I've been collecting vinyl for a couple of years now and I finally added the vinyl piece (see what I did there?) to my trading set up.

Rega RP1 with Roland DM-20 studio monitors.

The album i'm listening to at the moment is Simple Math by Manchester Orchestra, an apt title for the trading world!

Rega RP1

How many times have I made proclamations of grand changes on this blog? I'm admittedly starting to lose count.

The one person that got me into trading was my Dad. I talk to him on a daily basis, usually sharing my screen so that he can look in from time to time whilst i'm trading. I can always rely on him for the harsh truth if and when i'm ignoring it myself. Yesterday was no different.

I mentioned in my last post that Kiwi had the potential to bounce from the trend line and produce another sell set up. It did exactly this so I took another short. All annotated on the chart below.

NZDUSD 1HR

I was feeling good about this short so when a set up appeared on the 15min / 3min combination i've so far been using for the year, I decided to take this as well. Once news came around at 13:15pm. This didn't go as well.

NZDUSD 15min / 3min

To be perfectly honest I was pretty happy with this entry. It just didn't go as far as I wanted it to, it got to about 12 pips at most.

So after this loss and bringing my account pretty much back to square one for the year I asked my Dad a simple question.

"What am I now doing wrong?"

His response?

"Stop tinkering, you're worse than Van Gaal - go back to your set up you've been using since the start of the year and scalp 10 pips a trade or take what's on the table - you've tried everything else!"

Trust him to use a football analogy! And to be perfectly honest. He's right.

The last few days i've been talking about long term P&F charting and not really looking at what served me so well during February and March. I've tried long term stuff in the past. It didn't really work for me. I might still demo some entries but for now it's time to get to back to what I was doing well.

EURUSD.
15min volume zones.
3min P&F.

Keep It Simple Stupid.

So if you're into trading the opposite to predictions or signals, follow me!

Both the GBP/USD and NZD/USD entries I discussed yesterday were stopped today. The NU trade triggered and stopped today.

Fairly disappointing outcome to what I thought was some good entries. Perhaps they'll get to the targets and it's a case of having my stops too tight. I'll keep an eye on them and I guess time will tell for sure. I'm most interested to see what the NU trade does as it has the potential to bounce off the trend line and continue down from there. There's news at 11:45pm tonight so i'll see what that does.

Charts for the trades.

GBPUSD Short

NZDUSD Short

First things first, I didn't take any of my usual scalping set ups today. There was a nice move down this morning as it reacted to the low of Friday's zone but there was no P&F set up on the way down. A couple of set ups showed up near the low of the move. At this stage I figured it was too close to the trend channel to take an entry. But they all would've come good.

EURUSD Sells

I mentioned I was going to start looking at some higher time frame Point and Figure charts which I started doing today. There was a few charts that caught my eye.

I've taken a short on GBPUSD and have a sell order placed on NZD/USD. Both based on10x3 1HR charts.

GBPUSD Analysis

Most of it is annotated on the chart. There was a double top at the high and as it touched off the trend channel. Price fell hard from this high and it broke the lower channel. I took the triple bottom signal that printed this morning. Targeting the lower orange rectangle as this is the count from the high. This could be a good place to take profits as there is an old resistance line which could turn into support around this level.

NZDUSD Analysis

So far i've only set an order for this trade. My sell stop is at 0.7500 and i'm targeting the orange rectangle at 0.7320. R:R for this trade is around 1:3. There seems to be a lot of resistance at 0.7740 as price has attempted this area on four occasions across that red line. There's potential support at 0.7430 and 0.7400 but we'll have to see what happens when and if we get there. Third potential support is a touch of the lower trend channel.

Does anyone have any forex charts they'd like me to point and figurise? I'm not looking to make calls and show off but to step outside of my comfort zone, welcome the challenge of a new chart and hopefully learn something along the way.

Cheers,

Liam

Until the last week of the month it had been a pretty up and down month. I was down 0.28% at the start of the last week. I unfortunately finished down 3.98%. I spoke about most of the trades in the last update. I took one further entry on Wednesday last week and didn't trade for Thursday and Friday as I was busy with other things.

The entry for Wednesday is below.

EURUSD Buy

Bit annoyed with this one as I had the direction right but got in a little early before it finally pushed up. The entry can be seen in the green rectangle as usual. I've also highlighted the initial stop position and where I subsequently moved my stop. Lost 0.7% on this trade as a result of moving my stop. It would've been a full stop otherwise.

A third of the year is gone now and I can't help but feel that this has put the yearly target a bit out of reach. I'm still going to give it my absolute all to get there but we'll have to see how it goes.

May is going to consist of stamping out the inconsistencies. Stop the self sabotage and stick to the plan. April could've looked a whole lot better if i'd done this. I want to come to the end of May completely happy with my trading and feeling like i've achieved what I set out to.

Have a good weekend everyone,

Cheers,

Liam