S/R Trading

[G550]

Originally Posted by apfx

AUDJPY
It would look good if resistance broke

Thanks for participating, Apfx! A couple of questions: on your first post, how do you interpret the attachments? I don't understand what those numbers are. Also, how do you attach a chart so that it shows up right away? I only know how to take a screenshot, paste it to a word doc, and upload the doc.

I'll have to take a look at AUD/JPY on some other charts just to get a better picture of what's going on. Your chart is a little fuzzy, but it looks promising!

Thanks again!

[G550]

Looks like the buy was stopped out. Short is still alive.

[AlphaTrader]

Congrats on going live G550. Sounds like you went the right way about it. Good luck.

[G550]

Originally Posted by AlphaTrader

Congrats on going live G550. Sounds like you went the right way about it. Good luck.

Thanks, AlphaTrader! I'm having a rough first week. But all I can say is that I've maintained the same strategy and plan that I used during my demo days. That's the best I can ask of myself I guess. It's a bit discouraging at the moment, but I have faith.

Please stop by and feel free to offer your commentary. Learning from others is a continuous and important process. Thanks again and good luck!

[G550]

Exiting short position for a loss.

[G550]

Well, it's been a rough week for me. On three positions, I exited early because I was concerned about the market moving too far against me. I had my stops at about 40-60 pips away and after having lost a couple of trades already, I was trying to limit my losses. As my luck would have it, those trades eventually went my way. Despite my losses in my first week of live trading, I have found my analysis and directional positioning to be promising. A couple of calls may have been iffy, but I bailed on two positions that would have netted me over 150 pips.

Such is the life of trading I guess. Not too sure if I'll be in the market going into the final day of the week. I might step back and let the market run and try to come up with a decent game plan over the weekend.

As always, your opinions are appreciated! C'mon guys, I know your bored of posting in the same ol' threads!

[AlphaTrader]

Originally Posted by G550

Well, it's been a rough week for me. On three positions, I exited early because I was concerned about the market moving too far against me. I had my stops at about 40-60 pips away and after having lost a couple of trades already, I was trying to limit my losses. As my luck would have it, those trades eventually went my way. Despite my losses in my first week of live trading, I have found my analysis and directional positioning to be promising. A couple of calls may have been iffy, but I bailed on two positions that would have netted me over 150 pips.

Such is the life of trading I guess. Not too sure if I'll be in the market going into the final day of the week. I might step back and let the market run and try to come up with a decent game plan over the weekend.

As always, your opinions are appreciated! C'mon guys, I know your bored of posting in the same ol' threads!

Its a lot diff from demo tradeing isnt it. Sounds like you broke your trading strategy by exiting early.

Dont worrie everyones been there one time or another.

Just go back to your trading strategy and define your S/L and Target before each trader.

Its easy to get discouraged when you have a few losses in a row. What you need to remember is that if your strategy was profitable in demo it will be in live as well. You just need get your same mind set back cos thats the only thing that can change.

Anyways hope that you have a better week next week.

[G550]

Originally Posted by AlphaTrader

Its a lot diff from demo tradeing isnt it. Sounds like you broke your trading strategy by exiting early.

Dont worrie everyones been there one time or another.

Just go back to your trading strategy and define your S/L and Target before each trader.

Its easy to get discouraged when you have a few losses in a row. What you need to remember is that if your strategy was profitable in demo it will be in live as well. You just need get your same mind set back cos thats the only thing that can change.

Anyways hope that you have a better week next week.

Thanks for the encouraging words, Alpha. You're absolutely right. I was pleased with the way some trades eventually wound up, even though I took a loss by exiting early. At least my original plan would have executed well without my own intervention!

I'm looking forward to next week for sure. I'm down this week, but let's see if I can stick to my plan and get some pips back.