My Journal - Pathways to Improvement

[sun11]

Real 16-02-2016

Booted out.

Too bad that today i decided to trade on standard instead of cent.
Pl -18
drawdown -18
win rate 33%
No of trades: 6

Bad pair GU.

From today i started maintaining a journal of each of my trades.
Tomorrow No trade, I will be out for invitation.

 

[NickBk]

Booted out.

Too bad that today i decided to trade on standard instead of cent.
Pl -18
drawdown -18
win rate 33%
No of trades: 6

Bad pair GU.

From today i started maintaining a journal of each of my trades.
Tomorrow No trade, I will be out for invitation.

Sun,
I am coming to the conclusion that you enjoy pressing buttons more than being patient. You always seem to trading in the 'bttz' and do not seem to wait for many of the great opportunities we get each day.
I also understand you have a low target and for that reason alone I think you are missing out on some of the 30-50 point moves that are out there. It is fine to have a goal but it seems you are happy to grab a few pips and not wait for better opportunities.
Wishing you only good but I feel you need to rethink what you are doing here as losing many days does not add to your confidence levels either.
Good luck.

 

[darktone]

Its all in your head sun. Atm youre trading with your head, this is the main reason youre losing.

If you all when you win and all when you loose then you will highly likely lose over time.

You have to find a way to be :| in whatever situation you find yourself. Then even with a pretty cr@p method youve a chance at making some money.

 

[Forexmospherian]

Booted out.

Too bad that today i decided to trade on standard instead of cent.
Pl -18
drawdown -18
win rate 33%
No of trades: 6

Bad pair GU.

From today i started maintaining a journal of each of my trades.
Tomorrow No trade, I will be out for invitation.

Hi Sun

Sorry to have to totally disagree with you - ie regards the GU

It was the pair of the AM session - and why - simply because of red news on Pound at 9 30am this morning

I informed you of the Gu being the one to trade pre 6 35 am and as you know it was a nice sell and then the buy after 7 00 am - and that made over 100+ pip

I deliberately did not mention about the news at 9 30 am UK time - to see if you or anybody else was aware.

Checking the calendar every day is so important - it gives you clues etc

The clue today was tha pre 9 30 am the GU - ( and other pound crosses ) would be busy - simply because of the news coming later and ideal time to fry bulls and bears


You need to go 3 steps backwards to go forwards next

We now know your weaknesses and your strengths - but you seem to love carrying on with your weaknesses - impulse scalps - anxiety \& stress with live accounts - not having patience to know when the main moves are are when its a BTTZ set up etc etc

Your main strenghts are - you can do it - as shown on demos - and you are willing to keep learning and normally your disciplines are very good - but certainly not this morning

I dont want to knock you back further - but I need you to focus more on the scalp basics - disciplines - and patience - you missed a 100 pip move up and I confirmed it in my comments pre 7 30 am with a clear buy GU after 7 00am and the levels over the down trendline etc

Unfortunately - you were out the game to early - mainly due to what both darktone and Nick have said - - and I have mentioned many time already - think - slow down on number of scalps - and only take scalps at ideally lows and highs along with bias and then time rules

Taking 3 impulse revenge scalps both ways in under 5 mins - is not you Sun - its you panicing and showing your emotions taking control of your mindset

I will say last week you had a few positive days on a real account - please dont let that go - get back in control and pace yourself - Never to be out the game before the London Open hour



I am sure you know - we all want you to succeed - but we have to be open and tell you when you do it wrong - so that you carry on learning from mistakes

You will have mistakes - I do most days - but I am in control and accept I cannot get 100% accuracy - even 80% is brilliant - so on 100 scalps - 20 will be wrong - whether I lose 1 pip or 6 pips

We wlll get you there - just take on board all the comments etc etc - even NVP said to counterscalp trends is difficult until you are experienced - atm you have still to make over 1000+ scalps ( I think ) - think how good you will be when you get to 22000+ like me - but stay in the game meanwhile

Regards


Peter

 

[sun11]

Sun,
I am coming to the conclusion that you enjoy pressing buttons more than being patient. You always seem to trading in the 'bttz' and do not seem to wait for many of the great opportunities we get each day.
I also understand you have a low target and for that reason alone I think you are missing out on some of the 30-50 point moves that are out there. It is fine to have a goal but it seems you are happy to grab a few pips and not wait for better opportunities.
Wishing you only good but I feel you need to rethink what you are doing here as losing many days does not add to your confidence levels either.
Good luck.

Hi Nick,
Agreed what you said.
Right now I don't have enough confidence level to hold trade more than 15 pips. I do trailing but very close to the current price. That's why I grab fews pips & out. Ok, will rethink something about it.

Thanks.
Regards

 

[sun11]

Thank you Peter for the post.

I am trying to learn from my mistake, yes need be careful for this early booted out incidence. Well today when I took GU it was around 6:30-7:00 UK Time. News was at 9:30, there was a 2-3 hours of Gap before the Red news. I was aware of the news, do have news alert on my system. I check calendar everyday. Also I do not take any trades during news. I fear it...at least for 15-30 minutes before & after news.

I really didn't thought that pre news setup will start that early. Is it always like this?
I thought pre news setup are done 30 minutes before major news release. No idea now.

Just looked at the GU chart, lots of pips up from where I left & then falling down.

I will control my revenge scalp from next trading day. Patience job.

Regards

 

[Forexmospherian]

Thank you Peter for the post.

I am trying to learn from my mistake, yes need be careful for this early booted out incidence. Well today when I took GU it was around 6:30-7:00 UK Time. News was at 9:30, there was a 2-3 hours of Gap before the Red news. I was aware of the news, do have news alert on my system. I check calendar everyday. Also I do not take any trades during news. I fear it...at least for 15-30 minutes before & after news.

I really didn't thought that pre news setup will start that early. Is it always like this?
I thought pre news setup are done 30 minutes before major news release. No idea now.

Just looked at the GU chart, lots of pips up from where I left & then falling down.

I will control my revenge scalp from next trading day. Patience job.

Regards

Hi Sun

Yes with the UK pound news being red and first at 9 30 am UK news - normally Europe and the London Lot will focus in on that pair.

Today - it was clearly in a down bias - up until after 7 00 am

From then on up to nearly 9 00 am - that rise up - was a stop hunt by markets - as they would be aware of so many traders looking at selling the GU due to TA on most chart

Come after 9 30 am - then the proper direction again - and time to fry the bulls


Again - must remind you about knowing your levels in advance

Under 4400 this morning I mentioned was more sells

BUT

We did not drop under 4400 - we turned at 4405 area

Then 4460 and 70 - we were in Bull land bias for session

Price moves up to 4518 area and stops

So then back under 4460 area - back to bear land and under 4400 - sell sell sell etc

So far it dropped to 4333 ish and bounces under 4400 are still in bear land

That's the part you are failing to spot every pre opens - the important levels - like from your LiTs areas and S & R's etc

Also time rules on lows and highs

So after 7 35 am low held - favours tries up until a R area stops it

Its stopped after 9 00 am and then after news and 30 mins - sells - until a interim supports holds

So far 4335 -40 might be that support for now

Recap

1. Cherry pick one or 2+ busy pairs - ie calendar am

2 - Lits Areas

3 S & R levels

4. Time Rules

5. Bias and Lrs and trendlines - scalp and partials and even trail

6. PPND - but down the line after all others mastered

Regards


Peter

My method is complicated etc - but the end result when mastered is a bag full of pips - positive ones if done correctly

 

[remulix]

Hi Friends,

Experimenting a new system today.
It's starting quite well (in demo)
This system has the advantage of being eventually robotized (less dealing with trader's nose )

Today's trades (brief trades as usual but it's my style...)


All the best.
R.

 

[Forexmospherian]

Hi Friends,

Experimenting a new system today.
It's starting quite well (in demo)
This system has the advantage of being eventually robotized (less dealing with trader's nose )

Today's trades (brief trades as usual but it's my style...)
View attachment 218328

All the best.
R.

Good to here from you remulix

By the look of it small targets ie under 10 pips - but excellent accuracy

Do you think you will be able to replicate that on a live broker account?- because I always though live on say a MT4 platform - the brokers can then slow or interfere with set up - if they are market makers - and if ECN - then I dont know ?

Good Luck anyway and keep us updated etc


Regards


F

 

[remulix]

Good to here from you remulix

By the look of it small targets ie under 10 pips - but excellent accuracy

Do you think you will be able to replicate that on a live broker account?- because I always though live on say a MT4 platform - the brokers can then slow or interfere with set up - if they are market makers - and if ECN - then I dont know ?

Good Luck anyway and keep us updated etc


Regards


F

Hi F,
Hope you are all right.

Yes targets are small as I just start with my new system, so I have to get used to it. It's not because you develop something that you know it ...

Will go live within 2 or 3 weeks, too early for now.

Concerning MT4 brokers, I'm quite "confused", I will take some examples of brokers I know well (working for some years with or without them) to illustrate...
Let's talk about:
ECN ICMarkets: Quite honest but execution delay on ECN account is "a shame"
ECN FxOpen: Honest but let prices wander across stop orders before to execute.
MM Roboforex: Absolutely honest and instant execution...

Finally my experience with brokers is better with markets makers (sad but true)

And I would like to add something very important: ECN does not mean NDD.
If I take the example of ICMarkets ECN account, they can change spread and/or commissions at their needs and when I see execution delay, I'm sure they are not NDD.

The 2 worst(est) brokers I've ever met are:
XM.com (absolutely dishonest, closes the trades overnight, dedicated to beginners that will never come back)
LatAmFx (kills you with deadly fees and does not respect bilateral arrangements)

I finally trade with ICM because they grand me the best rebates. But it's not very fair for my client .

Well, wait and see

Have a nice evening, you citizen of her Majesty the Queen :cheers:. (probably better than citizen of "normal the 1st" and last I hope )

R.

 

[sun11]

Question

Hi Peter,

Can you please look into this EA chart.



Why this sell trade on EA was wrong? Can you point my mistake?

My question is, say market is rising, Now it stopped around any LR & correcting, but that correction time is now almost 30 minutes, does it means it going to reverse?

Regards

 

[Forexmospherian]

Hi Peter,

Can you please look into this EA chart.

View attachment 218732

Why this sell trade on EA was wrong? Can you point my mistake?

My question is, say market is rising, Now it stopped around any LR & correcting, but that correction time is now almost 30 minutes, does it means it going to reverse?

Regards

Hi Sun

Been out for a few hours and have been back trading GU after 2 00 pm UK time and then saw your chart and comment

I need about 20 mins or so to answer this - as your set up - again looks so wrong and what is a 2O d Trendline ?- as its really mucking you up as the up trend had start from the day before and so a ray line is all out of sync

I am really pleased you have posted it - Its going to assist me on helping you - as you are clearly being mislead by many of my comments - and so its confusing you and ending up doing it wrong and making mistakes

Maybe I need to try and give you more clarity - as we are from different countries and maybe my speak in words is translating back to you slightly different

I have been thinking this last 2 weeks - I am not getting my tips and clues over to you correctly - and I apologise - because it making you take wrong decisions etc

I will therefore answer this in detail later on this afternoon / today and the n hopefully it will make so much more sense - etc etc


Regards


Peter

 

[Forexmospherian]

Hi Peter,

Can you please look into this EA chart.

View attachment 218732

Why this sell trade on EA was wrong? Can you point my mistake?

My question is, say market is rising, Now it stopped around any LR & correcting, but that correction time is now almost 30 minutes, does it means it going to reverse?

Regards

Hi Sun

OK now got time to answer in more detail

A few questions
1 - Was this at the news time 1 30 pm UK ?

2. Your times on axis seem wrong again and are not in sync with UK time - or are they - confused for now - and price not helping

3 Time rule on over 30+ mins and then it can still breach after 50 / 60 mins if its going to - I remember saying this to MM a year or so ago - these are just clues - no one clue on it own works 100% of the time - maybe 50 -70% if they are clues with an edge -but if it conflicts with PA and trendlines giving supports - another 50/50 case

4. If you entered and lost say 4 -8 pips on sell - then when it went over your "buy level " - did you buy ??

5. If I show you my 2 min chart - cannot cover enough on purely tick or 1 min - you will see PA ie HH's and HL's clearly still have it in an up trend above 5580 - and even 5560 support on a lower TL

6. HH's and HL's rule in terms of PA - but they might stop at a S or R area - or stop 5 pips short or stop 5 pips above - its all part of the gameplay and manipulation etc

7. Are you working out for every trade a "wrap" price ie above price x i buy - but if it pullback under price y - i sell

8. The actual sell on the chart starts from a high - only enter then a new sell under a support area - nor before it -

Likewise on a buy - buy at or near low - and then only add or take another buy - above a R area - not just before it

In this sell - you would be selling into support at that price - but if you had sold say 10 or 25 pips higher - there was enough room to make profit

Also if it had breached under supports - then you would have been right to sell more - as the area would allow price to drop

Please feel free this weekend to ask any more questions etc - as I can see you are still a bit confused and I am not being able to pass it over to your clearly and maybe confuse you more

Similar a 20 degree TL or ray line is just guide - you cannot use it for every scalp - it will give you a false reading - as that TL as

You can use it at a daily high or daily low - but not interim highs and lows

Here's my chart - Note the PA and also the HH's and HL's - saying still in up trend for session atm

 

[sun11]

I need about 20 mins or so to answer this - as your set up - again looks so wrong and what is a 2O d Trendline ?- as its really mucking you up as the up trend had start from the day before and so a ray line is all out of sync

Maybe I need to try and give you more clarity - as we are from different countries and maybe my speak in words is translating back to you slightly different

I have been thinking this last 2 weeks - I am not getting my tips and clues over to you correctly - and I apologise - because it making you take wrong decisions etc

Peter

Hi Peter,

Please don't apologize. It's not your mistake, also it's not about the language. From my childhood, sometimes I understand hard things faster & simple things slower. Its very common during the my learning process from school to university. I am glad that you keep patience with me. I am by default a tube light, I should have told you that at beginning.

From last two days, I am using a journal with each of my trades, that is something which i should have done before at least from the beginning of the training. Anyway in my case everything comes very late . I generally make 40% impulsive trade out of 100% total trade, that's a problem which I need to conquer. So definitely its not your fault. It's mine. But it's improving surely, I mean previously it was 80% impulsive trade..

Now, I definitely have lots of questions, before I ask that to you, i always try to find answer by myself, because simply I don't want to bore you at first. But Ok, looking at your 2nd post & coming back to you with some of my silly questions.

Regards

One thing, that was 20D Ray, about which you told me earlier. Staying above 20D means trend is strong bullish etc.

 

[sun11]

A few questions
1 - Was this at the news time 1 30 pm UK ?

No, it was before it, timing was 11:00 UK time. (UTC + 0)

2. Your times on axis seem wrong again and are not in sync with UK time - or are they - confused for now - and price not helping

How can my timing axis get wrong, it was on CTrader desktop version with UK Time. UTC + 0.

3 Time rule on over 30+ mins and then it can still breach after 50 / 60 mins if its going to - I remember saying this to MM a year or so ago - these are just clues - no one clue on it own works 100% of the time - maybe 50 -70% if they are clues with an edge -but if it conflicts with PA and trendlines giving supports - another 50/50 case

Ok got it.

4. If you entered and lost say 4 -8 pips on sell - then when it went over your "buy level " - did you buy ??

Yes I did buy, but i was late, so place from where I bought, market again fallen more than 10+ pips.

5. If I show you my 2 min chart - cannot cover enough on purely tick or 1 min - you will see PA ie HH's and HL's clearly still have it in an up trend above 5580 - and even 5560 support on a lower TL

Yes agreed, but i enter mostly because of that around 30 minutes stall. My mistake.

6. HH's and HL's rule in terms of PA - but they might stop at a S or R area - or stop 5 pips short or stop 5 pips above - its all part of the gameplay and manipulation etc

Noted.

7. Are you working out for every trade a "wrap" price ie above price x i buy - but if it pullback under price y - i sell

Yes I do that, but mostly my trade fails at least 80% of the time. Cause when price rises higher that the level I buy, when I buy it falls. vice versa.

About pullback, its works 50% times. But I miss those trade 50% of the time out of confidence. I mean one example, say price is rising after fall & trend is bearish, I enter when it touched a longer LR, thinking it might be a pulllback. (can't always wait for candlestick pattern to confirm, it will be too late) So enter sell. But sometimes, I don't get sure about it specially if its 20+/30+ minute up from the last low. I hope you got it, what i meant.

8. The actual sell on the chart starts from a high - only enter then a new sell under a support area - nor before it -

Likewise on a buy - buy at or near low - and then only add or take another buy - above a R area - not just before it

In this sell - you would be selling into support at that price - but if you had sold say 10 or 25 pips higher - there was enough room to make profit

Also if it had breached under supports - then you would have been right to sell more - as the area would allow price to drop

Please feel free this weekend to ask any more questions etc - as I can see you are still a bit confused and I am not being able to pass it over to your clearly and maybe confuse you more

Yes this is the area of confusion, you are right about it. I will work today on this.

Similar a 20 degree TL or ray line is just guide - you cannot use it for every scalp - it will give you a false reading - as that TL as

You can use it at a daily high or daily low - but not interim highs and lows

Here's my chart - Note the PA and also the HH's and HL's - saying still in up trend for session atm

Got it, One thing about that EA example, when i entered it was price was below all longer LR, so I thought session bias bearish.

Coming up some example of point 8, to clear my understanding.

 

[sun11]

Chart Example

Picture says thousand words...

Well, plotting trade signal on past chart its very easy job, Because i am relax & painting. But plotting this signal & observing right clues during live market hours is very difficult jobs. Specially when so many factors are included, it's definitely complex. Anyway I need to run my brain faster & increase my attention.

Will be back during Midday...

 

[Forexmospherian]

Picture says thousand words...

Well, plotting trade signal on past chart its very easy job, Because i am relax & painting. But plotting this signal & observing right clues during live market hours is very difficult jobs. Specially when so many factors are included, it's definitely complex. Anyway I need to run my brain faster & increase my attention.

Will be back during Midday...

Hi Sun

Need to read through your 3 comments this morning and then answer the points again a bit later on

I can see several areas were you are confused - - for example

Price above a LiTs area on a 1 min chart is in a bull buy bias for that particular PART of the session - the PART might last just 1 hr or 2 hrs or even 6 + hrs - but will only carry on if price continues to breach the next interim R level and continues to make HH's and HL's on the 1 min chart

Same idea and opposite on price below the LiTs area - but in bear price structure we need to see LH's and LL's on the 1 min ( this did not happen on Friday on your sell area on the EA ) and continues to breach the next support interim level

I hope that makes sense

I know I am a great trader - BUT I do realise I cannot alway explain what I am wanting to say in the easiest format - so thats not helping here - but please just keep asking more questions if you feel you are not getting it. - I dont think I am a great teacher - yes have loads of patience - but maybe I dont get the key point over with clarity

Also I do think Sun in your case - over the 7 months you have been with the method- at least 2 months were wasted with you staying on demo and not going over to live - when your main weakness is confidence and mindset control - as that takes you into impulse wrong bad trades when under pressure - but you dont do that on demo

I am really pleased you have reduced your emotional / impulse bad scalps down from 80% of all live trade scalps down to approx 20%

You will always make the odd emotional gut feel - silly bad scalp - its normal - but of you can get it down under just say 5% - then you know then you are in control and your brain is then in the correct trading zone - when it over 40-50% impulse / emotional scalping - its just a recipe for disaster and 80% shows - you would never get to consistency - and only have winning days through luck and good fortune

I know 90% of the time I will have a good trading day - not lose money at the end of my day session - and more than likely exceed my daily target

My mind is totally positive - I will make mistake - that's excepted - some sessions more than others - and some sessions 12 scalps - 12 wins

I also know the FX markets could just kick me in the head and pocket - when it wants to - but if I keep to my method and experience etc etc- it as allowed me over the last 8 years full time - to end up most days and every week and every month making money - its very rare a you know - its not just down to my complex method ( its not simple really - too many variable involved) - its down to experience - skill level - and confidence from years of scalping

You can and will get there - whether it takes another 3 months to start to get live consistency - or another 7 months - but to get to MM's and my standard -its then several more years of focus and dedication

I will tell you - its all worthwhile if you can get there - both financially and confidence wise - and you become a stronger person in your life a well


Regards


Peter

 

[sun11]

Thank you Peter for your time to post here.

I agreed I wasted my 1st 2 months on demo. That's why I recommend yours new students to trade on cent account at least.

Dont worry I will ask my question here, every time I will get any doubts.

I got it about the Lits & HH HL. I mark lits all the time. But I forget to watch for HH HL patterns, may be this where the trendline works better visually.

In your comment, I like the last line...very much...

Also just like the way you plot S/R levels & decide its zone. I got an nice indicator which automatically plots those zone & shows it strength. Saves time from scrolling charts.



I know you don't like mt4, i just share in general sense.

Enjoy your sunday..
Regards

 

[sun11]

Today no time to trade. Wasted the morning to repair the phone.
Now need to go the service center. Few days before I lost my ring, now phone.

 

[Forexmospherian]

Cherry picking the FX pairs of the session

This is really for Sun.

She has asked how to make sure you chose the correct pairs out of a group of say 4 to 8 pairs to spend time intraday trading rather than only stay with 1 or 2 pairs that are just in "watching paint dry mode" and difficult to find any good trades to take on them ?

As normal - there is no one simple easy answer

There are so many factors and variable involved

Lets look at planning in advance - ie what are the main key red news releases happening in the week - not just in the main sessions but also in the Asian session

If we have say Aussie Dollar important news releases and also Japanese yen news over night - that can effect many of the other pairs we might be wanting to trade.

Similar Pound red news is normally in the morning sessions - so again on those days we know the GU / GA / GJ etc might be busy.

The EU as its own rules - simply because the most money goes through that pair - it can be the most difficult and frustrating pair to intraday. Some sessions - its easy - others its a real pain - with obvious manipulation and false sentiment play taking place . Dont just trade it because its got only half a pip spread ;-)

Every morning you can check relative currency strengths either by scanning the pairs or using a tool like NVP' correlator strengthmeter

Make sure you do cover a cross section - and not all of one dominant currency - like only UJ / UCad / UChf - or only EU / EJ / EA etc

For the European session the GU and EU are 2 obvious pairs and in our time zones

Its does not mean completely ignore the AU / NU and UJ - but normally they are slower after Asian session and so not going to normally be peak stars in the European session

My main pairs are EU / GU / EJ / EA and then like today I might add the GJ and GA as pound news etc

I would always prefer to scalp the EA and EJ and GU in preference to the EU - but thats just me

The UCad I will look at when we have Cad dollar news etc

Next point to help - whats the moves been like over the Asian session as well as the PA

If its been a really busy Asian session ( rare ) then it might not be so busy first 3 hrs of European Open etc

If the PA is spiky on a pair - ignore it too it smooths out even if its your favourite pair

Dont always expect oppositely correlated pairs to always been opposite - ie when EU rises the UChf should be falling - but not always

Remember the market makers dont want to make it easy - they want to catch you out and have your money - the only way to stop that happening is doing your homework and spending thousands of hrs watching Intraday charts to try and understand the "hidden clues " etc etc

Hope that helps Sun


Regards


Peter