My Journal - Pathways to Improvement

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Old Aug 1, 2015, 5:28am   #1
Joined Dec 2014
My Journal - Pathways to Improvement

Hi, this is my trading journal Guided & Inspired by Mr. Forexmospherian.

Further details about my background are discussed before on this previous thread.
http://www.trade2win.com/boards/psyc...ase-guide.html

Here I will share my progress.

Happy weekend...
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Old Aug 1, 2015, 10:43am   #2
 
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good luck
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you don't really have an orange juice position do you?
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Old Aug 1, 2015, 1:51pm   #3
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good luck
Hi IP

Yes - Sun is going to need a combination of good luck - plenty of dedication and commitment and the ability to control his emotions through the good times and the losses - knowing that this system will work simply because it contains so many "edges" that I have never seen really discussed elsewhere.

Without linking them all together - then it will become like the majority of methods and systems out in the FX trading world - marginal with both good periods and bad periods - 3 steps forward and then 2 stops backwards.

The first key will be learning some special skills that will assist every day and are part of the equation that results in success - ignore market sentiments - ignore what all other traders and analysts are saying or forecasting and focus on the "now" and visualise the options ahead.

The FX markets are dynamic and fluid - price can change at the drop of a hat - never assume this or that will happen - just assume something will happen and it will generally catch out the majority of traders over the course of a full session.

I have to make sure Sun can scalp for a start at a fairly decent level - not just for 1 or 2 pips with 10 -15 pip stops - but for 3 -7 pip moves with 3 -5 pip stops.

That's the first main task.

I am not wanting him to stay as a scalper and spend the future making 25 -150 trades a session - i just want him to be able to read price at the "coalface" in the noise at basically any point of the day.

He will then move on to his choice - if he has 3 good winning trades - he might stop for the session - if he takes 6 trades and gets 4 wrong - he might have to take another 4 or 10 trades to make his own targets - that's down to him and how he feels etc etc

I dont expect him to get 70% + accuracy on batches of 50 -100 trades immediately - but its the discipline of accepting lots of wins and lots of losses and being able to enter and exit trades under all conditions . To close a trade after 30 seconds with a 2 pip loss is as more difficult than closing a winning one after 15 mins with 30 pips but it will all help in getting into timing and accuracy - ie all what the trade say in not possible.

I have only taught one trader properly or at least 90% of what I had learnt and that was Major Magnum and it took well over 6/8 months.

I reckon it might be possible to fast track down to three to 4 months - to do it in a month would be impossible - even if he had read all my threads 10 times over and had 3 years existing FX experience and could spend 10 hrs a day.

I am looking forward to it

Regards


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Old Aug 2, 2015, 8:01am   #4
Joined Dec 2014
sun11 started this thread Thank you Forexmospherian,

I myself doesn't have much confidence to do it in 3-4 months. In fact expecting more. But will see.
By the way, its Her, not him :-)

Attached the screenshot of the LR indicator on MT4 with 15 & 25 settings.
Arrows are marked manually.

1.png

Regards.
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Old Aug 2, 2015, 9:28am   #5
Joined Oct 2013
Hi Sun

First of all - apologies - I had forgotten you were a female - even though I had checked your profile out first etc etc - it's so easy to keep thinking traders as being males and thanks for reminding me rather than me carrying on making that mistake.

I am going to suggest we actually tighten the LR settings on the MT4 platform up to between 9 to 11 ( rather than 15 ) and 18 -20 ( rather than 25 ) - that should give you a slightly quicker indication of a turn - ideally as well slightly before or at the same time as some key times.

Please set it up on your 3 favourite pairs - ie EU / UCad and the UJ.

Then if possible try it on a non MT4 platform along with one that will give you times when chart is zoomed in more every minute or at least every 3 mins.

We will be expecting the EU to actually be moving differently to the other 2 pairs . Normally I try and "sync" the EU with the EJ and UChf - but we can do that further along the journey. You do get stronger moves when you get linked moves starting exactly at the same time - so maybe out of the 6 normal key times per hour - only 1 or 2 will be the "runners" for say 7+ pips moves

In fact I have not done this yet but will look at Fridays charts on your 3 pairs and pick out a few ideal examples so that you can check them out on your own new set up

Hope to post some more tips today so that you will be ready to start your new journey tomorrow

Regards


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Old Aug 2, 2015, 11:55am   #6
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good luck Sun11..................you are certainly working with the right mentor to help you

NVP
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Old Aug 2, 2015, 11:58am   #7
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Originally Posted by sun11 View Post
Thank you Forexmospherian,

I myself doesn't have much confidence to do it in 3-4 months. In fact expecting more. But will see.
By the way, its Her, not him :-)

Attached the screenshot of the LR indicator on MT4 with 15 & 25 settings.
Arrows are marked manually.

Attachment 195574

Regards.
hi sun 11 ...........do I see some trend colours on those LR's ?

looks like they change colour based on direction of the lr slope ?

would love a copy of that Mt 4 indicator here if you have it ?

you can upload Mt files same as you upload jpegs on posts here at t2w

N
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Old Aug 2, 2015, 9:38pm   #8
Joined Oct 2013
Hi Sun

Ended up going out most of the day so not been around to pass on some more tips with regards to starting tomorrow and this week

If you have your set up adjusted now on the EU / UCad / UJ check out Fridays action between 2pm and 3 pm UK time ( I will quote all times as UK ie 8 38 pm approx now )

This was really a "change period" not just on the 3 pairs you plan to trade - but also on many more.

Everyday you will have so called "change" periods - some days only 2 main ones - other days there can be 4 + all worth over 30+pips on multi pairs with the main one ones being normally worth 50 to 100+ pips

For now with just 2 LRs - i want you focused on PA and short term trades rather than trying to catch a 1hr + trade worth 30+ pips or a lot more.

The quicker we can get you spotting "change" periods - the better. Normally they will happen in my 2 time windows per hour but at what hour of the day ? - that's the unknown - ie might be 8 30 am -9 00 am - might be 11 00 am - might be 12 30pm - might be 3 00 pm etc.

In between the key "change" periods then I would like you to look at say 2 to 5 scalps per hour - on any of the 3 pairs - or just on the one that offers the better opportunity - ie at a key main level etc

I will be on my own thread as normal and will have the price structure bias price areas out prior to 7 00am - and will also this week be focusing more on the UJ and UCad to assist you . i already cover the EU as a main pair so that will not be any different.

Please feel free to come on the other thread as well and i will pass as much intraday info on your 3 Fx pairs here on this thread as well

Just fire away with the questions as they arise - might not always be able to reply instantly but will be around for as least 3 hrs from 6 30 to 11 00 am UK time

Once we get you scalping at a satisfactory level - might take a week or two or more - we will then add a few more LRs to assist you staying with moves that last 10 -30+ pips rather than just going after 3 -7 pip moves

Timing and understanding of PA on a 1 min chart is key ( HH's & HL's or opposite) but you will find the quick LR's will assist with your decision making .

Any questions for now - I am popping back in tonight so will be able to answer

Pleased you are not expecting miracles in just a month or two - but I am confident you will start to feel more in control and confident of reading price accurately and then making short term forecasts with a lot higher probability.

Good Luck


Regards


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Old Aug 3, 2015, 6:06am   #9
Joined Dec 2014
sun11 started this thread
Quote:
Originally Posted by NVP View Post
hi sun 11 ...........do I see some trend colours on those LR's ?

looks like they change colour based on direction of the lr slope ?

would love a copy of that Mt 4 indicator here if you have it ?

you can upload Mt files same as you upload jpegs on posts here at t2w

N
Hi NVP,

Certainly I would love to share my indicator with you...
This is the link for the indicator.
https://www.mql5.com/en/code/8200

I also attached the file.
VininI_LRMA_color.mq4

Yes does changes the color based on the direction.

By default there are 3 colours:
Red = Downtrend
Green = Uptrend
Yellow = Indicates changes in trend

Quote:
Indicator Parameters:
extern int period=34; // Regression calculating period
extern int price=0; // Price used for calculations 0-Close, 1-Open, 2- High, 3-Low, etc.
extern int Shift=0; // Chart shift when drawing
extern bool bPlaySound=true; // Playing a sound when changing color
extern string SoundName="alert.wav"; // Wave file
extern int CheckBar=0; // Bar, on which the color changing is controlled
Regards
S
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Old Aug 3, 2015, 7:04am   #10
Joined Dec 2014
sun11 started this thread Hi Good Morning, Forexmospherian,

I understood so far timing is very important. So I set my charts on my 3 pairs with LR as you recommend (9 & 18). Plus with a Clock indicator which shows the current 1 min charts remaining time & london time. So that I can keep the track of the UK time.

Pip2Open is optional, its just shows how much current bar moved.

MT4 Setup
2.png

CTrader Setup
kqbyn.png

I will be watching your live trades thread.
Regards
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Old Aug 3, 2015, 8:00am   #11
Joined Dec 2014
sun11 started this thread I have few questions regarding the system. I will narrowed it down so that it can be easier to understand. If you answered this questions already. Then please forgive & no need to answer. I will search your thread. If not then correct me if I'm with wrong concept.

So far this system seems like traditional moving average cross over system with a tweak.
1. Basics of the system:

Bullish cross over + Candle closes above the cross + (HH + HL ) = Buy
Bearish Cross over + Candle closes below the cross + (LH + LL ) = Sell

2. SL & TP as you recommend for me, SL = 3-5 pips , TP = 3-5-7 pips.

3. Managing trades: Should i follow fixed SL & TP or I manage the trade ?

If I manage the trade, as long PA stays above the cross or reversal PA doesn't formed, should I keep trailing?

Is there any rule for early exits before the SL hits. For example ,if PA reverse & another opposite crossover occurred?

Reply me when you get time..no hurry.
Good day..
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Old Aug 3, 2015, 8:04am   #12
Joined Oct 2013
Quote:
Originally Posted by sun11 View Post
I have few questions regarding the system. I will narrowed it down so that it can be easier to understand. If you answered this questions already. Then please forgive & no need to answer. I will search your thread. If not then correct me if I'm with wrong concept.

So far this system seems like traditional moving average cross over system with a tweak.
1. Basics of the system:

Bullish cross over + Candle closes above the cross + (HH + HL ) = Buy
Bearish Cross over + Candle closes below the cross + (LH + LL ) = Sell

2. SL & TP as you recommend for me, SL = 3-5 pips , TP = 3-5-7 pips.

3. Managing trades: Should i follow fixed SL & TP or I manage the trade ?

If I manage the trade, as long PA stays above the cross or reversal PA doesn't formed, should I keep trailing?

Is there any rule for early exits before the SL hits. For example ,if PA reverse & another opposite crossover occurred?

Reply me when you get time..no hurry.
Good day..
Morning Sun

Will try and answer these questions over this next 30 mins

UCad was also a nice scalp buy after 6 00am

I did not get it initially myself - but check out and if you can post your UCad chart - charts etc from say 5 30 am would be interested to see how the settings look

Back to you in a bit
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Old Aug 3, 2015, 8:29am   #13
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sun11 started this thread
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Originally Posted by Forexmospherian View Post
Morning Sun

Will try and answer these questions over this next 30 mins

UCad was also a nice scalp buy after 6 00am

I did not get it initially myself - but check out and if you can post your UCad chart - charts etc from say 5 30 am would be interested to see how the settings look

Back to you in a bit
Thanks I checked your post on live thread, when you reply, please tell me the 3rd LR slower settings. I made profit on that scalp both with UCAD & EU. Total 10 pips profits yet.

usdcadm1.png
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Old Aug 3, 2015, 8:31am   #14
Joined Oct 2013
OK Sun

re questions

Yes this first scalping method is similar to an MA cross over - but far more advanced for a few main reasons

1. LR's are better indicators than MA's - they dont lag so much - especially on quick setting - ie the first 2 are super tight and accurate with price on a 1 min

2. Time windows and key times play an important part along with interim price levels - its the combination or reading PA along with levels and times that give an extra edge

3. If the cross overs come at a wrong time - we will ignore them - also by having a super quick setting we can keep stops under 3 pips in slow periods for entries only. Once you are in profit and up say 6 or 8 + pips - you can allow pullbacks up to 5 or even more pips - this will be explained more after we get you accurate with entry timings

4. Try and use a 1 click in and out approach with soft stops of 3 -5 pips - place hard stops 10 or 25 pips away purely as safety nets - not to be used only in emergency

This is why you need to manage the scalp for first 1 to 5 mins

5. Take profits as and when - be fluid - forget static targets - try and always get 3 -7 pips - the next part will explain how you multi enter with part stakes with then a number of targets etc

6. Time is so important - some scalps will finish in under a minute - others will last 5 -10 even 15 mins

To get it right you read PA along with staying with the LR's etc

Very difficult for a start - thats were a 3rd and 4th LR will help

For a start - maybe this week - its the timing the key - and therefore its using a one click in and out approach - so you can take trades within 1 second and be out in 1 second or less

Hope this explains a bit more for a start

Look forward to use posting a few charts on the set up with either 2 or 3 revised LRs

please fire away with questions - no problems


Regards


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Old Aug 3, 2015, 8:34am   #15
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Thanks I checked your post on live thread, when you reply, please tell me the 3rd LR slower settings. I made profit on that scalp both with UCAD & EU. Total 10 pips profits yet.

Attachment 195602

Excellent

Dont worry you will have loses along the way - but the more we get you into timing - the more it will help to get you towards a 70% win ratio

Try now a 45 or 55 LR setting as the 3rd one

We might have to play with it on your platform - so we might adjust it to say 37 if not tight enough

WD -

Regards

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