Miley Cyrus...What the fuck have you gone and done?

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This is nothing to do with trading, but I've been meaning to make this post on Miley Cyrus for a few weeks now. Angry grandpa must have been reading my mind and got there before me, but now I'll have my say. When I saw this video for Miley Cyrus' new song "we can't stop" it became my second most hated song of all time behind "call me maybe". You're thinking "crap music is everywhere, so what?" This is different and I'll explain why later, but first, watch this video if you haven't seen it already. You hear this shit once and it feels like the hundredth time. A party song that is depressing. Think about that... These days they make party songs that actually sound a bit somber and shit. I don't mind party music. 50 cent is not a great rapper, but when "in da club" plays in a club you feel like a king. The beat inspires great visions. This? You can't get more generic than this. It's even got one of the most over used lines in music-"hands in the air like we don't care". It's like a fuckin' parody it's that bad. I mean.......sheeeeit. Clown lyrics, clown facial expressions, clown twerking, hoe behavior, talks about haters while being serious as opposed to trolling, it's got all the ingredients to make a successful single these days, so in that sense it's nothing we haven't seen before but...

Miley Cyrus wasn't always like this. She used to sing country songs. This is actually a nice cover version of "you're gonna make me lonesome when you go" by Bob Dylan. In fact, I like it better than the original.  

Then what happened? She started off by transforming her healthy looking, curvy physique into a twig. She done replaced her long hair with a ghastly looking pixie cut. I mean, I mean...

http://www.gossipcop.com/wp-content/uploads/2012/08/Miley-Cyrus-2.jpg

and finally she done completed the new image by coming out with this horrendous track "we can't stop". I get it, she's grow up now-good girl gone bad and all that, but this is fucked up. Joke music has always been around but now it's more mainstream, and Cyrus of all people putting out this song represents the decline in American culture. That's why this piece of crap is different to all the other pieces of crap. Decline in style, and music. America went from Sheryl Crow to Kesha. It's not just pop music. Rnb, rap, and country and western are all dead, but it took over a decade for this cluster fuck to happen. Miley Cyrus done managed it in a couple of years. In a couple of years she done ruined her physique, her hair and her music. Now she's cool. From Hannah Montana to a fool who fails at twerking. It's like she's a microcosm of America from the late 90's until now. Maybe this will make her more successful. In fact I'm pretty sure it will do, but she was mainstream anyway. It's not like she was struggling.

She's too far gone now anyway. You cross that line and you can't go back. Before I end this post I did mention Carly Rae Jepsen earlier. I mean the fringe pisses me off on it's own but who the fuck says "call me maybe"? Even this Cyrus track can't top that joke.

I'm done.

13/06/2013 GBP/CHF Short (Loss)

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Another FTB setup, this time on GBP/CHF off the H1 timeframe. Here's the entry chart (click to enlarge). Risk was 0.5% of account.

and here's the exit chart showing price going up and taking out my stop, pretty much straight away.

Analysis: The supply area from which price originally dropped wasn't the clearest and the move down wasn't the strongest either, maybe it wasn't the best trade to take, but I risked only 0.5% on it.  

13/06/2013 NZD/CHF Short (Loss)

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Another FTB trade. Here's my entry chart (click to enlarge). Risk on this was only 0.5% of account.

and here is the exit chart showing price moving straight up through the former supply area and taking me out for a loss.

Analysis: At this point in time I don't think this was a bad setup. Yeah it wasn't perfect, but that's why I only risked 0.5% on the trade. Not much more to say. It failed. 

12/06/2013 EUR/CAD Short (Loss)

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Was triggered into this trade on Monday. Here is the entry chart (click to enlarge). Risk was 1%.

Here's the exit chart. I just cut this trade for a reduced loss because there was no strong momentum down after the BEOB. Intraday it was up and down more times than a whore's drawers. Piece of shit pair. It's crazy this Canadian dollar. No wonder they call it the looney.

Analysis: BEOB at a swing high? Weekly pin bar? I mean, I mean, eh, eh, eh, it looked good but let me ask a second opinion to be sure. "yeah it looked a good setup, double top with divergence". Okay then...........okay............I can conclude it was a good setup. It just decided to be a hoe trade.  

12/06/2013 NZD/JPY Short (Win)

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Here's a quick trade I took off the H4 timeframe. I set a limit order to short at 77.33 due to the first time back to the supply area. I risked 1% of my account on this trade. 

and here's the exit chart. As you can see price went into the area, formed a bearish pin and from there it just went downwards and hit my target. I made just over 2.25% on this trade, so over two times what was my risk, so it's a great result. 

Analysis: Good trade taken off a well defined area, nice stop loss placement. The only thing I could have done differently is maybe let it run just a little bit more and taken more profit, but these things will come with experience. Hours and hours of chart watching, trading and analyzing won't go to waste. 

10/06/2013 USD/JPY Short (Break even)

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Another FTB setup. This time the area was a lot better defined than the last trade I took. Here's the entry chart (click to enlarge). Risk was 0.5% off account.

and here is the exit chart with explanation of what happened.

Analysis: Good setup, good entry, but trade management can be looked at either way. Had I not moved my stop loss, I would have made a profit on this trade instead of closing at break even, but it's easy to say that after the fact. Had I taken a loss I could have said "oh I should have moved my stop to break even". Maybe it was poor trade management to move stop, I don't know. It's a tough one. 

10/06/2013 NZD/JPY Short (Loss)

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Another FTB setup off the H4 timeframe. Here's my entry chart (click to enlarge). Risk was 0.5%.

and here is the exit chart showing price going up and taking out my stop. 

Analysis: Visually, the supply area I traded doesn't look great. There's another one just above that is much more well defined and as you can see, price hit that area and then went down. Easier said with hindsight I know. 

10/06/2013 USD/CHF Short (Win)

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Here's my entry chart for this FTB setup off the H4 timeframe. Click chart to enlarge. Risk was 0.5%.

and here is the exit chart which shows price going down and hitting my profit target. On this trade I made a 0.5% gain.

Analysis: Good trade, nice entry, hardly any drawdown. The only criticism is that I could have let the trade run a bit and taken a higher profit, but on the whole I was happy with this trade. 

07/06/2013 GBP/NZD Short (Loss)

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Here is my entry chart for this short trade on GBP/NZD. Click chart to enlarge. Risk was 1%.

I held this chart over the weekend and the market gapped up and took out my stop. 

Analysis: Looked a good setup, can't see anything wrong with it at this time. For now I'll just have to accept that sometimes even the good ones can fail. 

05/06/2013 GBP/USD Short (Loss) Dumbass trade

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I'm trading pinbars and PA bars less and less these days. Not because there's anything wrong with them but I'm moving more towards supply/demand trading. Anyway, here is a joke of a pinbar trade I took. Here's the entry chart explaining my reasons to short. Click chart to enlarge. Risk was 1%.

and here is the exit chart showing the pinbar failing. One thing you don't do is sell into support or buy into resistance, and that's exactly what I did. I sold into support. I don't know why I missed those bar highs before placing the order. Not only that, but once I was triggered short I done realised my mistake and even had a chance to cut the trade for a small profit/break even. Like an idiot I decided to leave it alone and deservedly got taken out for a full loss. 

Analysis: Not much more I can add to what I've already said about this trade. Shouldn't have shorted it, my entry was okay because at least I entered on a retrace, but trade management was a big fuck up 'cause  I KNEW I had made a mistake, the market gave me a life line to exit the trade at break even or even a small profit and I STILL held on because I was greedy and ended up paying for it. The only good thing about this is that I can see where I went wrong. Whenever I lose a trade I always like it when I can see something obvious that I did wrong. This way I have something to improve on, and therefore better my performance. I'd much rather that than to lose a trade and not see anything wrong with the setup in hindsight. That shit happens though, sometimes even a great setup can fail, but this was anything but a great setup. 

04/06/2013 USD/CAD Short (Win)

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Here is my entry chart for this short trade off the H4 timeframe. This time I zoomed into M5 to tighten my stop. Risk was 1% of the account. Click chart to enlarge.

and here is my exit chart showing price going down and hitting my profit target. The gain was just under 1%.

Analysis: Good setup and trade. I was able to zoom in and tighten my stop, and this time I just let the trade hit my profit target instead of being a punk and closing it manually too early. There was very little draw down on this trade and it just moved down quickly like I wanted it to.

04/06/2013 EUR/NZD short (loss)

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Here is my entry chart for this FTB short trade (click to enlarge). Risk was 1% of the account.

and here is the exit chart showing price moving up and taking out my stop loss, which I had moved down for a reduced loss. Loss was less that 0.5% off account. Had I left it alone I would have lost 1%. Note: The exit chart shows the H1 timeframe while entry was off the H4.

Analysis: At this point I don't see much wrong with the setup. It doesn't look like the greatest setup visually, but it doesn't look bad either. Right now I just accept it was one of those trades that was worth a shot but failed. 

03/06/2013 EUR/USD long (loss)

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This was another FTB setup off the M30 timeframe. I zoomed into the M1 timeframe to tighten my stop. Here is the entry chart (click to enlarge). Risk was 1% of account.

and here is the exit chart which shows price just balling down like a twat and taking me out for a loss.

Analysis: The actual demand area looked decent to me with a good, if not spectacular move up from it so I was expecting the first time back to it to hold and give me a nice move up. It didn't happen obviously, but do I feel it's a bad trade? Not at this moment. Maybe in a few months when I've got more experience with this style of trading I might have a different answer but as of now I still feel it was a trade worth taking. 

03/06/2013 GBP/CHF long (win)

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Here is my entry chart for this long trade due to a BUOB which closed above a horizontal level. Click chart to enlarge. Risk was 1% of the account.

and here is the exit chart. Once again I took profit early instead of letting it just hit the target, which it would have had I left it along. I made just under a 1% gain.

Analysis: The BUOB was not at a swing low so I don't think this was a perfect setup to begin with. I still took a long trade because it closed above a horizontal level and was much larger than the bar it engulfed. These days I enter on retraces of bars like these because for me it works much better. I'm not saying it's a better way, but it suits my personality. Trade management was okay but not great because like I said, I took profit too early. Still, just under a 1% gain is not a bad result at all so I'll take it. 

03/06/2013 AUD/USD (win)

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Another FTB setup, this time off the H1 timeframe with the M1 timeframe used to tighten stop. Here's the entry chart (click to enlarge).

and here is the exit chart. I took profit on this trade but earlier than I should have. Had I left it alone it would have hit my target and I would have made a bigger gain. I made a 0.5% gain on this trade.

Analysis: Good trade. I was close to being stopped out but that happens when you have a really tight stop. I zoomed into the M1 and tightened the stop like a boss. The only thing I did wrong on this one was closing the trade early manually instead of just allowing it to hit my target. That way my profit would have been larger, but hey, I'll learn (after making the same mistake around 500 more times probably!).  

31/05/2013 GBP/CHF (win, but I still got punked out).

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Here is my entry chart for this long trade on GBP/CHF. It was based on the False breakout strategy as taught by Tom Dante. A strategy I'm still learning, so I only risked around 0.25% on this trade, but I was aiming for a profit of around 0.75% or three times my risk. Click chart to enlarge.

And here is the exit chart. The reason I took profit early was due to a bearish pinbar on the H1 timeframe which scared me. The pin failed of course and price went up to hit my original target. As a result, I only made a profit of 0.25% whereas had I kept my nerve it would've been 0.75%. Instead of making 3:1 RR I only made 1:1 RR. The lesson here is to leave the trade alone until you see something either on the same timeframe or higher. It's not the first time I've made this mistake either, I've actually made it a bunch of times, but it just shows how much psychology plays a part in trading.

30/05/2013 AUD/USD long (win)

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Here's my entry chart for this long trade (click chart to enlarge). Risk was 1% of account. 

and here is the exit chart. I made a profit of 0.5% on this one. 

29/05/2013 GBP/USD long (win)

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Here is my entry chart for this long trade. Risk on this was 1% of account (click chart to enlarge).

and here is the exit chart showing price going up and hitting my target. I closed on half of the position a bit early but still made a nice profit of 1.75% which I'm happy with since I only risked 1%.

22/05/2013 USD/JPY long (loss)

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Here's my entry chart for this long trade. Risk was 1% of account.  

and here is the exit chart showing price going down and taking me out for a 1% loss. 

21/05/2013-GBP/AUD short (win)

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Not posted a trade in a while. I've still been trading but just gotten lazy with posting charts. Gonna get back on track. Here is a trade I took on the 21st of this month. Click chart to enlarge. Risk was 1% of account.

Here is the exit chart which shows price going down. I took full profit at 1:1 so I made a profit of 1% on the account. 

Update

Follow @Tradergonewild Haven't posted in a while. Been demo trading some new strategies and not doing much live trading the past few weeks. I did take one live trade last week in which I I've on 1.5%. This week I've taken 3 trades so far. Charts for those will be up soon.

"YOU DO NOT HAVE TO GO THRU HELL TRYING TO FIGURE THIS BUSINESS OUT"

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The title is a quote from "James16", the creator of the james 16 chart thread on forexfactory.com. I won't talk too much about that thread because I've already mentioned it in this post . Words won't even do justice to how valuable the info in that thread is so I won't even try, but I'll just say if you're a new trader or even a trader that's been trading for a while but struggling, read it. Read the first post at least, and then see how you feel.


Back to the quote, it's from a post James made, when he talks about the nightmare he experienced in his trading career. Took him 8 years and a lot of blown accounts to be successful  but what he's saying is it doesn't have to be that way. You can be like most people and spend crazy money on systems, robots, seminars and keep losing. James talks about how he cried himself to sleep on his desk because of huge losses. You don't have to go through hell like he did. Read the thread and your journey will be a lot easier. A lot of people that visit the thread ask for a quick summary. There is no shortcut. 8327 pages long (and counting). It's free. It's golden information, but it's a job to go through it all. I'm on page 130. I spent a few hours on it today but I intend to complete it. If that's what it takes to be succesful, that's what I'll do.
Here's the thread.

 http://www.forexfactory.com/showthread.php?t=2331

19/04/2013 AUD/JPY long (Break even)

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Here is my entry chart for this trade which explains everything (click to enlarge). Risk was 0.5% of my account.

and here's the exit chart. I just got out at break even since that's where price was hovering towards the close and since it was a friday I didn't wanna hold the trade over the weekend.

19/04/2013 GBP/CAD long (win)

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This trade pissed me off. Here's my entry chart (click to enlarge). Risk on this was 1% of my account.

and here's the exit chart.

So what did I learn from this trade? If you see a signal that the trade may not work out, take action! Don't just hope for this best like I did. People don't like to take a loss and because I didn't want to take a smaller loss I held on and in the end took a full loss. 1% of my account. 

15/04/2013 AUD/NZD Short (Break even)

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This is another trade based on the 3 time frame strategy (explained here). Here is my entry chart (click to enlarge). Risk was 0.5% off account, aiming for 3:1 RR (1.5% gain).

Now the plan on these type of trades is to move stop to break even once you hit 1:1 RR. In this case price didn't quite hit 1:1 but was close to reaching it so I decided to move my stop to break even anyway. Now the spread on this pair has been acting like an asshole. One second it's 4.5pips, the next it's 10 pips. Price went up and I was taken out. Spreads must've widened because looking at the chart I should still be in.


In any case it's not a surprise because most trades based on this strategy end up break even. According to my back testing the win rate is around 35-40%.

09/04/2013 GBP/USD long (loss)

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This was a long trade off the weely chart. I actually opened 3 different positions on this, which the chart doesn't show you. Anyway, my entry prices were 1.5260, 1.5368 and 1.5371. Here is the entry chart (click to enlarge). Each position was 0.25% of my account so total risk was 0.75%. Note: I forgot to mark my stop losses on the chart so the chart won't show them.

and here is my exit chart. The first position I closed at 1.5348 for a small profit, and the other two I closed at 1.5288 for small losses. Overall, I made a loss of 0.15%.

Note: My stop losses were NOT hit. I closed the trades manually because I was hoping for a fast push upwards off the BUOB and we didn't get it. We also had a close below the RN of 1.5300 at the close of the NY session on 15/04/2013. Maybe I should have held on, but the thing is I'm very inexperienced at playing weekly time frames. I'll get better at these with experience. It was a bit of a joke trade in the end but not much harm done to account at least.

 

09/04/2013 NZD/CHF long (win)

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Here's a trade I entered yesterday and closed today for a profit. Here is my entry chart explaining reasons for trade (click chart to enlarge). Risk was 0.5%, no fixed profit target.

Here is the exit chart. I made 0.31% or 65 pips on this trade. Entry was 0.7931 and exit was 0.7996.

08/04/2013 EUR/CAD long (win)

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Here is a long trade off the H4 chart. Risk was 0.5% off account, no fixed profit target. Here is the entry chart explaining entry reasons (click to enlarge).

and here is the exit chart. I took full profit after the close of the bearish pin. Just under 1:1 RR. Not a bad result.

04/04/2013 USD/CAD Short (break even)

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Another trade based on the 3 time frame strategy (explained here). Risk was 0.5%, aiming for 3:1 RR. Here is the entry chart (click to enlarge).

and here is the exit chart. As you can see, price went down and hit 1:1 RR. At this point my stop loss was moved to break even and price went back up and stopped me out. Most trades using this strategy will end up at break even.