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Journey to consistency

  • #301
  • Jan 2, 2018 2:48am Jan 2, 2018 2:48am
Had single long position. Closed it at BE +0.72.

The fakey move at the open was prolonged a little out of the ordinary for DAX, but was expected since today is the first trading day of the year. So I was extra cautious. I could have or should have kept my long, at least until the low of the Frankfurt open but again like I said today was a little unusual and I was extra cautious.
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  • #302
  • Jan 2, 2018 6:54pm Jan 2, 2018 6:54pm
Net total for Nikkei +20pips.

Remark: I closed it earlier than I should have currently +30pips potential gain 40-50pips. My losses are usually limited at 30pips so my winners should at least stand at 30pips. Will work at holding trades longer. It isn't really long when you really think about it, I opened my position at 8:30 and now we're coming close to 9:00. For today though I think it is stopping at 30pips. I just have to come to terms with the fact that no everyday's going to be 100pip moves at least right around the opening times, maybe 3 days out of 5 trading days ? maybe. And we were coming closer to 20ema and I was going against the momentum (in theory I should be buying) but theory doesn't always apply to real time trades sometimes to get ahead you have to do the exact opposite of what the books teach. DAX trades will operate as usual on my attached TE in the PM.
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  • #303
  • Jan 2, 2018 7:01pm Jan 2, 2018 7:01pm
Maybe it will reach my target the opening price.
Nikkei range on bad days - 40-50pips, on good days - 80- over 100pips.
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  • #304
  • Jan 2, 2018 7:23pm Jan 2, 2018 7:23pm
Quoting Piquant
Nikkei opening setup range 70-100pips.
Nikkei range in the AM 50-100pips.

Quoting Piquant
Another quick 20 on DAX buy above open sell below For now I don't know if I'm being just lucky or if I've got something that actually works. Only time will tell. I guess. {image}
I'm no longer buying above and selling below the open. If there's a fakey I fade it, if there's no fakey I blend with the trend.
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  • #305
  • Jan 2, 2018 7:30pm Jan 2, 2018 7:30pm
Quoting Piquant
I have decided to concentrate on DAX for the TE attached as I will be trading DAX on my live acc in a month time. The basic principle of my trading method for DAX and for Nikkei remains the same. However as the file I attached spread for Nikkei is pretty darn high compared with DAX and it also means that if I do bad on Nikkei I will do bad on DAX, therefore my winners will be amplified so are my mistakes will. And I just can't afford to put this much burden on my upcoming relatively small test drive live account. In other words I can't blow up another...
spread is high on Nikkei yes, but the range beats DAX especially around the open where I focus to grab 50-100pips. DAX will on bad days give out 25pips around the London open on good days 80pip but it rarely happens. Yes I can trade DAX through US open but my principle is to scrape as much as you possibly can in the shortest span of time. I'll take the rest of the day off for myself, for my other projects. Sounds too good to be true ? But if there's a way to extravigate 50pips on average daily within 30m to 1h ,why the heck not ? and take the rest of the day off ? I've had enough screen time the past 2 years, non stop from early in the morning all the way to late at night and even on the weekends. I think trading non stop has a negative overall effect on performance and on overall health + I'm a morning person and Nikkei falls right into my peak operating hours 8AM until 9:10AM while DAX 4PM - 7PM on my descending time. Not good enough excuse ? But back to the serious note, hmmmmm... should I ? could I ? well at the end of the day only the numbers the TE will dictate my decision.
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  • #306
  • Jan 2, 2018 7:47pm Jan 2, 2018 7:47pm
Quoting Piquant
Changes. I've decided to focus only on GBPJPY.
I've had so many "changes"

I guess change is essential when you're still trying to figure out what works and what doesn't "for you". If you don't try this or that out how would you know if its going to fit you ? Maybe this is the natural progression of a learning phase. It's been two months since I opened this journal and I feel like its been a year ! when your learning curve steepens (hope that's the right spelling) or in other words the more you learn the faster you will progress. But there's a period of stagnation where you'll feel like you're not getting anywhere regardless of the input you intake happened to me when I was first learning English but then all of a sudden without even consciously realizing you just take off. Make no mistake the learning will never stop, but boy doesn't it feel good to take off ?
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  • #307
  • Jan 2, 2018 7:52pm Jan 2, 2018 7:52pm
Quoting Piquant
{quote} And trading London session maybe fun and full with opportunities but the more I trade the more I like the slow pace and <predictability> of asian session
Did I say I like the predictability and the slow pace of Asian session ? hmmmm.....
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  • #308
  • Jan 3, 2018 2:25am Jan 3, 2018 2:25am
DAX loss -14pips short think I closed it at -19 well I need to recover that !

1 long.

No fakey to fade today.
Had to go along with the existing trend - up ?

Net for DAX -29pips.
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  • #309
  • Jan 3, 2018 2:28am Jan 3, 2018 2:28am
resistance up ahead its going to be tricky ride up.
but I'll have to stick with my rules and hold this for the usual recommend time or range.
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  • #310
  • Jan 3, 2018 2:50am Jan 3, 2018 2:50am
Disappointing day for DAX, it went up 20pips if you had gotten in from the optimal point which I missed, ran up 10pips and came crashing down. 20pips is usually the opening range for DAX. Maybe it had run its course. But I couldn't catch it. Nikkei tomorrow.

Would you call this a trend ?

Hmmm.... Its barely a trend.

Remember I fade the fakey and I blend with the trend ( strong trend that is) if there's no trend and no fakey at the open no trade for me for the day.

At least now I don't compulsively open trades when I'm proven wrong once. Gambling tendency has calmed down.
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  • #311
  • Jan 3, 2018 7:10pm Jan 3, 2018 7:10pm
Think I still need to work couple of months on Nikkei, DAX open setups on demo.

I checked out GBPUSD, the spread is 2 and the daily range is on average 70pips but there will be bad days I just need to acknowledge that. I am ready to go live on GU but not Nikkei or DAX. I am well aware if I still haven't figured things out with indexes I will blow up my acc in a matter of weeks or a month. And I just can't let that happen, regardless of the money lost small or big blowing up an account feels terrible, you feel like a failure.

I thought I was fading the fakeys, but if you go by buy above or sell below the open I actually missed out on the initial big move. There're many ways to skin a cat, it sure is especially with Nikkei. I just have to think out of the box using the knowledge that I already have. Buy low sell high works. Buy above sell below the open works. But you have to know when to apply these principles.

Net total for Nikkei = -50pips
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  • #312
  • Jan 4, 2018 2:57am Jan 4, 2018 2:57am
I'm talking too much and not trading enough. Cut the crap.

DAX long missed 40minutes into Frankfurt.

1 short going now aiming for 13063-13053
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  • #313
  • Jan 4, 2018 3:26am Jan 4, 2018 3:26am
Net for DAX +9pips

I took profit before it hit my target area.

Don't think anything interesting will happen now.

I will come back at US open.
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  • #314
  • Jan 4, 2018 8:46am Jan 4, 2018 8:46am
DAX short +11pips
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  • #315
  • Jan 4, 2018 8:53am Jan 4, 2018 8:53am
missed another long entry an hour earlier.

Net for the day = -29 (no pip count)
Drawdown for the day = -2.9% its alright
Drawdown for the year/week = -5.4% have to keep it within 5 at most at 8%

on a side note : traded nasdaq on my seperate demo, at first I thought it moves fast and heavy but the pip count is pretty much the same with DAX maybe less. And US indexes drive everything along with it DAX included. I missed long entry on DAX 2 hours earlier, just so happened nasdaq was also climbing higher. Think its good to keep nasdaq on the background just in case. For now its found a support at 200ema major, so is DAX I usually would have held it for an hour, but don't think it's going to be a smooth one way 40-70pip run down for nasdaq, so I doubt DAX will keep on going down for an hour after all it did go up about 40pips at the US open. But who knows let me check back tomorrow.

off.
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  • #316
  • Jan 5, 2018 2:24am Jan 5, 2018 2:24am
DAX short

I always seem to miss the "big move" at the open.
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  • #317
  • Jan 5, 2018 2:51am Jan 5, 2018 2:51am
Quoting Piquant
DAX short I always seem to miss the "big move" at the open. {image}
back to BE
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  • #318
  • Jan 5, 2018 3:26am Jan 5, 2018 3:26am
new low DD is -6% think I overtraded today, went down to 2m for more precision, lower TFs just over amplify my impatience and lack of discipline. shouldn't go lower than 5m.
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  • #319
  • Jan 5, 2018 3:30am Jan 5, 2018 3:30am
Quoting Piquant
new low DD is -6% think I overtraded today, went down to 2m for more precision, lower TFs just over amplify my impatience and lack of discipline. shouldn't go lower than 5m.
since I went against my rule taking rest of the day off if I go on I'll probably do more damage than good.
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  • #320
  • Jan 5, 2018 5:34am Jan 5, 2018 5:34am
It's amazing how we can't follow a trend instead try to call tops or bottoms, while I was getting in and out of trades DAX has risen over 100pips from Frankfurt open. Usually on days where it's trending strongly unless there's a top or bottom formation on the way the run up or down continues for 3 hours.

All of my MAs were in correct order, price has found support on 100sma, 20ema pulled to 100sma and there it went.

I need focus on trading smooth trends such as this and holding them for a longer period if I'm right.
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