MickDs Common Sense journal.

Yesterdays trade update:
Small disaster! Down load 156 pips.
That's my main loss to date (with this account ). I am still positive for the week ( 1 percent of accounts) but I'd normally not let this happen - lack of patience and an excessive amount of hope I am afraid.
I was long according to my entrance details previously, I was in front at the same stage and was considering taking a fast scalp, considering the type of market I should have, I might have netted 30-40 pips.
I then went short after realization set in that it was going to go south, this is where the overnight stops captured me out again.
I might have made a little profit from these trades (I had 3 units in) with 2 in front and one at a negative position but I had had enough of the market in its current condition last night and I put my stops near the winning positions only to be caught outside by about 10 pips.

Evaluation:
I heard a good lesson, the marketplace was in a top in the previous day's rally, there was a bearish pennant forming which I set down to some correction and was expecting a further rally which didn't come. That's fine, the thing that I did not anticipate was the flatness of the price.
In a marketplace like this I believe I will have to take a scalping type egy (If I move in at all) and take volatility at which I can, I had a few opportunities to do that yesterday and I reckon I might have pulled out 100 pips just by scalping but actually, I might be better off waiting for the PA to tell me which direction it is going; either that or learn how to e better
I will have to think about that a bit farther, if my book looks good it could possibly be well worth it but I won't be trading like that with a fresh book (ie. Not in gain for the week/month). This may come which today, I expect to finalise.

Ok, this really is the start of my plan outline. I'll post these graphs to provide a picture of why and how I could enter a trade. As with almost any trades, nothing is sure but you need to have a motive to get into any market. Every set up is different but these graphs at least provide a high view of their entrance criteria.

I do not draw trend or S/R lines like I can see exactly what I want to in the purchase price. All preceding PA is that and is old news and should not be taken overly seriously.
That said I do not feel the marketplace is totally arbitrary, as likely the majority of traders - new and experienced alike - utilize TA like fibo/pivot points, trend lines et al, they really do possess the 'self fulfilling prophecy' to some extent when there is a steady market (ie. No large CB sell offs etc.) so that I do keep a look out at those more obvious things in the PA..

Charts:
I would class my style as 'day trading' therefore that the first thing that I look at is your daily graph to get a sense of market sentiment. Line 1 shows the general trend management with line 2 showing the major S/R. If you look over at the blue box you can also see that this was also a previous service amount.

Next I'll drill down to the 1 hour to get a close look at what is happening during the day and affirm the daily trend is still in place. Taking a look at the graph the S/R degree is very obvious, there is a nice hammer shaped at the blue triangle.

I'll then drill down to the 15m, this is where I start paying close attention to PA, notice the trend here is awaiting (1) and we have S/R at (2). We have to take this for what it is, it's down mainly due to the recent break of S/R is having a return to S/R.
Then there is the long white candle at the change point, it's not a great bullish engulfing pattern but it's looking great for an entry long, let's take a closer look.

On the 5m we can see the way the bullish candle from the 15m has been shaped, I was watching this, seen a slight stall in action then waited for this to make up its mind which way it was heading before jumping so long at the horn.
This is where I spend a good deal of time following the entrance to keep a watch out for the PA, there was a slow pull back which ended up forming a hammer which made me feel somewhat better and lasted on slowly upwards. The reason it's slow I think is do to the up coming S/R, this is where I'll be looking at PA very closely to get a change or break out long.

Once in and also the 5m is appearing strong I'll jump up to the 15m and keep a watch out for it there, I remain there while the 15m PA looks great, if it start to show signs of flattening out or alteration I'll jump back to the 5m to take a better look at PA..
If I am a reasonable way ahead I'll give it space to maneuver, typically I'll only watch the 5m to make certain that the pull back is stalling, if not I'll take action as required.
What that action is I'll discuss in the upcoming posts and a lot has to do with my MM plan, basically if I am well ahead I may liquidate the majority of my place leaving state 1 unit to perform the move, by that time the device was basically free and it gives me a opportunity to remain 'in' the current market, I believe that's important, largely if I get a run away price movement in my favour, I am already in, I do not wish to jump onto a moving bus that's going too fast!
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Originally Posted by ;

I'd be interested to find out what they are, Mick. I exchange discretionarily too, but there are a number of rules I (nearly always adhere to.

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The rules part is a bit loose at the moment (they are more embedded in the plan I think), it is nearly impossible to get hard and fast rules trading PA but I'll try to firm them up and put them on paper, then we can compare, I'd like to here some of your rules too, every little helps

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Originally Posted by ;

Today's commerce:

I'm really beginning to get down my egy now, as I find time now I will post it with a few rules so that I have something to stick to.

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I would be interested to find out what they're, Mick. I trade discretionarily also, but there are a number of rules I (almost always stick to.

Now's commerce:
I am in long on the A/J pair today @ 98.93

A bit insecure looking at the chart actually but that I might can a few pips on the run up to immunity at 98.30-ish, if it makes it past I'll buy in again and see how we proceed.

I am really beginning to receive down my egy today, as I find time today I'll post it with a few rules so that I have something to abide by.

Like most days, involving 3-4pm Aussie time the market makes a little bit of noise (due to the near Aussie and also the impending close of Tokyo I am assuming) so that I had a chance to do some active trading.
I put my stops to the initial 2 trade to the purchase from the 3rd with the 3rd SL set in the ATR a bit. I only just got stopped out - that is what I get for leaving the ing!
I jumped back in and purchased another unit and after that it was time to stop, the marketplace was looking flat so that I snapped outside and called it a night.
I have mentioned it before but I know if I'd have been trading live I might have maximised my profits on this trade I wouldn't have lost the initial two units and that I would of held a bit longer before quitting. That is great to know at least I figure.
The real bonus with this sort of trading is once you get a good stash of pips you can start working the greater time frames as you've got much more room to proceed with the PA and a larger potential to compound even farther, by that time you are employing the markets cash and may use a bit more danger - not by making risky choices mind you, just the fact that you've got more room to breathe.
I'll edit and post the pips to get yesterday shortly, here's the chart.
EDIT:
Unit 1 = 72 pips
Unit 2 51
Unit 3 = 61
Unit 4 = -14
Total pips = 170
Not bad, if I'd have been watching and didn't get stopped out there might have been an extra 122 pips! (unit 3's movement), then there is the movement which I missed
https://www.forexforum.co.za/attachments/1518162667.jpg

It is a slow old afternoon but I'm finally inching ahead (up 80 pips as I type), I will be in set and forget mode shortly so that I am going to need to see how it goes in the afternoon.
I will put my ceases to take a gain on both components (I had been in again at 255.77) and let it ride. I have a play and may check tonight.

I have been thinking about my buy egy, I'm thinking I will use the ATR plus a bit for the next buy-in target dropping to lower tf's for a good entrance, I'm jumping the gun a bit in this regard and if the price goes against me until I get a good footing in the past unit it starts to get scary as it is moving against me.
I think this will allow me to get out in gain when the PA is telling me it is all over, I will take a little loss on the previous unit but have enough gain on the prior unit/s to equilibrium the blotter and make it a good trade.

Todays commerce: extended GJ @ 225.567.
The market is flat at the moment following a huge sell off (I'm going to have commerce during the night to grab this action!) . I'll be sticking to the plan but I'm not going to look at the 1m graphs today, I think that the sound is too much and contributes to premature decisions - I'll try anyway unless I get stuck again.
Once safe it is to the 15 and moment to get up and then on the 30m.
After that market off there might be a fantastic chance to take a few pips while the market find its equilibrium again - or it may just keep going down, who knows but I'll be watching carefully.

Yep I don't care how good it looks. I had been ing with all the A/J for a couple of days and while a few pairs do similar things, things can change pretty quickly if you're not in tune.

I could write a novel on that trade I reckon, The only thing which kept me positive is my pip balance on the blotter wasn't actually that bad (some still , a few -) until the final flat spot prior to the surge upwards which enabled me to escape.
Fti's TA fallacy ribbon and philosophy saved my bacon and offer me a flavor of battle, I did not enjoy it actually (or did I ) but it was a fantastic lesson of being 'in the trenches' so to speak.

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Originally Posted by ;

Another lesson learned - if you make a mistake, fix it as soon as possible!!

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That is undoubtedly among the market principles that you can live by ....don't sit there hoping, just fix it and move on