"Take Risks: If you win, you will be happy; if you lose, you will be wise. Nothing ventured, nothing gained."

Thursday, November 26, 2009

Technique + Patience = Profit

Hi guys this is Bottle and i am here to share with you a good profittable trade that i hope you can benefit from it as well. Notice the title's equation, yes both technique and patience are key element to this trade of mine. As im typing now, the trade is still ongoing...

Ok some stuff about the image. Its USD/CHF pair. 4H timeframe. Yellow is my signal. Green my entry and Red my target.

It starts with the Yellow circle giving me a signal. First white small candle shows weakness and unable to penetrate my FIBO. After that, a bullish candle appears and so is my Stochastic crossover going up. This are good signals and proven techniques. But, where is my entry going to be? Thats when patience come in. FYI, the price was about 10 to 15 pips above my entry at first. It hovers there for quite sometime. So if you are watching the price, the urge to enter is very strong. Fortunately, i was patient enough to wait till it hit my Buy Limit that i set just above the 5EMA. I see 5EMA as a support before it moves up. My Stop/Loss below the Bollinger lower band and TP(Red) on the next FIBO resisitance. Trailing stop in place. So this is a 100% profit trade.

But what if i entered the trade prematurely? I would be suffering a float loss at start and not be able to reach my trailing stop of 25 so soon. Well, its true that sometimes it missed my Buy Limit by abit when i do this, but this way protects me. By entering with a good price, my Stop Loss can be further(Withstand retrace) and my Target Profit can be nearer (Hit Faster) you see.

Yup thats all folks!! Patience patience!! I can do it! You can do it! WE CAN DO IT!

Well guys, tell you a secret, i HAVE BEEN LOSING!!!! You know, my previous post tells of not setting Stop Loss and getting my own ass ripped... yes yes it still haunts me... Having nightmares of candlesticks sticking in my throat... DONT REPEAT THE MISTAKE THAT I COMMITED!!!! So even when i post of good profittable trades, im still losing.. perhaps like some of you new guys out there. Im just sharing what i think works. But still, i believe that some day i will be up in the clouds... pissing down and smile ~~

Once you learn to quit, it becomes a habit. <==== I WONT QUIT!! AH WOO AH WOO!!

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