Hey, I'm new to FOREX and that I thought this would be an enjoyable adventure. I'm going to start tracking my transactions by saving pics, describing if im shot or long and why, and anybody who wants can feel free to give CONSTRUCTIVE criticism. It's nice to disagree w/ me or perhaps railing on me a little, just don't be rude about it please.
1. I'm likely to be using hourly and 15 minute charts for my trades
2. I will post my thoughts, write things about the chart .
3. Nothing elaborate...
4. Many transactions I'm going to take in this demo account will be bad trades...I'm only attempting to get a better knowledge of the market so I'll do some dumb things but thats nice w /
nzd/usd - brief
So... the one hour chart plus hte 15 minute chart are attached
Hourly chart - The overall trend is downwards and price retraces into the 50 percent fibonacci level, also a resistance level. Rally was strong, so this could be good or bad: good because overbought, bad because that shows potency
15 min chart - entrance is based on evening star pattern and rsi near overbought.
In retrospect I believe I should have left the halt tighter: after-all, when the resistance breaks it means I was probably wrong about the downtrend continuing.
Edit: the fibonacci lines are those small red ones you'll be able to see right close to the entry
edit: I'm actually moving the stop loss closer to the entrance point because of the reason above. . .don't usually do that but it was kind of a dumb halt in the first place. I will still give space for some scary moves, but I'm tightening the stop:
NZD/USD - that I have stopped out for a little gain after moving up the stop. The large green candle hit resistance about where I purchased then dropped, maybe too tight a cease that I dont understand?
Alright, I could use advice on this one guys, it is the one above remodeled and w a 15 minute chart...
I don't think I'm going to go here however, opinions?
Edit: got in a little late out of indecision, but it appears to have a strong trend upwards (may repent this lol but its a demo account so oh well). New charts in another
K are the charts for USD/CAD... I believe I got in a bit late but currently it's just a demo account of the stuff so I think I might need to learn a free lesson.
Piggleop - why don't you write your entry price, stop and target (if you have one) from the post, instead of scrawl it on the chart (does your charting package not possess a text tool?) .
Looking at CAD - I will see 3 potential areas for extended entries, if you're not able to go long.
1 - buy on the fall into support from the 1.0600-1.06010 area without needing confirmation. Risk/reward can be fantastic but occasionally support isn't going to hold so you must commit yourself to a halt degree and get out if that is breached.
Two - buy immediately after the push down to 1.059 is recovered. This looks like the best entrance but sometimes the market will bounce without tipping you off so you will miss some trades.
3 - buy within 1.0620 after getting over minor resistance. Wait that assistance has held prior to buying. Here is the lowest risk entrance.
They all make some sense - its up to you to decide how aggressively you want to exchange and to structure your stop/target appropriately.
adx is at 27, trend is downwards, I am thinking the service is going to be broken soon then major bear candle. Goal is at a service level and 3:1 ratio basically. Will post results of trade soon.
Edit: shorted mainly due to the 50/8 ma crossover, going to see what happens here more than making an actual good commerce
short - heavy break through trendline, want to see how the market reacts to this. Maybe I drew the tl wrong. . .who knows? 50 day ema above price. I am guessing it'll come back up then go down again, already getting oversold on the 15 minute chart.
upgrade: ya I think I got hte trend line wrong, not to mention that I was trying to become a contrarian rather than moving w the trend.
Ya hit on the trendline w perfect morning star/hammer/doji. Looks like I fought the tendency wrong
brief - hitting new resistance above, overall downtrend. Stop loss is placed above 2nd resistance degree.
again, I'm attempting to buy in the downtrend off a dip up, wish to watch what happens because there was def a morning star formation in the buy side...
Here, I think I'm being impatient in my transactions. True that the 15 minute chart had a fantastic pullback to resistance/fibonacci 38, but looking at the hour chart the rsi is really low, so trend trading isnt as valid here.
Here I'm not sure if I need to take profits: that the transfer was relatively brief but im encountering substantial support below... gona hold it just to find out what happens.
ya hit on the service and bounced up, cut my trailing stop real fast