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  • #101
  • Jun 19, 2018 11:56am Jun 19, 2018 11:56am
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This is why it is best to stay in direction of the trend....this run was 100+ pips in 5 hrs. Plus, there was no strong buying after price broke above those levels marked in blue in the previous post. Had I been long, the market offered a couple opportunities for rescue at the yellow arrow that coincided with a buying level on the 1h chart and at the blue arrow which was near the D1 lows. I am still not trading at the moment...Just watching and learning
  • #102
  • Jun 19, 2018 12:56pm Jun 19, 2018 12:56pm
Quoting dbrown101
{image} This is why it is best to stay in direction of the trend....this run was 100+ pips in 5 hrs. Plus, there was no strong buying after price broke above those levels marked in blue in the previous post. Had I been long, the market offered a couple opportunities for rescue at the yellow arrow that coincided with a buying level on the 1h chart and at the blue arrow which was near the D1 lows. I am still not trading at the moment...Just watching and learning

so if you had been long...was there any level reached that would make you think this pull back is finished and let us see reaction to show it is....then down kicks in.


Alex
check out the terrain - follow never lead
  • #103
  • Jun 19, 2018 1:44pm Jun 19, 2018 1:44pm
Quoting alexandria
{quote} so if you had been long...was there any level reached that would make you think this pull back is finished and let us see reaction to show it is....then down kicks in. Alex
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those levels marked on the 1h chart were sometimes support turns resistance (im not really a s/r trader per say but i think its important to take note of to see how pa reacts).

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that first down wave happened right before i went to sleep. It was a sharp down wave to the asian session lows. To me, at the time i noted it, because it was at one of the levels i was watching. I wouldnt have wanted to be long after i saw the retrace/ continuation of that down move on the 5m. Like i said in my previous post there was no significant buying taking place and was counter trend.

I am also not trading at the moment so no real feel.
  • #104
  • Jun 20, 2018 3:52am Jun 20, 2018 3:52am
Quoting dbrown101
{quote} {image} those levels marked on the 1h chart were sometimes support turns resistance (im not really a s/r trader per say but i think its important to take note of to see how pa reacts). {image} that first down wave happened right before i went to sleep. It was a sharp down wave to the asian session lows. To me, at the time i noted it, because it was at one of the levels i was watching. I wouldnt have wanted to be long after i saw the retrace/ continuation of that down move on the 5m. Like i said in my previous post there was no significant...

....well rather than levels think orders... who might be there who might be getting trapped (breakout traders).......after strong move we gonna get probs pullback or range behaviour so not surprise it did this.


Alex
check out the terrain - follow never lead
  • #105
  • Jun 20, 2018 10:39am Jun 20, 2018 10:39am
Quoting alexandria
{quote} ....well rather than levels think orders... who might be there who might be getting trapped (breakout traders).......after strong move we gonna get probs pullback or range behaviour so not surprise it did this. Alex
This is the way i see it. although please correct me if I am off the mark.

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Some traders going long at white line. Some traders going short at yellow line. Price breaks out upwards and then retests the zone where yellow line is. where the light blue line is marked...those who sold at the yellow line are trapped and getting out at break even (short covering=more buying) causing price to rise again. News comes and big wave down. Everyone who is long at the white and blue line are either stopped out or trapped. What will happen if price returns to the white line zone? Covered longs=more selling
  • #106
  • Jun 22, 2018 9:37am Jun 22, 2018 9:37am
Quoting dbrown101
{quote} This is the way i see it. although please correct me if I am off the mark. {image} Some traders going long at white line. Some traders going short at yellow line. Price breaks out upwards and then retests the zone where yellow line is. where the light blue line is marked...those who sold at the yellow line are trapped and getting out at break even (short covering=more buying) causing price to rise again. News comes and big wave down. Everyone who is long at the white and blue line are either stopped out or trapped. What will happen if price...

You are on the ball dustin... but it is only on forward testing you will feel price deeper as she gyrates... looking too far left will impair your feel and judgement call... if you need some confirmation for your next entry, the previous price activity from immediate left is the key.

throw a scout or two to feel the market and when you are in-sync with your partner, then dance with her graciously, play with your skews, scaling in and out as permitted

Success consists of going from failure to failure without loss of enthusiam
  • #107
  • Jun 22, 2018 9:52am Jun 22, 2018 9:52am
like franco, would you like to accept a 200 challenge?

here i am so far...

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Success consists of going from failure to failure without loss of enthusiam
  • #108
  • Jun 22, 2018 9:55am Jun 22, 2018 9:55am
Rules:

1. once trading, totally off from social media including ff
2. team viewer once on mon tue and wed - thursday and friday you will be on your own
3. maximum size is 0.07
Success consists of going from failure to failure without loss of enthusiam
  • #109
  • Jun 22, 2018 1:49pm Jun 22, 2018 1:49pm
Quoting dbrown101
{quote} This is the way i see it. although.......
nice...but just think if peeps see dbl bottom then they told go long at neck break so orders sit there....that sort of stuff...see if it helps... ducks...stops..breakouts....


Alex
check out the terrain - follow never lead
  • #110
  • Jun 22, 2018 2:11pm Jun 22, 2018 2:11pm
Quoting alexandria
{quote} nice...but just think if peeps see dbl bottom then they told go long at neck break so orders sit there....that sort of stuff...see if it helps... ducks...stops..breakouts.... Alex
true!
  • #111
  • Dec 27, 2018 1:36am Dec 27, 2018 1:36am
So it's been about six months since I've posted to this journal. I still have been studying and learning but due to a crashed computer I have not been able to post much or trade live. Also, in the last few months there have been a lot of big changes (career change and long distance move coming up in February) in which my time and energy have been dedicated elsewhere. I have decided though that I am going to keep pursuing forex this next year and will attempt to keep this journal up to date. I aspire to trade for a living one day. Anyways, its still december and the markets are a bit crazy right now so It'll be a couple weeks before I start to trade live. I've got lots of reading to catch up on in the mean time. Whoever may still be following this thread.... Happy Holidays! and a Happy New Year.
  • #112
  • Jan 4, 2019 4:44am Jan 4, 2019 4:44am
Quoting dbrown101
So it's been about six months since I've posted to this journal. I still have been studying and learning but due to a crashed computer I have not been able to post much or trade live. Also, in the last few months there have been a lot of big changes (career change and long distance move coming up in February) in which my time and energy have been dedicated elsewhere. I have decided though that I am going to keep pursuing forex this next year and will attempt to keep this journal up to date. I aspire to trade for a living one day. Anyways, its still...

Happy New Year - sounds like you are having a busy time... good luck with it all.


Alex
check out the terrain - follow never lead
  • #113
  • Edited 9:03am Jan 7, 2019 8:49am | Edited 9:03am
Im going to post a demo trade that Im in right now. After reading Phils journal a couple months ago (he mentioned a way to practice rescues by creating a lock(hedge) and removing the positive trade then rescuing the one in the negative) I decided to open a demo account on my phone and get a little practice. So far I've had 100% success rate with rescues on that account. Unfortunately, I was having issues with the account on my phone with my account resetting every week so I lost all the stats from when i started 11/24-12/18. I also had 100% success rate during this time but you'll have to take my word for it (Im not selling anything so there's really nothing to prove). After this trade I'll probably move on to working on other aspects of trading as rescues are only a small part of this game. I figure if had 100% success rate in december (Usually big choppy moves ) I probably have a decent feel for rescues. Keep in mind that this was only one type of rescue scenario as there are many different options. These rescues were all done in the direction of the trade that ended up in the negative(as opposed to cut and flip etc...). So if the sell was in the negative i stayed bear. If the buy was in the negative I stayed bull. This put me in the mode of trading against the trend at times which is not usually recommended but was a skill building exercise to learn to time the market. anyways , here are my stats from mid december till present... The last pic is the current trade im working on rescuing.
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  • #114
  • Jan 7, 2019 9:23am Jan 7, 2019 9:23am
Hi dbrown101

It is a hard task at first and a bit daunting, but once you get to grips with it you really learn a lot fast, as you say it really help make you get timing and patience right, well done my friend congratulations it is big step to take.

Regards

Phil.
-be careful about what you allow to be put in your mind-
  • #115
  • Jan 7, 2019 9:27am Jan 7, 2019 9:27am
This is the H1 market structure I am looking at right now. Seems like a wide open range and price is entering a sellers area. Bulls currently in control .I'll wait for signs of selling before entering rescue.
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  • #116
  • Jan 7, 2019 7:59pm Jan 7, 2019 7:59pm
.... and the moment I've been waiting for all day... and I missed it... I was at dinner with my lady. Oh well it's only demo. Let's see if I can can get in on a retracement somewhere. The NOW trend has changed...
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  • #117
  • Edited 4:12pm Jan 10, 2019 2:34pm | Edited 4:12pm
So a quick recap of that last trade... I wasnt taking very good records as the trade progressed so ill have to recap from memory

Ended up with a loss due to multiple mistakes... I left these trades unattended (which is not something i will do once trading live but Ive come to the agreement with myself that this is demo and i would welcome death battle scenarios to polish my skills and decision making process). The first rescue circled in blue hit my BE target circled in red but i was not attending to the trade. As you can see there was a heavy impulse against me which put me in deep red 10%+ of the account. After I saw the market slowing down and that huge pinbar circled in white which felt like a shakeout I entered a big rescue (martingale of base 1,3,4=7 so 14 lots)

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market stalled sideways for a while and looked like it was developing into a rounding top so I left the rescue in. I had set TP order at BE which was around 1503. Around the area circled in purple i took out the big rescue and the scout because they nearly canceled each other out and was going to let the other trades run. I forgot I had left the TP order in and they ended up filling when the market reached that level. So I ended up in a loss.
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Had I been monitoring the trade I would have been out at BE a long time ago. Also this would have been a good situation to cut and flip during that impulse up but as I explained in previous post I was staying bear to practice timing market turns. I believe that mistakes are essential stepping stones in the process of learning. Lots of lessons learned on this one. Its good to learn what not to do. Funny that I had 100% rescue rate till I posted about it...the irony.
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  • #118
  • Jan 10, 2019 3:13pm Jan 10, 2019 3:13pm
Hi dbrown101

My friend…

1. Lesson… demo should be treated as absolute real trading or you are wasting your time and effort.
2. You’re your absolutely correct in saying mistakes are an essential part of the learning process, please remember the only three rules in trading our friend taught us (on my first page)
3. Do not limit yourself by restricting your own movement and possibilities of success (by any means)
4. Without your account (the state) you are doomed
5. There are major fundamental factor at play in your chosen pair, I feel you only tried to ‘read’ the chart, and there lays the biggest mistake in your decisions.
6. Trading with others watching will always add extra pressure and you will (for a while) trade differently even though you may not realise it, (watch the brain and quantum physics, I posted)

This is not a criticism, I have been there many times myself, it is part of the learning curve, regroup, reassess and carry on.

Regards

Phil.
-be careful about what you allow to be put in your mind-
  • #119
  • Jan 10, 2019 6:11pm Jan 10, 2019 6:11pm
Quoting phil13
Hi dbrown101 My friend… 1. Lesson… demo should be treated as absolute real trading or you are wasting your time and effort. 2. You’re your absolutely correct in saying mistakes are an essential part of the learning process, please remember the only three rules in trading our friend taught us (on my first page) 3. Do not limit yourself by restricting your own movement and possibilities of success (by any means) 4. Without your account (the state) you are doomed 5. There are major fundamental factor at play in your chosen pair, I feel you only tried...

Phil,

I understand you are not criticizing, and you're thoughts are appreciated. I agree demo should be treated as real trading. Especially now that Im journaling about it. I also needed to see what i could do with a situation like that (although there are things I did there that I wouldnt do live). All my other trades were pretty straight forward/quick rescues.

as you pointed out:
Quote
There are major fundamental factor at play in your chosen pair, I feel you only tried to ‘read’ the chart, and there lays the biggest mistake in your decisions.

Thank you for pointing this out. You are definitely right. I was only trying to read the chart. I do tend to neglect the fundamentals often.

I will take in to consideration everything you've said

Thanks phil
  • #120
  • Jan 11, 2019 2:03am Jan 11, 2019 2:03am
Quoting dbrown101
{quote} Phil, I understand you are not criticizing, I agree demo should be treated as real trading. Especially now that Im journaling about it. I will take in to consideration everything you've said
Hello DBrown,

First, I would like to thank you for your Journalling. Second, I entirely concur with Phil.

And finally, this training path, especially, when and how I should disrupt from demo, it's so individual (maybe never?). There have been so many attempts and re-attempts with Live accounts unless it's all your money at stake (then, there's no re-try). Likewise, OK I have failed this and that time but next one will be indeed a serious one. OK, maybe I'm more serious if I put more money Live, then I would feel it better, etc. ...OK, once again...
Then, a vicious cycle, maybe a break and re-start again and so on. Until, you have money available and interest, persistence, motivation to learn and play (?).

Once again, appreciation for sharing your thoughts.

Trade safe,
Exnav
Not to Advance is to Fall Back
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