I have to put out some bait, I'm sensing dollar strength, but this might be a bear trap...but I won't know until I'm in it. I hope to find entry with placing limit order and see if there are any pullbacks to snag my bait. We'll see.

GBPUSD
Sell Limit Pending @ 1.6353
SL @ 1.6422
TP @ Open
Current Price: 1.6300
Current Status: Pending (NOT FILLED)

EURUSD
Sell Limit Pending @ 1.4005
SL @ 1.4063
TP @ Open
Current Price: 1.3959
Current Status: Pending (NOT FILLED)

__________________
Life is a Gamble. You win some. You lose some. And life goes on.

^ It doesn't look like those pending trades will trigger tonight, it got close though. The pullback was within 10 pips of my limits, but it exploded the other way before it took the bait.

Anyways, I'll leave the pending trades overnight. The 4th of July weekend is over, and it's back to the daily grind come tomorrow.

I spent part of my weekend troubleshooting my wife's car, fixed some minor issues (console lights and cupholder). But her A/C went out, and it's the hot summer, so I got under the car, and used the resources on the internet to find the problem. We've taken her car into the dealership, and they wanted $800 to fix the problem with the fans after charging us $100 for a diagnostic test. I placed an order for some resistors and an aluminum heatsink block (for about $50), hopefully following some advice on the internet, I can get the A/C working and save myself $750. I'm really hoping this will work.

__________________
Life is a Gamble. You win some. You lose some. And life goes on.

Both trades were cancelled. It was never filled, and the market had moved hundreds of pips down without me. Oh well.

It was my mistake, I should have put the limit orders a little lower, this is a good reminder of how I should have approached this for next time.

__________________
Life is a Gamble. You win some. You lose some. And life goes on.

Back at it again, not too much time to write, so I'll annotate.

All Pending orders.

USDJPY
Pending Sell @ 95.45
Stop @ 95.76

AUDUSD
Pending Sell @ 0.7975
Stop @ 0.8001

EURUSD
Pending Sell @ 1.3990
Stop @ 1.4015

GBPUSD
Pending Sell @ 1.6285
Stop @ 1.6325

USDCAD
Pending Buy @ 1.1583
Stop @ 1.1550

__________________
Life is a Gamble. You win some. You lose some. And life goes on.

EURUSD, GBPUSD, and AUDUSD all got triggered on the pullback. The USDJPY and USDCAD are both pending still.

__________________
Life is a Gamble. You win some. You lose some. And life goes on.

Add USDJPY to the list of the triggered.

USDCAD has touched my trigger price twice (it went down to 1.1583), and was unfilled by the broker. Kind of chaps my hide. It wouldn't kill them to fill my order.

__________________
Life is a Gamble. You win some. You lose some. And life goes on.

I'm heading to bed, I've been unable to sleep properly lately. I closed out all of the trades, maybe it'll help me sleep better...but I'll probably regret it in the morning as I do feel the dollar strength. Oh wells.

USDJPY
Sell @ 95.45
Out @ 95.34
Final P/L @ $11.54 (including spread)

AUDUSD
Sell @ 0.7975
Out @ 0.7970
Final P/L @ $5.00 (including spread)

EURUSD
Sell @ 1.3990
Out @ 1.3956
Final P/L @ $34.00 (including spread)

GBPUSD
Sell @ 1.6285
Out @ 1.6224
Final P/L @ $ 61.00 (including spread)

USDCAD
Pending Buy @ 1.1583
NEVER FILLED

__________________
Life is a Gamble. You win some. You lose some. And life goes on.

Hy Kenny,

I have learned the following from Chick Goslin ( the author of the book: Intelligent Future Trading)

When you work with limit orders ( to get the feeling of having a cheap entry) then you will always have the losing trades but you will miss out regularly on winning trades.
Because if price start to move against the direction that you would like to go it will always take out your limit order before it turns into a losing trade.
But you will now and then look to moves that you completaly miss out on.
So if you look to that scenario 100 x times you will not benefit from the now and then having that cheaper entry on a trade that then goes in the right direction.
Your hitrate is most certainly not benefitting from it and on the long term your avg. win/loss ratio is also not benefitting from it.

Only my 2 cents. But i have a system that works only with limit orders but that system is sitting always in the market ( so that is diferent)

Friendly regards...iGoR

__________________
Success comes with knowledge. Knowledge comes with experience. Experience comes with time and hard work... (iGoR)
MT Intelligence - Stats for fxigor1

Thank you, Igor.

I completely understand what you just wrote, and actually, that is also my core belief. My primary mode of entry is to enter at market. However, when I'm already late to the party, I don't feel like chasing the price, so I have to settle with limit orders on pullbacks. It gives me a much better RR ratio even if I never get filled.

Give me a few more weeks to settle in, I will start to place trades how I really want to do it. That is to enter at market, place a SL and TP, then I won't touch the trades until the next day adjustments. The true long term trading that I'm trying to achieve. I haven't researched enough about the TP/SL ratio I need for each pair...this is the reason why you see a lot of profit taking early right now from my trading. I don't like it, it's not my ultimate goal of the strategy.

__________________
Life is a Gamble. You win some. You lose some. And life goes on.

Even though, my previous few trades are profitable, they have been undisciplined. I have not completely formulated my trading plan for each pair, and this is the only reason why my trading is not acceptable to my own standards.

I need to become much more disciplined trader because trading is like fishing. The big fish is out there, but only the patient and professional fishermans are going to catch it because they put out the right bait, have the patience to wait for it, know what and where to fish, and most importantly...they had the right game plan from the start based on previous experience. Luck helps too, but it is not a major part of their success.

I've been pulling in small fry, but it only takes 1 reversal to wipe out all of my gains so far. I need to catch for the big fish.

__________________
Life is a Gamble. You win some. You lose some. And life goes on.