My Journal - Pathways to Improvement

This is a discussion on My Journal - Pathways to Improvement within the Trading Journals forums, part of the Reception category; Some questions to ask about 3rd LR: About Entry: Should I enter trade only when 37 LR changes its bias? ...

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Old Aug 4, 2015, 8:52am   #31
Joined Dec 2014
sun11 started this thread Some questions to ask about 3rd LR:

About Entry:
Should I enter trade only when 37 LR changes its bias?

About Exit:
Same as above? or when faster LR changes bias? (probably pull back)
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Old Aug 4, 2015, 9:42am   #32
Joined Oct 2013
Quote:
Originally Posted by sun11 View Post
Some questions to ask about 3rd LR:

About Entry:
Should I enter trade only when 37 LR changes its bias?

About Exit:
Same as above? or when faster LR changes bias? (probably pull back)
Morning Sun

For scalps enter on change of quick 2 lrs ideally in time windows around Key times

When you have all 3 LR's saying buy or sell - then stronger signal so you expect moves over 5 pips - ie 7 -15 pips etc

I will try a bit later to give you some example this morning

Been a few nice ones today

Out for about 45 mins but around a bit later

GL


Regards


F
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Old Aug 4, 2015, 10:15am   #33
Joined Dec 2014
sun11 started this thread Today I traded real bad. Its still -24 pips.
Just wanted to know something, I'm not trading in real yet. Until I get into satisfactory level with the daily targets. But even if I get into that, is there any daily loss limit like daily targets?

Regards
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Old Aug 4, 2015, 10:47am   #34
Joined Oct 2013
Quote:
Originally Posted by sun11 View Post
Today I traded real bad. Its still -24 pips.
Just wanted to know something, I'm not trading in real yet. Until I get into satisfactory level with the daily targets. But even if I get into that, is there any daily loss limit like daily targets?

Regards
Yes

normally what I do is stop if I have 3 losses in a row that add up over 10 pips and have a break for 30 -60+ mins

If 3 losses under 10 pips then will carry on after 30 mins but try and break my run by even taking early profit on the next trade - at any level

I have had several days when I have over 5 losses in a day - but scattered with maybe 7 - 10 or 15 wins in between

If I had 3 losses in a row - stopped and then after an hour had another 3 losses in a row - I would wait until another session or at least 2 hrs +

Dont worry at all atm - as we have got to get your reading PA at the coalface improved along with timing

I remember Major Magnum going through early scalp periods taking 20 + scalps over a few hours and getting over 70% of the wrong

This was because I wanted him to exit as soon as possible if price at entry went over 4 or 5 pips against him.

Ideally with a 1 pips spread a 3 pip pullback is OK - but no more - you will have entries when price does not go over 2 pips against you and then makes you 5 or 10 pips +.

Its so important you exit asap - even if then goes your way - take the hit -

Its all part of the disciplines you will get used too

Regards

F
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Old Aug 4, 2015, 11:05am   #35
 
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^Re lack of brain-I disagree-I plunged right in on a live account for my first year and lost 5 grand.at least you are on a demo.stay on the demo and try and work it out-best of luck-if you fail dont worry-
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Old Aug 4, 2015, 11:19am   #36
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^Re lack of brain-I disagree-I plunged right in on a live account for my first year and lost 5 grand.at least you are on a demo.stay on the demo and try and work it out-best of luck-if you fail dont worry-
Agree IP

best to try and get the knack on demo and then go onto a very small live account so for you to get used to the emotions of playing with real money

I reckon Sun will need at least a month on demo to improve timings / price readings / disciplines etc - then another few months on a micro account aiming for say $10 or $20 dollar win days and losses kept as low as possible

As you say - if you go to large too soon - it can really scar you - did me for 6 months - step by step and most importantly staying in control

Regards


F
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Old Aug 4, 2015, 11:32am   #37
Joined Oct 2013
UCad - 11 00 am scalp buy

Hi Sun

Did you catch this one at any time after 11 00 am

This is my full LR 1 Min Chart


I know its got a lot more LRs but even your 3 should have had you buying


Click the image to open in full size.
Attached Thumbnails
ucad-40815-11-am.png  
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Old Aug 4, 2015, 11:33am   #38
Joined Oct 2013
Will be interesting to see how your UCad chart looked at 11 00 am
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Old Aug 4, 2015, 12:56pm   #39
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sun11 started this thread Hi F,
Sorry I missed that trade at 11:00. After a long loss, I decided to take a break for a while. So I missed it during the time. But EURUSD trade was on. Made 7 pips.

Here is my UCAD chart.
1.png
In my chart it was not yet crossing over with faster 2 LRs.

I understand you said about your post earlier. I will do demo for a month. Lets see how this weeks goes. Still need to clear few things about the systems.
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Old Aug 4, 2015, 1:30pm   #40
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Originally Posted by sun11 View Post
Hi F,
Sorry I missed that trade at 11:00. After a long loss, I decided to take a break for a while. So I missed it during the time. But EURUSD trade was on. Made 7 pips.

Here is my UCAD chart.
Attachment 195736
In my chart it was not yet crossing over with faster 2 LRs.

I understand you said about your post earlier. I will do demo for a month. Lets see how this weeks goes. Still need to clear few things about the systems.
No problem

In fact I was looking on your chart and can see the one you have marked was another scalp buy from 12 39 pm and then a repeat at 12 51 from same level - ie the interim supports at 3118/20 area

I was had popped out so not here to take either of them - but will post my chart to you can see if your 3 LRs are at least matching my fast ones

This chart gives some great UCad scalps from after 11 00 am UK time

With regards to entries - try and be in with 2 to 4 pips of a interim low or high level - eventually you will get within 1 to 2 pips - but like anything - it takes lots of practice and improved skill levels to get there - and even then you will never nail every scalp at the exact price and time to the second of the turn ( maybe Major M does nowadays :-)

UCad over 2 hrs - 5 scalps possible and easy 50 pips - with no stop needed over 3 -4 pips

See time and levels etc

Click the image to open in full size.
Attached Thumbnails
ucad-40815-5-scalps.png  
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Old Aug 4, 2015, 1:38pm   #41
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Another scalp sell at 1 30 pm on UCad from 3135

Got to admit UCad been very nice - and normally I would not scalp it that much - spreads over 1.3 pip so thats one reason
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Old Aug 4, 2015, 1:45pm   #42
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sun11 started this thread
Quote:
Originally Posted by Forexmospherian View Post
No problem

In fact I was looking on your chart and can see the one you have marked was another scalp buy from 12 39 pm and then a repeat at 12 51 from same level - ie the interim supports at 3118/20 area

I was had popped out so not here to take either of them - but will post my chart to you can see if your 3 LRs are at least matching my fast ones

This chart gives some great UCad scalps from after 11 00 am UK time

With regards to entries - try and be in with 2 to 4 pips of a interim low or high level - eventually you will get within 1 to 2 pips - but like anything - it takes lots of practice and improved skill levels to get there - and even then you will never nail every scalp at the exact price and time to the second of the turn ( maybe Major M does nowadays :-)

UCad over 2 hrs - 5 scalps possible and easy 50 pips - with no stop needed over 3 -4 pips

See time and levels etc

Click the image to open in full size.
Thank you for the explanation. I think I understood what you meant.
Today I made many losses. It seems like I have entered during a choppy zone. Not trading this hour, specially GU & UCAD, both are in range.
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Old Aug 4, 2015, 1:53pm   #43
Joined Oct 2013
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Originally Posted by sun11 View Post
Thank you for the explanation. I think I understood what you meant.
Today I made many losses. It seems like I have entered during a choppy zone. Not trading this hour, specially GU & UCAD, both are in range.
Have you found it difficult to exit trades under 3 pip losses ?

Dont worry - its normal - all part of learning scalping and the disciplines needed

Once you get the timing correct -matched with time/ PA / Lrs etc - it will then all come together
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Old Aug 4, 2015, 1:54pm   #44
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Originally Posted by nvp View Post
....and f's crown he wears is much larger than that ..........

lol
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Old Aug 4, 2015, 2:29pm   #45
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sun11 started this thread
Quote:
Originally Posted by Forexmospherian View Post
Have you found it difficult to exit trades under 3 pip losses ?

Dont worry - its normal - all part of learning scalping and the disciplines needed

Once you get the timing correct -matched with time/ PA / Lrs etc - it will then all come together
To be honest, exiting with 3 pip loss is not a problem for me.
Problem lies in with TP. TP is not always reaches, I close early, if see changes in PA. So R:R little down here. That's why having around 50% win rate today under such bad performance, balance is still negative.

I will be closing today. I will be making some notes. Will also share some screenshot of past charts for your review.

Till then GdNight!

2.png
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