Bad Trades of the Night

last nite, watch the price one half hr be4 ECB President annoucement. Sold on top downtrendline, but was still wary if the price will breakout due to annoucement.

Price fluctuate upwards right at the price i sold two micro lot. It was fine, 2% s/l formation firmly behind the fibo line. Price finally looks to breakout above but was a fake. I was too late cuz i did a 'hedging' by buying another two micro lot. And price stop rising immediately after i execute.

Awhile ltr towards the news, price finally went up a bit, i did not close my hedge lot. Instead i close the first trade to minimize loss, but it hadnt hit my s/l, i tot it wld but it didnt. Thru the nite, the price didnt hit my s/l at all. It moves all the way back down. I close my 'hedge' trade with no profit either before it breakdown. Wad a fuck of a nite. Stick to ur fucking system.

Black

Discipline + $ Management

Yes its good to hear good stuffs from u Black, its always great to learn from profits like i said before.
Well losing trades are frustrating and once again, i would like to emphasis on the above..
DISCIPLINE + $ MANAGEMENT is the key.

As we both know we started to trade with micro lots, which i found to be a very effective way of removing stress from every trade that we enter. (no increase of heartbeats to 100000/sec kinda stuff)
We were at ease when entering trades. Set T/P and S/L systematically (ratio 1:2). Thats it. Watch it. Nothing else... no manhandling of our settings. VOILA! Results were often positive so far.

What im trying to point out is, with small lot, we tend to follow thru and not exit prematurely. Even with a good system.. without following thru it, its simply like no system.. its like gambling!

I did a bad trade ytd, i entered trade even before candle close (which i often say WAIT FOR CANDLE CLOSE BEFORE ENTER!) and the position is quite in the grey area (as in a 50-50 chance position)
And wat happen is that instead of a Breakdown which i hope(According to fundamental), and it also shows a Breakdown BEFORE the candle close (crossing below fibo n trendline that black drawn). The candle chose to be funny and close right above trendline... next instance crossing above fibo... and there is goes.. hit my SL.

I cursed at myself for doing this against wat we always told ourself, DISCIPLINE! I go in just because i think candle will close below fibo and trendline, hence fulfilling the NEWS that got me into thinking that a breakdown is coming.
I THINK... thats the rope that i chose to hang ard my neck that night.

PROFITS WIPED BY 1 TRADE.

But Preseverance and Determination are the only weapons that Black and I have when we started this trading journey.
Vow to learn from every mistakes and "well dones" we encounter. Tonight before i post this entry. I ripped a 50+ pips profit with our own system. And of coz.. with my title, Discipline and $ Management. I did 3 trades, 2 profits n 1 loss. But due to the ratio 1(sl) : 1.5(tp). I got back more profits of coz. For the first time, i did a profit wipe out loss. Tell u one secret... FkingCB my loss is due to discipline problem again... BUT! I can feel that i m starting to get a control over it. Soon, it will be gone!

The techniques that i used for these trade are basically trendline + Fibo and bollinger for confirmation.
Will post it up next.

As we can see from my inspirational post above, we have 2 more weapons in our possession now...
Lets gun down the forex CHART!! AHH WOO AH WOOO!!



Bottle

Trendline and Double Zeros

taken a look at the price last night. drafted an uptrend in the 15M time frame. For the past two days, price did not break the resistance level of 1.4844. base on forexfactory.com, couple of news coming out that night (singapore time). with unemployment in green, usd looks to go good. price has been fluctuating upwards towards my 23.6 fibo line @ price 1.4790, was analysing whether there will be a breakout if it punch thru the fibo. considering the Existing Home Sales annoucements in about one and half hours time, base on economical news it looks to be good for the USD. in addition, fibo works as a resistance, unless it break thru the line then it will be acting as a support line, generally speaking. on top of these, it was only about price 1.4800.

Thanks to author Kathy Lien - Day Trading & Swing Trading the Currency Market, it was written that double zeros, meaning price ending with double zeros, eg. 1.4800, 1.5200, are psychological levels where prices tends to bounce off resistance or support. Psychological? Market orders, stop-loss orders or take-profit are usually set @ rounds numbers due to human nature. Very good knowledge for intraday trading.

I rode only half of the downwards breakout trend though, @ my 50.0 fibo line. Still very noob. Focusing more on money & risk management first.



black

Trendline and Fibo, Part Two

been re-reading on babypips.com during office hours as these few days im quite free in office. trying to drill in some of indicators, advices and chart patterns into my head. even printed a couple of notes which i will pass to bottle on our nxt meet-up.

i also find it interesting to read on blogs, forums and ppl's view on forex. i read quite a number this afternoon. basically i will name a few here. one of them said forex is like a battlefield and we trader shd be like the sniper. go in get in the kill and out we go. having too many trades and overexposure leads the sniper to get exposed and killed eventually. another one was about being forex trader, in order to excel, we shd be dedicated in reading up books, articles and forums and that our learning in this field should be ON-GOING!

had a short trade tonight, after watching the price for VERY LONG. i stared at the price movement for more than one and half hours. structuring trendlines, fibonacci, look for day resistance and support. i spot two opportunity, when price breakout below. expect a retracement once it hit my fibo, but it was still 3 points away from my fibo, and that i slowly see the price retraced. look at the pic below on first retracement. and then i slowly waited, second breakout downwards, this time it hit my fibo, for about a minute before i go a long quickly. i waited patiently for things to go through my plan. NEVER alter ur plan. this time price retrace slowly to my p/l. i expect it to go to 1.4780, but usually i set 2 points below my profit limit due to the spread size and usually to play safe (due to past experiences).

luckily, it went as planned. price retracement within my trendline + fibo target. i ripped more than my daily target. now its time to rest.



black

Trendline and Fibonacci Retracement

basically been only watching eurusd pair 95% of the time on my trading. september seems to be bad month for the dollar. well when we look out for signal when we trade, we look for indicators showing the same long or short signal, and also the chart patterns the prices are form. below is one of recent screenshot i took on yday's demo trade.

i went on short, with trailing stop on my demo. looks pretty sweet. on the other hand on my live account, i did a sell limit, and to my horror, it hit my sell limit by breaking out top. price went up to another fibo level cum top of trendline, a very good place to do another average down short trade, so i did again. with both trades on, 3% stop/loss, profit at individual trade target. reminding myself of wad bottle told me, place ur p/l at wher the might price hit, instead the amount of money u wanna profit. price eventually went downwards, hitting my profit target, 1 hour before USD annoucement on leading indicators. forecast was better than previous, which leads to the breakout downwards that hit my profit, but instead, the actual data was lower than forecast, which was bad for the dollar, price spike up 1 hour after the news. today it came to another high of the year.

i'm not trading tonight, it juz broke out of my the trend and pricing i analysed. waiting for another signal to form before i embark. furthermore im juz back frm night classes and i wont be in my best condition to analyse, these are things we have to consider during trades. i kept a trade journal for every trade i execute. i have to be accountable for every trade i do, regardless of seriously bad move or superb move. i hv to make sure none of the trade i executed with comment 'err i dunno why i short but i guess it will be going down hehe'.



black

Black Opening

love your posts bro bottle! black's here!

basically, created this blog for, as u can see from the title, forex. this is no ordinary forex blog, becuz why?? most of the forex blog u found from the search engine are written by experienced forex traders, successful traders, traders with recipe of 'holy grail', and those who post tips on nxt move. but wad black bottle forex is all about, the experiences of the BEGINNING of two lively, fair, innocent-looking and pure young men approaching mid-twenties, but DETERMINED, MOTIVATED & NEVER-SAY-DIE! < i will elaborate this more later..

so do bear with us, or rather, we definitely welcome two-cent worth advice from the experienced. i've only started reading up on forex early this year, traded demo account since may, and juz opened a LIVE account two weeks back. its kinda early, but ultimately still depend on ur risk management to maintain the game.

as always, every beginner thinks that forex is a easy-money, quick-cash kinda market. even to the point in ur demo account, u still felt this way. well, juz long or short the price, it goes ur way, u win! it goes against u, u lose. sound like a 50/50, like buying BIG SMALL in a casino eh? u buy BIG LOT, say 100bucks, it goes ur way, voila! crab feast my treat tonight! it goes against u, alas! i'll hit it with 200 bucks next trade to win! (<<-- revenge of the fallen style)

NO SHIT!

demo account can sometimes go ur way using the above BIG-SMALL method. becuz u whack 'em like no tomorrow, its fake money and ur tomorrow is simply opening another demo account. 2 demo account of mine collapsed, until i choose to take the 3rd one seriously, and minimize doubtful (like what bottle said), "anyhow" trades..i profited 40% during the month of july, it was a sweet transaction history i saved to motivate myself. becuz right after i loss 'em all as i found out that risk management not only applies on the spot or time being, but it has to be drilled into YOU! my no.1 killer right now as a noob-face is leverage. admittedly, im too new to wield the "double-edge sword", kept cutting myself.. *OUCH*

but NEVER-SAY-DIE, learn from it, it takes time to cultivate urself into an "emotionless" trader, thats it for now, let the game begin! take forex seriously, otherwise when it ripped ur ass, u find trouble when u cant hold on to ur shit nextime!

black - out

Scalp Study 17/09/09

as expected.. price hit our targetted profit with 18pips xtra in our... DEMO account -_-.. ZAO ZHI DAO I LIVE AH!!!

Rules -

1. Patience. Never enter with doubts. Opportunities are plenty.

2. Profit to be set @ price u think will hit and NOT profit u wan to gain.

3.Discipline. Go in only when ALL indicators give green light. 0.1lot ONLY!

4. No ZAO ZHI DAO... it leads to doom.

ok back to wat we said ytd night, price indeed hit bollinger top after a rebound from bollinger bottom crossing mid EMA.

Price rebound from bottom crossing mid EMA signals price wll hit top (with confirmation from 2 up pointing stochastic). But be safe always and dont expect it to happen exactly same. One way is setting slightly lower profit say -1 or -2 pips below. I had incidents whereby price miss my target by 1 or 2 pips and i end up losing about 20pips. GREED...

This has been trial for the fourth time including the one we demo. Results all positive. Further trials will be performed and updated. Thank you.

Last but not least... AH WOO AH WOO!!!

Bottle

HOWDY !!

YES I WANNAb bottle... this is a test out.. testing 1 2 3... yes i revived some spartans today... good day.. lesson learn thru profit is always SWEEEEEETTTTT... lets do it gentleman..

end with Bottle...