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 Post subject: Yarko's trades
PostPosted: Fri Mar 19, 2010 7:42 am 
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Joined: Fri Mar 19, 2010 6:11 am
Posts: 5
Here's my trading journal, where I'll be using the strategies taught by Loz.

Starting with strategy#1,. At this stage I will only trade EURUSD, so I can get to know it's movements well.

TRADE #1

EURUSD, 4H chart Sell stop under the bull candle marked with arrow. Stoploss roughly 100 pips above, and TP at the level of previous low.

My timezone is Eastern European, GMT+2

Image

There seems to be an upwards trending channel, so I'm worried it will bounce off the support line. On higher timeframe, Euro is expected to fall though.

I go to sleep, and, the next morning I've triggered both the trade and TP.

Image

Yay! I've made 63 pips on my first attempt. If I had not set my TP, I could have gained much more, but I must not get too greedy yet :mrgreen:


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 Post subject: Re: Yarko's trades
PostPosted: Fri Mar 19, 2010 7:48 am 
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Joined: Fri Mar 19, 2010 6:11 am
Posts: 5
TRADE #2

Dazzled by my success, I go for another trade, this time using bear candles. This is the situation now:
The price has just sunk below SL. I have no TP.

Image

There's a very good chance that euro will continue to drop, in which case I will cancel the trade and open a new one with sell stops.

Oh and I'm trading 0.1 lots.


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 Post subject: Re: Yarko's trades
PostPosted: Fri Mar 19, 2010 9:28 am 
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Joined: Tue Sep 29, 2009 10:35 am
Posts: 304
Good going, but, you're approaching them in the wrong manner.

The first trade set up, should of been a buy stop above the 2nd candle of the trade set up (by the way, dont mention the name of the strategies, just the strategy number is fine.. thx)...

Your second trade should be canceled now, as too much time has passed. Wait for new set up. ;)

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All the best
Loz
CEO Forex Signal Mentor
https://www.forexsignalmentor.com
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Daily Trading System
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"Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.
"

-Thomas Edison


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 Post subject: Re: Yarko's trades
PostPosted: Fri Mar 19, 2010 3:56 pm 
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Joined: Fri Mar 19, 2010 6:11 am
Posts: 5
Hi Loz

Loz wrote:

The first trade set up, should of been a buy stop above the 2nd candle of the trade set up


Buy stop? I watched the video again, and to me it seems you draw 2 bull candles and place a sell stop 5 pips below the 2nd candle.

:?

The first screenshot has been taken some time after placing the pending order.


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 Post subject: Re: Yarko's trades
PostPosted: Fri Mar 19, 2010 11:35 pm 
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Joined: Tue Sep 29, 2009 10:35 am
Posts: 304
Yes, but your first trade was two red candles, those are bearish candles, a buy stop goes above the 2nd candle, its not a sell trade set up, it was a buy trade setup :)

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All the best
Loz
CEO Forex Signal Mentor
https://www.forexsignalmentor.com
CEO Daily Trading System
Daily Trading System
CEO Ultimate Golden Cross
https://ultimategoldencross.com
CEO Article Marketing Robot Videos
-------
"Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.
"

-Thomas Edison


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 Post subject: Re: Yarko's trades
PostPosted: Sat Mar 20, 2010 7:05 am 
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Joined: Fri Mar 19, 2010 6:11 am
Posts: 5
It was these two candles:

Image

The screenshot was taken some time afterwards, so they weren't the last two candles.
I marked the 2nd candle with a little arrow, but I guess that wasn't so clear :)


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 Post subject: Re: Yarko's trades
PostPosted: Sat Mar 20, 2010 7:31 am 
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Joined: Tue Sep 29, 2009 10:35 am
Posts: 304
that's too late bud, too many bars passed, break-out needs to happen within a few bars or so, not 7 bars later (28hrs). This will help avoid any whip-saws that can occur after the sell or buy stop has been created... ;)

_________________
All the best
Loz
CEO Forex Signal Mentor
https://www.forexsignalmentor.com
CEO Daily Trading System
Daily Trading System
CEO Ultimate Golden Cross
https://ultimategoldencross.com
CEO Article Marketing Robot Videos
-------
"Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.
"

-Thomas Edison


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