The Road To Profitability

[Shuanl0ol]

Re: USDSGSD Awesome!

I am probably missing something here but I cannot work out your chart setting here?
Also are you looking at this as a potential long or short set up?

Thats weird :-0

Keeping an eye on the chart does not hurt, so I'm not biased to any direction (yet). I'm imagining two scenarios:

We have a very long term descending trendline that definetely has potential to be broken any time soon.

Or the more short-term descending triangle, if price manage to break... I'm either short on the retest or pure breakout conformation. <-- My favourite

But further thinking leads me to conclude that I should just put a sell limit 20-30 pips below 1.2000 once it breaks it should break hard since its such a strong level... lots of peeps are looking to get in maybe (?).

 

[Shuanl0ol]

Usdtry

Just cashed in my profits, sweet!

 

[Shuanl0ol]

Eursek

My own local currency seems to be appreciating any time soon. The euro debt crisis issue will be on the focus again this upcoming week together with important interest rates decisions on both the ECB and the swedish centralbank. I'm almost 100% sure that the Swedish CB won't cut down interest rates and I'm kind of expecting a hawkish announcement followed by solid price action. Increased volatilty is surely expected for the upcoming week.

I'm looking to go short and have my sell limit placed at 9.06060 and a stoploss at 9.14908. My target will be around the round number 9.0000

Time will tell.

 

[Shuanl0ol]

Re:

Pulled back my sell limit on EURSEK due to no momentum in sight.

 

[Shuanl0ol]

Daily update

Well, the EURSEK trade went in my direction after I pulled back my order. Anyways, still comfortable with the decision I made... markets will still provide me with opportunities .

Wow, there has been some crazy volatility today for sure! I really like the EURUSD and EURCAD setups, I'm in favor for EURUSD though due to: technicals (break-out pattern) and price are poiting down + the close below the round number (always a sign of weakness).

Target: 1.3750

Enough with the words and lets get straight on to the chart!

 

[Shuanl0ol]

Eurusd

In addition... I would love to go short on that retest on the trendline. Time is not my friend though.

 

[Shuanl0ol]

Thinking

Ok I've been thinking quite a lot regarding pulling back orders when price don't hit my sell/buy limit.

I've came to the conclusion that sometimes it takes time for momentum to kick in. Therefore I will only pull back my order if my price hasn't been hit during a 48 hour period.

 

[Shuanl0ol]

#Winner

~ Target reached on my EURUSD short breakout trade.

Good weekend to all of you, cheers!

 

[Shuanl0ol]

My lack of market attention

I'm such a fool, I missed to check my potential USDSGD trade resulting in loss of potential profit.

Sometimes I just wish I didn't have so many things to do during the days which takes lots of energy and forces me to bed before N.Y. closes.

 

[Shuanl0ol]

New day new opportunities

Anyways... I'm about to go to bed, just placed a sell limit on GBPCAD with my first target at 1.5600 which is a major support... second target at 1.5500.

Im loving the facts how the sellers didn't even second guess to step in at ~ 1.5900.
I suppose major players are expecting a bad outcome for tomorrows GBP CPI data release. Sure will be some sweet mother jesus volatility tomorrow :clap:.

Others are afraid of volatility, I'm welcoming it, it's a natural part of the market which one needs to deal with. 1.5800 level seems to be a logic place where markets should retrace before we go south.

Time will tell.

 

[Shuanl0ol]

Currently learning more and more about options, a straddle strategy could of have been nice on the USDSGD breakout now in second thought. I'm not an expert on options but it certainly is really interesting!!

Will continue on my readings and try to absorb more knowledge, in the end... knowledge is the most healthy thing one can take in hehe.

 

[Shuanl0ol]

GBPCAD #Winner

Closed my GBPCAD for ~ 140+ in zé bank. It's extremely important for me now to become more picky due to the facts that confidence easily increases (sometimes too much lol) when good decisions/trades are made..

 

[Shuanl0ol]

Eurjpy

I'm looking for bearish price action ~ 107. Keep an eye out.

Good night.

 

[Shuanl0ol]

Constant risk?

I've thought even more on whether to have a constant risk or not... seriously... do good traders have that?

Certainly not... they know when to have a low risk and a higher risk on each trade. I guess it comes with market hours/experience. I won't apply the 1% risk rule anymore.

Instead, I will vary my risk between 1 and 2%.

 

[Shuanl0ol]

USDSEK breakout

Hello, its been a few days since my last post. Worth mentioning: I don't post when I don't have any setups in sight.

Last night I went long USDSEK, went to bed before I realized that I haven't posted it here hehe.

1% at stake, target ~ 6.9000

 

[Shuanl0ol]

~ Winner

Target reached ~ 0.65% cashed in zé bank.

This is how good traders trade, steady profits and steady risk management. I'm not saying I'm a good trader yet... the only thing that can stop us from becoming what we want is our own mind.

In physics, every reaction has an opposite reaction. This can obviously be applied to trading as well.

Again, it's important to hold my confidence at chess. That's why I'm writing this, to remind myself of the position mother nature has given me in this world. It's easy to dream, tougher to wake up.

 

[Shuanl0ol]

What I need to do

Take a look over where to put my stop to minimize risk and maximize profits, but also to learn to find better profit targets... I've noticed that I close my trades quite quick.

*Sigh* I'm trading daily charts, not M5. Hence I should keep my positions a lot longer than I do (i.e. 3-4 days).

 

[Shuanl0ol]

Audjpy

There has been a fair amount of setups coming up today, I've chosen to play one of them.
The others were either too choppy pairs or they don't meet my risk standards.

AUDJPY; I'm long at the dotted level and out at the upper horizontal line.

 

[Shuanl0ol]

Change of mind on my SL

as the title says.

 

[Shuanl0ol]

AUDJPY ~ Winner

Hi peeps, my target was hit a few minutes ago.

good game.

Cheers