Q. is there anyway to figure out the max distance price will travel on the EURUSD, 5 min. chart from a pullback from the hourly MA or TL break off price action before retracing to where it takes out any reasonable SL or TSL (that is proportionate to ...

go live or bust ... diary of an fx live-trader-wannabe

i definitely agree w/ proponents of scaling out. it's kind of in line w/ the other mantra in that article, "Hit Singles, Not Home Runs." and most certainly is beneficial to the old subconscious when training the mind in becoming more disciplined. ...

go live or bust ... diary of an fx live-trader-wannabe

LEARN TO SWEAT OUT (SCALE OUT) YOUR WINNERS. The net effect of scaling out of your winners will be an increased average win per trade while keeping your losses to your pre-defined risk parameters. You should never scale out of your losers. If your ...

go live or bust ... diary of an fx live-trader-wannabe

made two assumptions about the market & failed to pull the trigger on these 2 no brainer trades off resistance levels (established by hourly & 2hr BB) ... and for that matter, i could have jumped in off the beob since there was no sign of the bulls ...

go live or bust ... diary of an fx live-trader-wannabe

this one was an almost straddle play (hourly hasn't crossed the 2hr BB), but the bulls ADX is screaming long and in the converse of the situation in the last post, the ADX crossed out of the bears MZ ... entry off the IB was at 49 and has traveled ...

go live or bust ... diary of an fx live-trader-wannabe

i had 3 wins & 1 loss this morning. this trade wasn't obviously a loser at first glance & may be just one of those ones that don't work, but i did find the fact the bears ADX crossed out of the momentum area to under both the bears/bulls strength. ...

go live or bust ... diary of an fx live-trader-wannabe

what a great market it was last nite. ... i was cruising right along when i encountered a big roadblock in my discipline. it's obvious why trying to go short (DUH DUMB SUPER DUMB ...) ... in doing so, it thru me off for the really obvious long ...

go live or bust ... diary of an fx live-trader-wannabe

turning the corner — i believe i am entering a new phase of my trading journey ... the phase where i actually feel confident that i will begin to be consistently disciplined & show net gains over the long run. what a wild ride tho to get to ...

go live or bust ... diary of an fx live-trader-wannabe

took some more trades this morning. reached my 1% daily goal. will have to post charts later (don't be a lazy old fart grinder ...)

go live or bust ... diary of an fx live-trader-wannabe

all i want for christmas is the deluxe custom ADX ... and ... a method of giving me the statistical edge in trading the EURUSD on the 5 minute charts ... and ... hmmm, what else ... oh what the heck! i'll take the holy grail too

go live or bust ... diary of an fx live-trader-wannabe

goofed up morning. decided to pass on 7am trading & wait until 8am. ended up being a good decision b/c apparently the market was waiting for bernanke news release. i didn't really know it at the time i pulled up the charts ("assuming" there would be ...

go live or bust ... diary of an fx live-trader-wannabe

aussie close — trade i pulled off ... a few observations tho for future reference. is where i entered is where i took off 1/2 my position, but actually, for a more solid trade, i might have simply entered here given the 1st s/r level being ...

go live or bust ... diary of an fx live-trader-wannabe

here's the price action i either observed or traded during NY session. numbers are trades i took. 4 was the only loser and it's obvious from the chart why (i went short) ... however, i did manage to tell myself i picked a loser & bailed at -1 pip ...

go live or bust ... diary of an fx live-trader-wannabe

what a fantastic set-up this really was. i managed to jump in prior to the TBL that i indicated on this chart, but i didn't manage to stay in past 12 pips (in part due to fear of retracement & also b/c in my panic i hit the wrong stinkin' button for ...

go live or bust ... diary of an fx live-trader-wannabe

missed these following the last ones as i was going over them by comparing to my checklists. these 2 fit the checklist too in fact & were good for solid pips/%%

go live or bust ... diary of an fx live-trader-wannabe

1st time i ever nailed 4 out of 4 trades ... in a row!!

go live or bust ... diary of an fx live-trader-wannabe

missed this one.

go live or bust ... diary of an fx live-trader-wannabe

here's that same pattern for a breakout long.

go live or bust ... diary of an fx live-trader-wannabe

yay!! I PULLED THE TRIGGER here ... not quite a double bottom, but the market just kept trying to go lower & lower. took my 5 then 10 pips off on this one. could have re-entered once price retraced & resumed downward momentum toward 00. [note to ...

go live or bust ... diary of an fx live-trader-wannabe

these are 4 solid trades i could have taken ... instead of taking trades purely off the price action i was messing around w/ b/c i had found no really good set-ups during the NY session ... patience & discipline is the key here dumb dumb ... stick ...

go live or bust ... diary of an fx live-trader-wannabe