Journey to consistency | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Price action - journal - journey to consistency first 100k 19 replies

Profitable consistency. 18 replies

Price of consistency 4 replies

Strategy Tester: data consistency 2 replies

How to evaluate consistency? 21 replies

Attachments: Journey to consistency
Exit Attachments

Journey to consistency

  • #1
  • First Post: Edited Apr 30, 2019 2:00am Nov 2, 2017 3:19am | Edited Apr 30, 2019 2:00am
If there was any easy money lying around no one would be forcing it into your pocket - Jesse Livermore

Technical analysis is used to determine the trend, when it is changing, when it has changed, when to enter a position, when to exit a position, and when the analysis is wrong and the position must be closed. It’s as simple as that.

In sum, the basic ways to make money using technical methods are

  1. “The trend is your friend”—Play the trend.
  2. Don’t lose—Control capital risk of loss.
  3. Manage your money—Avoid ruin.

...
  • #2
  • Nov 2, 2017 3:22am Nov 2, 2017 3:22am
UJ 123 sell did not go as per plan. Got out immediately with -11.9pips when the second hour candle closed above 20ema. That's a progress. Cutting your losses. But I have yet to master holding onto winners.

 

  1. “The obvious rarely happens, the unexpected constantly occurs.” – Jesse Livermore

Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2017-11-02 at 16.07.19.png Size: 47 KB
...
  • #3
  • Nov 2, 2017 5:07am Nov 2, 2017 5:07am
EJ divergence double top failed closed it at -6.9pips before it hit SL.

hmmmmmm, I'm still working on ways to better detect the right pattern

wasn't really a double top after all.
price was stalling yes, but it was pushing for an upward surge.

trades I miss out on intentionally for fear of losing turn out to be winners while trades I took after convincing myself its going to be alright turn out to be disastrous.

while it may be true to take every signal that flashes out on my face

I must also remember :
when I look back on those trades almost always it was my own fault. Not that some greater force was working against me.
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2017-11-02 at 17.58.33.png Size: 60 KB
...
  • #4
  • Edited 7:43am Nov 2, 2017 7:25am | Edited 7:43am
Quoting Piquant
EJ divergence double top failed closed it at -6.9pips before it hit SL. hmmmmmm, I'm still working on ways to better detect the right pattern wasn't really a double top after all. price was stalling yes, but it was pushing for an upward surge. trades I miss out on intentionally for fear of losing turn out to be winners while trades I took after convincing myself its going to be alright turn out to be disastrous. while it may be true to take every signal that flashes out on my face I must also remember : when I look back on those trades almost always...
I'll have a look at it a bit later...see if I can spot something you didn't.

What tf is that you're showing. Daily?
  • #5
  • Nov 2, 2017 8:14am Nov 2, 2017 8:14am
Quoting cat
{quote} I'll have a look at it a bit later...see if I can spot something you didn't. What tf is that you're showing. Daily?
it was 1h, see the double divergence 20ema touchdown retesting the previous low finding support ? - I wanted to buy into that setup , but there it went without me and now that I finally worked up some courage to sell here I am
...
  • #6
  • Nov 2, 2017 8:54am Nov 2, 2017 8:54am
Quoting Piquant
{quote} it was 1h, see the double divergence 20ema touchdown retesting the previous low finding support ? - I wanted to buy into that setup , but there it went without me and now that I finally worked up some courage to sell here I am
So you sold, or bought? Sorry, I'm being a bit thick! Here's what I would have done. The big MAs on the important tfs for me were all in support, so what I usually do when the price dips back to them in an uptrend, is look for signals to get in, which usually come in the candle formations. I have smaller tfs than the 10m of course, so hopefully I would have got a pretty precise entry on the 1m tf. What stopped it going higher was the BOE rate announcement when everything went south. GJ was technically set up to fall today, as I posted this morning on Cat's Whiskers, but the fact that it did even after the rate rise was a surprise to most people.
Attached Image (click to enlarge)
Click to Enlarge Name: EJ.png Size: 48 KB
  • #7
  • Nov 3, 2017 8:38am Nov 3, 2017 8:38am
Quoting Piquant
UJ 123 sell did not go as per plan. Got out immediately with -11.9pips when the second hour candle closed above 20ema. That's a progress. Cutting your losses. But I have yet to master holding onto winners. “The obvious rarely happens, the unexpected constantly occurs.” – Jesse Livermore {image}
I think you did not give it a enough time to breath. In my opinion...humble as it is...i dont think you should be watching over your position like a hawk....set and forget is what I practise, but that is just me. Just thinking I should respond to your posted chart.
  • #8
  • Nov 3, 2017 9:51pm Nov 3, 2017 9:51pm
Just wanted to say great quotes in OP.
  • #9
  • Nov 5, 2017 11:56pm Nov 5, 2017 11:56pm
Quoting warsong
{quote} I think you did not give it a enough time to breath. In my opinion...humble as it is...i dont think you should be watching over your position like a hawk....set and forget is what I practise, but that is just me. Just thinking I should respond to your posted chart.
thanks for leaving some constructive criticism.
I think the reason why I keep coming back to check on , is plain and simple : I'm not confident in my trading which is understandable given my poor track record. But not excusable, not all.
...
  • #10
  • Nov 5, 2017 11:57pm Nov 5, 2017 11:57pm
Quoting DeepChill
Just wanted to say great quotes in OP.
thanks DeepChill,

just copied and pasted few quotes that i related the most.
glad you've liked them!
...
  • #11
  • Nov 5, 2017 11:58pm Nov 5, 2017 11:58pm
How different our point of reference can be ?

Do you see what I'm seeing ?

But of course if and when 87.40 breaks lower it's no more on my watchlist.
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2017-11-06 at 13.57.54.png Size: 57 KB
...
  • #12
  • Edited 3:10am Nov 6, 2017 12:48am | Edited 3:10am
AUDJPY long

out with -5pips.

will be back tomorrow with 5min charts.
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2017-11-06 at 14.47.54.png Size: 80 KB
...
  • #13
  • Nov 7, 2017 3:38am Nov 7, 2017 3:38am
USDCAD long +19pips

we're going to get there.

USD was resilient today, dollar pairs did breakout and I was waiting for a decent pullback and my pattern but that just didn't happen. USD was too strong. So I had only managed to get into USDCAD long, CAD was also the strongest out of the comms pack given its positive correlation to USD, no surprise there.

Looking back (I'm calling it a day now) I could be back for US session but I'm too tired. Worked hard for this +19pips I could have gotten into UJ long upon Frankfurt open, but that means I'll have to bend my rules a bit.

Looking forward to a positive day tomorrow.
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2017-11-07 at 17.34.21.png Size: 75 KB
...
  • #14
  • Nov 7, 2017 3:42am Nov 7, 2017 3:42am
UJ long entry I missed.
Learned a little lesson there.
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2017-11-07 at 17.40.09.png Size: 80 KB
...
  • #15
  • Edited 4:03am Nov 8, 2017 1:49am | Edited 4:03am
GBPCAD short +17pips

I know I was supposed to wait until it formed a divergence on 5M

We'll get better on closing trades.

Update: here's where I should have bailed out , GBPCAD went down 50pips! until I see a potential ceiling I must keep them going at least until 17:30:smirk:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screen Shot 2017-11-08 at 15.47.16.png Size: 89 KB
Click to Enlarge Name: Screen Shot 2017-11-08 at 18.02.14.png Size: 99 KB
...
  • #16
  • Nov 8, 2017 1:51am Nov 8, 2017 1:51am
There it is.
Pound is getting some beating up.

USD is getting stronger. EURGBP is pulling euro higher.
Isn't doing any favor for poor pound.

GBPCAD my initial target was 33pips 1.6760 area.
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2017-11-08 at 15.50.22.png Size: 74 KB
...
  • #17
  • Edited 4:05am Nov 8, 2017 1:55am | Edited 4:05am
And here's USDCAD long trade screenshot review as to where I should have taken profit and if could have gotten in soon after it broke out to the upside.

Update: here's where I went out - without even a proper divergence and a ceiling just like that..
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2017-11-08 at 15.54.20.png Size: 98 KB
...
  • #18
  • Nov 8, 2017 2:16am Nov 8, 2017 2:16am
Slowly but steadily its is going to reach the target.
Impatience and uneasiness doesn't serve you well in this game.

That's my 33pips right there. It's at 40pips now I'm so pissed. Enough the ramble, I will do better tomorrow. I will do better tomorrow.

Next time I open a trade and it goes 10+ something pips I'm going to move my SL to BE and keep that trade going until it hits my SL TP or until it forms a divergence on 5M or until 5:30PM..
Attached Image
...
  • #19
  • Nov 8, 2017 2:16am Nov 8, 2017 2:16am
Post the chart when you see the setup, another after the move is completed. This helps you to compare what it looks like at the start of the move with mid-swing and completion.
  • #20
  • Nov 8, 2017 2:18am Nov 8, 2017 2:18am
The same damn thing happened with USDCAD long setup.
I can't keep repeating the same lame mistakes over and over again.

We'll do even better tomorrow.
But always remember to save your butt when you're keeping position running for few hours.

Who knew you could run positions for few hours on 5M ?
...
3 traders viewing now