Journey to consistency

Hey Skyway!

Thanks for the suggestion. I think I need to upload them on the same post that way it's going to be even better.

I'm also seeing few more setups emerging.

But the logical way of trading I think is to keep the winning position going and refrain from opening a new position. A new position means a new risk, a winning position with some +10pips is BE position. Wouldn't it be rather efficient for me to keep this going until it hits 30pips or more than closing it at 17pips and opening a new position with 10SL.

GBPCAD final view
Taking mental notes.

NZDUSD long trade running on demo.

I hit my quota for the day: 1 trade a day which was GBPCAD short + I don't usually trade pre and US session , familiarization first prior betting my account.

I'm going to keep it single trade a day until I truly master my current method and feel completely comfortable and develop confidence.

And on top of all of that I just can't afford to blow another account.

NZDUSD view update

Another look at GBPCAD

Update the next day

Conclusion thus far.

I don't think I'll bother trading pre and US session.

From what I have observed (the past 4 years) moves that do start from Frankfurt through London usually do keep the momentum all the way to US session usually an hour or two until a ceiling (divergence) is established. I'm not going to bother taking trades after the 16:30 - 16:45 threshold.

Net total for day is in the minus.

I felt out of touch with the market and with my method.

Calling it a day here.

Will be back tomorrow.

A little warning for myself, stop watching youtube on the side they distract me ........ listen to music that will keep me concentrated throughout the session.

I don't feel so bad for losing 10pips ? (I think)

If had let my winners run as far as it went this much losing wouldn't have mattered at all.

But what matters the most for me is that I know I can make it back and even more.

Discipline. Discipline. Discipline.

Do not fear the known. Fear the unknown.

Trading is like dancing, or playing an instrument you've got to feel it more than anything else and study the little nuances, practice the moves over and over again. And one day, one faithful day you'll be able to improvise much like great dancers or violinist. Trading can't be 100% mechanical as with everything else in life. There's no guarantee but if you have done your due diligence and have learned to flow along you'll do just fine whatever comes your way you'll know when to hit and when not to.

So that concludes to: Practice makes perfect. Intuition will plug in after years of practicing the move over and over again. One day without even noticing you'll be functioning on autopilot. And when you have perfected your craft you'll start improvising. That is how you become a great pianist, no wait a great trader.

What I have learned

1. If a price breaks violently and with huge volume always "always" wait for a rollback
2. Setup should be taken once a long or short signal is given (the pattern!!) don't trade it without a signal
3. Watch out what the herd is doing if there's a short signal on EURUSD but the rest of the USD pairs are trending higher, don't take the signal OR get out as soon as it
whips back at ya.
4. It's always good to take a look at higher time frames 1h 4h and daily to get a feel, and to determine where price is currently at , major Resistance or Support etc
5. Do not sell into a major support
6. Do not buy into a major resistance
7. Usually you'll get a choppy PA on 5M if you're trying to do either 5 or 6
8. Since I trade range breakout, it's a given that I only choose the cleanest ranges, if the price is choppy it ain't worth your time.

As for performance I'm ending the day with -11pips.

Today PA is acting up, I don't feel synchronicity price is going all over the place. Usually if you keep your watchlist extended to more than 5pairs you'll know when chaos abrupts, make sure to stay away.

And last but not least, I'm realizing I'm not going to get a 80pip move everyday after quickly running through some numbers : tuesday USDCAD long 30pips, wednesday GBPCAD short 100pips, thursday GJ short 80pips that totals to about 200pips, I think that's what I'm going to aim for roughly for a week. I've taken all of these trades but of course I didn't let them run as far as the went. After lots of trial and error I've concluded that I won't close an already going trade until there's a divergence on 5M or double bottom or top.

And one more note, I'll only take 1 signal a day somedays I may even pass out on trading altogether for instance on days such as today. Usually if there has been decent moves through the early week by Friday I guess it'll dry out. So if you have hit your quota and feeling good don't feel bad about taking a day off.

Good weekend to myself.
Be back on monday morning

Do not open any trades until frankfurt opens.

Havoc of opening a trade before a candle is finished.

Signal wasn't there. But the pattern was building itself.
Another form of impatience eating me up.

Won't let this happen.
I'm getting better.

Back to 1h method.

Thus far I've explored trading breakouts on 5M and my old 1h diversion double top/bottom, had some success with both of them. Surprisingly I did well with 5M breakout strategy but the problem was fakeys even with me monitoring higher TFs I realized I needed more time with that method. However with my 1h diversion method, I have been doing it for a good while "couple of months" , so I think I have a better chance at my previous 1h method than the breakout method. I'll go with my 1h method from now on.

Short signal came in the afternoon on CADJPY

Took it on my demo.

In this instance signal was triggered as the negative candle closed below 20ema with a long tail.

Take the signal not the pattern!!!!

Pattern
Signal
Action

Pattern
Signal
Action

Follow the order.
If you're feeling distressed
Do not trade

EURUSD only

5M
Daily target 30pips

Attempted to trade double top formation on GA on 5m while it did went down 20pips (my target) I managed to close the trade as it went against me. This is a huge roadblock that I must overcome if I ever want to become a consistent trader.

Up until this point everything that I've tried worked - but its my mental attitude thats been keeping me to get ahead of the curve. And eventually I'll change methods - thankfully in my case I've only been going back and forth between few methods.

Compared to 2 years ago where I had days and days of losing trades, I'm doing better now as I have some good days and some bad days. But I'm still not getting ahead of the curve. Why ?

1. I'm closing my winning positions too early
2. My RR is messed up
3. Or my win rate is below 50/50

Whatever the case maybe until I do something about it nothings going to change. I'll keep on trading 5M charts and not 1h, FX can be volatile and unpredictable, there's so much uncertainty going on. So by default keeping positions running overnight or for few hours (I've tried it) seems like a lot of exposure to risk. The risk of position going against me. No edge will save from uncertainty.

As for currencies, I'm going to trade only EURUSD during London and US open and few hours into the session until I get a signal. For now, from what I have observed my RR isn't going to be fantastic BUT I'm expecting my win rate ratio will improve tremendously. However I'll try to keep my RR at least 1.5 and with 70/30 ratio I think I should be good.

+19 TP hit

GBPNZD short looks good however its too far out of my risk tolerance now.

Maybe I'll get a chance at a short.. we'll see I'll give it some time before I call it a day for asian session.

There's also GBPJPY and GBPCHF short on the watchlist for the session.
But I'm skeptical about going with GBPCHF I don't know if they move much during this time. I think I would be better off with GBPJPY and GBPNZD for the session.

I feel nauseous looking at this.

But this where I'm at. And I need a "change".

9 consecutive months of "losing"

During this period I have traded from 1m chart to weekly, DAX to EURCAD and even gold.

I wasn't settled on a specific method up until the month of Oct, same month where my losses started to show some signs of slowing down.

I think it's reasonable to assume that after settling on a specific method and not going after every scenario have had a positive impact on my performance and it shows by the numbers.

But again that's not to say it's good enough. By all means it's not an excuse.

So here we are, it's Nov thus far I'm with a loss of -9.62$ not bad considering that I was trading almost everyday.

In conclusion what I need now, is to either focus on a specific pair or specific pattern and just trade that, nothing else nothing more.

I think I'm already tilting more towards, "specific pattern" this morning I traded just that AUDJPY short

See you when European session opens