice setup coming up in GbpUsd (Normally I take EurUsd setup but this time GbpUsd had clear signal than EurUsd), so I setup the sell limit order and waited for it to get filled. It got filled and guess what it goes straight to north almost taking out my stop. Luckily it didn't hit my stop and started to go south. Once it started to go south in my direction, I saw little pocket of support and fitted my long strategy so I decided to close the trade early on (See pic for details).
I made 24 pips profit in that trade.
Since my long straegy was matched up and the risk was just 5 pips I decided to take long from the support. Well not exactly on support because I got slipped by my broker. Well next thing price rocketed towards north in my direction. When my strategy gave signal to close the trade I closed it for 67 pips profit and waited for another Entry signal (Didnt matter whether it was long or short) but it never came.Well, Signal did come which I missed completely but hey lets talk about that in another message, Lets keep this message just for these two trade.
The chart shown is 30 min chart of EurUsd. This is my Journal Chart as well.
FxPundit
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Missed Trade Opportunity
Hello Traders,
As I mention in previous trade log that I missed the trade and oh boy oh!!! it was a great trade to miss. (See Picture for what I missed)
You can see here it was nice supply zone setup and My sell signal was perfect some like to call it (5 star entry or All star entry) where everything match up. I wouldn't have minded if I was losing on that trade but the fact I missed the setup completely in my favourite EurUsd just because I was looking for setup in another pair. Well if I had taken that trade then I would have been closed out for 70 pips Profit. Well What can I say..I still made 94 pips today and currently I am in another long Trade in EurUsd with high Probability trading opportunity.
Well have a good day and weekend traders. Will post details of my on going trade when its complete. Till then good buy (You see what i did there :cheesy: )
Happy Trading
Hello Traders,
As I mention in previous trade log that I missed the trade and oh boy oh!!! it was a great trade to miss. (See Picture for what I missed)
You can see here it was nice supply zone setup and My sell signal was perfect some like to call it (5 star entry or All star entry) where everything match up. I wouldn't have minded if I was losing on that trade but the fact I missed the setup completely in my favourite EurUsd just because I was looking for setup in another pair. Well if I had taken that trade then I would have been closed out for 70 pips Profit. Well What can I say..I still made 94 pips today and currently I am in another long Trade in EurUsd with high Probability trading opportunity.
Well have a good day and weekend traders. Will post details of my on going trade when its complete. Till then good buy (You see what i did there :cheesy: )
Happy Trading
FxPundit
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Afternoon Trade
Hello Traders,
As I mention before that I will add my afternoon trade which I entered after missing a really good opportunity. See Picture for where I took the trade. Don't know if I will be able to attach the final trade playout today or not, if not then will add on sunday.
This is EurUsd Trade
Have a great day traders.
Happy Trading
--------------------------------------------------------------------------------------------------------------------------------------------------
Update on the trade I took.
As you can see I have add the trade picture which got stopped out. Could have got more had I closed when my signal said to close but was hoping to see the price breaking the previous high. Well it didn't happen this time. May be it will happen when the recent retracement is finished and the price continues to go north. Well I am happy with my 51 pips profit. Overall this week has been very profitable. 4 Green Days out of 5 and well Profiting hell lots of pips.
Good luck and good bye for now.
Happy Trading
Hello Traders,
As I mention before that I will add my afternoon trade which I entered after missing a really good opportunity. See Picture for where I took the trade. Don't know if I will be able to attach the final trade playout today or not, if not then will add on sunday.
This is EurUsd Trade
Have a great day traders.
Happy Trading
--------------------------------------------------------------------------------------------------------------------------------------------------
Update on the trade I took.
As you can see I have add the trade picture which got stopped out. Could have got more had I closed when my signal said to close but was hoping to see the price breaking the previous high. Well it didn't happen this time. May be it will happen when the recent retracement is finished and the price continues to go north. Well I am happy with my 51 pips profit. Overall this week has been very profitable. 4 Green Days out of 5 and well Profiting hell lots of pips.
Good luck and good bye for now.
Happy Trading
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FxPundit
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Trade log for 24/19/12
Hello Traders,
Good Afternoon. Hope you had great day today. Well I had
Its time for me to enter my today trade logs.
The picture below shows the trade I took earlier today.
For the details, see picture. It has explained everything carefully.
Well I just closed my trades at S2 and waiting for any other information to open the trade.
Will keep on posting when I take trade.
Happy Trading
Hello Traders,
Good Afternoon. Hope you had great day today. Well I had
Its time for me to enter my today trade logs.
The picture below shows the trade I took earlier today.
For the details, see picture. It has explained everything carefully.
Well I just closed my trades at S2 and waiting for any other information to open the trade.
Will keep on posting when I take trade.
Happy Trading
FxPundit
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Trade log 25/09/12
Hello Traders,
Today was amazing day. When I woke up in the morning and opened my trading platform I found out I am 52 pips richer. Well not exactly when I woke up but few hours after I woke up I was richer . Below is the trade I took for EurUsd and I am very happy with the trade though it was small gain I followed my plan and price acted according to it. Lesson is ' ALWAYS PLAN THE TRADE AND TRADE THE PLAN. DO NOT DOUBT THE PLAN ONCE ALREADY IN TRADE. ITS JUST YOUR EMOTION.'
For the details of the trade I took see the picture.
HAPPY Trading
Hello Traders,
Today was amazing day. When I woke up in the morning and opened my trading platform I found out I am 52 pips richer. Well not exactly when I woke up but few hours after I woke up I was richer
. Below is the trade I took for EurUsd and I am very happy with the trade though it was small gain I followed my plan and price acted according to it. Lesson is ' ALWAYS PLAN THE TRADE AND TRADE THE PLAN. DO NOT DOUBT THE PLAN ONCE ALREADY IN TRADE. ITS JUST YOUR EMOTION.' For the details of the trade I took see the picture.
HAPPY Trading
FxPundit
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Hi Neil, good to hear from you. Definitely will give your regards. Did you know Lance? I think he is really good. Me and my friend purchased his Price action Trader last year when we were in University and got really good understanding of market and how to trade without using just indicator. Currently I use indicator just for confluence. He and Sam Seiden has changed our account curve from negative to positive. We really are thankful to both of them.
Well nice to hear from you
Goodluck mate.
Happy Trading
FxPundit
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Trade log 25/09/12 Summary
Hello Traders,
Good Evening,
Having got about 100 pips profit I put some limit order and went to watch Football ( Manchester City vs Aston Villa) where Manchester City Lost 4-2, I was very happy. Though I am not Aston Villa, I was happy to see City lose. I thought my day couldnt be better but when I opened my platform for the trade update, I saw my self further 50 pips richer More happier. Thought I would update you with my trades taken today. Great day for me coz Today I didn't have any losing trade :clap:
Trade 1 I have already mentioned before.
Trade 2 was breakout trade. Once the my indicators gave me clear signal that price was turning and it broke the line I took long on EurUsd and then I took profit near the supply zone as shown in Yellow colour. My target was just below the supply zone. This was target was setup before and price took it. I was happy I traded my plan.
Trade 3 was retracement trade to supply zone. Price had already turned from this area before. But since the retracement before was very sharp, I was still great supply zone. I had placed short limit order yesterday only which got triggred today. I had put the target just above the previous retracement lowest close before it started to range. The trade turned out exactly as planned. I am very happy with this.
Happy trading Guys
See you tomorrow
Hello Traders,
Good Evening,
Having got about 100 pips profit I put some limit order and went to watch Football ( Manchester City vs Aston Villa) where Manchester City Lost 4-2, I was very happy. Though I am not Aston Villa, I was happy to see City lose. I thought my day couldnt be better but when I opened my platform for the trade update, I saw my self further 50 pips richer
More happier. Thought I would update you with my trades taken today. Great day for me coz Today I didn't have any losing trade :clap: Trade 1 I have already mentioned before.
Trade 2 was breakout trade. Once the my indicators gave me clear signal that price was turning and it broke the line I took long on EurUsd and then I took profit near the supply zone as shown in Yellow colour. My target was just below the supply zone. This was target was setup before and price took it. I was happy I traded my plan.
Trade 3 was retracement trade to supply zone. Price had already turned from this area before. But since the retracement before was very sharp, I was still great supply zone. I had placed short limit order yesterday only which got triggred today. I had put the target just above the previous retracement lowest close before it started to range. The trade turned out exactly as planned. I am very happy with this.
Happy trading Guys
See you tomorrow
FxPundit
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Mornin Trade log 26/09/12
Hello Traders,
Today was not like yesterday. Market is not too active. However as usual i did take some trade today. In fact I have taken 4 trades. 2 trade is already closed and two are still on play. 2 TRADES were taken in GbpUsd and EurUsd. Trades that has been closed were long trades and 2 that is still on play are short trade.
Below is GbpUsd Trade. Green arrow points to trade Entry and Red arrow shows the Trade Exit.
When I woke up in the morning I saw price hovering near my S1 (RED LINE). When price touched the line second time around 7 am I was hoping to get clear sign of upward movement which I didnt get. However previous break down of the S1 was showing huge resistance hence I put Limit buy order on S1 with Stop 5 pips below the Lowest low. When it got filled next time it broke the line it almost touched the stop loss. However it didnt and price rallied up to the overnight Supply zone. My target was just below the Supply zone and it was taken for 42 pips profit.
I also reversed the position because it was on supply zone. which was paid off. It is still in play with 2:1 profit already bagged. Will update about it later.
Another Trade I took was in EurUsd. Well it was difficult trade as I had to go to 5 min chart to figure out how the market is doing.
Below is the chart of the trade I took on EurUsd. Like before Green arrow is trade entry and red arrow is trade exit.
1st trade was long trade. When price was reaching M2 (Dotted) line, it shows clear sign of reversal. As soon as it was adequate that the line will not be broken ( close below the line) I put buy order which was filled and was riding along the trade. However when price start to reach the previous supply level I moved my stop loss to just below S1 (RED LINE). However after brief selling it again moved up. But few minutes later my short strategy kicked in and I closed my trade and reversed the position. The reverse was risky trade however the signal was really strong therefore I took it without second thought. Currently my stop loss is just above M2. This was good day but little challenging. I almost took Fake breakout however I stayed with my plan and followed it which gave me reward.
Overall I have 60 pips saved in EurUsd and 72 pips saved in GbpUsd. Well done me:clap: Hope it keeps on going like this.
Happy trading guys.
Hello Traders,
Today was not like yesterday. Market is not too active. However as usual i did take some trade today. In fact I have taken 4 trades. 2 trade is already closed and two are still on play. 2 TRADES were taken in GbpUsd and EurUsd. Trades that has been closed were long trades and 2 that is still on play are short trade.
Below is GbpUsd Trade. Green arrow points to trade Entry and Red arrow shows the Trade Exit.
When I woke up in the morning I saw price hovering near my S1 (RED LINE). When price touched the line second time around 7 am I was hoping to get clear sign of upward movement which I didnt get. However previous break down of the S1 was showing huge resistance hence I put Limit buy order on S1 with Stop 5 pips below the Lowest low. When it got filled next time it broke the line it almost touched the stop loss. However it didnt and price rallied up to the overnight Supply zone. My target was just below the Supply zone and it was taken for 42 pips profit.
I also reversed the position because it was on supply zone. which was paid off. It is still in play with 2:1 profit already bagged. Will update about it later.
Another Trade I took was in EurUsd. Well it was difficult trade as I had to go to 5 min chart to figure out how the market is doing.
Below is the chart of the trade I took on EurUsd. Like before Green arrow is trade entry and red arrow is trade exit.
1st trade was long trade. When price was reaching M2 (Dotted) line, it shows clear sign of reversal. As soon as it was adequate that the line will not be broken ( close below the line) I put buy order which was filled and was riding along the trade. However when price start to reach the previous supply level I moved my stop loss to just below S1 (RED LINE). However after brief selling it again moved up. But few minutes later my short strategy kicked in and I closed my trade and reversed the position. The reverse was risky trade however the signal was really strong therefore I took it without second thought. Currently my stop loss is just above M2. This was good day but little challenging. I almost took Fake breakout however I stayed with my plan and followed it which gave me reward.
Overall I have 60 pips saved in EurUsd and 72 pips saved in GbpUsd. Well done me:clap: Hope it keeps on going like this.
Happy trading guys.
