M
malaguti
in your first post you mentioned that you would trade a 5 minute chart, in line with the trend on the 4hrly..has that changed, if so why?
also, your "definition" (if you could call it that) of the trend seems a little suspect to me, there seems little breakout occurring on your trades, they all seem range bound, your lower time frames don't support your higher
just observations if you will, not a criticism.
also, your "definition" (if you could call it that) of the trend seems a little suspect to me, there seems little breakout occurring on your trades, they all seem range bound, your lower time frames don't support your higher
just observations if you will, not a criticism.
- no I'm still entering on the 5minute chart, but not always necessarily in direct line with the trend on higher time frames if if that makes sense. For example if the general trend on the 4hr chart is down, and price starts reversing on the 5min chart at a support level on the 4hr/daily chart then I will consider the buy.
- yes I agree. I'm on trial at a prop firm which requires me to hit a pip target each month, which I know in the back of my mind is definitely achievable if I am patient and wait for great trades with lengthy returns, however the pip target is always nagging me to overtrade in case the juicy trades never come round (when in fact they always do). very frustrating
Signalcalc
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I haven't taken any trades recently as I've been so fixated on waiting for the absolute perfect setup its damaging me psychologically. Instead of seeing a high probability setup forming and taking the trade I second guess myself and imagine in my head price bursting through my stop loss, when in reality I should have thoughtlessly taken the trade and embraced the potential for a juicy risk/reward ratio.
I've taken on board advice from Mark Douglas and other traders to just have faith in your edge and accept that large potential rewards are worth the small risk on each trade.
a lot of the time my analysis was correct, and I just watch the price soar in my predicted direction without me on board. I should be confident and take the trade, knowing that even if I am stopped out for a small loss price could easily false break again and provide another valid setup in the same direction(often with a higher probability of success due to another false break).
I will now be vigilant in regards to detecting pessimistic thoughts if I am to succeed
I've taken on board advice from Mark Douglas and other traders to just have faith in your edge and accept that large potential rewards are worth the small risk on each trade.
a lot of the time my analysis was correct, and I just watch the price soar in my predicted direction without me on board. I should be confident and take the trade, knowing that even if I am stopped out for a small loss price could easily false break again and provide another valid setup in the same direction(often with a higher probability of success due to another false break).
I will now be vigilant in regards to detecting pessimistic thoughts if I am to succeed
technical analysis and bias
OIL
- torn right down the middle between bullish and bearish for the short term, price finding support at 44 vs lower highs being carved under 63. A price rotation lower could lead to buyers coming in to push the commodity a little higher, if a buy signal presents itself on the 1hr chart and the risk/reward is sound then will consider a long. until then neutral.
AUDUSD
- stuck in the mud on this one too! price above the higher low @ 0.71540 vs the recent selloff experienced . a rotation lower could present a nice buying opportunity and a move higher could lead to a selling opportunity.
EURCHF
- also neutral on this one who would have thought. price has recently found support but I am not going long with it as price could easily continue its bend to the downside.
GBPJPY
- the fierce uptrend is showing signs of slowing down, and it could soon present an opportunity to short, however I am very cautious to short as the uptrend could easily explode further, in that case a buying opportunity would present itself on the lower time frames.
note
I'm starting to realise patience is the key ingredient to making big profits in this game. Feelings of frustration and self-doubt have been creeping in on me lately even though I've hardly been trading, as if i'm not cut out of this and i'm too scared to take a trade. But scrolling back just a couple of months on the charts there are beautiful lengthy trends that could provide huge returns with minimal thought, especially in comparison to the sideways markets in the last couple of months. the waiting continues!!
OIL
- torn right down the middle between bullish and bearish for the short term, price finding support at 44 vs lower highs being carved under 63. A price rotation lower could lead to buyers coming in to push the commodity a little higher, if a buy signal presents itself on the 1hr chart and the risk/reward is sound then will consider a long. until then neutral.
AUDUSD
- stuck in the mud on this one too! price above the higher low @ 0.71540 vs the recent selloff experienced . a rotation lower could present a nice buying opportunity and a move higher could lead to a selling opportunity.
EURCHF
- also neutral on this one who would have thought. price has recently found support but I am not going long with it as price could easily continue its bend to the downside.
GBPJPY
- the fierce uptrend is showing signs of slowing down, and it could soon present an opportunity to short, however I am very cautious to short as the uptrend could easily explode further, in that case a buying opportunity would present itself on the lower time frames.
note
I'm starting to realise patience is the key ingredient to making big profits in this game. Feelings of frustration and self-doubt have been creeping in on me lately even though I've hardly been trading, as if i'm not cut out of this and i'm too scared to take a trade. But scrolling back just a couple of months on the charts there are beautiful lengthy trends that could provide huge returns with minimal thought, especially in comparison to the sideways markets in the last couple of months. the waiting continues!!
Attachments
If I may..
Emotions are vitality, if you try to control them they will control you, awareness is a must to grow with them inside out, do not be afraid, stay with them.
Once you decide which are your best probability trades take them all and stick to your plan rigidly, do it for at least 20 trades, if you emotions are running high reduce your stake to a minimum.
For each trade you take, take notes, entry, exits, did you follow you plan rigidly? if yes, good, write it down, if not, take notes and reasons, also write down which should be your behavior to follow your plan rigidly next time.
After the 20 trades go back and have a look and learn from it. Go also back on your chart. Adjust your plan if required. Do it again for another 20 trades until you find your way. Walk the talk.
Emotions are vitality, if you try to control them they will control you, awareness is a must to grow with them inside out, do not be afraid, stay with them.
Once you decide which are your best probability trades take them all and stick to your plan rigidly, do it for at least 20 trades, if you emotions are running high reduce your stake to a minimum.
For each trade you take, take notes, entry, exits, did you follow you plan rigidly? if yes, good, write it down, if not, take notes and reasons, also write down which should be your behavior to follow your plan rigidly next time.
After the 20 trades go back and have a look and learn from it. Go also back on your chart. Adjust your plan if required. Do it again for another 20 trades until you find your way. Walk the talk.
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sound advice. I will do exactly that and document all of it on here. cheers
Let me add if I may.....
If you do feel afraid that is also fine, just be aware you are afraid and try not to push it away, more space your give to your negative emotions more they subdue, be aware though they will subdue only as a by product, if you try to subdue them by controlling it will not work.
Here your mind will also push and pull you in all corners trying to make difficult for you but as with emotions just be aware of your incessant thinking and do not get attached to it, you are not your thinking.....Meditation will help differentiate from it.....
The secret in trading is to find a style which relates to your personalty, but to find your style you need to be centered, once you are centered you will find your way. Following your plan and taking notes will also help in being centered, it does not matter if you lose or win, forget about the money, trade small, not demo, you need to follow your plan until you change it and because you are centered it will come to you when you have to change it, you will only change it to gain a better edge.... going back on your charts to spot where you could gain a better one will be a pleasure.
It does not matter what style you use, it can be techy, fundy, sh@tty or a combination of many.... do not get trapped in notions, do not listen to others but yourself...
The worst thing can happen to you is not to follow your plan and get awarded.......Mark Douglas will explain to you this issue better then myself...
I have attached an excel file for you to give you an idea but you can change how best it fits you....I have used Tar name in this example just for a bit of fun, I am sure he will laugh as well......And keep your sense of humor. With time, work and passion you will get there.
Once the proper behaviors is part of yourself probably you won't need the excel file anyone, but you always can go back to it when you need.
Said all that, this is how I see it and could very well not make sense you or anybody else.
Many paths can lead to understanding and wisdom.
Each of us has to chart our own course, and it has to fit what we are ready for.
Good luck. Fug
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