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Thread: <Mike M Diary

  1. #21
    Senior Member Mike M's Avatar
    The 49min Expiry trade managed to stay ITM.

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  2. #22
    Senior Member Mike M's Avatar
    Took this Put tonight. The longer term trend was down although the short term trend was heading up.
    I wasn't convinced that there was enough strength in the upwards rally and thought this might make its way
    back to my support line and the downtrend line. Messed up here. I normally wait for price to bounce off
    a significant S&R line but didn't in this case and got burnt.

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  3. #23
    Master Member Okane's Avatar
    hmmm... did you take a put on an oversold Stochastic?
    Also you entered when price had already fell from the resistance
    for about 8-9 minutes, making both RSI and Stoch almost oversold.

    If you are doing short term you better enter at the very top when price is overbought already (in this case)

    I just uploaded a vide of a trade I took today, that might help explain something when doing short expiries, check it out!
    OptionHeimer: I am become debt, destroyer of accounts!

  4. #24
    Senior Member Mike M's Avatar
    I took these three trades tonight. The first is the AUDUSD trade. Price followed my Uptrend line, pushing through two resistance lines
    and satisfying the other criteria for the SimpBalSys strat.

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  5. #25
    Senior Member Mike M's Avatar
    The second of tonight's three trades was an AUDJPY call. Once again price was trending up and pushed through three resistance lines.
    Once again this trade agreed with the other rules of the SimpBalSys strat.

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  6. #26
    Senior Member Mike M's Avatar
    The last of my trades so far this evening is this NZDJPY call. Price is once again moving up. It pushed through three resistance lines I drew. One of them is a blue
    line which is a monthly supp/resistance line and therefore is a significant historical price point. I waited for price to pass through the last resistance line to confirm
    my entry.

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  7. #27
    Senior Member Mike M's Avatar
    I took another NZDJPY call tonight. This is my 4th trade for the night and the most I've done in a night since I
    started Demo trading. Before I met this community I was out there making 30 plus blind trades a day, all the while convincing myself
    I was going great and would become an overnight success.
    Since slowing down a lot, and taking the time to actually look ( reasonably ) carefully at a chart, slowly but surely, I feel I'm at
    least gaining a basic grasp on technical and fundamental analysis. Bots school was a Godsend for me. I would still be lost in space if it
    wasn't for CommuniTraders and Bot school.

    I lost trade. It was an 11 minute Expiry and in hindsight, the expiry period wasn't long enough.

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  8. #28
    Senior Member Mike M's Avatar
    This is my last trade for the night. Need to catch up on some sleep. I've spent a number of late nights in front of the computer and often make tired decisions.
    I was fortunate enough to get home early today. My wife was recently made redundant and was on hand to handle our three young sons. I coach an Under 13 Rugby League team and we have the next two weeks off for school holidays so no training's. This is why I made most of today's trades in our local markets.
    Even though I lost the 11 minute expiry,I was still convinced that the NZDJPY was still moving up and the main factor that I got wrong was the expiry. I decided to take a 40 minute expiry which luckily came ITM

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    Last edited by Mike M; 06-21-2016 at 09:29 PM.

  9. #29
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by View Post
    I took another NZDJPY call tonight. This is my 4th trade for the night and the most I've done in a night since I
    started Demo trading. Before I met this community I was out there making 30 plus blind trades a day, all the while convincing myself
    I was going great and would become an overnight success.
    Since slowing down a lot, and taking the time to actually look ( reasonably ) carefully at a chart, slowly but surely, I feel I'm at
    least gaining a basic grasp on technical and fundamental analysis. Bots school was a Godsend for me. I would still be lost in space if it
    wasn't for CommuniTraders and Bot school.

    I lost trade. It was an 11 minute Expiry and in hindsight, the expiry period wasn't long enough.

    Click image for larger version.

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    yes, this is a tough loss becuae the underlying analysis is basically good. The lesson perhaps is to wait for a slight pull back, the candle you entered the trade on was strong and had good indications, only to fall back to the moving average on the next candle, which is what caused your trade to fail. Waiting for that pull back to the MA would have been a GREAT entry, especially if you had traded on the stochastic bullish crossover which appeared with the next couple of candles. Patience my friend, that is often the ingredient missing from what could otherwise be a winning trade. Keep up the good work, and great chart... I like the arrows, they really help us understand specificially what you are trading ;-)
    "Great Googely Moogely" ... Frank Zappa

  10. #30
    Senior Member Mike M's Avatar
    I had a slow day at work today so I had a opportunity place a couple of trades.
    I have been working the SimpBalSys Strat for a while now and today I wanted to see how
    this strat would work in a ranging market. My instincts told me its probably not a good idea
    but I thought, what harm could it do.
    I lost the first one and broke even on the second. I waited for price to rebound off my resistance
    line and thought price could move back to my support line.

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    On my HILow demo screen shot there is a reference to a winning EURJPY trade which was an
    accident and a lesson on looking carefully before I push the execute trade button.
    Last edited by Mike M; 06-23-2016 at 04:19 AM.

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