Forex Challenge - $2000 every month!!!

[bloodmoney]

Vikas, Is this the wave which you traded in EURUSD pair today??

Sorry if I'm wrong and can you take some pain to post that chart here.. Just tried to spot the wave which you are talking about.

 

[DanPickUp]

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[bloodmoney]

Hy bloodmoney

Beautiful chart with absolut PERFECT wave points.

Ok. I know it is easy to choose the points after the market has made his moves, but it is a perfect example how it has to look, even I guess you cheated a little bit by doing it after the moves. But never mind. It looks great.

Take care

DanPickUp

DanPickUp,

I was trying to train my eyes to spot the waves which was already formed as its just beginning of my learning. and i guess i got it right this time.

 

[bloodmoney]

Vikas/Dan,

Have tried in RT this time. In USDJPY pair, spotted some wave formation(according to my eyes .You Guys have to say whether its valid or not) and see the below result of my observation.

So, My queries are

First of all, Is my Pattern valid?

If it is yes, then do we have to wait and watch whether the ticker holds the 1 - 3 trend line at point 5?

What should be the confirmation to jump in trade after point 5 ?

Sorry for such noob questions. Trying to learn something new. So kindly bare with me.

 

[findvikas]

Bloodmoney... I will answer your queries tomorrow as I have some strained eyes and still got to post couple of blogs. More and more signals are coming to me from across different correlated charts that a crash is imminent and very likely.... consider a crash like max 8-10% more correction from current levels...

 

[findvikas]

or even better please take this discussion to Wolfewave Swing Calls thread ? which could be a centralized thread for all WW practice of ours... and I am also learning since past couple of months and the more you train your eyes the better you spot it.

 

[findvikas]

Vikas, Is this the wave which you traded in EURUSD pair today??

Sorry if I'm wrong and can you take some pain to post that chart here.. Just tried to spot the wave which you are talking about.

Hy bloodmoney

Beautiful chart with absolut PERFECT wave points.

No I did not executed that trade which was not a WW per my rules.. you could luckily trade that but that was just some noise in the dominant wave which was indeed bearish...

Per my rules... you should look for a bullish wave in falling market and bearish wave in rising market... in your chart it was a bearish wave in already falling market .... luckily you were inside a larger bearish wave otherwise results could have been fatal.

I got an interesting chart and a new learning for you all.. I traded this because I have seen this pattern many times and traded couple of times to be confident enough in it.

See how it all happened... I found it best on 30min chart..

Now see the actual target was 1.37091 where the two lines cross each other and it should have fallen only till there... ideally. But it kept on riding the 2-4-5 line and see how it took support at this line and keep on riding it.. and never closed below this line until in the end where it finally broke off the line.. my target was only till 1.037091 and that's where I got off the wave

After it was off the line for continuous 3 bars, I shorted at 4th one @ 1.3777 and put the take profit @ 1.3710 and SL @ the highest point before it broke off the line @ 1.3800. Fair deal and I went to take some rest as was not feeling well. came back to realize that my trade was closed automatically with a good 68pips of profit... if I were in front of system I would had put a trailing SL of 10pips but neverthless it was a good trade.

Interesting part... since it fallen too much below the actual target... see it coming back and touching the actual target line (red horizontal) very . Hope I was clear enough.

 

[pipshower]

Last 40 days were the most exciting days in my trading career where I have learned the lesson of life, a very inspirational, practical and real life story of my own.

"The 40 days of Forex Trading" or you might want to call that the "Ups & Downs of Life"

I started my FX account with just $100 on 21st December and made 50% in just 6days... impressed with my style I added more funds and made the account size to $1000... increased my margin and everything was going fine... great I made 2100 within 24 days and this was the first time I was trading FX... I left my position opened for weekend. yes without SL, blind faith in my system... very poor money management... no money management indeed.

Next monday morning realized a counter wave killed my profit and account left with 1000 (50% margin call).. still at break even and made some more mistakes and 2 more margin calls.... fine... I am down to $248 from 2100 in a matter of 3 days.

I could go and stop trading FX, blame others for my mistakes, add more funds and repeat the mistakes and keep doing so. Or take a break of 1 day and come back with a fresh attitude to start the account with a fresh capital of $248... Like I lost nothing... I chosen the last one.

Today just after 17-18 days... I not only recovered my loss but withdrawn $2037 out of my account and still left with $400 in my account.

Here is My FX Journal for those who think earning money is easy and also for those who think once fallen you cannot stand.
http://spreadsheets.google.com/ccc?key=0AsC1qV6Wtd1xdFo1MUQwTVlDc2VzMTIyYnZDbi1jTFE&hl=en

Today I decided to challenge myself and repeat what I did with $248... and try to make $2000 every month and make a fresh start every month with $500 every month.


Here are some details
Initial Capital every month: Not more than $500
Monthly Target: To close in Green... yes that will be my target but I want to exceed my targets.. sky is the limit.

Some Important Rules

• Trade only when there is opportunity to trade.
• Trade only when you have 100% confidence in the trade.
• Trade only in London Hours, when market is highly liquid.
• No carry trades for weekend or next day.
• Trade max 1HR Chart, min 5min
• No more than 5 trades in a day
• Max Risk should not exceed 5% of the total account size on any trade
• Try to NOT have more than 2 losers in a row

I will prefer only the FX Majors but will not limit myself only to major but any tradable opportunity, still I will avoid anything other than Major & Minors due high spreads. I will try to post the details of trades at the end of day or a consolidated list at the end of week.

Here is the snap shot of my trade sheet as of today

Let the journey begin... may god bless me throughout the journey.

First of all my best wishes for your trading journey...

Well Vikas the steps you described above are classical steps in a traders journey to success if and if only you never give up and keep studying markets will you reach the Ultimate success level as a Trader pulling money out of market consistently ...
Everything is possible when you take your failure as next step to success...
Failure should boost you in positive way to understand the reason of failure and to correct that to move on to success..


Those who limit there targets will reach only till there target ..For those who know SKY IS not THE LIMIT will go beyond and far above with proper planning and determination and patience..


Sorry for the Ramble..
Hope you got my message from the words above..

Wishing you all the best of success!:thumb:

Regards
Pipshower

 

[findvikas]

So, My queries are

First of all, Is my Pattern valid?

If it is yes, then do we have to wait and watch whether the ticker holds the 1 - 3 trend line at point 5?

What should be the confirmation to jump in trade after point 5 ?

Sorry for such noob questions. Trying to learn something new. So kindly bare with me.

The pattern was a valid one but one thing important was missing "high tick volume" - Oanda does not give volume data so I suggest to get a MT4 demo account from FCXM.com or your preferred FX broker.


Volume was almost flat compared to previous bars.. so be careful if there is not enough volume on the point 5.. it did tried to move up but failed to reach target that time...

Lets look at the 30min chart and see what happened there...

Can you see a saucer kind of shape in volume ? volume should be low before hitting the point 5 and maximum at the point 5 when compared to previous bars and then once again it should fade as price reverse..

Just before hitting the target, volume starts to increase and that is a sign that it is going to touch the target soon.. once hit the target.. volume usually stays at peak in recent bars.

In the above chart.. price went above after touching point 5 but then retraced again.. below the 1-3-5 line.. in such case this is what suggested to keep yourself in the safe position... create a line parallel to 2-4 line (parallel line is the red one) and any price between 1-3-5 and this line is considered to be a "sweet zone" and any position in that area is a good position unless the pattern is quite steep

Hope that helps

 

[findvikas]

Thanks Pipshower... and I got your message

Hope you got my message from the words above..
Wishing you all the best of success!:thumb: