M TTT M

GBPUSD [M5]

Might have missed this one for a potential short.

But I will monitor it and if price retests the recent resistance level I'll look at nailing a short.

As much as I am in the zone at the moment, patience must always be exercised, afterall it is rather difficult to reverse a rushed entry that ends up getting smashed by the market.

Masterrmind...............

Intraday trades will mostly be taken in and around the MML levels.

Applying PA, harmonics and trader discretion.

Simple as that !

Masterrmind..............

Who wants to go long EU from this level ?

Masterrmind..............

Keep an open mind, there is always more than 1 option

All you have to do is make sure you trade in the 'correct' direction !

And since you know that you will not always be 100% right ... you need to manage the risk, don't you.

Masterrmind..............

GBPUSD [M5; short]

Masterrmind.............

GBPUSD [M5; closed out]

+0.6%

Not all trades will be closed out for a few pips however, this is all about building the account.

Being a Monday, one must take what is offered !

It is a rather slow market at present.

Masterrmind............

Might have to wait until NY for the next supply of trading opportunities.

Masterrmind............

Volatility certainly returned at NY Open.

Lets find something good to trade.

Masterrmind............

GU

Which way ?

Masterrmind............

EU

Which way ?

Masterrmind.............

Time to call it a day I suppose !

+6.9% gain for the day on the live account.

ps. Will return in the Asian session tomorrow.

Masterrmind............

GBPUSD [H1 TS Order 3 - Demo]

Loss trade

-0.6%

NZDJPY [H1 TS Order 3 - Demo]

Loss trade

-0.6%

EURUSD [H1 TS Order 3 - Demo]

Loss trade

-0.6%

EURCAD [H1 TS Order 3 - Demo]

Loss trade

-0.6%

2 Orders remain active for the time being.

Masterrmind................

DEMO POSTING Update

There are 2 demo test accounts currently active namely:

1. MTTTM-Test 1; and

2. MTTTM-Test 2 Lev25

After the current cycles of trades complete on both demo accounts I will only be posting the cycles gain or loss and the end of month analytics.

Trade information can be found either on TE or myfxbook.

Masterrmind..............

The M5 template.

Daily Open Line added.

Important to be aware of the DO line especially in the Asian session as price pushes away only to return in frequent regularity.

Session Lines added.

Important to be aware of where you are in the grand scheme of the market session times.
Important to be aware of upcoming major sessions and how the increased volatility may impact on current or planned entries into the market.

Upcoming News.

[Source:mql5. Times are GMT+10]

Important to be aware of any upcoming economic news as this most likely will increase volatility and impact on your current positions (or planned).
Important to be aware of the lead-up (over-night) and recent (previous day or so) news too.

Now lets search for a suitable setup to trade !

Masterrmind.............

Be aware of the session trading ranges.

Note: This is the basic M5 tpl but I hide the Lotsize data often to keep the chart clean.

A trader needs to have an expectation of what is likely to happen.

Otherwise the trader is simply trading in a blinded state.

Averages can be tabulated in Excel covering any number of previous sessions, more the better.

Looking at the news I posted above its reasonable to assume that some volatility is likely in the AUD related pairs !

Do not be so naive to think that low impact news does not have the capacity to move the market ... everything is relative !

Masterrmind.............

AUDUSD [M5]

Masterrmind............

AUD news due out in about 30 minutes.

I may wait for the news to come out or I may enter before it.

The technicals would need to align for an entry to be made.

ps. I am scanning multiple pairs, traders may scan just 1 if that is their focus and desire but I am used to scanning several charts.

pps. This includes scanning other pairs either related or unrelated to the AUD.

Masterrmind............

EJ

20 pips or so back to the DO line.

But will it reverse or trend up the chart ?

Masterrmind...........

I look at multiple factors that form a high level of confluence so that taking the trade has the highest probability.

If I view the entry as less ideal but still worth trading then I may shave off some of the volume and trade it at lower relative risk.

Professional traders focus on keeping things as simple as they possibly can be.
Novice traders focus on over-complicating the simple.

Masterrmind............

Hi Masterrmind,

Can you please share your ideas on how to control drawdown ? How Margin level percentage can be used as an metric?
How to determine cycle equity line?
Can we divide the equity into a few cycles and then use those cycles as equity stop-loss? Do increasing

or

decrasing lots

help in drawdown management?

How to find a balance between Risk and Reward.

If I make 10% increase in my equity, shoud I take a 80% risk subsequently to manage the drawdown?

At what point shoud I let it go?

You have done a lot of work on drawdown management. A set of metrics based on your extensive experience will be very helpful.
Ofcourse, it will vary from symbol to symbol.