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Thread: David BO Diary

  1. #1
    Solid Member Davidkitdave's Avatar

    flowers David BO Diary !!!

    Dear Diary,This is my first time writing a diary in my life. But i felt i might be intersting and fun to record down whats happen in my days for me to remember and learn.
    Alright lets move on.
    This was my trading plan for Monday (13/4/2015)
    Tomorrow not much of Big Volatility show in ForexFactory.
    So i won't take a trade on news release but will focus on Daily,Short term trade.
    And limit myself only 2 trade can made if there is a trade opportunity. That mean 25dollar per trade. Willing to risk 50 Dollar.
    But my account size is very smaill now due to Lack of Discipline and make Martingale trading and lose all the profit & investment.
    So planning to start small to build back the losses.
    My account balance was 450 now.
    So this is my startegy for tomorrow.
    I will make a Call Option on EUR/USD with End of day EXP.
    Let me know if i make a mistake.
    Tomorrow i will write the result of this trade.

    Click image for larger version.

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  2. #2
    Solid Member Davidkitdave's Avatar
    https://www.mql5.com/en/charts/32837...apital-markets

    This link might be better with a bigger Picture.

  3. Thanks Okane thanked this post
  4. #3
    Legendry Member Okane's Avatar
    First, good effort!
    Glad you chose to start your own diary and it will help you for sure.

    About the call on EUR/USD. EUR/USD is in a serious down trend right now.
    It just broke a strong daily support and the chances are it will go further down.
    I am no wizard, it might go up tomorrow but the I wouldn't go for an end of day call just because
    of oversold positions on RSI and Stoch.
    Remember that EMA's and support / resistance are important too. You should have at least
    3 reasons for entering a trade. I count RSI and Stoch as one reason because they are
    very similar. Your candles are below moving averages so I wouldn't take any calls and also,
    the daily support that I said was broken. So you have two good reasons not to enter a call and
    one reason to enter a call. I would only enter when all three of these are in agreement!

    You could however, do short term calls if the opportunity shows up but if you want to go for longer
    expiries I would recommend going with the trend. Wait for price to retrace to a resistance level and make
    RSI and Stoch overbought, price should be under Moving averages and only then you can go for a put.

    I know it is a lot to take in but keep reading and analyzing the charts and you will understand it all in time.
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  5. #4
    Rookie Member sdx007's Avatar
    Hi Davidkitdave!

    I agree with Okane. The trend still looks bearish and as far I can see there are no important economic news releases concerning these two currencies tomorrow and I don't expect a big trend reversal at this time.
    You might wanna check actionforex.com that gives daily technical analyses on the most important changes on the markets. I subscribed for free and it helps you see the bigger picture on volatility and price movement.
    Good luck trading!

  6. #5
    Solid Member Davidkitdave's Avatar
    Hi Okane!
    Thanks. Its a first step for me too to write diary but i think i will keep up writing to see where i can improve more.
    Ok.I understand your point. I should give myself at least 3 reason to in that trade.
    Ya you had the point that the trend is bearish right now we should't go agaisnt that trade.
    Trade was our friend.
    So i will wait for Eur/usd go up slightly and went in for a Put option to get a better position.

    SDX007 thanks for your advise!
    All the best in your trading too!

  7. #6
    Legendry Member Okane's Avatar
    Quote Originally Posted by Davidkitdave View Post
    Hi Okane!
    Thanks. Its a first step for me too to write diary but i think i will keep up writing to see where i can improve more.
    Ok.I understand your point. I should give myself at least 3 reason to in that trade.
    Ya you had the point that the trend is bearish right now we should't go agaisnt that trade.
    Trade was our friend.
    So i will wait for Eur/usd go up slightly and went in for a Put option to get a better position.

    SDX007 thanks for your advise!
    All the best in your trading too!
    I am glad you listened! You see EUR/USD is dropping and it is about to break yet another
    major support line. However, I took a put on the EUR/USD today. Look in my diary in a few minutes to see how!
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  8. #7
    Solid Member Davidkitdave's Avatar
    Hi,Okane.
    Yeah you are right.I should't go against the trend.
    But then today i make a trade using the strategy you create.
    In this trade i make a mistake.
    Cause of i never be patient to wait for a Bullish comfirmation candle on a 5 min chart and just jump in with a 30 min Exp time.
    In this chart with a arrow is where is place the trade and the X is EXp time.
    https://www.mql5.com/en/charts/32896...apital-marketsClick image for larger version.

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    Let me know which part i can improve more.

  9. #8
    Solid Member Davidkitdave's Avatar
    Click image for larger version.

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    This is a 5 min chart

  10. Thanks Okane thanked this post
  11. #9
    Solid Member Davidkitdave's Avatar
    Today i make another Trade and this was a lose one.
    So my lesson for this trade.
    Since i saw the HAMA changed to blue,Stoc was Oversold.And I add another indicator(Retracement) for my signal entry.
    The Reason I lose this trade maybe because of The Trend can't make a newer lower-high & MACD was Above 0 but ( low volume)
    Maybe this cause i losed this trade.
    Please Give me some Advise on This trade.
    Thanks you
    Click image for larger version.

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  12. #10
    Legendry Member Okane's Avatar
    About your trade, post #7.

    First, I suggest you change your EMA period to 99 because I think it fits the price best and
    it's more reliable than EMA 50.
    All the others are not necessary for now. One EMA + Stoch and RSI is enough, three indicators are
    more than enough.

    So your trade was executed 13 April, 9:00 (MT4 time).
    First, the trend was up so it was good you wanted to take a call.
    Second, both Stoch and RSI were heavily oversold, good indication for going
    call again!

    Now look at my picture below. The EMA 99 fits the price best.
    I have marked three possible entries.
    Two call options and one put.
    First arrow from left is where you entered the trade.
    It is true what you said; if you had looked at the M5 (see picture)
    and you would enter when you saw a 5 minute bullish candle was forming you
    could have won the trade. Both 15 minute and 30 minute expiry
    would have been winners. You could have entered a second call
    an hour after when the M15 touched the EMA even closer and the M5 made
    another bullish candle.

    Three possible trades here below, didn't check for more, you can do that as a homework :P.

    Click image for larger version.

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    The M5 showing where you could've entered:
    Click image for larger version.

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