Plan the Trade

I think it's all part of the process integrating my EW view into a stricter rule of Supply/Demand trades.

The thing is, i can't always describe the reasoning behind some of my entries when they aren't at a clear pullback level. That's because sometimes it is PA alone that makes me see a count or phase starting, literally in a split second. Often i have to watch as i've missed it, but also, when i see PA take off in a jagged motion, i become more confident that the next phase or 'wave' is starting and thus the entries are a little late.

I get caught a few times, but over the past month, it's been working well for me.

I think i'm over-trading right now, for sure, but the experience is becoming invaluable. I feel i've made more progress in this last month than i did all of last year.

The problem is, i simply know that i wouldn't be able to trade so fluidly if i were to switch live tomorrow at contract size positions. So there is a little bit of juggling to do yet. Become stricter and know that it will be more realistic to live trading, but also continue to trust my overall judgement regarding phases when combined with the pullbacks.

This is what i meant by the fact that i do not feel compelled to switch just yet. Another couple of months maybe... I thought today was going to be a losing day and a set back for confidence, but it's turned out ok.

I traded another mini session before writing this up...

I try to draw my wave channels where possible, but basically i view all charts instantly in phases and waves.



Tried to be less aggressive with my stoploss chase and gave too much back on the last one.



and so, this time i was more aggressive and missed a decent rise thereafter (exactly what i was expecting too). Hey ho. I know i took another BE trade earlier too, so that's another 6 trades, 17 in all, but +54 and that will do me...

because you are managing risk well you are able to overcome a little drawdown. being down 53 ticks is only 265 dollars keep that in mind

I know EW means little to everyone else here, but more to my last post, here's what i meant;



now in detail... I see 5w up (red abcde) and 3w (corrective abc) down (blue), but i didn't see it immediately, (we have reacted from the larger pullback level though and it is likely that we will go up further from here, however), only after the first green pinbar hammer printed and i quickly got my order in... it filled and went instantly into profit. I tend to eliminate risk almost as soon as i see that...

There can not be a single 5w set on it's own, thus you should expect another to follow...



The shame is, i was then a little too aggressive and only took 14 when it should have been a +30...

The interesting thing is that i have swung towards concentrating on how much you could lose as opposed to how much you could make.

From 32 down to 54 up without any losses inbetween and yet, if i hit my stress limit at -32 and stopped trading because of it, look at the difference!

I would probably do well, to concentrate purely on the total as a figure instead of thinking about it in $ terms!)

I seem to get stuck in the nooks and crannies too often ... manage risk well but then my profit only takes me to break-even again before the next wave of nook and cranny losses begin ... eish ... trying to get past that now with practice and practice and practice ad infinitum ... with my broker only the DAX 1 minute charts have enough volume and the spread is low enough to trade this way so I must make due.

+20

got the same one here

14 minutes of trading

Pushes had more follow-thru today than yesterday it seems

I had only 1 push threw

H, would you mind posting the chart with the trades you took yesterday..

3 posts up sorry you mean yesterday hold on let me get it for you

-15 (long), liked the thrust up bar
Think should have voided the trade with what looks like a 2b

+22

..interesting - H seems to 'squish' the price scale down to 4 point increments; Ras using 2 points and his 1st trade looks ok, ..not so compelling on H's chart and wasn't taken (by H).

it was a 2b heres yesterdays trades

Thank you.

only do that so I can see candles clearer old eyes lol no other intention but that