RealTrue Fx

Well I finally got to analyzing the last couple of week’s trades and pulled some valuable information from looking at my entries and exits. My patience (or lack thereof) is continuing to do me a bit of harm. Overall, my concentration on price action looks to be starting to create a payoff. The other important factor is my attention to risk and reward. The losses I have taken have been far outweighed by the gains, which is of course the point of investing anyways. So here are some charts, 5 in all.

Patience is key and on this trade I jumped a bit soon. I also only based my trade on the dark cloud cover, which was another mistake. Since my day was almost over,  I set my trade to be close to break even and ended up with +3 pips almost two hours after  opening the trade, right before the Euro began it’s descent toward my original take profit point. Had I waited for that signal, or at the very least left my stop loss alone, it would have worked out for around 80 pips.

This was a pretty good trade from what I can tell. I noticed some consolidation for the last couple of hours before the trade and was fortunate enough to see a break below that near term support line that had formed after a downtrend. Expecting a resumption of the trend after the break I entered  with a stop above that newly transformed resistance line that had been support. The target was a pivot line which was hit for +56 pips.

I don’t know what this trade was. Looking back at it now, I can’t find a good reason to have entered and it didn’t even have a TP or SL set. The only good thing I did right was exiting with profit after seeing a bullish engulfing candle on the 15 minute chart, since I was short.

This shows a series of anticipation trades without real confirmation. The area in blue was a resistance area, but the trades I took did not confirm that area with price action. The losses were small though, as I had set a reasonable stop loss. Ironically enough, there was a bearish engulfing candle shortly after my last trade, which would have been a fine trade(in theory). Of course it would have been a loss either way, as the Euro lunged higher afterwards.

I think I entered a bit early on this one too, but it worked out well. I was playing off the daily pivot point as resistance, which it actually broke for a bit, but couldn’t hold. There was also a falling trend line that served as resistance which it held beautifully. Take profit was at the first daily pivot support, which worked out well also.

Soon I should be posting some real setups. Setups will be found on this page, but real time trade action will be available on my Twitter page. I find Twitter to be much easier to update such short messages on the run, but setups can’t be described in 140 characters or less.  That will likely be all until Monday, but I