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Thread: rustseldor Journal

  1. #1
    Hi Folks,

    I am a FOREX newbee and have only begun trading in Forex. I have been reading up a lot in the last one year but have not done extensive demo practicing. I started live on Oanda a month back and have had a ride so much to territory of 15% and currently to drawdown of 31% with a drawdown of 50%.
    I am primarily trading cost action and Fib Levels. I am going to start posting my trades within this thread together with my reasoning for the transaction, my SL and TP levels, as I continue to trade.
    Nearly all of my losing trades happen to be spontaneous and by submitting my trades here, I will have the ability to cut down on my impulse trades. So my reasoning could be improved on by me I would love any feedback and also others could reap the benefits of some outlook.

  2. #2
    I am going to draw on Fib levels. Then use the four hour charts to identify and potential entry signs. After I receive an entry signal on the chart, I will analyse the total condition of the pair using the Fib levels, 1day, Weekly charts as well as the 4hr. I will go down to 15/30 minute timeframe once I can identify it's an A trade.

    My minimum risk/reward ratio will be 1:2. Will not risk greater than 7.5% of my account on any single trade.

    I think I'm all set to go. I will continue to post my own thought process in my trades as I move along.

    Hopefully this is going to be a Eduional and Profitable ride.

  3. #3
    I got a trend breakout matching lows on the NZDUSD pair. I moved to the 15 min chart and entered the trade on the graph with a stop loss of the previous shirt. Obviously, my SL was struck. Things I did wrong :-
    1. I must have waited for the cost to close under the 38.2 Fib degree on the 15min chart before inputting that would have confirmed that the cost pattern.

    Missing 22 Pips in the procedure

  4. #4
    Entered Brief in Cable now as it broke through long-term support. There was no particular price formation in the area but appearing at a strong bearish behavior over the previous two days, took a position. Stop loss was the high on the 15 min chart. Gain is open as I view this going a very long way down. Curently 34 Pips upward.

    The following target appears to be in 1.9320 which is so far away that I think that it is going to take a very long time to reach. I don't know if this really is a issue with my trading which I need to address.

  5. #5
    Well, Just now I entered one more trade on the brief side in Guppy. Technically I made a mistake without awaiting my system to give me a 20, of penetrating soon. I have an extremely strong bearish feeling for the Guppy and entered the set. On one hand, I could have followed my machine and may have waitied to shut under the A-Down line. (Of the ACD system). Time will tell if I made the ideal decision. Although I shouldn't have entered waited to get a signal though it would cost me 25 pips.

  6. #6
    I am short on both the Cable and Guppy using a risk of around 6 percent each. As both are strongly correlated to GBP, I believe the net risk capital I have to get a trade on GBP is in the area of around 10%, after accounting for some reduction of the risk because of diversifiction. I think that is fine as this could be a standard results of multiple currencies.

    Perhaps this is a case of further reducing the risk per trade as when we hold multiple currencies, we are anyway raising the entire risk capital per trade.

  7. #7
    The 1 thing which is also currently making me certain about these trades I took is your BoE interest rate statement that is upcoming. Given the fact that the Cable didn't really rally meaningfully given the powerful Halifax report, I think that the interest rate is going to be cut and this would add to the downward pressure. The marketplace is already factoring an interest rate drop in my opinion and when the interest rate isn't cut, then my stop might get taken out.

    Lets see..Fingers spanned for the next 10 hrs.

  8. #8
    Now until I close one of these or my SL gets removed, I have consumed all my margin and can't enter any more transactions. This is the drawback of trading as the leverage with Oanda . I will only post my ideas on my how they are developing and two transactions. If I see a chance in another group, I would close one of these transactions to maintain the place.

  9. #9
    Quote Originally Posted by ;
    Well, Just I entered a more transaction on the brief side in Guppy. Technically I made a mistake without awaiting my system to give a signal to me of entering too soon. I have a strong bearish feeling for the Guppy and entered the pair. On the flip side, I may have waitied to shut under the line and could have followed my machine. (Of the ACD system). Time will tell if I made the right choice. Although I should not have entered waited to get a signal despite the fact that it would cost me 25 pips.
    Well..Time has told me yet again to follow with my system. My SL got removed and I am further 6 % down in my own account. This is where I didn't follow my system the next of the of the three transactions I have taken and I needed to take the loss.

  10. #10
    Quote Originally Posted by ;
    Entered Short in Cable today as it broke during long term support. There was no particular cost formation in the region but looking at a really strong behaviour over the previous two days, took a position. Stop loss was that the high over the 15 min chart. As I see this going down a very long way profit is open. Curently up 34 Pips.

    The next target appears to be at 1.9320 that is so far off that I think that it will have a very long time to attain. I don't know when this really is a psycological issue with my trading that I want to address.
    My SL obtained taken out throughout the BoE Interest rate statement. In fact there was volatility throughout the time that the SL was executed with a 20 stage slippage. So now my accoount is farther in the red by 8 percent.

    I figure I simply need to persist and further decrease my risk per trade till I get back some assurance as it is at a low right now.

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