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    Thread: balut's trading journal

    1. #1531
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      Quote Originally Posted by balut View Post
      TRADE UPDATE:

      I was not able to update my journal yesterday because I was disheartened of my losses that I got from USDCHF and other pairs. It was a wrong decision to sold the USDCHF based only in bearish weekly chart when the USD fundamentals and sentiment are strong. I thought the Fed hike rate was already priced in but I was wrong. I even find it hard to write this update because I'm still sad of what happened. I'll wait for the market close later so I can analyze how much losses I made on my new drawdown.

      Actually the total sentiment of the market was that dollar was on hold to buy after FOMC rate decision and when there was release of ECB rate decision then the market got buy call on the dollar as all other currencies got sold against the dollar. So we have seen almost move of 200-300 pips from pre ECB rate decision level. so we must have to understand such type of trading strategy based on the forex calender. It has happened many times in the past so we can use such strategy in future to gain good number of pips in the short time.


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    3. #1532
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      Quote Originally Posted by balut View Post
      TRADE UPDATE:

      I was not able to update my journal yesterday because I was disheartened of my losses that I got from USDCHF and other pairs. It was a wrong decision to sold the USDCHF based only in bearish weekly chart when the USD fundamentals and sentiment are strong. I thought the Fed hike rate was already priced in but I was wrong. I even find it hard to write this update because I'm still sad of what happened. I'll wait for the market close later so I can analyze how much losses I made on my new drawdown.


      What do you think either the level of 1.0058 will hold or not ? Getting in the bad trades when market did not give enough time to think and plan about the position remain really confusing. Like in normal times trader can plan a better exit where he can initiate a hedging trade and can open trades on other pairs which can bring some relief to the trader. Hopefully pair will retrive in week and will provide opportunity to cut your trade with no loss. But i think if level of 1.0058 will not hold then its better to close this trade.


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    5. #1533
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      Quote Originally Posted by GENERAL View Post
      I think this pair at down channel price and it will keep go deep to reach 1.7061 so any sell opportunity will be on small frame you should take it, take care because any trader have ratio of wrong on his expection coz market is hard to expected the price at next mint so make sure that you have good plan for money management because also this pair have high number of pips as spreed .

      Well, at the time of this post the GBPCAD is having a bullish momentum and sitting at 1.7482 and it looks like it wants to break the 1.7500 resistance. I'm willing to cut it loss if my buy signal gets invalidated to avoid big drawdown.

      Quote Originally Posted by nikhil_rrane View Post
      Actually the total sentiment of the market was that dollar was on hold to buy after FOMC rate decision and when there was release of ECB rate decision then the market got buy call on the dollar as all other currencies got sold against the dollar. So we have seen almost move of 200-300 pips from pre ECB rate decision level. so we must have to understand such type of trading strategy based on the forex calender. It has happened many times in the past so we can use such strategy in future to gain good number of pips in the short time.
      The fundamental analysis played very well on the USD and if I only gave importance to it then I should have avoided some losses here and probably earn too.

      Quote Originally Posted by kashifrehman View Post
      What do you think either the level of 1.0058 will hold or not ? But i think if level of 1.0058 will not hold then its better to close this trade.
      Most probably the resistance 1.0058 area will be broken soon due to strong USD sentiment and if that happen then it may even reach 1.0300.


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    7. #1534
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      TRADE UPDATE:

      After I lost my buy trade in NZDUSD, right now I'm planning to sell it short term due to bearish technical and fundamental analysis alignment. I'm not sure yet on my TP because I'm thinking 50 pips for quick sell or 100+ pips for basic swing trade targeting the 0.6836 support area. If I lose again to this trade then it will be one of my worse losing streak.




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    9. #1535
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      Quote Originally Posted by balut View Post
      TRADE UPDATE:

      After I lost my buy trade in NZDUSD, right now I'm planning to sell it short term due to bearish technical and fundamental analysis alignment. I'm not sure yet on my TP because I'm thinking 50 pips for quick sell or 100+ pips for basic swing trade targeting the 0.6836 support area. If I lose again to this trade then it will be one of my worse losing streak.



      Dear If I was at your place I'll go for a buy again because there is a strong h4 bullish trend line plus a divergence at h1. Further selling this Pair will be even risky. Rest remains upto you.
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    11. #1536
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      Quote Originally Posted by Omar Sayeed View Post
      Market movement was a little bit different in last week. That's why most of the trader lost trade. We can come back again in next week. I also think that NZDUSD will sell for short term. I hope this time you will be successful.

      You are using so many indicators in your chart. You are a swing trader like me. Are you face any problem to use many indicators?
      No, I don't face any problem at all because I don't have a strict rule like all my indicators must align in order for me to execute a trade. They are just a tools to filter the market noises in my chart. I still focus more on candlestick formation to enter a trade.

      Quote Originally Posted by Oriakhiebillz View Post
      You lost a buy trade on nzdusd and now you want to enter into a quick sell, I think you are been sentimental with this decision and I hope your emotions are not setting in. I think is better you take a nap and review your analysis well over the weekend then when market opens observe for a while to see if you would get more confirmation for your sell position but to me it isn't right and it looks more like you are chasing after your loss which is very bad and can make you lose more.
      Thanks for your advice. I think I will reconsider my decision to sell it and wait for another trend reversal setup. Maybe I should look for another trade opportunity on other currency pairs.


    12. #1537
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      WEEKLY UPDATE #42

      It's been a very bad week and month for me because I made a mistake trading the monthly chart and the result is a floating -12% unrealized loss. I also made minor mistakes this month but a -12% in my account is unusual. I only have 2 weeks left for the month of June in order for me to recover my losses. It looks like that I will have another losing month just like in March.






    13. #1538
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      Quote Originally Posted by balut View Post
      TRADE UPDATE:

      After I lost my buy trade in NZDUSD, right now I'm planning to sell it short term due to bearish technical and fundamental analysis alignment. I'm not sure yet on my TP because I'm thinking 50 pips for quick sell or 100+ pips for basic swing trade targeting the 0.6836 support area. If I lose again to this trade then it will be one of my worse losing streak.



      I advice you to stop thinking on sell order before breaking up trend on 4 hrs frame then if the market break it wait for retest and finally you will have good chance to make 50 to 55 pips from this trade but on anther case market my take price up word directly from start point of this weak thin you will wait 4 hr candle to close then you will have chance to open buy order and your target will reach 40 pips as a first target .

      My Trading Journal: GENERAL trading Journal - New Trading System In The Making


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    15. #1539
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      Quote Originally Posted by balut View Post
      WEEKLY UPDATE #42

      It's been a very bad week and month for me because I made a mistake trading the monthly chart and the result is a floating -12% unrealized loss. I also made minor mistakes this month but a -12% in my account is unusual. I only have 2 weeks left for the month of June in order for me to recover my losses. It looks like that I will have another losing month just like in March.





      I think it is not difficult for you to recover the negative float on your account as your graph shows real recovery since last 2 months. you can easily recover the negative float of 5-10% so try to analyse the situation and make some changes in your trading so that your graph will again show bullish pattern. Commodity currencies are also got sold due to the strength of the dollar thats why your trade goes in negative float. but if you get any kind of reversal you can try to close your trade with less loss.


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    18. #1540
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      Quote Originally Posted by balut View Post
      WEEKLY UPDATE #42

      It's been a very bad week and month for me because I made a mistake trading the monthly chart and the result is a floating -12% unrealized loss. I also made minor mistakes this month but a -12% in my account is unusual. I only have 2 weeks left for the month of June in order for me to recover my losses. It looks like that I will have another losing month just like in March.





      I believe you will recover your losses, its just a matter of placing the right trade and sticking with discipline as you have always done, losses will come, even the hedge funds managers have some streak of losses in two consecutive months, but what matters to them is the result at the end of the year, so they are not so bothered about the present performance.


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