MickDs Common Sense journal. - Page 3
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Thread: MickDs Common Sense journal.

  1. #21
    Wow!, what a battle that turned out to be!!
    I had been speaking with a high voice for a while but I left it out with a couple pips profit, I can't recall how many but it was only a couple. I had been in too much hurry to rely

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

    I had a few chances to get out with even a reasonable profit (nearly 100 pips at one point ), I had been watching the activity and got greedy, I adhered to my buy plan only to get exactly what I was saying bite me on the arse - I even bought in again but I'm glad I waited or it could have been a lot worse.

    This is a difficult one to analyze, the egy even worked to rescue me in the end though I could have been out a lot earlier, it might have saved me a couple of hours grief.
    I was nearly going to bight the bullet and give up when it went past my previous days lt;editgt; 1st entrance, it was definitely cooked by then but I followed that the PA and it had been going apartment just now, an opportunity came and the price reversed enough for me to escape with my clothes on.
    Basically I kept an eye on this pip complete, it had been heading south nearly to my threshold just before it went flat, I decided to continue a bit more to find out what happened - it had been worth it this moment!

  2. #22
    Quote Originally Posted by ;
    Another lesson learned - if you make a mistake, fix it as soon as possible!!
    That is without a doubt among the market principles Which You Can live by....don't sit there hoping, just fix it and move on

  3. #23
    Yep, never again, I do not care how great it looks. I was ing with the A/J for a couple of days and while some pairs do similar things, things can change pretty quickly if you are not in tune.

    I really could write a book on such trade alone I reckon, The only thing that kept me positive is my pip equilibrium on the blotter was never really that bad (some still , some -) before the final flat spot prior to the spike upwards which enabled me to escape.
    Fti's TA fallacy ribbon and doctrine saved my bacon and offer me a flavor of conflict, I did not like it really (or did I ) but it was a fantastic lesson in of being'in the trenches' so to speak.

  4. #24
    Todays commerce: long GJ @ 225.567.
    The market is flat right now following a massive sell off (I'm going to have commerce during the night to ch this activity!) . I will be sticking to the program but I'm not going to look at the 1m charts today, I believe that the sound is too much and leads to premature conclusions - I will try anyway unless I get stuck again.
    Once safe it's into the 15 and time to buy up and hopefully then on the 30m.
    After that sell off there might be a fantastic opportunity to take a few pips while the market find its equilibrium again - or it may just keep going down, who knows but I will be watching closely.

  5. #25
    It is a slow old day but I'm finally inching ahead (up 80 pips as I type), I'll be in set and forget mode shortly so that I am going to have to see how it moves in the afternoon.
    I'll set my ceases to take a profit on both units (I was in again in 255.77) and allow it to ride. I will check on it tonight and have a play.

    I have been thinking about my buy-in egy, I'm thinking I'll use the ATR and a little for the upcoming buy-in goal dropping to lower tf's to get a fantastic entry, I'm jumping the gun a little in this respect and should the price goes against me before I get a fantastic footing in the past unit it starts to get scary as it is going against me.
    I think this will let me get out in profit if the PA is telling me it is all over, I'll take a small loss on the previous unit but have sufficient profit on the prior unit/s to equilibrium the blotter and make it a decent trade.

  6. #26
    Like many days, between 3-4pm Aussie time the market makes a bit of noise (because of the near Aussie along with also the approaching close of Tokyo I am presuming ) so I had a chance to do some busy trading.
    I set my stops for the initial 2 trade to the buy in of the 3rd with the 3rd SL set at the ATR a bit. I only got stopped out - that's exactly what I get for leaving the e!
    I hopped back and bought a different unit and then it was time to quit, the market was looking apartment so I bailed out 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 with this trade, I would not have lost the initial two components and I would of held a bit longer before quitting. That is good to know at least I figure.
    The real bonus with this kind of trading is when you receive a good stash of pips you are able to begin working the greater time frames as you've got a lot more room to move with the PA along with also a greater possibility to compound even farther, by that time you are using the markets cash and can use a bit more risk - 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
    Very bad, if I'd have been watching and did not get stopped outside there might have been an additional 122 pips! (unit 3's move), then there's the movement which I overlooked
    https://www.forexsoutheast.asia/fore...ase-month.html

  7. #27
    Today's trade:
    I am so long on the A/J pair today @ 98.93

    somewhat risky looking at the chart really but I may may a few pips on the series up to resistance at 98.30-ish, if it makes it past I'll buy in again and see how we go.

    I am really starting to receive my egy down now, as I find time now I'll post it using a couple rules so I have something to abide by.

  8. #28
    Quote Originally Posted by ;
    Today's trade:

    I am really beginning to get my own egy down today, as I find time today I will post it using a couple rules so that I have something to abide by.
    I'd want to find out exactly what they are, Mick. I exchange discretionarily too, but there are some rules I (nearly constantly stick to.

  9. #29
    Quote Originally Posted by ;
    I'd be interested to see what they are, Mick. I trade discretionarily also, but there are some rules I (nearly always stick to.
    The rules part is somewhat loose in the moment (they are more embedded into the egy I think), it is nearly impossible to have hard and fast rules trading PA but I'll attempt to firm up them and put them on paper, then we could compare, I'd love to here some of your rules also, every little helps

  10. #30
    4 Attachment(s) Ok, this really is the start of my egy outline. I'll post these charts to give a picture of how and why I might enter a trade. Just like with almost any trades, nothing is sure but you must have a motive to enter any market. Every setup is different but these charts at least give a high view of the entrance criteria.

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

    Charts:
    I would class my style since'day trading' so that the first thing that I look at is the daily chart to get a feel for market sentiment. Line 1 shows the general trend direction with line 2 demoning the major S/R. If you look over at the blue box you could also view that this was also a prior support level.

    Next I'll drill down to the 1 hour for a close look at what is happening during the day and affirm that the daily trend remains in place. Taking a look at the chart the S/R degree is quite obvious, there is a nice hammer formed at the blue triangle.

    I'll then drill down to the 15m, this is the place I begin paying close attention to PA, see the trend here is looking down (1) and we've got S/R at (2). We must 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 white candle at the change point, it's not quite a perfect bullish engulfing pattern but it's looking good for an entry long, let us have a good look.

    On the 5m we could observe how the bullish candle from the 15m is being formed, I was seeing this, found a slight stall in action then waited for it to make up its mind how it was going before jumping in long at the horn.
    That is where I invest a lot of time after the entry to keep a watch out for the PA, there was a slow pull back which ended up forming a hammer that made me feel a bit better and lasted on slowly upwards. The main reason it is slow I believe is do to this up coming S/R, this is where I'll be taking a look at PA really closely for a change or split out long.

    Once in and the 5m is appearing strong I'll jump up to the 15m and keep a watch out for it , I stay there while the 15m PA looks good, if it begin to show signs of flattening out or alteration I'll jump back down to the 5m to take a better look at PA..
    If I am a reasonable way ahead I'll give it room to maneuver, generally I'll just watch the 5m to make sure that the pull back is stalling, if not I'll take action as needed.
    What that action is I'll discuss in the next posts and a lot has to do with my MM egy, basically if I am well ahead I will liquidate most of my position leaving say 1 unit to play out the move, at the time the unit was basically free and it gives me a opportunity to stay'in' the market, I think that's important, mainly if I get a run away price movement in my favour, I am already in, I don't want to jump on a moving bus that's going too fast!
    https://www.forexsoutheast.asia/cryp...od-indior.html
    https://www.forexsoutheast.asia/gene...forecasts.html
    https://www.forexsoutheast.asia/cryp...de-copier.html
    https://www.forexsoutheast.asia/gene...te-gbpusd.html

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