Wednesday | August 17, 2022 | 1:00 AM PST USDCHF and EURUSD did not or are not working out. This time, I am selling AUDJPY based on the rate clearing the six-minute, AND the 23-minute, AND the 34-minute, AND the 56-minute AND the two-hour baselines; with this occurring while the two-hour baseline is sloping downward, AND following the rejection of candlesticks at the two-hour temporal resistance level, AND as price is beginning to test the resolve of the two-hour temporal support level. (I am looking for 20 pips of profit.) I am selling EURGBP based on the two-hour and 56-minute baselines sloping downward, and I am looking for seven pip's worth of profit. I am selling GBPUSD based on the five moving averages mentioned above having switched from a bullish to bearish sentiment/bias, and I am looking for a payout of nine pips. I am now long USDCHF. I did not set a take-profit target in this case given that the pair might be on a strong bullish run initiated three or four days ago.
The Cable-U.S. dollar provided me with the nine-pip gain I was seeking within a matter of a few minutes (probably less than ten). UPDATE: GBPUSD has pulled back dramatically, so I have entered a short position a second time. This time I am seeking a 21 pip gain. USDCHF just stopped me out.. The pair is still bullish, so I tried to enter a long position a second time, but this stupid buggy Nadex demo platform is returning a BLANK display for the asset. The good news is that EURUSD has turned around so that it is now almost back to break even (just one pip away). UPDATE: Oh oh! Now it looks like GBPUSD might be trying to initiate a reversal north. (Actually, it might even be a continuation north, with the previous reversal-like move turning out to be a false positive.)
I sold AUDJPY based on the two-hour baseline, but didn't have a chance to record it because the place where I was eating was about to close. I'm going to go ahead and pocket my gains now at 19 pips... Rats! It's only at 17 now. GBPUSD is showing a $5.00 gain at the moment. I'm going to cash it in while it's still available (seeing as how I would have to say the two-hour baseline looks more-or-less neutral now). EURGBP and EURUSD are the only two positions I still have open. Will they ever follow through in the direction they're pointing overall? UPDATE: The two-hour baseline on EURGBP has begun to curve upward. Time to cut my loses short at $6.00.
However, I have another idea based on this one-hour chart: I bought USDCHF base on the new idea with a profit goal of 8 pips.
So this is the new chart for entering and exiting positions based on the above one-hour chart… The idea is to purchase long knock-outs (buy) when candlesticks are making contact with the solid bold fire brick colored lower band, provided that the dashed two-hour and 90-minute baselines are sloping upward (or at least when candlesticks are painting in the bottom half of the dynamic, adaptive 34-minute price range envelope, setting my profit target at the opposite band; purchase short knock-outs (sell) when candlesticks are making contact with the solid bold navy blue colored upper band, provided that the dashed two-hour and 90-minute baselines are sloping downward (or at least when candlesticks are painting in the top half of the dynamic, adaptive 34-minute price range envelope, again, setting my profit target at the opposite band; and to remain on the sidelines when the dashed two-hour and 90-minute baselines are neutral. (After testing this theory, I think it might be better to look for the 34- and 120-minute baselines to be in agreement, and enter following pullbacks to the 34-minute baseline, the center of the channel [i.e., 34-minute baseline errant son setups]). Since the 34-minute baseline appears to track the immediate trend, and the 90- and 120-minute baselines track the intraday trend, the 54-minute measure is omitted from this chart given that it would serve no real purpose. The six- and 20-minute baselines are omitted as well, because though the chart is intended to be used for day trading, it is not designed to be applied to scalping/guerrilla trading. I reset my Nadex demo account at $10,000 at the start of this week and am currently up by more than $300. However, this is because I am also trading in-the-money binary option contracts, which are much more lucrative. Unfortunately, they also come with a grotesque amount of risk. I can get away with it however, because I am virtually never wrong, except that this is partly due to the nature of these trades providing me with a generous margin for error—like 20 pips or so. This is not the case with knocks-outs, where my entry levels will need to be spot on if they are to return the same kind of payouts regularly handed out by the in-the-money binary options. So, the idea of the above chart configuration is to empower me with the ability to trade knock-outs with the same success rate (85% to 100% daily success) that I enjoy trading in-the-money binary options, because I would have to consider myself an idiot to trade with such gross risk-to-reward ratios in my live account, regardless of how much favor I might be experiencing in terms of avoiding losses.
Wednesday | August 17, 2022 | 6:15 PM PST This is my first trade testing the new chart configuration pictured above... I will be looking for 18 pip's worth of profit from this trade. UPDATE: Just a couple of minutes later, and this trade is making good progress... This is a good example of what I was talking about when I wrote that I believe this new configuration will enable me to optimize the levels at which I enter and exit positions with the greatest precision possible. The pair is running into support at this level, so I am going to go ahead and pocket the $13.00 rather than wait to see if the rate can break through and fall three more pips.
for goodness sake, stop trading with a baby or nano lot! Take trading seriously. After 5 years, It is high time you trade with mega or Giga lot. Or perhaps don't trade at all. you can't survive earning a few pennies every day/week.
He's not ready. He still has another 6 journals to close out before he finally decides which method he will use. Don't tell him about the upcoming, legally guaranteed Binary options the CME is going to be offering, or that will just distract him for another 2 years.
No...not true. They are all back. The six-minute (or five-minute) tracks gains and losses in price with their numerous fluctuations, and is vital for optimizing entries and exits. The 20-minute does the same, but without fluctuations, which adds a tiny bit of lag. Once you get to the 34-minute measure, you are actually looking at a "belt," a swath of potential values, rather than a line, from about 0.14% to 0.30% deviation. The 56-minute confirms this price flow, the directional gist of price action, and especially the beginning of intraday trend reversals. The 90- and 120-minute baselines confirm this intraday price action, but with a significant amount of lag. In fact, rather than plot the 90- and 120-minute baselines, attach their associated price range envelopes at approximately 0.40% deviation instead.