Daily Bulletin

Friday September 3rd 2021


My main comments of note today, are at trade #2 and majors on maximising on the potential for longer-term trades using the weekly chart and explains why we: - "Don't have a scalping mentality, if you are trading longer-term trades."

=========================

It was a really dead week this week, and any of the returns detailed below were hard to get. I do want to congratulate Geoff, who got his 3% goal despite the kind of week it was.

Jim from Chapel Hill, NC and Mark from Skipton both had positive weeks but didn't send in their roundups today.

=========================

I'm noticing quite a few members, who have not yet grasped what we have here with our longer-term trading from the weekly chart. Hopefully the new videos I am producing will help everyone to see the real potential for great returns with less rules, less restrictions and a more relaxed analysis routine...

=========================

Just one more thing. As you know, I always publish every trade, positive or negative. Having said that, don't you find it remarkeble that week after week after week - there are hardly ever and negative weeks - even for relative newcomers. Worth a thought?

Have a great weekend Folks ;-)


1

Trend Pair*: GBP/AUD
Chart Time-Frame*: 8 hour
Date & UK Time of 1st Entry*: 02/09/21 07:15 AM
Time in Trade*: 45 min
Range: (Stop to Entry)*: 64
% of Capital *: 2.0%
Buy or Sell Trade*: Sell
:
:
Rate The Move Steepness (1 to 5)*: 1 star
Rate The Price Action (1 to 5)*: 1 star
OVERALL RATING (1 to 5)*: 1 star
:
:
Relevant Details & Your Plan*: Currency started the week moving up to a barrier that went back to Mar 19 then proceeded to move down correlating with other AUDs. It was a gradual move down with wicks in the weekly at 1.8200.I found a pullback in the 8 hour chart and as I was late I opened a market order. Due to the low rating and slowness of the market generally I closed it and TTM.
:
Pips? (+ or -)*: +18 pips
ROI%? (+ or -)*: 0.78%
:
Name*: John
Location*: Melbourne
Demo/Live*: Demo

Take a look at my chart below and consider whether is a difference in the perspective of the candles and the moves... Your eye-to-brain messages are severely distorted when your pi-scale isn't adjusted properly. This will matter, if not today, then domeday in the future when it really matters ;-)

 


2

Trend Pair*: GBP/CHF
Chart Time-Frame*: 12 hour
Date & UK Time of 1st Entry*: 01/03/21 07:56 AM
Time in Trade*: 1 day 3 hrs
Range: (Stop to Entry)*: 50
% of Capital *: 2.0%
Buy or Sell Trade*: Buy
:
:
Rate The Move Steepness (1 to 5)*: 1 star
Rate The Price Action (1 to 5)*: 2 stars
OVERALL RATING (1 to 5)*: 1 star
:
:
Relevant Details & Your Plan*: Been watching this for a while as in sideways channel for approx 4 months with a slight lean to the downside in the last month. Was at the bottom of the channel - had set a previous entry order a week perviously which expired. Was taking its time moving up with a lot of up and down .

Set another entry order for a buy which was triggered but again a lot of up and down - after a day of no progress upwards and a low rating decided to get out for breakeven and not risk my 2% going to bed on it again. In retrospect I would have been happy leaving this as a longer term trade if I'd put a bigger stop on it.
:
Pips? (+ or -)*: 0
ROI%? (+ or -)*: 0
:
Name*: Michelle
Location*: NZ
Demo/Live*: Demo

I'm going to write here, more than i normally would because there's a big point here, which Michelle herself probably knows, but for all readers, I'll start from scratch.....

The thing is Michelle (and I'm not sayng you did right or wrong), but, once in the 1st para., when you also say it's a slow mover) you said, 'it moves up and down a lot.' (So you know that for a fact - OK ------ 'It's a slow mover and moves up and down a lot .' )

But you obviously think it's going to continue or you wouldn't have traded it. And then again in the 2nd para, you seem almost surprised because,' it moved around a lot.'

Here's the thing, although your trade may be running in the 8 hour chart, your decision to trade is solely based on what you deduced in the weekly - and before making a 'stay-in' or an 'exit' decision, the question to ask would be, 'has anything changed my deducement in the weekly? Because THAT is the picture of this trade that counts.

You dropped down for a pull-back because we know there is a very good chance of a forwards move after a pull-back. That enabled you to construct your trading grid - which gave you an entry line and a stop (which could be extended for longer-term trades) and your TP1 and TP2. That's all you needed this chart for.

Now you did good here because you chose an 8 hr chart for your pull-back. That's a good, high, meaningful time-frame, which gives you a meaningful pull-back (MUCH better than going all the way down to the 1 hour where most pull-backs have a tenth of the validity). But from what happened in the 8 hour chart which you should have been expecting. Remember this....."So you know that for a fact - OK ------ 'It's a slow mover and moves up and down a lot." That's what you told us - and you let what was happening in the drop-down chart, when it moved about a lot, affect all your detective work and decisions from the weekly ;-)

Now what happened in this one trade does not matter. What matters is our perception of what is happening and how we react to it. Suppose this had been a brand new change of direction and a trend has started forming. You drop down to look for a pull-back, but the trend is new and you have to go all the way down to the 1 hour chart to find your pull-back.

You draw your grid and enter the trade......

Now tell me, on this trade, which was based on the weekly chart big-picture - are you going to let your perception of what happens in this 1 hour chart, dictate your management of this trade?

Each 1 hour candle in this chart is a 132nd part of a 1 weekly candle and even the biggest candles and moves in a 1 hour chart have little or no significance to the big picture.

So, hopefully there is a point here for everyone, not just you Michelle.

Don't let the clutter of the drop-down time-frames (even the bigger ones) interfere with your mental big picture. In other words, don't have a scalping mentality if you are trading longer-term trades ;-)


3

Trend Pair*: GBP/NZD
Chart Time-Frame*: 8 hour
Date & UK Time of 1st Entry*: 01/09/21 10:30 AM
Time in Trade*: 2 days
Range: (Stop to Entry)*: 110
% of Capital *: 2.0%
Buy or Sell Trade*: Sell
:
:
Rate The Move Steepness (1 to 5)*: 3 stars
Rate The Price Action (1 to 5)*: 2 stars
OVERALL RATING (1 to 5)*: 2 stars
:
:
Relevant Details & Your Plan*: Thx Rhonda for heads up. GBPNZD had been going sideways for about 12 weeks and was at the bottom of the taxi rank. Waited for confirmation of bounce or break. Monday it broke down. Found pullback in 8hr and set grid with entry order which triggered wednesday. Let the trade run. As it is non farm payroll today and i am unable to watch the trade I decided to close out while positive.
:
Pips? (+ or -)*: +53.8
ROI%? (+ or -)*: +1.9
:
Name*: Serena
Location*: Cape town
Demo/Live*: Demo

 

Aren't you feeling really pleased? After all this long time, this is yet another good, positive trade, done by the book. I'm pleased - in fact I'm delighted. Well done Serena ;-)


4


Trend Pair*: GBP/AUD
Chart Time-Frame*: Daily
Date & UK Time of 1st Entry*: 01/09/21 11:11 AM
Time in Trade*: 2D 20h
Range: (Stop to Entry)*: 120
% of Capital *: 2.0%
Buy or Sell Trade*: Sell
:
:
Rate The Move Steepness (1 to 5)*: 4 stars
Rate The Price Action (1 to 5)*: 3 stars
OVERALL RATING (1 to 5)*: 3 stars
:
:
Relevant Details & Your Plan*: Weekly rejected at 1.9100 (a previous pullback point in Oct 2019) and almost formed a new LL. The move down continued this week. Decided to test this if I could find a pullback in a 1D/12h charts with a wide stop.

Found an action candle in the 1D chart which provided a wide stop. Score was good and plan was to trade 2%; target TP2 and allow the trade to breathe - being aware that is NFP week.

Trade went well on day 1 followed by a pullback on day 2. Trade then recovered overnight and was close to TP1, but I wasn't convinced that the trade would make much more ground ahead of NFP. Decided to TTM and keep an eye on this - see Rhonda's post.
:
Pips? (+ or -)*: +100
ROI%? (+ or -)*: +1.67
:
Name*: Geoff
Location*: Edinburgh
Demo/Live*: Demo

Apart from anything else, on a Friday especialy, would we really want to take a risk with 1.67%?

I don't think so...

Geoff, if i may say so, ever since you decided to really commit to this, your trading has been generally excellent and I'm delighted for you. you are a 'tryer' and i love it when a plan really starts to come together for someone that really tries. But this trade shows us that you've really grasped what this is all about.

It was a great idea to go and look for a bbigger drop-down chart and look for a pull-back. Well done. NIce trade ;-)


5


Trend Pair*: GBP/CAD
Chart Time-Frame*: 8 hour
Date & UK Time of 1st Entry*: 26/08/21 01:30 AM
Time in Trade*: 7D 2H 20M
Range: (Stop to Entry)*: 98
% of Capital *: 2.0%
Buy or Sell Trade*: Buy
:
:
Rate The Move Steepness (1 to 5)*: 2 stars
Rate The Price Action (1 to 5)*: 2 stars
OVERALL RATING (1 to 5)*: 2 stars
:
:
Relevant Details & Your Plan*: I gave a long term trade a go last week with just cent pips. The pair had been making higher lows since May. The previous week had a big red pullback and it had started to form a 200 pip channel, which it was sitting at the bottom of. I extended my stop (purple line) to make sure i was clear of the mess. My entry is directly on the entry line of the red pullback candle, Its just the arrow had disappeared. It had pushed to around 50 pips while i was asleep several times and no further. So i figured it may have formed a smaller range, so when i saw it at +46 on Thursday I TTM.
:
Pips? (+ or -)*: +46.1
ROI%? (+ or -)*: +0.94%
:
Name*: Alison
Location*: Australia
Demo/Live*: Live

Go to the Activity tab, open the window and scroll to the bottom where it will ask if you want to show more trade, say yes and maye do it a couple of times until you get the date range you want.

Here's the thing Ali, when we are using the weekly chart as we now are - every trade is a potential longer-term trade. That's an important, but maybe not actually voiced enough. Have a think about i, and refer to Wednesday's recording ;-).


6

Trend Pair*: GBP/NZD
Chart Time-Frame*: 12 hour
Date & UK Time of 1st Entry*: 02/09/21 01:46 PM
Time in Trade*: 23H 38m
Range: (Stop to Entry)*: 100
% of Capital *: 2.0%
Buy or Sell Trade*: Sell
:
:
Rate The Move Steepness (1 to 5)*: 3 stars
Rate The Price Action (1 to 5)*: 2 stars
OVERALL RATING (1 to 5)*: 2 stars
:
:
Relevant Details & Your Plan*: Weekly chart had broken out of a range that it had been in since the end of June. The breakout was good and correlating with my earlier trade on the GBP/AUD. Looking at the weekly chart, I felt that 1.9200 was a possible target if there was another push down.

Plan was to trade in a higher time frame with a wider stop as this is a volatile pair. Pullback in the 12H chart provided a wide stop, but aware of possible sticking point a 1.9400 and NFP on Friday.

Cancelled an entry order and got into the trade a bit earlier. Trade was a slow mover which was in line with earlier price action. Decided to stick with this trade through this morning as it continually tested 1.9400, but had to exit as getting close to NFP.
:
Pips? (+ or -)*: +40
ROI%? (+ or -)*: +0.8
:
Name*: Geoff
Location*: Edinburgh
Demo/Live*: Demo

Agree with the assessment - good decision ;-)


 


Monday*: NT
Tuesday*: +35
Wednesday*: NT
Thursday*: NT
Friday*: NT
:
Remarks (Optional):
:
Week's Total Pips: +35
Week's Total Roi %: +2.0%
Accumulative ROI %: +12.7%


:
Name*: Adrian
Location*: Bristol
Demo or Live: Demo

Once again, you reached your goal and, as
requested, you stopped trading. The new goals scheme
is certainly working for you i think, just as it was meant to.
But we'll get your opinion on that in a week or two ;-)


Monday*: NTT
Tuesday*: NTT
Wednesday*: UTT
Thursday*: UTT
Friday*: +54
:
Remarks (Optional): I did not reach my goal of 2 trades for the week but everything seems to be in a hiatus and undecided.
:
Week's Total Pips: +54
Week's Total Roi %: +1.9
Accumulative ROI %: 3.6


:
Name*: Serena
Location*: Cape Town
Demo or Live: Demo

No, the market was very tough, but
1.9% is close enough for 2 smilies.
Well done ;-)



Monday*: +15, +1
Tuesday*: NT
Wednesday*: NT
Thursday*: 0
Friday*: NT
:
Remarks (Optional):
:
Week's Total Pips: +16
Week's Total Roi %: +2.3%
Accumulative ROI %: 45.15


:
Name*: Michelle
Location*: NZ
Demo or Live: Demo

You're DOING IT...... ;-)


Monday*: -10, +11.1, +6.1
Tuesday*: NT
Wednesday*: NT
Thursday*: +46.1
Friday*: NT
:
Remarks (Optional):
:
Week's Total Pips: +53.3
Week's Total Roi %: +1.83%
Accumulative ROI %: +43.07%


:
Name*: Alison
Location*: Australia
Demo or Live: Live

Tough week for us all this week Ali ;-)



Monday*: UTT
Tuesday*: +3.3, +8.5
Wednesday*: UTT
Thursday*: UTT
Friday*: UTT
:
Remarks (Optional):
:
Week's Total Pips: +11.8
Week's Total Roi %: +1.10
Accumulative ROI %: +9.98


:
Name*: Clare
Location*: Saffron Walden
Demo or Live: Demo

And i have to say - you are doing it too...
Remember when you couldn't get a
poistive week to save your life? ;-)


Monday*: +5
Tuesday*: NT
Wednesday*: +100
Thursday*: +40
Friday*: NT
:
Remarks (Optional):
:
Week's Total Pips: +145
Week's Total Roi %: +2.97
Accumulative ROI %: +31.30


:
Name*: Geoff
Location*: Edinburgh
Demo or Live: Demo

And THAT - is so close to another
3% week, that it doesn't matter.

on rescuing your week in two days ;-)

Anything around 3% or over gets a WELL DONE...


Monday*: UTT
Tuesday*: NT
Wednesday*: +4
Thursday*: NT
Friday*: NT
:
Remarks (Optional):
:
Week's Total Pips: +4
Week's Total Roi %: +0.53%
Accumulative ROI %: +1.29%
:
Name*: David
Location*: Dorset
Demo or Live: Demo

It's a positive week David ;-)


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