Newark18's trading journal

[newark18]

I've done a lot of reading (ie, MO's Ideas that I trade by). Lots of good information in there especially related to triangles/cones/pennants and accumulating. I tried blind mouse with the idea of accumulating but it never clicked. I would always pick the wrong blind mouse. I think I was just trying every blind mouse without being too choosy and without big picture perspective. After re-reading MO's thoughts/charts about cones, I think I will have better perspective going forward. I played around with it a lot this weekend and I can definitely see its potential. But now I have to put it all into practice.

So I will focus on daily extremes, cones and accumulating. Here are some charts with 15* lines and triangles:

[newark18]

Watching this breakout of cone on EU

[newark18]

EU triangle studies

[newark18]

I know that I should be targeting D2+ extremes and accumulating. But I am quite bored waiting for a set up. So I will test out a few theories while waiting.

I would love to see a breakout/break-in of the pennant. I would then long with SL at the low of that breakout.



And then target the black line (ie, potential outer edge of cone)

[newark18]

GBPCAD short pattern. Would love a BO/BI of the top of the pennant which would confirm and give a short entry.

[newark18]

Short GBPCAD. Going to try to accumulate here.

[newark18]

Long USDCHF

[newark18]

Mistakes were made and an entry was missed.

First, I expected USDCHF to reverse from a daily trend and longed into a zeroline. I should have been looking at continuation of trend and using the ZL as entry. I could have used a BO/BI of a small triangle as a trigger.



Second, I missed a EURUSD entry. I actually saw the entry very clearly but set my limit entry too low. Price spiked the pink cone, spiked/respected the black pennant, and I set a buy limit around the lower part of the pennant. I might have set it below thinking that it would spike below again.



I also got stopped out of GBPCAD. But I am still trying to assess that one.

[newark18]

USDCAD is showing a possible entry. ZL was taken out but waiting for something more clear.

[newark18]

AUDJPY is showing a possible entry towards a ZL.