Tag Archives: Everett Hale

Xin’s Independent Currency Trading for 3/21/2016 – Lots of Kiwi Action Today

Introduction to RYZE.Ai:

Learn About RYZE.Ai

Learn How to Profit with RYZE.Ai

Readers of my blog have told me often that they really like to read my trading adventures and they would like to make profits trading currencies or commodities like silver or gold but they don’t have the time to learn all the skills necessary to be really good at trading. If you are one of those people, there is an excellent program called RYZE.Ai by Hodo Global. I can enlighten you on how this fully automatic artificial intelligence software program, which  I use to generate consistent profits in my trading account, week after week and month after month, can benefit you as well. Independent analysis (I will post a blog with links soon.) shows RYZE.Ai has earned 3.06% per month on average. For more information, please watch the overview videos, read more of my detailed articles, attend a Thursday evening webinar , check for a RYZE.Ai seminar in your area or send me an email or set up a time to talk to me personally.

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Currently there is a subscription special reducing the initial fee to only $99, a savings of $100. Read my bog about the special here.

Why RYZE.Ai?

Now back to “the best of” my personal trading:

Introduction:

british-flag

The British Flag

This is my daily trading report for Monday, March 21st, 2016. This is where I cover my individual trading exploits. Follow along as I venture out into the world of Forex each day to trade with giant Central Banks, Huge Financial Institutions, Hedge Funds, Multi-National Corporations and millions of other traders. See my wonderful winning trades, cry over my losses, celebrate my skilled analysis and wring your hands and I make a foolish mistake. I cover it all. I feel you may learn as much if not more from my mistakes so I put them out there for all to see. (Very altruistic of me, don’t you think). Laugh at my jokes and be entertained by my stories and learn at the same time. Please leave me some comments and let me know what you think and any suggestions you have for making my daily reports better.

In my weekly trading reports I cover the Live Trading Rooms and the Master Traders from the FXSignalsLive automated, mirror trading program.

Evening Sunday 3/20/2016

Signal: Australian Dollar / Japanese Yen

This was a signal I saw on Sunday after the market opened in Sydney. I looked at it here and decided that the movement was still downwards and since it was above the entry point I decided to watch and see how the price movement developed before entering the trade.

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Australian Dollar / Japanese Yen (AUDJPY) Harmonic Gartley Pattern on Hourly Chart on 3/20/2016 at 5:39 PM

As I watched the price movement the price seemed to meet resistance at the entry point. It stayed at this point for most of an hour, so I decided to go ahead and buy three positions around this point.

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Australian Dollar / Japanese Yen (AUDJPY) Harmonic Gartley Pattern on Hourly Chart from 3/20/2016 at 6:11 PM

This trade burned me. The downward trend subsequently picked up again and then spiked right down through the stop loss and I lost on all three positions. As you can see by the subsequent price movement, this could have been a god trade if I had waited for a true confirmation of the reversal. If I had waited for the next upwards bar, I could have avoided the loss and had three winners. Instead, I jumped the gun on the entry and got burned. There is an old saying among traders, “Don’t try to catch falling knives.” Translated this means wait prices to truly reverse, don’t try to jump in and guess bottoms or reversal points. You can get bloody this way. I clearly demonstrated the wisdom of this advice today on this trade.

The lower red horizontal line is the stop loss point. The red bar that breaks through it (circled in purple) caused me to get stopped out and to lose on the trade. If I had waited until the first reversal bar, I would have made money on the trade. (see purple arrow)

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Australian Dollar / Japanese Yen (AUDJPY) Harmonic Gartley Pattern on 3/20/2016 at 10 PM

Signal: Australian Dollar / New Zealand Dollar (AUDNZD)

I did not like this pattern. The one bar spike that set the entry point had already retraced significantly. By the time the signal was generated the price has already hit the first profit target. The trade was too far along to be entered at this point. The stop loss points were very far away by this point and the profit potential was substantially reduced. So, lower profit potential and higher risk potential means no trade from my point to view.

Note: This turned out to be wise because the pattern broke down shortly afterwards and would have led to a loss.

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Australian Dollar / New Zealand Dollar (AUDNZD) Harmonic Gartley Pattern on Hourly Chart om 3/20/2016 at 7:04 PM

Morning Monday 3/21/2016

Signal: Australian Dollar / New Zealand Dollar

This trade looked good. I waited for conformation of the downward price movement but the market began to move downwards as I was placing the orders. I ended up getting filled substantially lower than I wanted. The trade continued to move in my direction. However, before I left the house shortly afterwards I adjusted the stops lower, too low as it turns out. I ended up getting stopped out with a small loss on a trade that would have been a nice winner. I am still learning when to move my stops and I blew this one. I moved it too tight and it bit me.

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Australian Dollar / New Zealand Dollar (AUDNZD) Harmonic Gartley Pattern on Hourly Chart on 3/21/2016 at 5 AM

 

Evening Monday 3/21/2016

Signal: Australian Dollar / Canadian Dollar (AUDCAD)

This looked good to me. There was a confirmation of the reversal and the price had not moved too far from the entry point. So, I entered two positions.

AUDCADiH1-gartley-3-21-2016-718pm

Australian Dollar / Canadian Dollar (AUDCAD) Harmonic Gartley Pattern on Hourly Chart on 3/21/2016 at 7:18 PM

 

Signal: New Zealand Dollar / Japanese Yen (NZDJPY)

I liked this signal and got in to three positions about 10-15 minutes before this screenshot. There were a number of signals being generated here and I was rushing. I ended up with three winners on this trade in about 20 minutes, which is nice. The only downside is that I set all three profit targets at the exact same point, which was profit target one. Hey,so I may have missed out on larger profits on two of the trades but all in all, three winners is nothing to sneeze at and I will take it. Although, I do realize I need to double check stops and profit targets in the future.

NZDJPYiH1-Gartley-3-21-2016-717pm

New Zealand Dollar / CJapamese Yen (NZDJPY) Harmonic Gartley Pattern on Hourly Chart on 3/21/2016 at 7:17 PM

 

Today’s Geography Lesson: Tower of London

Lessons Learned

Lessons Learned 1: Wait for reversal confirmations. I did not wait for a confirmation of the reversal on the trade this morning and it cost me several losses. I anticipated the price action instead of waiting for the reversal to occur. This mistake can be fatal.

Lessons Learned 2: Always check stop losses and profit target orders for accuracy. I cut my profits short on one trade today when I entered all three positions with the same profit target. I still made money, but this was an error I should have caught.

Conclusion:

An aggrivating day today. I had some nice trades and some losses caused by misjudgments, which I hopefully have learned from. I trade small so my losses don’t impair my ability to keep trading and learning. Once I have become consistently proficient, I can trade a little larger positions.

My current recommendation:

Like I said at the beginning of this article, for additional details on a fully automated, set it and forget it, artificial intelligence currency trading program called RYZE.Ai from Hodo Global , watch the videos below.

RYZE.Ai and Hodo Global Videos

RYZE.Ai and Hodo Global Videos

Click here or on the Image Above for the RYZE.Ai videos.

Once again, if you have comments or questions, please leave then below or contact me.

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Sincerely,

Xin