Love Price Action & PokerStars World Record Tourney

My first trade on this pair Eur/Gbp. Set-up today is basically an ALL-CABLE day. Nothing much about this pair, during Gbp/Usd rally up, Eur/Usd was holding strong too so Eur/Gbp didn't fall that much. That's why I took a profit at just +3 pips. Lucky enough as most of the time this trade was floating loss.

One mistake in the above trade is looking at my entry, I was supposed to short after candle closes. But I didn't, I short right before it closes and it went back up the white 50SMA line. Only at the start of New York session did it break through, but still not that strong.

Interesting trade for my Gbp/Usd. Again it was floating loss the whole Asia to London session until it hit take profit in New York session for +50 pips. One of the mistake here is I short when the candle still closes below the white 50 SMA line (the latest yellow line is today's trade). So the moment my order of long hit, it re-bounced back downwards.

Here is one reason why I believe in support and resistance in trading, though it doesn't happen 100% all the time. My past 3 Gbp/Usd trades has been exactly the same price entry - long at 1.5660, notice all 3 yellow lines, and my take profit level somewhat the same.

The first trade for this price was actually an aim to pull through the resistance, taking a ride around 50 pips. The second trade was actually buy-limit, because as you know, once a resistance has been broken, it will turn to a support (can read more on support and resistance here). And the third was like the first, though a little dangerously done due to the MA lines.

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As for poker, currently bankroll is ranging and slightly down a bit. Not as spiral down as last week. I am currently playing only sit & gos STT & MTT and learning to be tight. I also played the PokerStars Guinness World Record tournament, yesterday morning at my country time 1:30am!! The record was that there are 200,000 players registered for the tournament. Top 12k got cash prize and first was $50,000. The buy-in was only $1.

I was done before the first break finishing around 170,000+ ranking lol. The game was like 20k tables happening at the same time and thousands of people were eliminated even 5 minutes into the game. I am beginning to enjoy the thrill of MTT. I tried the best I could to just shoved n fold play, but my 99 ran into KK and that was it. I thought I will have a tired night since it started at 1.30am but ended up I longed to be tired from it.

I am now playing maximum two tables and taking things slowly. After straight 6 days of losses and beats I think I need a break from poker soon. Except yesterday after the guinness tourney my cash games won one of the biggest pot I played - guy with KK limp, button raises with QK and I called with JJ. Flop came QJx. I checked, KK raises, QJ re-raises all in, I also re-raised all in as I had them covered. KK called, and turn came another J giving me the quads and WHAM! Felt like finally a sunlight after streaks of losses.

There must be something wrong with my play and I need to reflect and work on it.

Good luck for the week people!

Black.

USD/CAD down but not out....

A cold chilly night, im bored... itchy.. urge came.. urge to click n trade. Never been able to totally cast this bad habit out. It has been alot better though.

So when shit happens, u can only hope that the damage can be minimized, better still... profit from it. But tonight isnt going to be a easy night.

The above printscreen image maybe the ugliest u have even seen, im sorry but im still very much a [accessories >> paint] user.

Time is 2000 local time, 2 datas pointing weakness in CAD... thats when i went in LONG on USD/CAD, entry level @ "1" . After entry, it has been hovering around that area...

Then came 2130 local time, green datas for USD, it confirms my believe that this pair with go higher... BUT!!!! Prices plunge down for dont know what fciasjcsax reason, and end that 5min session with a long shadow.. Sadly, my stop loss got triggered as a result. Thats for "2".

Went LONG again, on "3", targetting around "4" area.. TP hit, profitted 5pips at the end of the day.. Moral of the story? Market doesnt care about ur predictions or whatsoever, its merciless i guess??

But im happy to end green for the day after a scare at the start...

Bottle

November Review

FXDD: Withdrawn
Oanda: +17%
Poker: Busto! (have re-deposit)

November passed by really quickly. I had losing streak starting of the month, and slowly fought my way back. I still maintain a non-scalping mode, where I simply set my orders and leave the chart. I also learn about not messing too much with the trade when they have not hit your stop/loss or take-profit, I still meddle though but reduced. Leaving trades over night no longer bother me as much as used to be.

I am currently using a very comfortable position size, increased a little. I will continue to increase when my capital grow a little more. In fact I did increase early this month but the moment I increased I faced losses thats why I reduced them again lol so typical. I maintain a stop/loss of about maximum 5% of my account, because I don't want a huge drawdowns again. Even successful traders move up the ladder with a little lost here and there. I am still working on my risk:reward ratio.

Highlight of the month was probably the last week of the month, with a big reaped off Aud/Usd +480 pips, my highest record ever (still much lower than my record loss hehe). That trade I have also cultivated a good risk:reward ratio, letting the profit run feels really good. Admittedly, there was one position I did close early, but was compensated early this week with a few Longs.

I learn how I should swing the trades and not sit down and bust my account, my temper get blown up easily. So I am not gonna trade the NFP news tonight. Some people prefer scalp, some swing, some intraday, and some position. It is finding out who you are. I kinda know the answer for me, but being a profitable trader is still another story.

That leads me to think about my poker journey. I was still thinking early last month whether I should simply focus on full-ring cash games, sit & gos (STT & MTT), or heads-up SNG.

I have bad results with cash games, but played them because they are fastest way to earn VIP points for bonuses. My time for sit & gos are limited because you can't leave the table whenever you want. I have been doing good with heads-up SNG and has shown profit. I love it and my buddy (who plays with me) also feel I should simply focus on heads-up.

And then I realised otherwise. I have a e-mail pen-pal friend (who read this blog) told me heads-up are like scalping trading. I thought I could conquer it but ALAS, I have bad beats and I keep on registering for new tourney (HU-SNG) and even highest buy-ins and I play badly due to tilting, much like revenge trading.

I got crushed in cash games either. Playing too much table and bad beats made me re-buy n re-buy and throw the money into the pot, fastest way to drawdown in poker IMO.

Now I am turning to Sit & Gos and not multi-tabling, not touching the rest (HU-SNG & FR Cash games). So if I got beaten I may not be so tempted to re-buy because they are more tiring games. I working on it now. For past two days I simply played the Sit & Gos, finishing a few of them right before the money finishes -_-. But on the other hand, it shows some improvements. My last two games of 45 men SNG came in 3rd & 7th.

Lets take it nice and slow from here, tilty head.

Anyway, have a good weekend people.

Black.

Orders Hit & Run!

Yesterday EURUSD long order at 1.3440 hit and it was ranging throughout the Asia session before take-profit 1.35 hit during the second hour into London session. Bagged a good +60 pips.

My GBPUSD order also hit, 1.5660, noticed it was the price as the day before, I felt where resistance will now turn into support. My take-profit is almost exactly the same spot, but I also manually closed them on a +60 pips profit.

Good way to start the month. Tomorrow's Non-Farm Payroll announcement I should be sitting at the side lines (hopefully). So that maybe it for the week. Will post a November review tomorrow.

TGIF & Good luck friends!

Black.

Another Fantastic Day

Caught some nice move off Aud/Usd when my limit order finally hit and there was a surge during the major central banks announcement on reducing the dollar loans to banks by half percentage point. Well, I didn't expect that move to be that huge though, but always glad enough I wasn't on the opposite side! +80 pips

My Gbp/Usd has also been triggered during the surge. It was moving towards my 80 pips take-profit but I closed them on +50, under-estimating the news effect.

Current orders:
Eur/Usd - Long 1.3440
Aud/Usd - Long 1.0075
Gbp/Usd - Long 1.5660

Black.