Seeking consistency

Good point – if the reason for the entry is the shooting star. Once it failed no need to stay in the trade.

Anyway that's trading business. I found it difficult to be profitable every single day.

Yes, hind-sight is a wonderful thing in trading. Only information I had at the time was my daily & 4 hour direction indicators were short, price had retraced to between 50% & 61.8% of the previous down swing and I had a shooting star candle formation on my 1Hour time-frame

So I traded it. I would do the same again despite this trade losing

I would find it hard to believe someone who said they were profitable every single day

thanks for your posts bedsit
 
I would find it hard to believe someone who said they were profitable every single day

thanks for your posts bedsit

Not at all.

Best wishes for finding consistency soon:).

I started on that quest some time ago and may be on my way. I guess I need to work on my discipline. I'm still prone to making some really stupid trades.:(


Re: Exiting the trade when initial reason for entering is no longer there.

It's not as if I'm trying to be clever, it's only that trading is a probability game and this should be observed all the time if traders want to put odds in their favour in a longer run.
 
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Not at all.

Best wishes for finding consistency soon:).

I started on that quest some time ago and may be on my way. I guess I need to work on my discipline. I'm still prone to making some really stupid trades.:(


Re: Exiting the trade when initial reason for entering is no longer there.

It's not as if I'm trying to be clever, it's only that trading is a probability game and this should be observed all the time if traders want to put odds in their favour in a longer run.

Thanks for your kind words. It's nice to know others have successfully charted the path I am hoping to follow to consistency with my trading

Sometimes a good trade (defined as aligning with your predefined set up & entry rules) can look Stupid only with the benefit of hindsight

If you trade a breakout and once in the price just spikes and then retraces into the range again , was that a stupid trade or a good trade that didn't work?
 
Thanks for your kind words. It's nice to know others have successfully charted the path I am hoping to follow to consistency with my trading

Sometimes a good trade (defined as aligning with your predefined set up & entry rules) can look Stupid only with the benefit of hindsight

If you trade a breakout and once in the price just spikes and then retraces into the range again , was that a stupid trade or a good trade that didn't work?

Stupid trades in my case are emotional or boredom trades. Although I've been trading for some time I'm still prone to that sort of mistakes.

Trades based on predefined set up, entry and exit rules I don't see as stupid trades. (I've noticed you haven't put exit rules? IMO Exit rules are almost as important as entry rules)

If I trade a breakout and it comes out as a false one, I would exit that trade as soon as possible (I have stop level which I consider before entering a trade and would put stop where I think there is no need to stay in it any more – reason for entering the trade is no longer there) I wouldn't say it's a stupid trade, only a failed one. When entering a trade I can't be 100% sure if it's going to work, that's why I use stops and know in advance how much it's going to cost me if it's a failed trade. By the size of the stop I can than calculate what amount I can afford to trade (based on the rule not to risk more than 1-2% of my account per single trade). Also I have some other rules, like: if I have 2 failed trades a day (I'm a day trader), I stop trading for the rest of the day.
 
gbp usd long

My 4hour chart closed last night having bounced off my daily 20ema. Both my daily and 4 hour indicators are long for this pair
I am prepared to enter a long position, despite price presently trading below my 4hour 20ema if we break above 1.52 10 my stop is 100pips risk at 1.51 10
my aim is to move to break even and then trail my stop up below 4 hourly support levels and to take additional entrys on lower timeframes retraces with an ultimate target of the previous highs of 1.55 00

Let's see if the trade gets opened or of the dollar strengthens on the muted perception of the US economies output broadcast last night
 
Re: gbp usd long

Let's see if the trade gets opened or of the dollar strengthens on the muted perception of the US economies output broadcast last night

Trade entry triggered
I have already moved stop to break-even, as both Christian @ Saxo & FxPro (who have started sending me thier technical analysis twice a day) are calling for cable short today / this morning

If they are right I won't lose anything
 
Re: gbp usd long

Trade entry triggered. I have already moved stop to break-even

Stop moved up to 1.53 30, where my 4H 20ema is situated, which I am hoping is also going to hold as support today. Thats +120 pips if I get taken out. Lets see how the week starts for this pair

Christian @ Saxo is looking for a retrace to 1.54 00 today for a target of 1.55 60, I am looking for another entry into this pair long, so will be watching for a suitable trigger somewhere between my stop @ 1.53 30 and Christians entry 1.54 00
 
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Re: gbp usd long

Stop moved up to 1.53 30,

looking for another entry into this pair long, so will be watching for a suitable trigger somewhere between my stop @ 1.53 30 and Christians entry 1.54 00
Trade closed at its target of 1.55 00 (+290 pips), retrace only to 1.54 50 so far today, so no second entry achieved. Lets see if it falls that much today, to take a new position, or if a longer wait is required to find an attractive entry.
 
cad jpy short

I have an established down trend on my daily time-frame for this pair and a channel, which, if if holds, could provide a short entry

Unfortunately my 4H trend indicators are long at the moment, however my 4H channel (also long) if it holds, also indicates a short potential. I also have a shooting star-ish candle on my 4H time-frame, printed at 61.8% retrace of the prior downward move

Here are both my daily (descending channel test) and 4H (ascending channel exhaustion), retrace of previous down-wave and trigger entry candle charts, which I hope are clearer than my inarticulate explanation above

Should my entry level get hit for this pair today(@ 84.00, stop @ 84.80), I am looking to move my stop to a break even position when the previous lows at 82.00 are approached and then holding to last Novembers low @ 80.00 (potential 400 pips for 80 risk). Lets see what happens
 

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Re: cad jpy short

Should my entry level get hit for this pair today(@ 84.00, stop @ 84.80), I am looking to move my stop to a break even position when the previous lows at 82.00 are approached and then holding to last Novembers low @ 80.00 (potential 400 pips for 80 risk). Lets see what happens

Trigger invalidated, order now removed
 
usd chf short

It looks as though this pair are rejecting higher prices, perhaps blocked by the descending daily 20ema

I'll enter the trade after 2pm, if the 4H candle retains its shooting star like form
 

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aud cad long

Daily & 4H indicators are long
retracement of previous 4H uptrend
trigger hammer type candle rejecting lower prices
lets see if the trade triggers, or if the pair retrace further into the last daily up swing wave
 

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? gbp chf short ?

Not for me, as my indicators are all long, however this 4H shooting star candle could be the trigger for a retrace of some of yesterdays large move of this pair?
 

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usd jpy channel break or fake

my daily indicator is still short, but my 4H has turned long

I have a break of my descending channel (which has provided 2 excellent and 5 in total short entires to this pair)

Price has retraced and is moving sideways between my 61.8% and 50% retracement zone of the previous down move

If I see a good trigger I would like to get short into this pair (as I missed the two excellent entry's I have marked to remind myself!) However I am mindful that part of my rules to trade is not valid for this set up (4H 20 is above 4H 50) and my robust descending channel has now been clearly breeched

I'm keeping an eye out (Christian @ Saxo is short @ 88.10 to 88.6 for 86.35 today), whereas FXPro are short below 87.90 for 87.20)
 

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aud usd long trigger (1H)

My daily and 4H indicators are long for this pair

Price has retraced to between my ascending 4H 20ema & 50sma (admittedly not quite 50% of the last 4H up move yet) though the last 1H candle is a reasonable hammer shape and is sufficient for me to risk 35 pips to get into this pair long (89.40 entry with 89.05) will be looking to hold for a long time as I have the years highs @ 94.00 in mind as an ultimate target, although I hope to find additional 'add to' opportunities on the way

Lets see what happens
 

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Re: aud usd long trigger (4H)

Lets see what happens

Not yet triggered, but my 4H candle confirms the 1H trigger posted previously
Many other 4H aud crosses (eur / gpb / jpy) have trigger candles at attractive levels at this time, but I don't want to be overly aud exposed (my aud cad has already opened)
 

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Re: ? gbp chf short ?

Not for me, as my indicators are all long, however this 4H shooting star candle could be the trigger for a retrace of some of yesterdays large move of this pair?

As I said, its contrary to my indicators, but if anyone is in this one, you may like to consider moving your stop to break-even?
 

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Re: usd jpy channel break or fake

If I see a good trigger I would like to get short into this pair (as I missed the two excellent entry's I have marked to remind myself!)

...and thats another one I let go!
 

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