Attachments: MY Journal-phil13

MY Journal-phil13

#881
Jun 7, 2018 4:08am Jun 7, 2018 4:08am

rhsfx
| Joined May 2016 | Status: Trading for a Living... | 26 Posts

Quoting phil13

Disliked

{quote} Hi Roland good morning my friend. For my own personal way of trading, I am not happy to be long U/J ATM, I am actually neutral on that pair (but this is just my view), here is the daily chart to explain why I say these things. I like to find set up’s at places I suspect buyers/sellers to be at, preferably with multiple reasons and areas above below I can see will maybe provide good cover for quick recovery if needed, ...

Ignored

Okay... now I see... and thanks for your hint!

If you can't stand the heat, stay out of the kitchen...

#882
Jun 7, 2018 4:14am Jun 7, 2018 4:14am

rhsfx
| Joined May 2016 | Status: Trading for a Living... | 26 Posts

Quoting phil13

Disliked

no trades for me, will check back later, big guns still doing their thing ATM.

Ignored

...and again it's me with a question...

where do/did you see them? I mean, doesn't "big guns" mean high volatility and long legs (big moves) in the markets?

At the moment there is less volatility, slow moving... The G7 Meeting is tomorrow and on Saturday. I expect more volatility in the US session, maybe... And I wouldn't want to have an open trade during this weekend.

Cheers, Roland.

If you can't stand the heat, stay out of the kitchen...

#883
Edited 4:37am Jun 7, 2018 4:23am | Edited 4:37am

phil13
Joined Jul 2011 | Status: an ant working the structure | 3,248 Posts

Quoting rhsfx

Disliked

{quote} ...and again it's me with a question... where do/did you see them? I mean, doesn't "big guns" mean high volatility and long legs (big moves) in the markets? At the moment there is less volatility, slow moving... The G7 Meeting is tomorrow and on Saturday. I expect more volatility in the US session, maybe... And I wouldn't want to have an open trade during this weekend. Cheers, Roland.

Ignored

Hi Roland

Big guns = CB’s and massive hedge funds ect… these people can move the market where they want and I know they all talk to each other, no saying they do anything illegal like conspire together ..LOL.

Regards

Phil.

ADDED PS….. you know they are in the market generally when you see the other side (buyers/sellers) constantly run over by them, look at my failed trades (lost scouts).

-be careful about what you allow to be put in your mind-

#884
Jun 7, 2018 4:50am Jun 7, 2018 4:50am

phil13
Joined Jul 2011 | Status: an ant working the structure | 3,248 Posts

G/U.....

looks interesting now.

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-be careful about what you allow to be put in your mind-

#885
Jun 7, 2018 5:58am Jun 7, 2018 5:58am

rhsfx
| Joined May 2016 | Status: Trading for a Living... | 26 Posts

Quoting phil13

Disliked

{quote} ...

ADDED PS….. you know they are in the market generally when you see the other side (buyers/sellers) constantly run over by them, look at my failed trades (lost scouts).

Ignored

that was the missing puzzle piece for me...

If you can't stand the heat, stay out of the kitchen...

#886
Jun 7, 2018 6:38am Jun 7, 2018 6:38am

phil13
Joined Jul 2011 | Status: an ant working the structure | 3,248 Posts

G/U trade....

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-be careful about what you allow to be put in your mind-

#887
Jun 7, 2018 6:53am Jun 7, 2018 6:53am

phil13
Joined Jul 2011 | Status: an ant working the structure | 3,248 Posts

how and when the price structure changes....

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-be careful about what you allow to be put in your mind-

#888
Jun 7, 2018 8:21am Jun 7, 2018 8:21am

fex
| Membership Revoked | Joined Dec 2012 | 884 Posts

Hi phil13, thanks you very much, really appreciate effort. I have a couple of questions that I would appreciate if you answered.
Any rules or advice to establish the weight of each order? (skew) And: Is there any reason or circumstance from which you would open a opposite trade?
Thanks

Newbie trader

#889
Jun 7, 2018 8:47am Jun 7, 2018 8:47am

phil13
Joined Jul 2011 | Status: an ant working the structure | 3,248 Posts

Quoting fex

Disliked

Hi phil13, thanks you very much, really appreciate effort. I have a couple of questions that I would appreciate if you answered. Any rules or advice to establish the weight of each order? (skew) And: Is there any reason or circumstance from which you would open a opposite trade? Thanks

Ignored

Hi fex

Welcome.

No problem, I was helped so just paying it forward a bit.

There are only 3 rules in trading.
1. Protect your account
2. Protect your account
3. Do not ever forget rules 1+2

As for the skews, I alter them according to the risk of the trade at the time, for example today I was a bit more conservative with the skews as I knew there were big guns around, even though I was pretty sure I see them leave (profit take), you never really know anything is for sure in this game. When I started this account I am showing I used lower skews until I built in some F/cap to trade off (about 10% is good F/cap to have and then up the skews a bit).

If there is a big gap to the next H1 buyers/sellers area and I have been caught out after adding the attack I would trade the opposite side to help with my supplies, an AOW thing of foraging on the enemy to sustain my troops while they were underwater, then I would flip back after offsetting some of the gains from the winning side against my underwater troops (lowering the burden of the drawdown), if you go back in my journal I covered this in depth in a money management section that I done with this account I am using to demonstrate how I trade. If you look on the first post at the bottom it will tell you where I started to update this journal, it is near the start of that somewhere.

Regards

Phil.

-be careful about what you allow to be put in your mind-

#890
Edited Jun 8, 2018 1:35am Jun 7, 2018 9:01am | Edited Jun 8, 2018 1:35am

rhsfx
| Joined May 2016 | Status: Trading for a Living... | 26 Posts

After finishing the first 200 pages from the TAF thread, I started "trying to dance"...

in M15 you can see the double-top (short consolidation); after moving lower I was going short (M5, see 1.)
after first drop (first impulse), market made a short pause, moved lower and I shorted again (2.)
unfortunately no further drop, GBP moved a bit higher and in consolidation - EUR doesn't want to move in sync (!), she made a new high (4.)
then, finally GBP took the lead and moved lower... I was relatively sure that the market wants to see the round Number @ 1.3400 (btw: when reached, GBP felt more than 10 pips in a second (crazy... lots of stop hunting... why are most retail traders making the same mistakes again?!)
I waited for the next wave for the 3rd entry... down-move continued... no 3rd position... after taking out r.N. I closed half position
other half position will be trailed now...

Now, GBP is falling furthermore. What makes me thinking is, that EUR doesn't want to move lower again (shows his strength till now...). But to be honest, I don't take care much about it, I am only recognizing this...

Quoting fti: "You asked why. It doesn't matter why, except that it did. I am so sorry, I am dealer. Beats me too. I don't ask why. I see that something is cooking. I only want to find the way to capitalize on it."

P.S.: forget about the P&L, its a demo account

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If you can't stand the heat, stay out of the kitchen...

#891
Jun 7, 2018 9:41am Jun 7, 2018 9:41am

phil13
Joined Jul 2011 | Status: an ant working the structure | 3,248 Posts

Hi Roland

Well done my friend, welcome to the shark infested croc pond that we dance on.....

There is nothing wrong with being in demo, unlike many others here I believe it is a very useful tool, I started off in demo (well I messed up a couple of accounts then went to demo), I was in demo for a long time and I learnt a lot using it, infact I still use demo’s to test out any new ideas I get, to me even demo pips are taken very seriously as if it were a real account, it is a good mindset to have.

There is no right or wrong way, so long as your bottom line is going up that is all that matters.

I demonstrate what I do just to try to give others their own ideas to build on, what is right for me may not be for you.

Regards

Phil.

-be careful about what you allow to be put in your mind-

#892
Edited 1:00pm Jun 7, 2018 10:02am | Edited 1:00pm

rhsfx
| Joined May 2016 | Status: Trading for a Living... | 26 Posts

Quoting phil13

Disliked

...welcome to the shark infested croc pond that we dance on..... ...

Ignored

...you are so right my friend

referring to this, this has been already published on FF... but it's always worth reading:

"Welcome to the hardest game in the world.
Unfortunately, you're playing with some of the sharpest, fastest, most intelligent, well informed, stubbornly irrational and in many cases, unethical minds in the world.
You're up against:...
The computer that can react faster than you.
The trader who has more experience than you.
The fund that has more money than you.
The insider that has more information than you.
The others that will misinform you.
The inner voice that will do its best to undo you.
So, leave all your dreams of making quick and easy money behind.
The first aim is survival. Your absolute first goal is to learn how to stay in the game.
You can only do this....
By mapping the territory.
By understanding how the enemy thinks and acts.
By having a solid game plan.
And by picking your battles very, very carefully.
Ready to play?" -- Tom Dante.

If you can't stand the heat, stay out of the kitchen...

#893
Jun 7, 2018 10:14am Jun 7, 2018 10:14am

rhsfx
| Joined May 2016 | Status: Trading for a Living... | 26 Posts

Quoting phil13

Disliked

... infact I still use demo’s to test out any new ideas I get, to me even demo pips are taken very seriously as if it were a real account, it is a good mindset to have ...

Ignored

yep, same opinion do I have!

Everybody should use a demo account (e.g. testing new strategies etc.) for a limited time, specially in learning fti's MO (...). But then, we have to move on and have to put real money on the table. Only then we are able to handle "the next level": to control our emotions!

Cheers, Roland.

If you can't stand the heat, stay out of the kitchen...

#894
Jun 7, 2018 12:14pm Jun 7, 2018 12:14pm

fex
| Membership Revoked | Joined Dec 2012 | 884 Posts

Quoting phil13

Disliked

{quote} Hi fex Welcome. No problem, I was helped so just paying it forward a bit. There are only 3 rules in trading. 1. Protect your account 2. Protect your account 3. Do not ever forget rules 1+2 As for the skews, I alter them according to the risk of the trade at the time, for example today I was a bit more conservative with the skews as I knew there were big guns around, even though I was pretty sure I see them leave (profit take), you never really know anything is for sure in this game. When I started this account I am showing I used lower skews...

Ignored

Thanks Phil, clear response. i did read, recompiled and re-read all your journal. Also, reading and recompiling TAF, for now pg137. And others selected...
TAF has changed my mindset. MY Journal-phil13 has taught me the potential and confirmed some intuitions about MM.
Practicing, gaining skills, and growing my pips account

regards

Newbie trader

#895
Jun 8, 2018 1:16am Jun 8, 2018 1:16am

phil13
Joined Jul 2011 | Status: an ant working the structure | 3,248 Posts

G/U update.... news could come out of the blue today, not sure about trading today, will make my mind up in the next few hours.

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so in AOW today would be considered as 'hemmed in ground' as there could be unseen snipers/assassins hiding in close quarters anywhere at anytime.

-be careful about what you allow to be put in your mind-

#896
Jun 8, 2018 1:55am Jun 8, 2018 1:55am

phil13
Joined Jul 2011 | Status: an ant working the structure | 3,248 Posts

the problem with hemmed in ground is once entered the enemy could easily block the exit, making it hard to escape/recover and my troops could be easy targets (like pigs to the slaughter in the free corn swamp story).

reasoning for this...

1. the G7 summit news that could come out at anytime.
2. it is friday so the weekend shut down could also block/trap us.

what has to be weighted up is the risk to the account (state), is it really worth fighting on such ground, do i really need too, the answer is obvious when looked at logical and strategically, ATM i have no risk to the state as i have no troops deployed, next week will provide plenty more opportunities that will be far less risky and on far easier ground to battle on.

so no trading today is the 'best outcome' for the state, as i have said what i want or think is irrelevant, i am doing this job for the benefit of the the greater state only.

-be careful about what you allow to be put in your mind-