Attachments: MY Journal-phil13

MY Journal-phil13

#901
Jun 11, 2018 2:28am Jun 11, 2018 2:28am

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

U/J....

. another day/week and new opportunities to find.

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

#902
Jun 11, 2018 3:22am Jun 11, 2018 3:22am

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

U/J update...

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

#903
Jun 11, 2018 11:52am Jun 11, 2018 11:52am

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

My view on EUR M5 during the London session (see attached chart); in my "newbie-view" its a textbook trade...

At 10:30 am (german time) GBP news came out, so I haven't entered this trade. After the strong beer momentum move, the subsequently retracement wasn't strong enough for getting filled...

Cheers, Roland.

P.S.: thanks a lot Phil that I can post my charts in your thread and that you (or others) will take the time and help me out...

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

#904
Jun 12, 2018 12:22am Jun 12, 2018 12:22am

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

Quoting rhsfx

Disliked

My view on EUR M5 during the London session (see attached chart); in my "newbie-view" its a textbook trade... At 10:30 am (german time) GBP news came out, so I haven't entered this trade. After the strong beer momentum move, the subsequently retracement wasn't strong enough for getting filled... Cheers, Roland. P.S.: thanks a lot Phil that I can post my charts in your thread and that you (or others) will take the time and help me out... {image}

Ignored

Hi Roland

The basic concept of what you tried to do ‘wait for the retrace after the news release’ is a good strategy, the thing is a lot has changed in the market over the last couple of years, we are now up against machines (algos and AI) that can trade much faster than us, the news these days does not move the market like it used to, for me personally news trading (after the fact) has become an ineffective way to make money partly due to these machines we are up against, I know a trader in London (30+ years experience) who has his own team and he has confirmed to me that most of the time they are just overseeing these machines nowadays, but he did also say as a discretionary traders we should be able to see there footprint and take advantage of it, they are very rigid in how they trade and maybe this is why the ‘buy/sell’ area I mark out work quite well a lot of the time now, having said all this I a not saying trade into the news purposely.

The thing I have found with trading is not every trade we take will be with absolute correct timing, especially in these days of machines faking things more often than the MM’s used too just to run the stops/orders, sometimes these will go on deeper or more than we anticipated, the ‘read’ will help with timing and the money management will help you make a success of those opportunities, mindset is hole other issue that will have to deal with, but understanding how and why we work from an electro-chemical point of view will really help you understand and control your emotions during a trade.

As traders we must adapt to the new things the market throws at us.

Of course anything I say is just my personal point of views and you should explore other possibilities.

Regards

Phil

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

#905
Jun 12, 2018 6:22am Jun 12, 2018 6:22am

alexandria
Joined Nov 2010 | Status: Just playing follow my leader | 1,545 Posts

Quoting rhsfx

Disliked

My view on EUR M5 during the London session ... {image}

Ignored

How I saw this yesterday. Lots of newsy stuff going on with FOMC coming up too so games afoot.

Big run up before some topping action: topping brought in sellers and trapped bulls: so they can play with these orders then down into range with spring: they are trapping and playing with peeps. Just my view.

Also look at h1 for where price reacted.

Alex

check out the terrain - follow never lead

#906
Jun 12, 2018 7:19am Jun 12, 2018 7:19am

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

Quoting alexandria

Disliked

{quote} How I saw this yesterday. Lots of newsy stuff going on with FOMC coming up too so games afoot. Big run up before some topping action: topping brought in sellers and trapped bulls: so they can play with these orders then down into range with spring: they are trapping and playing with peeps. Just my view. Also look at h1 for where price reacted. Alex

Ignored

Hi Alex,

thanks for your answer. As already noted, I'm new to this trading technique... so, there is a lot to learn for me...

Sure I saw this "sellers area" on H1 and that the stops were taken out; also this bearish "not perfect formed PB" closed at 10 am (highlighted in the chart is the open time).

One question: presuming no news were released yesterday morning, would you have entered this trade - and if at all, where?

Thanks for your time and feedback.

Cheers, Roland.

P.S.: I know that we should "...never read the patterns that form on the chart, rather recognize it when it forms and follow it with a trade position. Chart patterns can mutate as time advances and a fixed perspective to the pattern that has formed is dangerous as it paralyses your ability to change when the dance changes..." (quoting fti).

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

#907
Jun 12, 2018 7:29am Jun 12, 2018 7:29am

alexandria
Joined Nov 2010 | Status: Just playing follow my leader | 1,545 Posts

Quoting rhsfx

Disliked

{quote} Hi Alex, thanks for your answer. As already noted, I'm new to this trading technique... so, there is a lot to learn for me... Sure I saw this "sellers area" on H1 and that the stops were taken out; also this bearish "not perfect formed PB" closed at 10 am (highlighted in the chart is the open time). One question: presuming no news were released yesterday morning, would you have entered this trade - and if at all, where? Thanks for your time and feedback. Cheers, Roland. P.S.: I know that we should "...never read the patterns that form on...

Ignored

FTI (

) is correct of course:

I did trade yesterday. I went short and then long - with zones in mind based on what price did. I traded with my patterns/momentum in mind and zones which is where I am gaining more confidence - does not seem so haphazard to me now. But things are always changing - feel I have gone round in full circle back to where I started but with a different mindset and knowledge weird. Very very grateful to Phil etc.

Alex

check out the terrain - follow never lead

#908
Jun 12, 2018 7:33am Jun 12, 2018 7:33am

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

Quoting alexandria

Disliked

{quote} FTI () is correct of course: I did trade yesterday. I went short and then long - with zones in mind based on what price did. I traded with my patterns/momentum in mind and zones which is where I am gaining more confidence - does not seem so haphazard to me now. But things are always changing - feel I have gone round in full circle back to where I started but with a different mindset and knowledge weird. Very very grateful to Phil etc. Alex

Ignored

One question please: you are trading in both ways, long and short?

I have understood that we only should take a trade in the daily trend direction. Or are you taking this "counter trend" trades also but e.g. you are doing no rescueing?

Thanks again Alex

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

#909
Jun 12, 2018 8:44am Jun 12, 2018 8:44am

CookieMonsta
| Joined Mar 2014 | Status: Trader | 1,667 Posts

Quoting rhsfx

Disliked

{quote} One question please: you are trading in both ways, long and short? I have understood that we only should take a trade in the daily trend direction. Or are you taking this "counter trend" trades also but e.g. you are doing no rescueing? Thanks again Alex

Ignored

hi, if i may answer the question,

if daily is congesting, effectively daily has no direction, so daily should be range bound while market test the price levels, probing buyers and sellers, examples are areas phil highlighted, in his charts before, then when market has decided on a direction, that is when we see a trend run. so before that direction is established, the range terrain is probably the terrain, until the market evolves to begin breaking out in a direction on daily. so this is how the terrain evolves, as you mentioned above the quote from fti. the key is to detect if market in what kind of terrain and if market is shifting terrain, then you follow up with the required strategy, as dictated by your personal mo.

#910
Edited 9:20am Jun 12, 2018 8:53am | Edited 9:20am

alexandria
Joined Nov 2010 | Status: Just playing follow my leader | 1,545 Posts

Quoting rhsfx

Disliked

{quote} One question please: you are trading in both ways, long and short? I have understood that we only should take a trade in the daily trend direction. Or are you taking this "counter trend" trades also but e.g. you are doing no rescueing? Thanks again Alex

Ignored

Yesterday I traded (with caution) both directions: if I thought trend was long and I see topping action would I want to pile in more long? If I see bottoming action would I want to pile in short - what if that action fails? What is d1/h1 showing? If you want it all to align then wait until it does so. Up to you what you want to do - different terrain.
Not saying I am right or wrong: I had clear plans for both side of the trade based on what actually happened next also. I based it all on my patterns and zones. I am looking at where orders might be and who is getting trapped - thanks to Donsky help too.

Alex

check out the terrain - follow never lead

#911
Jun 12, 2018 9:14am Jun 12, 2018 9:14am

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

Hi Roland

nice to see other people helping out, thanks.

this may help with H1 as clue and using M15/5 for entries???

there are times it is advantageous to trade both ways, sometimes even at the same time, all depends how you trade, if you scalp then you constantly change direction with the lower frames. i generally prefer slightly longer term trading (hitting longer runs), hence choosing direction and the time frames i use. at the end of the day you need to find your time frame style and comfort zones for holding trades.

regards

Phil.

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

#912
Jun 12, 2018 9:30am Jun 12, 2018 9:30am

priceaction1
Joined Apr 2013 | Status: Now I know you | 5,576 Posts

FTI ????

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don't predict direction, but dance with flow of water

#913
Jun 12, 2018 10:22am Jun 12, 2018 10:22am

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

Quoting priceaction1

Disliked

FTI ???? {image}

Ignored

Hi priceaction1

Good to see you here but sorry my friend, I cannot work out what you mean by your post??

Can please explain, so there is no misunderstanding.

Regards

Phil.

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

#914
Jun 12, 2018 10:24am Jun 12, 2018 10:24am

priceaction1
Joined Apr 2013 | Status: Now I know you | 5,576 Posts

what about FTI. Is he alive? does anyone know about him.

don't predict direction, but dance with flow of water

#915
Jun 12, 2018 10:25am Jun 12, 2018 10:25am

priceaction1
Joined Apr 2013 | Status: Now I know you | 5,576 Posts

Quoting phil13

Disliked

{quote} Hi priceaction1 Good to see you here but sorry my friend, I cannot work out what you mean by your post?? Can please explain, so there is no misunderstanding. Regards Phil.

Ignored

what about FTI. Is he alive? does anyone know about him.

don't predict direction, but dance with flow of water

#916
Jun 12, 2018 10:36am Jun 12, 2018 10:36am

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

Quoting priceaction1

Disliked

{quote} what about FTI. Is he alive? does anyone know about him.

Ignored

Hi priceaction1

sorry my friend, i know no more than you do about his not posting, i do not know anyone who has any direct contact with him either. i think everyone is as concerned about him as you are. the question about news on him has been asked a few times on his thread.

FTI

regards

Phil.

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

#917
Jun 13, 2018 6:43am Jun 13, 2018 6:43am

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

Quoting CookieMonsta

Disliked

{quote} hi, if i may answer the question, if daily is congesting, effectively daily has no direction, so daily should be range bound while market test the price levels, probing buyers and sellers, examples are areas phil highlighted, in his charts before, then when market has decided on a direction, that is when we see a trend run. so before that direction is established, the range terrain is probably the terrain, until the market evolves to begin breaking out in a direction on daily. so this is how the terrain evolves, as you mentioned above the...

Ignored

Quoting alexandria

Disliked

{quote} How I saw this yesterday. Lots of newsy stuff going on with FOMC coming up too so games afoot. Big run up before some topping action: topping brought in sellers and trapped bulls: so they can play with these orders then down into range with spring: they are trapping and playing with peeps. Just my view. Also look at h1 for where price reacted. Alex

Ignored

Thanks again CookieMonsta & Alex.

Phil, this great explanation on my chart... you are doing an outstanding job in my eyes! Now I can see your MO...

I think it's time for doing "my" homework first: finishing reading Phil's thread and starting re-reading FTIs thread. I don't like to ask questions which I can avoid in having read these threads (also Dongsky's threads).

Wishing you all a successful trading time...

Cheers, Roland.

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

#918
Jun 13, 2018 7:50am Jun 13, 2018 7:50am

CookieMonsta
| Joined Mar 2014 | Status: Trader | 1,667 Posts

Quoting rhsfx

Disliked

{quote} {quote} Thanks again CookieMonsta & Alex. Phil, this great explanation on my chart... you are doing an outstanding job in my eyes! Now I can see your MO... I think it's time for doing "my" homework first: finishing reading Phil's thread and starting re-reading FTIs thread. I don't like to ask questions which I can avoid in having read these threads (also Dongsky's threads). Wishing you all a successful trading time... Cheers, Roland.

Ignored

hi rhsfx,

sometimes its good to be asking questions, sometimes, you may end up teaching me a new perspective and that leads to improvement in everyone's skill level too.

#919
Jun 14, 2018 1:14am Jun 14, 2018 1:14am

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

Quoting rhsfx

Disliked

{quote} {quote} Thanks again CookieMonsta & Alex. Phil, this great explanation on my chart... you are doing an outstanding job in my eyes! Now I can see your MO... I think it's time for doing "my" homework first: finishing reading Phil's thread and starting re-reading FTIs thread. I don't like to ask questions which I can avoid in having read these threads (also Dongsky's threads). Wishing you all a successful trading time... Cheers, Roland.

Ignored

Hi Roland

thank you my friend for your kind words and i do hope my little journal has helped kicked the door open a little for you to be able to start to find and master your own strategy, but it is just not what you see in my charts that makes me the trader i am.

AOW....

27. All men can see the tactics whereby I conquer, but what none can see is the strategy out of which victory is evolved.

take your time in understanding FTI's thread, remember it is marathon not a sprint.

regards

Phil.

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