926 - something Wong

something is wrong the way I trade. I am holding onto the trades so long. It is even more than swing trading. Its more like long term trading. I gotta start behaving like a sniper, and kill big, kill fast.

I also removed all the horizontal lines I drawn on my chart. Not sure way, but I just feel very lost with them on it. Removing them makes me think more simple, think more general.

1. Without drawing lines, look at where is the nearby major zones.
2. See the reactions in the zones. Are there any strong Price Actions?
3. If I am to enter the trade, locate and take note of the next zone.

Following the logics above, I should more likely be swing trading.

956 - sniper

I was thinking, maybe similar to Nial Fuller, I should focus on the next zone.

How it reacts to the next resistance/support zone, determines if I should continue of check-out.

Maybe how I enter the trade should also be the same logic. How is the price currently reacting to the zone? Bearing in mind that I should follow the trend. Which means, I have to understand the long-term trend, is it a bull run or bear run.

The above is my winning trade. Currently, price is facing a slight resistance at 81. Whole numbers usually causes some form or reluctance. But I think the stronger resistance is at 80, which has caused more resistance 1 year ago.

The above other trade of mine is a losing one. But it is currently fighting back with the help of a support zone.

If I have to adopt Nial Fuller's style instead of MasterGunner, I have to remember to trade like a sniper. MasterGunner is more like a machine gunner, spray shots all over, and getting good hits on average.

940 - end of a bull?

An update about my trade above. Will it be the end of the bull?
A retracement also hasnt happen yet. So the way I get out is the same way I get in. Wait for a retracement.

924 - just some thoughts on stock trading & business

Stock market

1. Is it a bull or bear market? (look at chart of overall market, using S&P or ST index) 
2. go for blue chips
3. go for those currently on a retracement (or go for those that have not yet catch up with the trend yet)

Business

My business stopped, as my supplier is not able to produce up to my standard. I was thinking of giving up, and maybe focus on my career and trading. But I thought, if there is some ways I can contribute to mankind, by giving something to the world I felt is missing, it is immoral not to do anything about it or give up on it easily. So just now, I seek out another vendor again and will repeat the process. I should not stop at a small problem. And I also always remember why I wanted to start a business in the first place. 

940 - another potential (CHF)

Above is USD/CHF. Bottom chart shows it is in a downtrend. It has retraced.

There is a chance to enter, as you can see a strong rejection in the resistance zone (top chart). The strong rejection in the resistance zone has cause a long pin.

But I might monitor it the next few days.

947 - updates, and about Turkey

 Above is my losing trade. The support line is holding up pretty strongly. Hopefully it does not collaspe.

The above is my winning trade.

I am halfway reading the 'Reminicse of stock operator'. It mentioned that at the exchange center, most people are losers, and do not last longer than 5 years.

But there is an old man by the nickname of Turkey. The author writes that the difference between this humble old man, and the rest, is that he hold onto positions, and does not concern himself with the short term movements. If he knows that the trend will be up, he sticks with it. That is why he is the old man there, because most other people do not survive.

Kinda remind me of MasterGunner. He goes for big moves. He rarely set stops, and he will only give up on the trade when he think it will no longer go the way he suppose it will go.

897 - exit strategy

I have one losing trade, and one winning.
The question here is, when do I exit?

I used to have a theory, which is to exit a losing trade after a during a retracement. It is similar theory to how I enter. So in other words, when I am long, and the price keep falling, I exit when it retrace upwards, before it plunge again.

Maybe I should also observe the price actions, to see if I should retreat.

Currently I am on long for the above trade. I am losing on this. But good thing is, there is a long pin on the support zone. It may mean there is a strong rejection of the price going down. Hopefully it props back up again and continue the upward trend.

The above is what happens when viewed in hourly candles. The downward force dries up, and a doji formed. Doji may signal confusion and uncertainty. After that, there is a strong surge upwards.

The above is my other trade which I am short on. Hope it continue downwards.

892 - counter-trade?

I have 2 trades on going. I am actually selling and also buying EUR at the same time. Is that stupid?

I remember MasterGunner says its not, and he does it. At the moment, it seems like when one of my trade is earning, the other is losing. So if that is likely the case, then why are the 2 longer term charts below the total opposite?

895 - added another trade

Added another trade. Overall trend is tanking, but it retraced back to a resistance zone.

So I zoomed into hourly candles, and see that the uptrend has simmered. 

954 - Back from HK trip

Just recently came back from HK trip. It has been a long time since I travel overseas, and this trip was good. Ate good food, and just had fun with family.

In HK, I also read sometimes, while waiting for my mother to do her shopping. Recently I saw a post by some traders, that they highly recommended some books. One of them is Reminisce of a stock operator, and the other is trading in the zone. Reading from the forum, it made me feel that there are also many people that earns from trading, even though I don't have any friends that I know of.

I placed the below trade just now, following the logics I wrote in previous post.










I also added a limit, to take advantage of upward spike, and also no stop loss, to prevent getting slaughtered from a spike as well. I placed the limit just before the next resistance zone.

Recap on my current trading logic :

• See the overall trend
• If there a retracement?
• Zoom into hourly candles
• Place limits, but not stops

956 - closed Facebook

Though I won, but I lost to the commission, which cost USD 30.

Summary of strategy:

1. How is overall trend?
2. Is there a retracement?
3. Zoom into Hourly chart.

957 - other theories (work and business)

On working, remember that your purpose is to help your boss, and also make him/her look better. It is especially better if your boss is a good person.

Remembering that will prevent some negative thoughts, like whether my good work will be stolen by others a not. Cause even if it happens, you are unable to do anything about it. You might as well live a happier life, and most likely you will learn something from that experience.

Same for business, I tend to fear if people won't like my product, or if other people will do a better job. Think of myself as an entrepreneur.

Entrepreneurs are heroes of the modern day, and help move mankind into smaller steps ahead. If I see something that I can improve on or solve, I have the bravery to take the first step. Thinking of myself as an entrepreneur, may help me to ease some negative thoughts.

Even if I don't make money, at least I provided the world with something that someone might need. At least I tried, and I am brave for doing so.

957 - Summarize

I don't think I should trade shares anytime soon. Found out that closing the trade also takes another USD15. So Forex is still the cheaper option. Unless I place big bets on shares, and USD30 is paltry.

For Forex, I think I will

1. look at overall trend
2. enter when there is a retracement
3. zoom in to hourly candlesticks
4. enter when it hits a resistance/support zone, in the hope of a rebounce
5. observe the price actions in hourly candles

957 - no idea what I doing

I have no idea what I am doing, so I switched to Hourly charts. From there, I have a clearer idea what is going on. I thought this is maybe when my knowledge of Price Action comes in.

From the looks of it, there seems to have a stronger pressure on selling. There is an Engulfing Candle, and hopefully it will be able to drive the price down further.

931 - trading stocks now

I just realized that my IG account is able to get information for Nasdaq shares, just that there is 15 mins delay. It is good for me, cause my trading will not be limited to currencies only.

I decide to keep my theories even more simple. I only look at the overall trend, then enter during a retracement.

Currently, I am short on Facebook shares. The overall market seems to be going downwards. I picked Facebook because from my platform summary, they have the biggest upward spike. They are currently on 2% gain.

I also did not set a Stop Loss, as there are many sudden spikes upward or downwards. Or rather, long shadows, or pins. I think I might set a limit stop to take advantage of it. I set my Limit Stop at 48, to grab the chance in case there is a sudden pin downwards again.

I only bought 30 shares. But I must remember that there is entry fee of 15 USD.

You can also see there is a resistance at around 64. So there is a good chance it will head downwards again. If it continue going beyond that, I might consider closing the trade.