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Thread: <Mike M Diary

  1. #11
    Senior Member Mike M's Avatar
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    Simple Balanced System again. Really Sorry for being boring. Not quite as clever at this than most so I just want to
    take this slowly. Price rose above my Hourly S&R line, came back to test it again, then went up again. I was satisfied
    that I was going with the trend.
    Perhaps I took a gamble with this as there was some resistance around the 74.168 mark.

    Trading the EURUSD has become a little challenging as its midnight here when those markets are in motion.
    For that reason, I've kept an eye on our local markets.
    Is this a mistake ? I have read many posts by the senior members encouraging newbies to concentrate on one
    asset at a time.

  2. #12
    Legendry Member milos's Avatar
    You use RSI and Stochastic trading tools.

  3. #13
    Master Member Okane's Avatar
    Hey! I'm sorry to hear about the family tragedy.
    I hope you find your peace in something you like.
    For me, trading and trading related tasks is what helps me when I feel down.
    We are here to help you too .

    If you want some inspiration to how I draw my lines, I have added
    a few recent trades (with pictures and reasons why I took them) in my diary
    so take a look here
    . Might be helpful.
    OptionHeimer: I am become debt, destroyer of accounts!

  4. #14
    Senior Member Mike M's Avatar
    Thank you Okane Sir. I have watched all your videos on the Communuitraders YouTube channel regarding support/resistance and trend line analysis. They have
    proven to be a great help and I have also taken on your advice regarding the use of S&R in conjunction with the entry rules for the Simple Balanced System strategy.
    It makes a lot of sense to assess critical S&R levels before applying all the other conditions of this strategy.
    I shall spend my evening reviewing your recent trades. My humble thanks to you.

  5. Thanks Okane thanked this post
  6. #15
    Master Member Okane's Avatar
    You're welcome, that's what we are here for.
    OptionHeimer: I am become debt, destroyer of accounts!

  7. #16
    Senior Member Mike M's Avatar
    I placed this trade tonight. Not too sure how to link my trades on our platform direct to the diary just yet.
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    I took this trade because price rose sharply and pushed through my resistance line at 1.11523 with a strong bullish candle.
    It also satisfied the requirements for the simple balanced strat.

    I took a 1 hour expiry although I'm feeling a little nervous as there's some resistance around the 1.11635 point.

  8. #17
    Legendry Member Michael Hodges's Avatar
    This is a good trade, maybe even a great one. Using a system, adding in your own analysis ie the break of resistance, are what making good trades is all about. Also, being wary of resistance at 1.1163 is also good, there is plenty of reason to suspect there will be. If you could name one thing about this trade that you didn't like, what would it be?
    "Great Googely Moogely" ... Frank Zappa

  9. #18
    Senior Member Mike M's Avatar
    Thank You for you feedback Michael.

    I sat there last night contemplating your question. The approach by you, and that of the other senior members, to this whole process has been
    a revelation for my ( And I suspect a great many others ) development as a budding Binary Options trader in that I'm encouraged to
    really consider, carefully, my reasons for making a trade, and then, what I think I could have done better with both successful or unsuccessful
    trades.

    That being said, with regards to my last trade,

    1. The resistance I noticed at 1.1163 was probably a warning that upon closer inspection,I perhaps should have looked at a shorter
    expiry time.

    2. My chart indicated there was some economic news that was about to be released. While I did check, the ForexFactory news site to see if there was any significant economic data that might affect this trade, the fact is, I am not close to understanding fundamental analysis competently enough and so I may have been lucky given how close the announcements were in relation to my entry point.

    3. Early in my uptrend line, there was a sharp climb with some really strong bullish candles. Price pushed strongly past my resistance line but retraced back to my uptrend line with some strong bearish candles. I could be wrong but perhaps these two price movements were quite volatile and price could have swiftly moved against me.

    I do hope I'm close to being on the right track with my answer and thank you again Sir.
    Last edited by Mike M; 06-02-2016 at 01:50 AM.

  10. #19
    Moderator Kolyo's Avatar
    Understanding fundamentals is crucial for successful trading.

    You can see here lots of experienced traders using solely charting or naked price action, but be sure that all of them are aware of the fundamental side of the equation. Michael base most of his trading decisions on fundamentals, I am a big fan of trading on news releases based on changes in the underlining fundamentals so it is very important to learn at least the basics and to know which news events are important, which are not, and which can be potentially important if there is a big deviation from the expected data. If you have any questions let us know! I am open to answer you
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  11. #20
    Senior Member Mike M's Avatar
    Thank you Kolyo and forgive my delayed response. Been busy tending to family matters and this is the first
    opportunity I've had in a while to check in and make some trades.

    I took this trade tonight because price found support at 77.528ish and pushed through my long term downtrend line
    with a strong bullish candle. After that I was satisfied that it met the SimpBalSystem strat. It had a 13min Expiry.

    I actually took a 49min Expiry trade before this one ( yet to expire ) as I was confident that price was making its way to
    the next resistance point of 78.260.

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