it's time to sleep.
close position at BE+2
close position at BE+2
Attached Image (click to enlarge)
Ratios & Harmonics: a Different Way to Trade
- #30,784
- Aug 1, 2017 2:57pm Aug 1, 2017 2:57pm
Not so pretty for me today.
So I entered long as the market seemed to slow when the bears were fighting price down (weak bear momentum). We had just had a NSH on the short term and my expectation was for price to go up. There was also some short term structure to the left which strengthened my reasons for entry. I trade a spread betting account so have a spread to deal with.
Loss of 20 pips here.
My main error here was that it was only a weak NSH which would mean a larger correction of so I should have been looking for entries between 76-100. This expectation should have been strengthened by the previous swing having a large correction. I also should have placed my stop at 21888 below the last swing.
So I entered long as the market seemed to slow when the bears were fighting price down (weak bear momentum). We had just had a NSH on the short term and my expectation was for price to go up. There was also some short term structure to the left which strengthened my reasons for entry. I trade a spread betting account so have a spread to deal with.
Loss of 20 pips here.
My main error here was that it was only a weak NSH which would mean a larger correction of so I should have been looking for entries between 76-100. This expectation should have been strengthened by the previous swing having a large correction. I also should have placed my stop at 21888 below the last swing.
- #30,785
- Aug 1, 2017 3:20pm Aug 1, 2017 3:20pm
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
Results today
USDJPY +27 pips (on double of yesterday's lot size so sure compensates for the loss yesterday)
YM -12 +14 -17 total -15 points
USDJPY +27 pips (on double of yesterday's lot size so sure compensates for the loss yesterday)
YM -12 +14 -17 total -15 points
- #30,786
- Edited 3:52pm Aug 1, 2017 3:37pm | Edited 3:52pm
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
Not so pretty for me today. So I entered long as the market seemed to slow when the bears were fighting price down (weak bear momentum). We had just had a NSH on the short term and my expectation was for price to go up. There was also some short term structure to the left which strengthened my reasons for entry. I trade a spread betting account so have a spread to deal with. Loss of 20 pips here. {image} My main error here was that it was only a weak NSH which would mean a larger correction of so I should have been looking for entries between 76-100....
After the new NSH there was a deep correction. Bulls crawled all the way up and made a NSH. It was a small NSH, but that was to be expected because the previous correction was deep. Then I was expecting a medium to deep correction, followed by a NSH, which was the expectation. Bear momentum was weaker than the previous leg down so I felt confident that we would get that NSH. I entered at 61.8 after rotation but price corrected deeper. SL was below the previous NSL and was hit eventually. Although now I see that I didn't see a little wick so my SL was a little too high. But even if it was a few points lower it probably would have been hit.
I don't see anything wrong with the entry (edit: maybe yours was a bit early so you had worse price). Edit: The right SL placement as I see it was below 891. Edit: SL placement was the key factor, certainly in my case.
Because at the moment price is shooting up after taking out my SL
Keep smiling.. always keep smiling...
- #30,789
- Aug 1, 2017 5:12pm Aug 1, 2017 5:12pm
hit last target(target 5) a second ago then a rejection to the upside. I am all out of tricks{image} {image}
- #30,792
- Aug 1, 2017 10:44pm Aug 1, 2017 10:44pm
Hello fellow traders, is my expectation in the attached picture right - [the blue line (showing a test of the NSH)]. May be it is not as straight forward but we expect a deep pull back as we are at structure.
OR
the short term and immediate order flow has more weightage. Theoretically, we have a NSL as the C is below the previous pullback. (horizontal Yellow bold Line).
Thanks
- #30,797
- Aug 2, 2017 3:17am Aug 2, 2017 3:17am
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
{quote} PeterT do you have an overall statistic on your YM performance? I mean average profit/loss per day/week ? I'm just curious because IMO you are a bit overtrading but that might not be a bad thing necessarily. As a whole I think that most of the guys on the discord channel are a bit aggressive with entries but again ..that might not be a bad thing. It might be the fact that I don't like being constantly in and out of trades.
Although not profitable, the results have improved. There are a few losing trades that I know could have been avoided. If I try to avoid obviously wrong entries, I think I'm on my way to be profitable.
Also, there are a few trades that I entered, then felt I was breaking rules, and exited immediately or shortly after. So those are also in the # of trades.
Might also add to the impression of overtrading.
I don't know how to interpret the trade analysis results in detail yet.
Thanks for any insight in this matter.
