I took one trade on Thursday and three trades on Friday. Thursday's trade was a win. Friday was two losses and a win. After seven trades this week I finished -0.85%. Not as bad as the week before but still not good enough.

Thursday;

EU Buy
Friday in order;

EU Sell 1
First attempt at selling. Got in a bit early.

EU Sell 2
Once price bounced from where I was stopped it came back down and produced another sell signal which too me to the target.

EU Sell 3
Tried to sell again but was stopped out. Price fell again to a low of 1.1324 but there was no signal to get in this time.

I've plans to do some study next week.

I want to print out and look at every trade i've taken this year with this strategy and analyse the pros and cons to see if I can find a common thread through them all. The rights and the wrongs.

As well as this i'm planning on looking at a slightly higher time frame. A 5x3 15min P&F chart comes to mind. As can be seen from Friday's charts, I was ultimately right but my stops are too tight. I want to see if a higher time frame affords wider stops whilst still being able to hit targets.

Enjoy the weekend,

Cheers,

Liam


I didn't take any trades on Monday as I was travelling back from the UK and had work at 4pm.

I took two trades on Tuesday, a win and a loss and a further trade today (Wednesday) which was also a loss.

Tuesday.

EU Trades
The winning trade was a buy, shown on the left of the P&F chart. It was a continuation of the up move after the high volume that printed on the 15min chart. Price fell back to the high of this zone, broke through the high and then printed a sell signal at a break of the up channel. I took this sell and it didn't last very long at all. Worth noting that it was the upper half of a zone which has already proved strong. So perhaps needed to wait for it to at least break the 50% of this area.

Wednesday.

EU Sell
Bar 2 is a high volume upthrust into the high of yesterday's volume zone. Also the highest volume for the day (at the time). I took this as weak and took the next sell signal. Below the MA and in line with the trend. But again it wasn't to be. I'm presuming as it's a similar area to yesterday's attempted short that bar 1 is in fact still very strong. This was later proved with a widespread high volume up move on US news at 13:30.

I also wanted to add that NU finally reached the target that I first mentioned in this post. Unfortunately I made very little from this.

NU Target



5 trades, so I'll get right to it. 2 short term trades on Thursday - a loss and a win. 2 short term trades today - 2 losses. Then there's the long term Kiwi trade which closed today for a small profit of 20 pips after NFP. All in all, the end of a week i'd rather forget about. Kept it simple the last couple of days and completely missed the mark on three of the trades.

Thursday trades

EURUSD Buy

The high volume in the red circles on the 15min chart sent this chart down. It just so happened that there was a buy at the high. I made the mistake of thinking that the high volume wasn't weak and went with the trend and MA. I was wrong.

EURUSD Sell

The one successful trade. After it fell from the high I took the next signal that came along after an upthrust into the high of the green zone.

Friday trades

EURUSD Buy

Tried a buy today once price had broken into the orange zone and bounced off the low with a P&F pole. Didn't last very long before pushing back down.


EURUSD Sell

The buy failed so once the stars aligned for a short signal, I took that. This also failed. Stopped with the noise just before NFP. Perhaps I should've closed before this news but I was never in a good position to take some money off the table.

Kiwi Short

Kiwi 1HR Short
It found support where I mentioned in a previous post that it might. I pulled the stop down before NFP announcement which was hit soon after. Bagged about 20 pips but it wasn't worth much as my original stop was 90pips.

-4.82% for the week. Ouch.

I'm now down for the year.

Really need to turn this around and i'm not sure how to approach it.

I'm over the in the UK this weekend for my Dad's birthday. So we'll have some beers, have a chat and try figure out the next approach.

Have a good weekend everyone!

Cheers,

Liam
I've been collecting vinyl for a couple of years now and I finally added the vinyl piece (see what I did there?)  to my trading set up.

Rega RP1 with Roland DM-20 studio monitors.

The album i'm listening to at the moment is Simple Math by Manchester Orchestra, an apt title for the trading world!

Rega RP1



How many times have I made proclamations of grand changes on this blog? I'm admittedly starting to lose count.

The one person that got me into trading was my Dad. I talk to him on a daily basis, usually sharing my screen so that he can look in from time to time whilst i'm trading. I can always rely on him for the harsh truth if and when i'm ignoring it myself. Yesterday was no different.

I mentioned in my last post that Kiwi had the potential to bounce from the trend line and produce another sell set up. It did exactly this so I took another short. All annotated on the chart below.

NZDUSD 1HR
I was feeling good about this short so when a set up appeared on the 15min / 3min combination i've so far been using for the year, I decided to take this as well. Once news came around at 13:15pm. This didn't go as well.

NZDUSD 15min / 3min
To be perfectly honest I was pretty happy with this entry. It just didn't go as far as I wanted it to, it got to about 12 pips at most.

So after this loss and bringing my account pretty much back to square one for the year I asked my Dad a simple question.

"What am I now doing wrong?"

His response?

"Stop tinkering, you're worse than Van Gaal - go back to your set up you've been using since the start of the year and scalp 10 pips a trade or take what's on the table - you've tried everything else!"

Trust him to use a football analogy! And to be perfectly honest. He's right.

The last few days i've been talking about long term P&F charting and not really looking at what served me so well during February and March. I've tried long term stuff in the past. It didn't really work for me. I might still demo some entries but for now it's time to get to back to what I was doing well.

EURUSD.
15min volume zones.
3min P&F.

Keep It Simple Stupid.