Seeking consistency

This is a discussion on Seeking consistency within the Trading Journals forums, part of the Reception category; Originally Posted by Pat494 Jan & Feb were good but what happened March & April ? March 1. I had ...

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Old Apr 29, 2013, 9:22am   #721
Joined Dec 2009
Re: Seeking consistency

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Quote:
Originally Posted by Pat494 View Post
Jan & Feb were good but what happened March & April ?
March
1. I had too many losers to winners (don't know if that is fixable)
2. My winners were too small (one was at half stake which is fixable, the other only gave me a '1 times risk')
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Old Apr 29, 2013, 9:35am   #722
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Re: Seeking consistency

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March
1. I had too many losers to winners (don't know if that is fixable)
2. My winners were too small (one was at half stake which is fixable, the other only gave me a '1 times risk')
ditto April

although its (now) fairly obvious I have had a bit of a 'Euro bashing' bias, which has cost me...especially as I mis calculated my lot sizing on the last one, so it cost me more than a usual '1 X' loss
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Old Apr 29, 2013, 10:10am   #723
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Re: Seeking consistency

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Jan & Feb were good but what happened March & April ?
Pat494

That was a very useful exercise, thank you

I have already realised that my trade management strategy is sub optimal:
I leave a part position with an extremely optimistic target, and using a trialing stop

Seems fine in theory, however

Only two trades in my record achieved a larger profit on this 'final' part than I did on my 'Target 2' (usually around twice the risk in pips, but dictated by previous immediate term Daily chart Support/Resistance levels)

This may be because I 'trail' on the 4 hour time-frame, yet am ultimately aiming for a weekly or monthly time-frame Support / Resistance level, so I am taking the trade out too early, due to the time-frame 'mis-match'

It doesn't really matter why that approach isn't working, it just isn't

So my approach from now on will be to only have the first two targets for each set up (makes calculating the lot size easier too) and to pro-actively seek 'add to' trade set ups to pyramid into winning trades without increasing the overall trade risk size. I used to be able to this quite successfully, adding two, three or even sometimes four positions, only adding when the previous one had no risk and its predecessors 'locked in' profits which at least made the sum of all of the trades break even

Thanks once again Pat494 for motivating me go through this exercise, as you've helped me to remember that something I used to do worked better than what I now do!
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Old May 3, 2013, 2:21pm   #724
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Re: CAD JPY long trigger

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I have placed an order long, about half way back into yesterdays daily candle @ 96.50 with a -75pip risk stop at 95.75 (4 hour swing low)
Target 1 = R1 =+75pips @ 97.25
Target 2 = recent daily high @ 98.75 (R3)
Target 3 = trailing stop )essentially looking for a break higher on the daily time-frame
Order triggered open and T1 achieved. Stops on remaining parts moved to breakeven @ 97.25
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Old May 10, 2013, 12:09pm   #725
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Re: CAD JPY long trigger

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Order triggered open and T1 achieved. Stops on remaining parts moved to breakeven @ 97.25
T2 achieved
trailing stop on final part to 97.75 (+50)
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Old May 10, 2013, 12:21pm   #726
 
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Re: Seeking consistency

Going well !!
Glad to see you have the different time frames.
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Old May 15, 2013, 8:07am   #727
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EUR GBP short

Leia started this thread Daily trend indicator is short, 4 hour long

Price has retraced 50% of the last down swing and printed a daily long tail / wick daily candle potentially indicating rejection of higher prices at this time

This candle appears within the potential dynamic resistance zone between the daily 20 + 50 period moving averages (indicators) and at the potential weekly resistance of an unconfirmed (only two touches) descending trend line resistance

Looking withing the daily bar, a sound 4 hour ' shooting star' candle can be seen to have been printed, which I am using as my trigger for a short order
Short @ 0.84 85, stop at 0.85 20 (-35pisp risk)
T1 = R1 @ 0.84 50
T2 @ 0.84 00 (potential +85 pips, R=2.4)

As mentioned in recent communication with Pat494, I am no longer having a trailing stop T3 option, should price break the strong support @ 0.84 00, I will look for an opportunity to re-enter the pair short
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Old May 15, 2013, 2:24pm   #728
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Re: EUR GBP short

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Short @ 0.84 85, stop at 0.85 20 (-35pisp risk)
T1 = R1 @ 0.84 50
T2 @ 0.84 00 (potential +85 pips, R=2.4)
My order has been filled and T1 has been touched (but not quite hit, due to the spread)

I have therefore decided to move my stops to Break Even, removing all risk, but increasing the chance of being stopped out for NIL
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Old May 19, 2013, 6:27am   #729
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Re: EUR GBP short

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I have therefore decided to move my stops to Break Even, removing all risk, but increasing the chance of being stopped out for NIL
T1 achieved, price now retracing higher - watching for another short entry trigger as this pair 'winds up' into a smaller and smaller range. Now that both the 4 hour and daily indicators are short, I am anticipating a large move to the downside once the 0.84 00 support level is convincingly broken on the daily time-frame
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Old May 20, 2013, 6:28am   #730
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NZD JPY long trigger

Leia started this thread My daily indicator is long, 4 hour short
Price has retraced 50% of the previous daily up swing and printed a daily (Friday) candle of a 'hammer' type shape suggesting rejection of lower prices at this time
The last 4 hour candle is also a 'hammer' shape, with a very long tail / wick also suggesting strong support for this pair at this level (previous daily support)

I have therefore placed an order to enter this pair long @ 83.15 with a stop below the 4 hour pin at 82. 45 (risk -70pips)
Target 1 = R1 = +70pips @ 83.85
Target 2 - recent highs @ 84.70 (+155pips, R=2.2)
Depending upon price action, I will seek to add to this position if price is able to sustain (close above) a daily break of 85.00 resistance with a longer term target of 88.50

Note stop and T1 are slightly different to the lines added to the attached 4h chart, as I noticed the 4H pin actually went lower than my original stop level
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Old May 21, 2013, 10:22pm   #731
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USD CAD short trigger

Leia started this thread Daily chart just printed a long tail/wick candle of a 'shooting star'' type, indicating rejection of higher prices at this time at an area of previous swing highs on the daily timeframe

I have placed an order to short this pair @ 1.02 30 with a stop above the daily high at 1.03 25 (-95 pips risk)
T1= R1 @ 1.01 35
T2 = recent daily low @ 1.00 30 (+200 pips, R=2)
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Old May 22, 2013, 10:07pm   #732
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Re: USD CAD short trigger

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I have placed an order to short this pair @ 1.02 30 with a stop above the daily high at 1.03 25 (-95 pips risk)
T1= R1 @ 1.01 35
T2 = recent daily low @ 1.00 30 (+200 pips, R=2)
Daily trigger candle invalidated (price has broken the tail of the candle and closed decisively higher. Orders removed!

Watching for resistance to be tested as support, for a long trigger
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Old May 27, 2013, 11:31pm   #733
Joined Jun 2010
Re: Seeking consistency

I got to cut my losers, or else Iím in trouble. I just make the losses to be so small, so that whenever the market conditions become ok for me, I shoot ahead. For example, if I win 10 or 15 trades in a row, I gain about 10% or 16% or even more.
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Old May 28, 2013, 6:31am   #734
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Re: CAD JPY long trigger

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T2 achieved
trailing stop on final part to 97.75 (+50)
Stop hit for +50
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Old May 28, 2013, 6:34am   #735
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Re: EUR GBP short

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T1 achieved, price now retracing higher - watching for another short entry trigger as this pair 'winds up' into a smaller and smaller range. Now that both the 4 hour and daily indicators are short, I am anticipating a large move to the downside once the 0.84 00 support level is convincingly broken on the daily time-frame
Second part stopped out for NIL
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