ZackNeveFX ForEx Trading Journal For BHW

Hey guys,
Zack here. I have been trading successfully for 4 years now, and was a loser for 2! I have done IM as well to try to fund my account. I have seen some posts on here about trading and those interested in trading. **WARNING! Stop right now, learn for a few years, then play with demo money for at least a year of profit.

90% of retail (us) traders lose money. I make between 10%-16% monthly day trading the EURUSD with my method. I want to warn everyone investing in JVs with FX to not do so... I want to warn all traders that are new to not invest your money until you are completely confident in your trading. Do not trade binary options, ever...

The purpose of this thread is to show BHW what I do with all the money I made from IM and from my art (yes I am a sculptor) - it goes to food and then into my trading account. I hope I can inspire those wanting to learn to trade that it is possible as a retail trader to make money. I want to show you guys that with perseverance anyone can do it. I do teach for free, and feel free to contact me if you are interested.

I do recommend starting your journey with a free intro school which is the baby pips school. A quick google search will land you here!

I hope you guys enjoy my trading journal where I will outline all trades and show you chart screen shots (even the losses )

Feel free to post in this tread as well!

I know BHW is not about ForEx and is an IM forum, but I love you guys, and really want to keep my journal on this website. I have never published a journal before, but keep a private one - so here is where I will keep my updates from now on!

Cheers,
Zack
:drinking2

Mods if you need to move this to a new category, please do so!

Wow! Check out that OTE forming on the EURUSD to go long. Confluent on all time zones for a swing. 30 pip range today, you know what that means. A small range day warrants a big range day tomorrow. Lets see if the 1.29000 figure level holds up, and we see a nice bounce off of the 78.6% retracement. I got a video going on the setup I am seeing tonight, if it holds up I will post it for you guys tomorrow or some nice chart examples here outlined. Stay tuned!

Following

Thanks for sharing Zack. I am am definitely interested. Tried to PM you but not enough posts.

zneve08 said:

Do not trade binary options, ever...



Cheers,
Zack
:drinking2

Mods if you need to move this to a new category, please do so!

Click to expand...

I agree. Binary options are bullshit. It's much more profitable to trade real put and call options.

Hi Zack, finally I found what OTE stands for at babypips. Will back test your methods.

Alrighty! After a long night of staring at the EURUSD no trades were made last night, or this morning in the NY session.

Well, it looked good I'll tell you but there was no price action to get me into this trade. It is extremely important that every system has a "trigger" to pull to get into a trade. My trigger is a clear candlestick pattern, chart pattern, or harmonic pattern - during an OTE (between the 61.8 and 78.6 retracement of a swing) - during 7AM-9AMEST or 2AM-4AM EST. Although we had the the 3 drives harmonic pattern this is not a strong enough harmonic pattern to get into a trade, nor did we have anything else...

1. Now, the Optimal Trade Entry (OTE) that we were looking at was violated at 1:30AM. Once this happened what did I do? Go to sleep! When the entry fails, and it doesn't look good any more, that's when you throw your emotions away and snuggle up with your covers. Always live to fight another day and never trade a bad entry.
2. No entry signal, no price action except for one pin bar but our OTE was clearly violated so there is no sense in even looking at this entry...
3. Our OTE was violated before our trading zones, time to go to sleep.

The signals lined up! Why didn't the EURUSD go up!? Honestly... Who knows and we will never know and who cares! But my method kept me out of this one. As i like to say, no trade is already a winning trade.

ukerotect those profits!
Zack
:whee:

If I get requests to post these charts, I will - for now I will assume you have them in front of you!

A great day for the Euro. Now you might be saying, why the heck is he saying a great day... There was no trade today... The entry failed!!

What happened when that entry failed long? I let my position short ride out from the beautiful pin bar 2 days ago on the EURUSD. Now this trade was taken off of pure price action, on the daily time frame, and last night I was expecting to liquidate it to go long. I was fully convinced I would have to liquidate this position at maybe 20 pips of profit and charge long for a giant movement of 100+ pips and clean house with a 3:1 RR. Yeah... That didn't happen now did it. And trust me, that happens to me ALL the time. It happens to every single profitable trader ALL the time. It will happen to you ALL the time.

The long did not form, and I kept this short position opened. If the long formed, the profit potential was much greater than the trade I am currently in short (which is why I was plenty excited to liquidate it and take the EURUSD long...)

Currently I have tightened my stop to +75 pips profit (my stop loss) for a 1:1 RR (risk reward ratio) and have liquidated 75% of this position with a 1.5:1 RR netting my 1% gain (exactly what I risked) into my account at this moment. Protect your profits, cover your risk, and let it ride baby.:weightlif

I have posted a video on youtube detailing exactly what I am talking about. Now when that OTE failed for the upward movement, I held tough, tightened my stop, and watched it blow through. If the OTE held up, I would have liquidated my pin bar short trade and took it long. So here is a video detailing this amazing pin bar reversal setup. Its simple, even the novice can use this setup.:cheer2:

I can not stress this enough: The pin bar is used for reversal signals, the smaller the body of the candle the better, the longer the wick the better, and the higher the time frame the better! You can use this method on the Daily chart, or 4H chart - I do not recommend going any lower as the signals hold more value at the higher time frames.

In this video I show you exactly how to make this trade, where to put your stop loss, how to take your profit, and how to protect this profit. Step by step, just for you. I also detail for advanced traders how to use the smaller time frames to get into a more advantageous position to really tighten your stop loss. Use this method on any pair that is a MAJOR currency pair. If you need a list of the majors, baby pips has that for you!
Cheers,
GL and GTs,
Z

[video=youtube_share;7M3bXknmNrI]http://youtu.be/7M3bXknmNrI[/video]