SergeanTrader

Hey Deebee,

You had a loss but I have to say that you have Dr. Pip have been having a pretty good go at things Any chances you and him could have a white board session to talk about your trading?

-Jay

__________________
Fear and skepticism have never gotten anyone more than minimum wage.
My Blog: The Unshackled Mind

DeeBee

Hi Sarge,

I'm not ready yet but maybe some other time in the future. BTW, thank you for taking the admin role for TA and looking forward to a more dynamic community.

DeeBee

Jampone

Hi DeeBee,

I was watching the EUR/USD and saw that up move breaking the resistence, Well sometimes it happens but the most important is that you had a good out come.
Jamp

DeeBee

Not much is going on so far, the resistance area shaded in orange remains a solid wall. Bulls will probably try again next week until one side clearly succeed I'll continue to stay in the sidelines for my long term account. US Dollar is still in an uptrend and may try to breakout above 81 if that scenario happens it will likely indicate a continuation of another dollar up leg and potentially bad for US equities. We'll see soon.



Enjoy the weekend!

DeeBee

DeeBee

This last week of February I have four trades. Two shorts on EURUSD and two counter trend longs on EURJPY all has been losers which have resulted in giving back a hefty percentage of this month's gain. As you can clearly see circled in blue my losses are way more than half of my total gains to me that is a real issue.



I know that there will be losing trades along the way its unpreventable that. My main issue in this picture is how I can better manage my losses in the future? I have outlined below a few items to help me in my day to day trading regimen.

1. Trade only the best setup and willing not trade at all
2. Strictly enforce a pre-determined "Kill Switch".
3. Revisit my risk management parameters.

These are listed in my trading plan but I was not discipline enough to fully follow like a machine by identifying them again I'm helping myself to inculcate its significance. It also strengthens my beliefs in my trading methodology.

You can see I only have 42% winning percentage this month but its enough to put me in the green inspite of my greater than 50% losses. It only proves that if you have a good trading system and trade very carefully you'll have a high probability of achieving profit. It gets much better if you can execute well managed trades. Let me know what you think.

Follow your rules and you'll trade well.

DeeBee

DeeBee

I wanted to share with you a loss trade based on 1H chart. I have been experiencing difficulty trading and managing counter trend trades lately. I will stop trading "counter trend" (CT) for now. I think I need to sharpen my CT skill through paper trading. Anyway, here is the GBPUSD chart. In hindsight why in the world I'm fighting the bigger and stronger main trend? In the trend, thetrend (the boss) humbled me.



Hope your first day of March is in green. BTW, nice job Dr Pip for nailing GBPJPY.

DeeBee

DeeBee

Fellow TA's I'd like to share with you my trading sheet. I do this on each of my trades win or loss. I print and placed them on my trading binder. This document help me in a lot of ways. I'll let you figure how.



Here's a copy and paste version of my Notes and Trade Summary.

Notes:
>Feb28-AJ has been in an uptrend since Feb 25 with very little pull back in between. Price is near an area of a previous swing high marked last Feb 24 which have also demonstrated a strong down momo towards the 78.30 level in 5 days.
>Mar2, 6:51AM-Limit order to short filled at 80.80 an area within the Feb 24 failed swing high level. Position is working in my favor
>Mar2, 10:16PM – Manual cover @ 80.36 for +48.63 pips gain with 0.54 rt comm. Executed time stop, price failed to broke the lows of the past 3 candle bars on 4H.
>Preferred target (R/R) was not met.

Trade Summary:
This trade uses the levels marked by Dr. Pip, my original level is way above and when I saw price stalling at 80.91/80.65 I've placed my limit @ 80.80 for a short entry. I am expecting the down move to be strong and it was fine for the first 8 hours (2 bars) after my entry then price action traded sideways for two more bars and never able to break the 80.02 lows. Its time to execute my time stop to protect profit.

I started using this trade sheet last month my hope is that you'll find it useful in your own trading.

Keep it up!

DeeBee

DeeBee

The broad market continues to show its strength we are back to 10,500 level on the DJIA next week the market might to surpass the 10,750ish highs recorded last January 19. I'm waiting for the price action above this level. The action above 10,700 level will dictate my next action. First, I will let the market break out with heavy volume would be my preference but the days after that would offer some clues. In the meantime, I'm lining up ETFs and some selected stocks to add to my longer term portfolio.



The UUP (USD bullish) have broken below the up trending line. Its chart looks toppy at the moment I will sell my shares on the first bounce to secure some gains. GLD (Gold ETF) would be my next target just waiting for price to return to its mean. On my existing positions, I'm looking to add more FXA (AUD ETF) on the next pullback between 88 and 90. Also, watching USO for another accumulation near the 39 area the charts of the oil index OIX-X, OIH, XOM, CVX, and VLO have been flashing bullish signals.

Enjoy your weekend!

DeeBee

DeeBee

I have been watching AUDJPY and GBPJPY since this Monday. I've placed my limit short order entry for both but were not hit. Oh, well things like this are going to happen anytime. Whenever it happens before I felt bad and the urge to chase is enormous well not anymore. I've learned to be patient and just let go a next opportunity is around the corner. Last night that opportunity came. I saw AUDJPY coming back and challenging the recent supply.

AUD has been exhibiting strength lately and the Yen has been weak. I believe a clean breakout will happen its just a matter of time. My plan is to enter long @ 82.55 just above the breakout point and ride the first thrust. I placed my order and voila! Made a mistake on my auto orders and got filled asap @ 82.42 with my stop at 82.19 and target at 83.28. Instead of closing and re-enter a new order I decided to let the position open. This morning I thought I was out for -23pips but when I opened my platform I was surprised to find out the stop was not hit I automatically got out @ 83.28 for +94.6 Pips.



I'm short EURJPY a while ago well see if the green continues. Good luck in your trades!

DeeBee

Dr Pip

I knew you'd be in that AJ long. Laziness kept me out of that trade even though my alarm woke me early for it. (my internet connection was down and I was too lazy to reset it)
Good luck on EJ. There is another level 124.50 above it. I may wait for that or start shorting at 124.00, or I may miss it altogether.

Happy trading,

Dr Pip

__________________
My Trading Journal

"Don’t argue with idiots. They drag you down to their level and beat you with experience."