Manya1983's Road to Riches (?)

[Manya1983]

Hello All,

Been a lurker for quite a few months now and have been reading the threads by Dan and Trader Dante (thanks guys for your wisdom :smart and believe I can now put their points as well as some of my own into practise.

I spreadbet on the IG platform (will look at FTSE and CABLE to start with) and have been doing so for the last 5 months or so. I have had little or no strategies before which has led me to entering and exiting trades at the wrong points, not looking for any technical indicators and running my stops too tight. Basically leading my account into a large negative.

Most of the mistakes were made by me being lazy and feeling that I always needed to in a trade rather than waiting for the right set-up. I know its a common mistake but I hope that setting up a thread will help me become more disciplined as it will be for my benefit as much as to anyone else's.

If any of you know how to paste IG charts into here then please let me know otherwise I will simply be posting a written description of trades I have opened.

Thanks in advance.

First Trade.

LONG FTSE @ 3964
STOP @ 3926

Signs were that the resistance at this level would be broken and I waited for the price to move higher before entering. The previous bounce off this resistance level wasn't as strong and the RSI was also trending higher which showed me a break-out would be on strong momentum. GBP/USD was also showing me a breakout of a triangle formation which gave me 3 signs to show me a LONG entry was to be taken.

 

[barjon]

hi manya

this should help T2W Day Trading & Forex Forums - FAQ: Reading and Posting Messages

cheers

jon

 

[Manya1983]

Thanks Barjon, I'll try post charts in a bit.

Went SHORT EUR/GBP @ 8460.
Tight stop @ 8480

Expecting to break to the downside of a triangle formation. Expecting this market to react to FTSE rallying to the upside.

 

[Manya1983]

Not exactly optimal timing on the entry for the FTSE trade. Entry position was too close to the upper bandwith (?) of the Bollinger Band.

Red circle shows my entry, blue circle shows the entry I should have taken. Anyways the trade is still rolling so lets see how it pans out. The blue circle also shows a support on the RSI trend as well as support of the FIB level.

 

[Manya1983]

Got stopped out of the EUR/GBP trade. Price broke to the upside of the triangle formation whilst we saw FTSE stalling and moving sideways.

Waited for EUR/GBP to hit resistance at 8526 then went in SHORT again.

 

[Manya1983]

EUR/GBP stopped me out again. Price moved higher than what I saw resistance at 8526 and took out a small loss. Chart now shows that price did move as anticipated but I obviously need to reasses my stops.

I closed FTSE at 4060. Which gives us a profit just short of 100 pips on this 1 trade.

 

[Manya1983]

Went LONG on EUR/GBP @ 8363.3

Saw a potential pull back at the 61.8% and 38.2% Fib levels which the price has been bouncing off for the past couple of days.

Whereas any break lower could take us to 8137.

Also is anyone able to shed any light on how to identify false break outs?

 

[Manya1983]

Got stopped out on the above trade.

Lets see if we head towards the 8137. No open positions as of now.