Technical Trading Setups Journal

Quote from clightmarathon:

There is no point in calling trade setups in a journal. imo keep it as it is.

I did not see the last setup you showed, I was shorting the L1 setup and I was still in a downtrend.
I am always worried when there is a significant tail in the L1 setup in one of the candles as here, so I closed the short fast, but did not enter long on the failure of the L1 or as you call it 123.
But with realizing (now) that it is a 123 rev. it will be easier to enter long on the failure in the future.
More...

It happened so, that I always was better with reversals for some reason and catching minor retraces never was my strong side.

That developed a set of conditions I usually watch for to avoid poor with the trend entries.

One of those conditions is to be very suspicious about taking a with the trend setup, when it's close to some bigger timeframe support (diagonal, aka trendline or static aka horizontal price level) and when main (5-min in my case) timeframe trendline was broken.

In the case discussed both of those warning conditions existed, that's why looked more for longs.

Plus a little bit of macro factor, had a feeling that market should rally after ECB announces rates. But that is of secondary importance here, you can't base your trades on fundamental view as the main component.
 
I see your reasoning, and it is very clear. There was a support on the hourly, daily and the steep 5M trendline was broken.
Also there was a bullish engulfing candle on the 5M.
 
Quote from clightmarathon:

I see your reasoning, and it is very clear. There was a support on the hourly, daily and the steep 5M trendline was broken.
Also there was a bullish engulfing candle on the 5M.
More...

Yes and some of my buddy traders went long right there a bit before me, but I waited till after ECB rates because Oanda tends to widen the spread around big news and it was dangerous to enter with tight stop.
 
Quote from cornixforex:

Good example of so called "trader's trick" entry into the breakout trade. Price action sometimes gives earlier clues to jump onboard a bit before the actual breakout takes place. This time it saved the trade which otherwise would be a breakeven one.

Sometimes, when price action favors such a behavior, it’s wise to enter a little bit in anticipation of the coming breakout. This trade is a good example. Vanilla breakout trader would get stopped out breakeven if shorted the 1-2-3 pattern break. I entered a little earlier, because momentum looked good according to pre-breakout price action

http://www.cornixforex.com/2012/02/traders-trick-entry-into-1-2-3-reversal-pattern/
More...

Looks pretty straightforward to me. Why would someone have been stopped out? Unless I'm looking at the wrong part of the chart or misinterpreting what you mean. Could you clarify?

Not a big deal or anything, but as I perused the charts it came to mind.
 
Quote from dv4632:

Looks pretty straightforward to me. Why would someone have been stopped out? Unless I'm looking at the wrong part of the chart or misinterpreting what you mean. Could you clarify?

Not a big deal or anything, but as I perused the charts it came to mind.
More...

I meant that one could be stopped out break-even if moved the stop-loss to that point. Obviously not mandatory for any trader, I simply judged from my personal point of view, which is to move stop-loss to break-even as soon as possible, because good trades go in the money quickly as a rule and those which don't are subject of immediate suspect.
 
Quote from ammo:

euro at a large res trendline and a 38 fib
More...

Indeed... Must be a lot of selling pressure there, which stopped the rally so far.
 
You must log in or register to reply here.
Back
Top