My Journal - Pathways to Improvement

[sun11]

Thanks for being a great student as well

You are my 1st mentor after all this years roaming like a nomad in trading.
So pleasure is mine...

 

[sun11]

EJ BTTZ area

 

[sun11]

Day 9

Today I started late, its bit messy today. Lost focus, it seems like my x day with x effect.

No of Trade : 13
Win rate: 23% (too bad)
P/L: -17.4 pips
Highest Loss: 2.8 pips
Highest win: 1.7 pips

Today Lots of trade taken on same zone on same pair. So need to keep that in mind.

Hope tomorrow will be better.

 

[NVP]

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.

View attachment 195574

Regards.

Hi sun

Could,you possibly upload that mt4. LR indicator here please ?

Or,send me a copy. To. [email protected]. ?

I would,love to,play around with it. :smart:

Thanks,
N

 

[NVP]

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.
View attachment 195594

Yes does changes the color based on the direction.

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



Regards
S

Thanks

 

[sun11]

Today Lesson: Choppiness


So many false move.
Remedy: "Don't Trade after loosing 1st trade until zone breaks or try other pairs."

May be when F will return can guide me how to deal this BTTZ areas.....

 

[sun11]

Day 10

No of trade: 18
Win rate: 72%
P/L: 7 pips
Largest Win: 3.5 pips
Largest loss: 4.8 pips

Today some trade losses where consecutive, taken on same dead zone.

 

[sun11]

Day 11

No. Trade : 27
PL = -2
Win Rate: 59%
Largest win: 5.7
Largest loss: 3.9

Note: Sometimes waiting for a candle to finish avoids silly early closing..only if it doesn't go against much.

Issues: Closing trades at 1 pips & closing bad trades at 3 pips, creating some R/R issues.

 

[sun11]

Day 12

No. Trade : 24
PL = -2.8
Win Rate: 62%
Largest win: 2.8
Largest loss: 4.4

Note: If you are up +2, don't hope much, just close it..

 

[NVP]

Note: If you are up +2, don't hope much, just close it..

getting sharper S ...........remember this is stage 1 of the learning.........all F wants you to do is learn to execute ruthlessly and efficiently like a machine

N

 

[sun11]

Day 13

All right trading like a machine...

No. Trade : 26
PL = -3.8
Win Rate: 61%
Largest win: 1.9
Largest loss: 3.4

Its 13 days now, I'm still unable to make daily 25+ target. :shuriken:..hmmm
Need more time...

 

[sun11]

Day 14

No. Trade : 23
PL = 5.1
Win Rate: 69%
Largest win: 4
Largest loss: 3.2

Note: Re entry is not good always..wait for the correction...

 

[NVP]

Note: Re entry is not good always..wait for the correction...

hey Sun....................you are making good progress here .............practice practice practice is the key before level 2 of training

I see the losses are reducing to around 3-4 pips ............that's good including spread ........remember it is very very tough to call a major turn on a 2 pip stoploss..............you will normally need 3 pips or more from top/bottom to determine patterns that its a decent move even using tickcharts

just my take on things

N

 

[Forexmospherian]

hey Sun....................you are making good progress here .............practice practice practice is the key before level 2 of training

I see the losses are reducing to around 3-4 pips ............that's good including spread ........remember it is very very tough to call a major turn on a 2 pip stoploss..............you will normally need 3 pips or more from top/bottom to determine patterns that its a decent move even using tickcharts

just my take on things

N

Hi N

I agree - Sun is making progress - even though she may not be seeing what she would like to see yet

Stage 2 will be on for September and hopefully she will be over 500 scalp trades soon and we can start the fine tuning and all the next tips and clues

Taken some great scalp examples from today to show her - even though I was not here to take them - they lined up near perfectly and will assist with the teaching

Thanks as well for your contributions while I have been away and i hope your trading as gone well this week

Regards

F

 

[Forexmospherian]

Hi Sun

First of all - well done for carrying on taking 15 to 30 scalps a day and sticking to the criteria of stage 1.

You need to do over 500 scalps to move on to the next stage - and i am sure that's not too far away

I am going to post some examples from today's trading. I only got back off holiday this afternoon - but can see today was a good day.

You are still only working with 3 quick LR's for scalping and before you go on to the full 9 + there are at least 3 more stages to go through

I have quite a few questions to ask you next and will also then try and explain how you "nail" your scalp timing to within a couple of pips and how to stay with scalps for 7 to 25 pips.

It will take at least 3 more months to get you through all the stages

Then you will be multi intraday trading everyday for a consistent target of say 25 or 30 pips.

Normally it will take you 10 to 20 trades - and there is a reason for this.

If you have a good first couple of hours and take 6 scalps all winners with a couple making over 15 pips - brilliant - you can either stop for day - or then just go back to very low stakes or demo to carry on learning.

However - even when you get to an average win ratio of over 70% ( this is very achievable for experienced scalpers - even using ultra tight stops) - it is still possible to have 5 or even 7 losses in a row

So on a really bad day and you take say 7 trades and get 5 wrong - that's why you need the ability to recover by multi trading and say end up with 23 trades - with the winners well out "trumping" even 7 or 8 losses

By stage 3 or 4 - you will take say an average of 16 scalps get 11 correct averaging 3 to 15 pips and have 5 wrong losing on average 4 pips trade

This will result in as an example

- 11 winners - 2 over 14 pips - 5 over 7 pips and 4 with just 3 pips - resulting in a total of 75 winning profitable pips - and then 5 losses of 4 pips making 20 pips to knock off - giving a net result of 75 -20 =55 pips

To get to this level - you have 2 more stages after this one to go through

Going to try and walk you though some scalps next - to see how I do it etc etc

Its not easy - there is a timing skill involved as well as being able to read PA on a 1 min.. Every day and every 100 scalps you take using the 1 min chart - the easier and slower it will get.

More to follow

Regards


F

 

[Forexmospherian]

Some Examples of pure scalps

Hi Sun

I hope this next few days I can actually "walk" you though a scalp trade - not one that last just 3 mins - but ideally 10 -20 mins

For a start here are some examples for today. I was not back to trade them - but the LR's - TW's - KT's - PA - levels all come together

This one above was the interim low on the EU at 2 00 pm UK time at the 1153 level

The first clue is the previous movements from after 1 50 /1 pm - ie the 10 pip fall 3 mins before the new low printing

The fact that it was so near to a new hour change was a strong clue it would bounce up

With it also being a new interim low 40 pips or so from its last main high

Since this 2 00 pm low - the EU as now moved up to over 1240 - ie 90 pips higher - and not got under this low price

so a 3 or 5 pip stop and it would have been possible 7 hrs later to have 90 pips and a winning trade with a RR or 16 to 20 +

One of those a month would be enough - but my method can find them out most days of the week

From 2 00 pm buy entry to 2 17 pm exit - ie 17 mins - price moved up approximately 16 pips

During the 17 mins - you could have added to the buy at least 3 times if you had wanted - ie pyramiding as the LRs said carry on buying - but at 2 17 pm - they said exit part stake or all stake - that's another stage to learn later in your development

OK

Next chart and an example of 2 scalps using KT's and LR#s etc etc

Please match you charts up to these 2 charts with your main 3 LRs for now

Ideally 2 for the turn and direction - my black 2 and then the third or more for keeping you in the scalp trade

Fire away with the questions etc and we will then next week take some scalps together - live - on this thread

All the best


F

 

[sun11]

Hi F, Welcome back & thank you for your charts.

I understood about the KT in following way: (If I'm wrong please correct)

KT = LR cross over + interim S/R + Sometimes Hourly change + PA + Can be Trend line too.

It seems Interim S/R levels & dotted lines are helping you to get bigger trades isn't it?
Through out this process, I have been using my own S/R levels on this trading & it was helping me. Cause without any S/R levels just only based on 3 LR crosses, sometimes gives me many false moves. I kill trades on same zone many times.
Many buy/sell on same area.
So from that experience, i started limiting myself on trading same zone (Choppy areas).

I would like to share my some of my work & studies with S/R with the LR cross over. This S/R are hourly based. Part of little bit of law of vibration..




Let me know what you think.

Happy trading...

 

[sun11]

Right now, I close trades on 2+ pip profits very quickly & let looser trade run upto maximum 4-3 pips. Sometimes but rarely 6-5 pips. Average is 3 pips as you recommend.

Sometimes some of my trades runs 5+ or 10+ pips. But I close early, doesn't take much risk.

For example today a live trade: Just now. UJ
It moved 10 pips but I closed at 2.


Let me know if this setting is alright or not..

Best Regards.
S

 

[Forexmospherian]

Right now, I close trades on 2+ pip profits very quickly & let looser trade run upto maximum 4-3 pips. Sometimes but rarely 6-5 pips. Average is 3 pips as you recommend.

Sometimes some of my trades runs 5+ or 10+ pips. But I close early, doesn't take much risk.

For example today a live trade: Just now. UJ
It moved 10 pips but I closed at 2.
View attachment 197030

Let me know if this setting is alright or not..

Best Regards.
S

HI Sun

After 9 00 am UK time will check out your setting again and fine tune etc

Just awaiting this next hrs red news releases on EU


Regards


F

 

[Forexmospherian]

AU - Friday AM on your chart set up Sun

AU chart - copied from you

Just 3 Lrs for now

Lets look at reading PA etc - at your time zone

Your red 7223 line and after Midday your time was important

Under that line confirmed scalp sells

I can see easy 4 or 5 scalps on your chart from say 11 00 am your time with both buys and sells

The key is when price did a LH at 7328 and the fact that it had gone 30 mins from high

That favours falls and sells

7326/27 after midday was perfect scalp sell

Need to check on my chart to see if the same etc

By staying in that you would have had a 12-14 pip scalp sell - but no worries you main aim of stage 1 is timing and identifying entries and keeping stops tight

Stage 2 leads to staying with wins more and reading PA in conjunction with LRs / time and levels on the 1 min chart


I would prefer you to take your scalp levels off a 1 min chart than say a 15 or 30 / 60 mins

OK will show you next how it was on my chart and how a 12 38 / 39 pm - your time scalp buy could have been held on to make you another 15 + pips