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Why did I take it? (Journal)

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  • Why did I take it? (Journal)

    In this thread, I am going to explain why I took each trade (at least some of them). I mostly take RD, HD, S to R (and R to S) and fib overlapping. You may find the details of these strategies here.

  • #2
    This is a support switching to resistance. my back test shows that in these cases, if the stoch. falls below 80, there is a great chance for reversal. SL is above the previous high and target is fib 127%, as shown in the picture.

    20130806NZDUSD-OPEN.jpg

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    • #3
      This is a great idea Pipso. Very interested to read your journal and the rationale for your various trades. Best of luck mate.

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      • #4
        Hey pisopolis - this will be of huge benefit for people following to understand and ask questions about your trading.

        I like your style and really appreciate you answering our questions.

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        • #5
          Thanks Pipso, great information and I appreciate you sharing the reason behind some of your trades.

          It will definitely help people understand your strategy as well as possibly learn a little bit about what makes you so successful.
          Would you like free lifetime access to our forex trading room?

          Open an account at Blueberry Markets and save the $97/monthly fee.

          Click here to find out more.

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          • #6
            Originally posted by Pipsopolis View Post
            This is a support switching to resistance. my back test shows that in these cases, if the stoch. falls below 80, there is a great chance for reversal. SL is above the previous high and target is fib 127%, as shown in the picture.

            [ATTACH=CONFIG]223[/ATTACH]
            We are stopped out. But as Van Tharp says :" when at the end of the day you see that you follow your rules you should pat yourself on the shoulder and if you lose money but stick to the rules, you should pat yourself on the shoulder twice". And I pat myself on the shoulder twice. My justification was right and I consider it a normal loss.
            Sorry for the loss my friends.

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            • #7
              Originally posted by Pipsopolis View Post
              We are stopped out. But as Van Tharp says :" when at the end of the day you see that you follow your rules you should pat yourself on the shoulder and if you lose money but stick to the rules, you should pat yourself on the shoulder twice". And I pat myself on the shoulder twice. My justification was right and I consider it a normal loss.
              Sorry for the loss my friends.
              All good Pipsopolis, as long as you're sticking to your plan that's all we can ask.

              I'm confident you'll make it back soon
              Would you like free lifetime access to our forex trading room?

              Open an account at Blueberry Markets and save the $97/monthly fee.

              Click here to find out more.

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              • #8
                Our EURUSD trade is back from TP by 3 pips and I closed it with +20 pips.

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                • #9
                  The reason behind my short NZD/USD is (according to the chart):
                  1- There is a S turning to R at the 0.8200
                  2- There is a nice two-step setup formed (I will talk about this setup later).


                  1.jpg
                  Last edited by Pipsopolis; 08-19-2013, 02:09 PM.

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                  • #10
                    Thanks Pipsopolis.

                    All you need to do is click on the insert image icon and upload it from your PC in future.

                    Looks like a logical trade. Good luck
                    Would you like free lifetime access to our forex trading room?

                    Open an account at Blueberry Markets and save the $97/monthly fee.

                    Click here to find out more.

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                    • #11
                      Originally posted by Pipsopolis View Post
                      The reason behind my short NZD/USD is (according to the chart):
                      1- There is a S turning to R at the 0.8200
                      2- There is a nice two-step setup formed (I will talk about this setup later).


                      [ATTACH=CONFIG]264[/ATTACH]
                      Closed at 0.7791 for 342 pips

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                      • #12
                        Originally posted by Pipsopolis View Post
                        Closed at 0.7791 for 342 pips
                        Beautiful trade Pipso, well executed! I'm hoping to take EURNZD back the other way, averaged in @ about 1.7000, tried to pick a bottom but look like I was a bit off...Not in too large so I have plenty of wiggle room but would have like to have seen NZD end Friday a bit stronger than it did...we'll see if 7200 will hold as a top, which I think will at least long enough to grab a few pips.

                        Happy Trading!

                        Joe
                        "The trend is your friend - until it bends at the end"

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                        • #13
                          Thanks Joe. I hope your trade ends up in the green.
                          Cheers

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                          • #14
                            Awesome trade Pipso!

                            It broke the record for your largest win by over 100 pips.

                            Fantastic entry and exit. That single trade added around 10% to my account balance.
                            Would you like free lifetime access to our forex trading room?

                            Open an account at Blueberry Markets and save the $97/monthly fee.

                            Click here to find out more.

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                            • #15
                              I opened a short trade on USDCHF last week Friday with expecting it to fall but it rose and stopped me out for -96 pips and 5% of the account.
                              Lesson for the newbies( and reminder to all of us): as you cannot be right all of the time, you have to squeeze your trades which are already in the money and let them run to compensate for the trades which are stopped out.
                              Be patient, be profitable. Cheers

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