MY Journal-phil13

I would like to ask you about price hitting stops/orders: it either:

1. keeps on going thru
2. absorbs stops/orders and consolidates
3. reverses

I think I must better learn which is most likely based on price behaviour on the hit. What are you looking for to help determine this?

I think what happens depends on if there are real orders there so if we are running long and take out a high:

1. if there are no real buy orders above it then big guys are getting in at discount eg duck hunt and we should see strong selling - it will reverse trend
2. if there are real buy orders above it it keeps running for more we should see no interest in selling
3. if big guys are taking some profit then it will consolidate and we shall wait and see what comes next ie long run back on again when they get interested in buying again at discount

Alex

Hi Alex

maybe best explained in the recent E/U chart.

regards

Phil.

I got in too early also on scout long but got in again in buying zone at bottom using m5 bottoming signs.

This has helped me confirm my thinking again - it is really great thanks.


Alex

Hi Alex

no problem my friend.

i did not trade E/U above, i just marked it as i would of traded it if i had been watching it.

if you look at the daily chart you will see two hips recently formed at about the same level, personally i would not be wanting to trade against these set ups.

regards

Phil.

yeh watching them

Alex

risk on / risk off.... something we need to understand.

especially in today climate.... fundy's + P/A

Hi my friend.

Hope you have a great Christmas and a great trading New Year.

This thread is amazing and thought-provoking and very generously given.

Alex

Very true!

Great and detailed thread. Thanks for sharing phil13.

Along the lines of trading journal, I'm currently searching for a good trade journal. It seems you have a lot of experience, do you have a good recommendation of a journal spreadsheet or -software to use?

Merry x-mas everyone!

Hi Alex

happy Christmas and wishing you a great new trading year ahead as well my friend.

still have not finished my last trade to document yet, loooooong battle this one.

thank you so much for your kind words about my thread.

regards

Phil.

Hi NasyPips

thank you also for your kind words about my thread and welcome as this is your first post, wishing you well in life and trading, you are very welcome to stop by here whenever you want and will (if i can) try to answer anything you ask.

bare charts is the best thing to use mainly, use things like dow theory as a base for the 'read' of the direction, do analysis in the higher time frames and scale in on the lower frames from/with that analysis is the best basis i have found to use, test first with scouts for direction and then hit them riding each wave of the move, experiment in demo with different types and ways of manipulating money management in your favour and do not be afraid of trying out your own ideas on this in demo to get a feel of how money can work in your favour, as for journal/threads i have read a lot of them on here and some have some good ways of doing things but their way may not be right for you i have found, just take what is useful to you in your own trading and discard the rest for now, also i recommend looking into how and why we work as human from an electro-chemical point of view, this will allow you more control over what you should do rather than what your brain is telling you to do, this is a big part of trading and no one can teach this as we are all different emotionally and re-actively.

the one thread i learnt the most from and really helped me was fti's thread, it is hard going at first but it is what made me as a trader.

https://www.forexfactory.com/showthread.php?t=57639

oh... and never pay anyone anything to do with learning about this or system and e/a's ect, they sell mainly because they can not trade and prey on the new unsuspecting eager to learn people, all is available on the internet for free you just need to not believe all you read with out proper testing it out yourself first.

regards

Phil.

Hello Phil,

What a super-post! So brief and comprehensive. I endorse every sentence in it as up to a proper-due mark. Make yourself a trader...

Merry Christmas and all trading path success.

Best regards,
Exnav

Hi Exnav

thank you for your kind words.

wishing you a happy Christmas and successful new year my friend.

regards

Phil.

Hi Hi Phil

Merry Xmas and a Happy New Year!
Hope every thing been sorted out well.
Any pork knuckle to compliment? hehe..
Take good care, and let the turkey roast nicely. LOL!

Regards
Ray

Hi Ray

all sorted thanks.

wishing you a good Christmas and new year too my friend.

regards

Phil.

Long, looong, loooooonnng battle this one…. Started 13 sep 2017 and still not finished yet, decided to post what I have done so far as only a little left to recover/rescue now and I may have wait a while again before continuing with this U/J trade.

So this started off as trade to try to show something and started to go wrong, I tried an attempt to reverse recover at first then I decided to let it run against me to show a conventional deep recovery/rescue, as I have not shown any of these and well I do bang on that I am well practiced to recover from 1000 – 1500 pips against me, so as I talked it I thought I should show the walk as well, most of it is about patients and timing while climbing up/down the charts.

Just because I can do this it does not mean I should always do this, most of the time it is not money/time efficient to do so, but I think it is a good tool to have under our belt, this is why I have shown other ideas on ways to recover that can often be far quicker to bring a trade to a conclusion, I remember being live years ago being stuck with these types of rescue/recovery they really affect you mentally and do nothing of any great help towards the year end result.

Here it is over 33 charts below……



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just the last trade to recover now.... will post when done with.

Hi, Phil,

Well done, that was spectacular.

I thought FTI told us that volume data was not good enough so interested to see you are using it. I think the large spikes can tell us a lot but not sure.

I think on the h1 pullback short after spike up long on h1 showed that down move had no tick interest and volume only rose when we got to support showing most likely some buying.

Thanks for charts.
Alex