28 November 2012
Hey everyone, I made one trade yesterday and 6 trades today, a little more than I usually do. Yesterday only traded for a little while. Anyways I started looking at charts around 8pm, and I noticed price was recently in an uptrend. There were previous resistance levels that were obvious so I waited for price to come down to those levels, I expected those levels to act like support. When price reached 1.60300 there was some rejection here as price didn’t close below that level, so I began to look for a potential call. One candle was a bit of a spinning top, and the value chart was below the 94 level. All of my signals (support level, uptrend, price rejection of a round number, reversal candles, and value chart all pointed to a call. ITM.
Today I had a bit more time to watch the markets in peace and quiet. My first two trades were me not following my rules. They were both OTM because I thought price would rise, even though I had NO sign of a reversal candle and I ignored the fact price was in a mild downtrend recently. Those trades were just me not focusing and following all of my rules. My third trade I waited around for price to move farther from the EMA, which to me gives a higher probability of price reversing. I waited on the next candle to enter my trade because I wanted to see a reversal candle, as you can see on the 15min TF and the 5min TF. I placed a call for this trade because there was recent support in this area, a reversal candle formed on a couple different TF’s, price was far enough from the EMA for me, Price was stalling at the 1.600 level, and the value chart was past the 92-94 level.
My fourth trade was OTM, but I followed all of my rules as stated above. Price did end up going in the direction I thought it would, but a 30 min expiry wasn’t quite long enough. The only addition to my decision on this trade was the trend line I drew.
My fifth trade was ITM, and it was based on the last trade’s analysis, just at a better entry. Price just consolidated for quite some time, longer than I have seen it just stall flat in a while. Anyways I placed a put once price broke out of the consolidation, and rode the momentum with a 10 min expiry.
My sixth and final trade for the day had met all of my requirements to place a call, but I chose to stop trading after this because the price channel was getting smaller (maybe ascending triangle?) And also price broke through previous support levels I had marked, so those levels weren’t holding up as well as they used to. This trade was ITM.
As you can see I started using a bit of a Martingale MM strat here just to test it out. I usually don’t have losing streaks, just maybe 2 or 3 at the most in a row. Using the martingale on my demo account is starting to grow (not very much though because I’m only trading $1 up) but it is growing more than before. Again I’m just trying this out. PLEASE any new members reading this thread, DO NOT use martingale unless you understand the risk and are willing to take it with a live account. For more on martingale check out: