kelliPA trade journal


kelliPA

It doesn't get any easier, you just get stronger..
Hello everyone,

I guess I'll just start with a trade I placed just now...a sell on USDJPY. First of all, I mainly trade off the daily. Sometimes looking to the 4 hour chart for entry. So, anyway, looking at the last several weeks on the UJ daily, and price experienced a steep climb and was significantly pulling away from the mean, so I thought that a retracement was due - but the question was, how deep? Although I saw price stalling and failing to climb higher - I didn't see any real price action signals on the daily chart at the recent peak of price around 109.690 to get me into a counter-trend trade (unless you count the bullish power candle on the 3rd [a Friday] followed by a bearish power candle on the 6th [the following Monday] - which could have been counted as a rejection combo, but it happening over the weekend made me nervous), so I hope that I am not getting into this trade too late. What made me decide to take the trade today was a combination of reasons, the last few days' candles are closing below the mean, last week's candle was a solid bearish power candle (so, you know, momentum), and the fact that on Thursday/Friday of this past week we had a bearish inside day combo. If I had been at my computer earlier when Asian session opened - I would have set up a sell-stop to trigger to open the trade when price broke the low of the inside day candle. But I was on the road most of the day, and when I had a chance to check in, today's candle had already taken off in a bearish direction. Typically, these breakouts of inside day candles are pretty strong, so I decided that I would still place that sell order even though I am late yet again. So, my stop loss is placed at 107.737 (a little above the high of today's candle - I figure if it reverses that far than the retracement isn't going to go as deep as I thought and it's a failed trade). I think this keeps my risk at a reasonable level and gives the candle a little room to fluctuate. My target is 105.493 which is just above a swing level that occurred around the end of 2013. If I reach my target, my risk/reward ratio would be 1:3. I am getting a little nervous that this may have been a false break, since Asian session is ending and price is climbing higher, but it's done either way. So, now I will sit back and see what happens! :))

Here are the daily and weekly charts to illustrate:
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Tansen

Well-Known Member
Late trades just means you run the risk of getting stopped out earlier but that may become a root problem because if you get used to the fact or complacent which we all do in that it can lead to rash decision making.
 

joepippin

Well-Known Member
Hey bud,

107.20 is a level Id be watching for buy signals.
Your contending with a pretty sweet 4hr Orderblock.
Your entry is late.?.
So that makes me question that validity of the trade.
And as Tansen said it's not a good habit. You want to be getting in at the best prices, not the Eh I guess this works price.
Why not drill down a little and wait for a retracement and sell on sell limit.
As for targets why not have two.?. I like your first one, but 100.80 has a Ton of stops in that area. So it is likely if price falls hard that area is a good area too look for a sweep.

Hope it doesn't seem like I'm hating, I have my own trading journal up right now if youd like to smash some of my ideas. :)


Cheers,
 

sqa

Village Scribe
I still don't quite get Tansen's tag line.

Anyway, welcome.

To everyone else: be nice, even if it easy fresh meat.

How long is your average Hold Time on trades?

And, if you're going Short to hold for a previous Swing point like that, I'd have wanted to get Short after it broke the low @ 108.00. But, as you said, you were late to getting into this trade.
 

Tansen

Well-Known Member
sqa said:
I still don't quite get Tansen's tag line.

Anyway, welcome.

To everyone else: be nice, even if it easy fresh meat.

How long is your average Hold Time on trades?

And, if you're going Short to hold for a previous Swing point like that, I'd have wanted to get Short after it broke the low @ 108.00. But, as you said, you were late to getting into this trade.
http://youtu.be/xvPWKvN3ers?t=9m27s
#Brainiac

I would only imagine he holds for a bit since he says he looks at daily and 4hrs
 

kelliPA

It doesn't get any easier, you just get stronger..
thanks for your thoughts everyone. the reason i decided to get in the trade even though it was late is because the break out from inside day candles can be quite strong. so there should still be plenty of room to move. i am aware of the level at about 107.2 (i believe it was joepippin (pippen?) that said to watch for buy signals there)...I know that is a possibility, if the retracement isn't deep/or if it's not a reversal. we'll see. as of right now that level has been broken through so I am hoping that it will continue to drop to that swing level that i have as a target area. Oh, and someone asked how long i usually hold trades, i would say anywhere from a day to a week.
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kelliPA

It doesn't get any easier, you just get stronger..
well, my UJ trade is still hanging in there and gradually making lower lows. hopefully that continues to go well for me. Here is the current 4 hour chart:
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I saw another inside candle on the daily of the GU chart and took a similar trade on that one, which has taken off. I was at my computer today (yay!) so I got a much better entry on this one. here's a shot of that trade so far:
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kelliPA

It doesn't get any easier, you just get stronger..
UJ trade hit profit, GU still open

thanks Tansen :D

Alright, the UJ trade hit target today :D Now, I hope GU will do the same, it has lost some ground since yesterday...

here's the UJ chart today
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and GU
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kelliPA

It doesn't get any easier, you just get stronger..
i forgot to update about that GBPUSD trade, i missed my take profit by a hair and then it went back up and hit my stoploss :/

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by the way...this isn't really important, but I noticed that some guys seem to think I am a guy? I'm a girl.
 

sqa

Village Scribe
It's always safer to assume Male on the Internet. It's also safer to just act like one, as well. :)
 

kelliPA

It doesn't get any easier, you just get stronger..
I took this trade last night, here's the weekly chart...
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though the weekly was what made me decide to take the trade, I looked to the 4-hour chart to find an entry point:
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kelliPA

It doesn't get any easier, you just get stronger..
Well, this EU trade did come up and test that level as I mentioned in my last post (I thought that it might), so I did move my SL back a little - but not to it's original position. Trade is currently in profit but has a ways to go to reach the s/r level 1.23086 where my TP is.

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I got into this gold trade last night, I saw this rejection candle on the daily NY close from yesterday. Going well so far...

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kelliPA

It doesn't get any easier, you just get stronger..
that's some beautiful shit right there >:D
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after testing that level it dropped like a rock...
 

kelliPA

It doesn't get any easier, you just get stronger..
my gold trade just closed out...a little mad cause i was trailing the stoploss too close. but oh well, still happy with it. EU trade still running...
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kelliPA

It doesn't get any easier, you just get stronger..
Just sold on AUDUSD...hoping it's a breakout of consolidation and continuation of bearish trend:

Here's the daily and my interpretation of it...
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I know this could just be a false break, and the whole gap thing concerns me too. I didn't see anything too helpful in the 4-hour chart, but I thought the 1-hour chart looked promising...
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Daily candle signals are usually pretty reliable, and with a relatively small stop loss and a large potential reward if this is a breakout, I thought it was a good risk.
 

kelliPA

It doesn't get any easier, you just get stronger..
when i opened this trade - i didn't set my usual 3X risk take profit target. i was thinking that if it broke out i didn't want to get out of the trade prematurely. still waiting for that to happen... meanwhile, i could have made 3X on the move down, and back up, and back down again :/

at least i wasn't stopped out when it came up and retested the resistance level.

here's the trade as of right now...

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kelliPA

It doesn't get any easier, you just get stronger..
Okay :) Finally got the breakout that I was anticipating...I moved my stoploss down so this is now a zero risk trade. If price comes back up to the 0.86726 level and drops a bearish rejection signal, I will open another sell position.

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