Plan the Trade

1175 is pullback area

1675 is poke

-10

Got 10 back on 21 sell

Will sell high of day

+1

CRAP!!!

19 is pullback area or a hook

The big 0 today

yep rubbish pa today

Cap did u sell off the high? Lol

Nope. Wish I had! Did you? We had a nice hook trade at 11.75 though. Again, I didn't get it.

Just traded my second full session with the new twist. Have to say i'm bloody excited! Euphoria well and truly kicking in right now!

The reality was many poor decisions, which were so so close to making it an unbelievable session;



The end result was +21 with 8 comms, but it simply doesn't tell the whole story!

I had a quick BE off of the first pin. I quickly overrode my auto +1, just to give it more of a chance but got pinched. The second pin i chased up for +8.

Next i took a 123 reversal, trigger and retrace, for a quick -6, then realised that it had not made a fresh low at that stage, (trend still up). Stupid trade based on old style.

That then led me to leave the next one (at the top, despite my strong desire to take the short on the pullback pin as i have been doing for some time now. As you can see, it dropped beautifully from there and would have been an easy +20. Hey ho, that's trading.

Next had an EW idea in my mind and took a long (thinking it was back to uptrend), but was wrong side of that trade for -4

After a tap and no fill, i was too slow with my order on a nice short, by a split second. It just dropped away from my order and would have been another +20

Then i took a quick reversal pin for -6 thinking it was a reversal area - wrong. That then led me to leave the next one, which was full on reverse. Once again, trading only the wrong one of a pair of similar set-ups...

Now i'm expecting an ABC and i am amazed how easy it is to follow my EW thoughts and quickly eliminate risk. This is working beautifully. With the +13, i had the idea that it would head to 6320 area for reverse and yet i still followed too tightly with my stop chase. So that should have been a +32. Wow is all i can say!

I have made so many mistakes tonight in this session and yet still ended up +13 after comms. But i really feel that the mistakes were so minor that it could easily have been much better. Plenty to work on then, but this feels so much more natural to me now.

I am finding that often the first two or three minutes after open can see a good result, but i realise that it is usually my EW view and workings prior to open which gives the chance.

I just started trading the next session (08-11-17) on replay. I've stopped and recapped, as i set an order just before the opening bell.

Here it is;



Here is how i view it, (although i appreciate that it will be lost on non Ellioticians, nevertheless, it gives you an idea of what EW is capable of)

First i see a 5w move Long (Blue count, overnight), which then retraces in 3 waves (Purple ABC) and double bottoms with prior wave 'iv' end. In wave 'C' of the ABC it will always consist of 5 subwaves again - here i see an abcde (i've wrongly labelled it i,ii,iii,iv&v, but i wont edit it now!), expanding diagonal (which is a very common wave c pattern). Now it looks like we are back to the Long side with the evidence in the chart. Probably with the next wave 'i' or 'a' (in blue) completed, which then again retraces in 3w (purple abc), for wave ii or 'b', so i would expect the next move to be Long for either a wave 'iii' or 'c', the PA has printed a small pin and then a bullish green bodied candle, so i set an order at the top of the prior pin, looking to get filled and ride it Long... my auto 6 tick stop is a tick below the pinbar, but i will look to eliminate risk quickly, if filled, as usual.

Less than a minute after open!

I think my point is that, for a long time i have struggled to find a way to trade what i see regarding EW. I've tried this way and that way, regarding 123's to get into a trade, so as to have a stoploss placement, but never have i achieved anything that has been reliable enough. That is until this week, where i am taking trades as soon as i see a candle confirming my thoughts, entering on a pin or bullish candle (if looking long), often gives enough follow through to eliminate risk very quickly.

Ok, sometimes it means a -2 or -3 and then miss the next move, but often, that stop out is a minor subwave 'ii' which in itself creates another pin or reversal candle. Yes, it's difficult to re-enter a trade that you've just been stopped out of, but this game is all about evaluating what you are seeing and acting upon it in split seconds.

Often in the world of EW, you can be slightly wrong in your count, but there are certain points where to some degree, it will not matter, because whatever path (or count) it chooses next will see the same direction initially.

Whilst trading Forex, i was always trying to gain maximum points, whereas, now with the NQ, winners of 10 ticks, really start to mount up quickly.

The trade above was genuine and executed as described (albeit demo still) and i have paused proceedings to post this. I almost want to say, that is it, for this session and close the PC down, but of course, that still speaks of fear and that is exactly what i am trying to over-come before going back to Live trading. I need to finish the hour with more than 24 ticks including commissions. So let's see!)

Nope. Maybe we’ll get another chance today

Little bit of over-confidence coming into play. Next up was a -4 and a -6, when both trades needed just a couple extra ticks to survive and see a profit instead. I know 6 ticks is really tight and i may adjust that to 8 or 10 if req'd.

That is entirely the point of demo, isn't it. I've tweaked the conditions and now back to trading the open, where volume is heavier, so it's feasible i may need to risk more to gain more in the longer term.

Probably a little trigger happy right now (hence the over-confidence thing) and i will have to be honest, i don't think i would be anywhere near as fluid as this if it was Live. Not a lot i can do about that for now. In actual fact, though, when it is the losers, being losers purely because i needed to either be greedier on entry by a couple of ticks or give it a couple of ticks more stoploss. It is something that i am certain that i will sort out.

If i am freezing and not trading the same Live, it will probably just require time. I see no reason why i can't achieve the same results after say, 6 months to a year of Live trading, when emotions should hopefully be calmer.

I'm gonna end that session there and say that is the third proper one with the new approach (a tester at the weekend was also +30 within the first five minutes).

Result +43 with 5 comms.

I just want to gain a bit more experience at this yet. I know, i know. Demo doesn't cut it ref the emotions, but then... i was even nervous before this session start and that is a reflection of both pride and expectation. Once that feeling disappears and i start to relax about it all, i will be ready to switch.

It sounds like i really care what others think, in reality, i do not! The only person any of this matters too is myself! but, i started this as a journal and it has just begun to get interesting!)

just missed eh

what the heck