SECOND WEEK: +409 pips. Trades 22. Wins 15. Loses 6. BE 1.
Monday: GU -40, -40. GJ -40, -40. UCAD -40, -40.
Tuesday: UCAD 20, 52.
Wednesday: UJ 20, 0. EJ 20, 76.
Thursday: EU 20, 115. EJ 20, 30.
Friday: EG 20, 40. AU 20, 60. Gold 68, 88. GN pending, canceled.
Every trade this week was a "Break-out, Pull-back, Continuation", although I don't always wait for the continuation part. Sometimes I will enter a trade on the pull-back.
When entering on the pullback ( Mondays trades, Tuesdays trade, Wednesdays trades ), the advantage is getting the first 20 pips earlier, and more pips on the second position. The disadvantage is if there is no continuation then I am in a losing trade.
Waiting for the continuation is the conservative ( less risky ) way to enter. The disadvantage been having to wait 20 or 30 pips, or what ever, before entering a trade.
Thursdays trades I waited for the continuation ( almost ). The ideal entry is a few pips beyond the high/low of the breakout bar. I entered Thursdays trades a few pips before.
Fridays EG and AU were conservative BPC trades. The Gold I entered on the pull back, and didnt shut the first trade at 20 pips, mainly because this was my first Gold trade and just wanted to see how it would go. Turned out real good. I entered gold on the pull back because the break-out bar was big and authoritative.
I will continue to enter trades on both : A) the pull-back, and, B) waiting for the continuation, depending on how I feel about it. Trend, correlation, break out bar size, distance back to S/R, pips left on ADR etc, etc.
Some trades will be entered using pending orders, such as AU on Friday.
Monday: GU -40, -40. GJ -40, -40. UCAD -40, -40.
Tuesday: UCAD 20, 52.
Wednesday: UJ 20, 0. EJ 20, 76.
Thursday: EU 20, 115. EJ 20, 30.
Friday: EG 20, 40. AU 20, 60. Gold 68, 88. GN pending, canceled.
Every trade this week was a "Break-out, Pull-back, Continuation", although I don't always wait for the continuation part. Sometimes I will enter a trade on the pull-back.
When entering on the pullback ( Mondays trades, Tuesdays trade, Wednesdays trades ), the advantage is getting the first 20 pips earlier, and more pips on the second position. The disadvantage is if there is no continuation then I am in a losing trade.
Waiting for the continuation is the conservative ( less risky ) way to enter. The disadvantage been having to wait 20 or 30 pips, or what ever, before entering a trade.
Thursdays trades I waited for the continuation ( almost ). The ideal entry is a few pips beyond the high/low of the breakout bar. I entered Thursdays trades a few pips before.
Fridays EG and AU were conservative BPC trades. The Gold I entered on the pull back, and didnt shut the first trade at 20 pips, mainly because this was my first Gold trade and just wanted to see how it would go. Turned out real good. I entered gold on the pull back because the break-out bar was big and authoritative.
I will continue to enter trades on both : A) the pull-back, and, B) waiting for the continuation, depending on how I feel about it. Trend, correlation, break out bar size, distance back to S/R, pips left on ADR etc, etc.
Some trades will be entered using pending orders, such as AU on Friday.