Today's Trades

I took a couple of scalps today for a total of 29 ticks, but I did not trade well overall, as I declined to take 2 trades that would have got 40 ticks each. So I feel I should have done better today and hopefully I will learn from my error and take trades that have set up as per my methodology.

However, saying I did not trade well, both of my scalps were very well executed, and the second one could have gained about 70 ticks if I had held it longer. But as it was taken as a scalp, then taking 17 ticks from it was good.

I made a video on my 2nd scalp trade, but again, the sound was not very good. However, I recorded another video to explain why the trade was taken and also explained the set up for the 2 trades that I declined to take.

Here are the videos and screenshots

http://www.screencast.com/t/3VbX3JpskA
http://www.screencast.com/t/msZQkVhdINQE

Today's Trade

I took a trade on GC today after I saw a HVC breakout on the 10 range chart. I recorded the trade, but did not have my mic properly set up, so there was no sound on the 2 trade videos. So I have done another video to explain the reason for taking the trade and setting the target.

Here are the 3 videos with the trade review video with sound first

http://www.screencast.com/t/Q1oze4My
http://www.screencast.com/t/f1aPkhtLWDd
http://www.screencast.com/t/JabbISxR

Here are some screenshots too

Today's Trade

I took one trade today on gold after  seeing a squat proxy inside bar set up. This is one of my newer set up, and it is traded in the same manner as a squat bar set up. It was a good entry, but I failed to set the first target correctly, missing an obvious supply zone for one above it. I should also have looked at the 500 tick chart for the target confirmation rather than just the 5 min chart. Probably due to rustiness. Anyway, I have attached 3 videos showing how I identifed the trade and how the trade was badly managed after I realised my mistake. I suppose it is better to make and identify these mistakes while on sim, rather than when trading live. I will be going live after one more week on sim.

http://screencast.com/t/Mwrp0dQM

http://www.screencast.com/t/29kDNYTR

http://screencast.com/t/ilXcU1INF


I missed a good squat bar set up on CL whilst trading gold. I probably need to get an indicator built to alert me when a squat bar appears on a 5 and 15 min chart, then I won't have to miss these trades.

For some unknown reason, I am unable to post today's screenshots.

Back In The Saddle

I got back around 30% of my money from the PFG trustees and I have opened a trading account with Vision Financials. I have re-started on Sim again, to get back my confidence after all the stress caused by the PFG scandal.

My trading style still remain the same way. I will look out for supply and demand zones as taught by Online Trading Academy, and I will also use volume to identify my zones and use RPM and better volume for taking breakout trades into a new trend from a basing zone, or high volume churn (or squat bars) zones.  I will also use squat bars to look for reversal trades, whenever I see one with it's close in the middle or leaving a long tail.

Today, I took a sim trade on CL at a good supply zone on the 500 tickchart. It was counter trend, but the 5 min chart had given me a sense of a change in trend and then I found a good looking supply zone on the 500 tick chart, where we had a RPM up bar with an inside bar basing and then a better volume climax breakout bar. I drew my zone around the inside bar and waited for price to retrace and took a 1 contract limit order, with a SL just above the zone. I also scaled in, below a RPM up bar, so if I was not stopped out, then I would have more confidence in the trade.

Price moved as I had hoped and stalled at a demand zone I had anticipated. However, once it broke below, I was then confident of the trade working. My first target gave 48 ticks, and then my second target was soon hit as well. This was a well executed and thought out trade for me.

Here is the 5 min and 500 tick charts, and a couple of videos of the trade.

http://www.screencast.com/t/vYViY7sO
http://www.screencast.com/t/L751Nru7woiS