K.I.S.S. Trading GBP/USD

sunset1

Well-known member
255 6
I appreciate i do not post often, and I doubt that will change in the future, as my only priority when trading is to have a profitable day, after that i am free to enjoy the rest of the day.

However I will post a few charts now and then with explanations of why I took a trade.

It may seem like teaching Granny to suck eggs for the seasoned profitable traders, thus this thread is more aimed at people looking at a different style, that may enhance their trading.

I only trade Cable, on a 1 min time frame, and the only indicator I use is a horizontal line.

View attachment 190418

I was at my computer for 06.50, and looking at the charts from 06.40 I thought maybe we would be having a long day, however this was just a thought, as no empirical technical evidence was proving my thought.

Then from 07.00 the market started moving down, so now i am thinking maybe we will be having a down day, again this was just a thought as no evidence to prove this was made available(one of the hardest things for me to have over come is being quick to change my mind on direction, sometimes in the past all counter evidence was ignored,as I wanted to be right in my directional analysis, however losing money on a trade is quick to teach you otherwise).

A dotted white line was drawn showing support, followed by resistance, then support again, thus notifying me that the only evidence I have to hand is for a short trade. I jumped in early with a tight stop knowing if i get stopped out, 5 pips is not the end of the world, in the grand scheme of things.

Price broke through at 07.58, so now i am thinking about any possible outcomes that may mean I was wrong, and a long trade was on instead.

the solid white line showed a double bottom, and now i am thinking, I may be wrong, however, for this to be so, I thought the white dotted line must be broken to the up side, and if that was the case, I would close the trade before my stop is hit, maybe with a loss of 3 pips.

However price hit the white dotted line, proving resistance again and went short. Price then broke through the solid white line, and capitulated enough for me to know I was in a short trade.

A 1:5 R:R was achieved quite quickly, and I decided to hold on to the trade, a 1:10 R:R was hit withing 30 mins, and i decided to hold on, price reversed, but not enough to worry me, as I knew I could move my stop to break-even and not lose anything on the trade.

I decided to pull out when 1:11(55.1 pips)R:R was reached, for no technical reason at all, but just thought that was enough, and that is me done for the day.

I appreciate that every day isn't going to be this straight forward, and a method may be simple in principal can be hard to execute, but I'm a firm believer in the law of 10,000hrs, and I would say I have put many a hour at the charts.

Feel free to ask any questions.

Best
John.[/QUOTE

What do you mean by the law of the 10.000hrs ?
 

Mr Fox

Established member
510 136
I appreciate i do not post often, and I doubt that will change in the future, as my only priority when trading is to have a profitable day, after that i am free to enjoy the rest of the day.

However I will post a few charts now and then with explanations of why I took a trade.

It may seem like teaching Granny to suck eggs for the seasoned profitable traders, thus this thread is more aimed at people looking at a different style, that may enhance their trading.

I only trade Cable, on a 1 min time frame, and the only indicator I use is a horizontal line.

View attachment 190418

I was at my computer for 06.50, and looking at the charts from 06.40 I thought maybe we would be having a long day, however this was just a thought, as no empirical technical evidence was proving my thought.

Then from 07.00 the market started moving down, so now i am thinking maybe we will be having a down day, again this was just a thought as no evidence to prove this was made available(one of the hardest things for me to have over come is being quick to change my mind on direction, sometimes in the past all counter evidence was ignored,as I wanted to be right in my directional analysis, however losing money on a trade is quick to teach you otherwise).

A dotted white line was drawn showing support, followed by resistance, then support again, thus notifying me that the only evidence I have to hand is for a short trade. I jumped in early with a tight stop knowing if i get stopped out, 5 pips is not the end of the world, in the grand scheme of things.

Price broke through at 07.58, so now i am thinking about any possible outcomes that may mean I was wrong, and a long trade was on instead.

the solid white line showed a double bottom, and now i am thinking, I may be wrong, however, for this to be so, I thought the white dotted line must be broken to the up side, and if that was the case, I would close the trade before my stop is hit, maybe with a loss of 3 pips.

However price hit the white dotted line, proving resistance again and went short. Price then broke through the solid white line, and capitulated enough for me to know I was in a short trade.

A 1:5 R:R was achieved quite quickly, and I decided to hold on to the trade, a 1:10 R:R was hit withing 30 mins, and i decided to hold on, price reversed, but not enough to worry me, as I knew I could move my stop to break-even and not lose anything on the trade.

I decided to pull out when 1:11(55.1 pips)R:R was reached, for no technical reason at all, but just thought that was enough, and that is me done for the day.

I appreciate that every day isn't going to be this straight forward, and a method may be simple in principal can be hard to execute, but I'm a firm believer in the law of 10,000hrs, and I would say I have put many a hour at the charts.

Feel free to ask any questions.

Best
John.[/QUOTE

What do you mean by the law of the 10.000hrs ?

Good Afternoon @sunset1,

The law of 10,000 hrs is basically meaning, the more practice, and studying you put into any endeavor, is what is really needed to become proficient in a pursuit of your choosing.

With hard work, dedication, and a whole lot of patience, you will have a greater chance of success.

We aren't going away this weekend, and it's a lovely day, yet here I am sitting at my work station looking at the charts, as we speak. I'm going over the whole of last week, taking screenshots of every trade that was available, making notes, as the more I see, the more an action becomes a learned behavior, and I shall be putting in, or hoping to put in circa 5 hours tomorrow at the screens as well.

Yes I could be out enjoying myself, but bettering myself as a trader is more of a priority, as that is what pays for the lifestyle that I'm accustomed too.

As someone once said "The harder I work, the luckier I get".

P.S. I shall be out again tonight, as I am a firm believer in work hard, play hard too.

Have a pleasant weekend, and please feel free to ask questions.

Best
John.
 

Mr Fox

Established member
510 136
Great thread please keep it up always amazing to read about a highly skilled pro in this business

Thank you for the kind words @cmmichaels.

I will keep this thread going, however next week I may not be trading, as I have other commitments I may have to fulfill.

I was hoping that there would have been more questions/more interaction from people whom wished to learn/contribute to this basic approach, however as you can appreciate, everyone on here is too successful already, and if a chart does not have all the bells, and whistles attached, then it simply must not work.

I appreciate it may be amazing for you to read this thread, but I promise you one thing, if you can work hard at improving yourself as a trader, then emulating success, is far more rewarding, intellectually, and financially. It may take a lot of hard work, but the rewards are most definitely worth it.

As for me being a highly skilled pro, I would beg to differ. I know I have a lot of areas that I must improve on, even if some improvements are in very small increments, there are some that need a little more work. Identifying the issues is the easy bit, trying to improve oneself is the hard work, but it must be, and shall be done.

I have been very fortunate to have had some great help from a forum member in the past, who helped me through a certain issue, and he asked for nothing in return, and to him I am eternally grateful, thus it is only fair i give a little back myself.

Have a good weekend.

Best
John
 

Mr Fox

Established member
510 136
Good Afternoon all.

I hope you've all had a pleasant weekend, and I sincerely hope you are having a great day trading.

I have quite a busy schedule this week, and slipping in a few hours here and there is all I will be able to manage, alas if I am at my work station, and opportunities are seen, trades shall be taken.

The first trade seen below was a WTFHT, and although price moved in my direction for circa 16 pips, I stuck with my confirmation bias, and ended up being stopped out for -5.1 pips(-2%).

£ 1.6.15A.png

The next trade seen below was taken quickly, as support was broken, and I jumped in. Price quickly capitulated, and then I decided to check why(manufacturing PMI, I guess I should have checked the news calender this am... oops). I decided to await for my daily target to be hit, and it did, but greed got the better of me, thus I had to wait a while longer for my target to be hit. My target was 45.1 pips, as I had to clear the loss of the previous trade, and still give me my 40 pips I require. I got stopped out at 45 pips on the nose.

£ 1.6.15B.png

As seen below I got 0.5 pips. I closed the trade as conflicting evidence was seen.

£ 1.6.15C.png

I took another 6 trades, 3 losses, and 3 wins, and made an additional few pips.

I need to rush out thus can't post trade breakdowns, so I shall just post pip count of the rest.

£ 1.6.15 TOTAL FOR THE DAY.png

total for the day is 51.7 pips(+20.68%)

As a trader I know I have many failings that need improvement, however all who read this, please use your grey matter, and with all that you read, try and take the positives, and discard my failings.

The way I trade is governed by past success, this success over time has reaffirmed to me that whatever i do, however simple the process it, naturally, works very well for me, as my daily targets are hit 9/10.

Have a great day trading y'all, and all comments, and questions are welcomed.

Best
John
 
  • Like
Reactions: Forexmospherian

Mr Fox

Established member
510 136
I popped back home around 18.00 for an hour, and managed to take a quick scalp for an extra few pips. 4.7 pips may not sound like much, but it did add an extra 2% to my daily total.

£ 1.6.15 EXTRA SCALP.png

Total for the day 56.4 pips(+22.5%).

Please excuse the lack of charts for the latter trades, but I have had an in, and out day today, alas one shall make more of an effort to get those posted in the future.

Feeling a little tipsy, so time for bed.

Best
John.
 

Splitlink

Legendary member
10,850 1,234
I popped back home around 18.00 for an hour, and managed to take a quick scalp for an extra few pips. 4.7 pips may not sound like much, but it did add an extra 2% to my daily total.

View attachment 191122

Total for the day 56.4 pips(+22.5%).

Please excuse the lack of charts for the latter trades, but I have had an in, and out day today, alas one shall make more of an effort to get those posted in the future.

Feeling a little tipsy, so time for bed.

Best
John.

Thanks for the P/L table. I homed in on your losses because I wanted to compare with mine. I need to improve in that area. I took one yesterday that cost me -13.

Yesterday was a net breakeven day for me, On Friday, when I started to take notice of your "intolerant to losses" type of trading, I netted +45.

I like the way you stay with one pair. I try to watch 5-6 and, really, I should not do that. For one thing, I'm too old for the concentration needed.

A refreshing thread. Thank you.
 

Mr Fox

Established member
510 136
Good Morning Splitlink,

Thank you for your kind words.

Congratulations on your +45 pips, and even a breakeven day is better than a loss day.

Having an intolerance to losses is more of a frame of mind that one has to get into. However the one thing to remember is, a winning frame of mind is nothing if you do not have a winning strategy. A winning strategy is nothing more than just consistency.

I feel it's all horses for courses on how many pairs people trade, but I certainly have tried, and love trading the Dax, it has always been fruitful hunting, but unfortunately I cannot concentrate on a 1 min time frame over more than one pair, thus I just go in with more weight, on one instrument.

I hope you have a profitable day trading today.

If you have any questions, please don't hesitate to ask.

Best
John
 

Mr Fox

Established member
510 136
Good Afternoon all of you profit procuring people.

I must admit I did arose from my slumber quite early after quite a heavy night, and after trying to dry hump my gf into action, after the 10th thrust, I was out of breathe, and quit trying. I reckon I could have brought the crack of dawn to life with my hip thrusts, but one should know when to cut ones losses and so I headed for the next best thing which to me is food. Breakfast was ate followed by a cigarette, and then to my work station.

The first trade I took, as seen below was a break of S&R levels, the trade failed, and I was out for -10.6 pips(-4%).

£ 2.6.15A.png

The second trade i took was failure of a double top, and although price went circa 6 pips in my direction, it then reversed, stopping me out for -5.6%(circa -2%).

£ 2.6.15B.png

The third trade below again was a break of S&R levels, and price capitulated around 30 pips in my direction however I assumed it would capitulate more, but it didn't. Price reversed, and stopped me out for -1.8 pips(-0.7%).

£ 2.6.15C.png

At this point it would be very easy to look at the substantial monetary loss, and go on tilt, however I am steadfast in my edge, and know there are still quite a few profitable trades left in the day to hit my daily target.

The next trade below was taken at the break news with a very tight stop. Price ascended in my direction, and I took profit at 34.7 pips(+13.8%)

£ 2.6.15D.png

The next trade below was adding another 2% position as price was ascending, and my stop from the previous trade was upped at +5 pips, so the worst case scenario was still very palatable. However price ascended further, and i closed this trade out for 25 pips(+10%)

£ 2.6.15E.png

Thus the total for today is +41.7 pips(circa +16%).

I believe the key factors to success are having a good understanding of your edge, having unwavering faith in your edge, and consistency.

Although today was a great, and profitable day, I was put through the emotional wringer in achieving my target, but sometimes tenacity is needed. Yes there was a part of me wanting to call it a day, but the other part over rode this with knowing a winning day is more than possible, and will be achieved.

Have a great day trading Y'all

Best
John.
 

Mr Fox

Established member
510 136
What started off as a day of being put through the emotional wringer, has ended up being an absolutely amazing day, much better than I could have ever hoped for.

I took a few more trades, and the pip count is below.

£ 2.6.15 END OF DAY.png

Total for the day 73 pips(+29%).

I would love to post charts however I should have left the house 30 mins ago, but I ended up taking a few more trades.

Must dash, and if I'm back less inebriated than I should be, then I shall post the charts with the trades.

However, after such an amazing day, I think I've deserved a few more drinks.

Have an amazing day trading all.

Best
John.
 

ffsear

Senior member
2,251 499
I popped back home around 18.00 for an hour, and managed to take a quick scalp for an extra few pips. 4.7 pips may not sound like much, but it did add an extra 2% to my daily total.

View attachment 191122

Total for the day 56.4 pips(+22.5%).

Please excuse the lack of charts for the latter trades, but I have had an in, and out day today, alas one shall make more of an effort to get those posted in the future.

Feeling a little tipsy, so time for bed.

Best
John.



Just to clear up some confusion, are you saying a gain of 56.4 pips = a 22.5% gain in your account balance?
 

ffsear

Senior member
2,251 499
Total for the day 73 pips(+29%).

.

Again here, Does 73 pips = 29% of your account balance? Meaning that for every pip the market has moved, you either gain or lose roughly 2.51% of your account. Would that not mean that 40 pips against you would = wipeout?

At a 5 point stop that would mean 8 losing trades and you're out?
 
Last edited:

tar

Legendary member
10,443 1,313
Again here, Does 73 pips = 29% of your account balance? Meaning that for every pip the market has moved, you either gain or lose roughly 2.51% of your account. Would that not mean that 40 pips against you would = wipeout?

Whole account balance = 250 pips not 40 .
 
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock