The Hawk's journal

[Metalhawk]

Later on Monday, price crossed my following line set at 225.00. So I got filled short at 224.88, and was aiming for 30 pips. Price went down and tickled my take-profit, but without crossing it enough for Oanda's liking. As price backtracked, I got out almost at breakeven. So I missed the 30 pips profit probably by something like 0.3 pips. So out at 224.863.

Trade #7: +1.7 pips

Total for the week: +25.8 pips
Target for the week: 100.0 pips

[Metalhawk]

This is where the first of my stupid trades happened. As price was stalling near my 225.00 line on the way up, I decided it would be a good idea to go short, anticipating a rebound. It looked good at first, but my target was 40 pips this time. Had it been my usual 30 pips, I would have been fine, but after dropping about 31 pips below my entry point, it turned around, crossed the 225.00 line and went up for a while. I closed at -40 pips. Had I waited and taken the trade properly, or even just reversing my position as it crossed, I would have made another proper profit instead of a loss.

Improper trade #1: -40.0 pips

Total for the week: +25.8 pips
Target for the week: 100 pips

Improper trades (1): -40.0 pips

[Metalhawk]

I didn't trade again Tuesday. Next comes Wednesday, where I really went nuts...

First, I took another stupid trade, trying to trade on a hunch, after a minor retracement. After price went up in the downtrend, I thought it would be a good idea to enter. Price went my way for about 25 pips, then turned around, at which point I got out at -30.2 pips. Price went up a little more before going back the way I needed it to go. Oh well, trade and learn.

Improper trade #2: -30.2 pips

Total for the week: +25.8 pips
Target for the week: 100 pips

Improper trades (2): -70.2 pips

[Metalhawk]

Next comes another stupid trade. I tried to trade a pivot point rebound. Things looked good at first, but price then backtracked. I got out at breakeven, because at that point, I had almost recovered my mind and realized I shouldn't be trading this way. A few minutes later, price went my way and I would have met my 30 pips target, but when I looked at it, I was just glad I corrected my mistake despite the later profit-that-didn't-happen.

Improper trade #3: +0.5 pips

Total for the week: +25.8 pips
Target for the week: 100 pips

Improper trades (3): -69.7 pips

[Metalhawk]

Next came a proper trade, a break of my 225.00 line. I think that the previous bad trades unnerved me a little, and this time, I only set my take-profit at +25 pips, which was easily met. In at 224.952, out at 224.704.

Trade #8: +24.8 pips

Total for the week: +50.6 pips
Target for the week: 100 pips

Improper trades (3): -69.7 pips

[Metalhawk]

Now comes my last stupid trade. Again, I thought I could trade a pivot point rebound. So I went long around 224.60, which was followed by a fair drop. I didn't get out and price backtracked and when it got back to breakeven, I gladly got out. Good thing too, because the price then proceeded with its huge drop.

Improper trade #4: +0.0 pips

Total for the week: +50.6 pips
Target for the week: 100 pips

Improper trades (4): -69.7 pips

[Metalhawk]

Then comes my last trade before going to bed at that point, the huge drop in price. And this time, I used pivot points the way I will from now on. I have a S&R line at 223.92, but there was a pivot point support just above, which made me a little more wary of entering right away. But once price cleanly got through both, I got in short at 223.82. I also knew that this wasn't a 30 pips trade, and wanted to raise my target to a lot more, but settled around 50 since there was another pivot support around +75, so I gave it a little room above. I took the 50 pips and was happy, even though I could have gotten more after the temporary retracement that happened after hitting the pivot support. In @ 223.820, out @ 223.314.

As I said when I started this journal, I am not aiming for a ton of pips, just a constant stream. No greed here!

Trade #9: +50.6 pips

Total for the week: +101.2 pips
Target for the week: 100 pips (met! as I said, these are only the proper trades)

Improper trades (4): -69.7 pips

[Metalhawk]

On to Wednesday after I get up. I first missed a long cross above my 223.92 line since I was still sleeping, then decided not to enter long later on since I had to leave a few minutes later. Later in the evening, the line got toyed with again, at which point I decided to start ignoring it for the forseeable future, as it's been crossed both ways too often in a short time span.

And so late Wednesday (EST) , price reached my next line above at 225.00. I got in when it crossed and got filled @ 225.135. I thought to set my profits at +50, but as price almost reached it and retraced, I decided to exit at +25, happy to make more pips and just glad to be regaining confidence in my trading, which had been shaken up by all the bad trades. Out @ 225.408.

Trade #10: +27.3 pips

Total for the week: +128.5 pips
Target for the week: 100 pips (met! only the proper trades)

Improper trades (4): -69.7 pips

[Metalhawk]

I am now done for the week, having met my target and with Thanksgiving coming up, I figure I might as well not trade what could be a thinner market both Thursday and Friday (which most Americans take off on top of Thursday).

When looking back at the last 2 weeks, I am for the most part happy with my progress. When entering trades the way I am supposed to, I am at 8 gains, 1 loss and 1 breakeven for a total of +216.8 pips, or 108.4 / week, which meets my goal.

I have also learned a very valuable lesson about entering trades that should never have been entered in the first place. I don't mind (ok, maybe a little ) entering a trade properly and ending up with a loss, but losing trades where I shouldn't be in just pisses me off.

And most important of all in my books is the fact that these 2 weeks have been without having Nick telling us his S&R lines. 2 weeks ago, I cleared all the previous lines andstarted fresh without looking at Nick's previous ones. Of course, some ended up in the same place, but most at the bottom ones (226 and below) were my own calls. THIS makes me feel good about myself.

[findcount]

metalhawk,

so you're using FXDD demo for the charts and oanda for live trades ?

are the prices very similar ? i'm worried about price differences can foul up everything ...........

weird why oanda has no 4hr charts and nothing longer than daily..........what else makes you think oanda charts are useless ?