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Spoof's Trading Made Simple(r) Journal

  • #321
  • Edited 5:11pm Aug 5, 2019 4:56pm | Edited 5:11pm
Quoting carmelina
Been in this trade for the last 14 hours and going nowhere. It looks like a continuation trade. Should I bailout? and find another trade? {image}
Well. What does your trading plan tell you to do? You do have a written trading plan, RIGHT??? Does your plan tell you to get out after a certain number of bars if price hasn't moved in your favour? Trade what you see not what you think. You have no idea if the price is going to drop like a rock this week or come back against you. If it comes back then you have shed your risk to less than 1R and preserved some capital. If it does keep going down then you are going to make 2R+.

I am seeing price going down. If this was my trade I would have my stop trailed to the parabolic SAR to shed risk as the trade unfolds and keep trailing until the stop is hit or my take profit is reached - as per my trading plan. "Bailing out" of a trade to find a "new one" is a recipe for disaster. This is EXACTLY the type of thing I am talking about here. This is EXACTLY one of those moments where you need to be patient and disciplined. Patience, carmelina...you need to exercise patience and discipline. Let this trade unfold as per your trading plan.
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Emotion - it steals your money.
  • #322
  • Aug 5, 2019 5:09pm Aug 5, 2019 5:09pm
Thanks, TS for being so quick to answer and helping us newbies.
  • #323
  • Aug 5, 2019 5:14pm Aug 5, 2019 5:14pm
Quoting carmelina
Thanks, TS for being so quick to answer and helping us newbies.
De nada

What I am sharing here is five years of trading experience going from massive losses and frustration to finally figuring it out. If I can help others avoid five years of loss and frustration then awesome. I am glad to do it. Most people will not take my advice and that's fine (I used to be one of those people that didn't heed profitable traders' advice either), but if I can help a handful of traders realize what is ACTUALLY required to make consistent money then there is some value in my years of learning and experience beyond for just myself.
Emotion - it steals your money.
  • #324
  • Aug 5, 2019 5:35pm Aug 5, 2019 5:35pm
Thanks, The Spoof, let's hope I can build the discipline and money management aspects of trading. I have been in and out of trading for the last 30 years but never with a plan. Looking back through the years it was more like gambling. I'm starting afresh now with a plan, money management, and discipline. When I feel confident enough I will go live.
  • #325
  • Aug 5, 2019 5:39pm Aug 5, 2019 5:39pm
By the way, it's a sunny winter morning here in Sydney and it is 8.37 am. The Asian session tends to be very slow. Do you think it would be better to trade the London Open and the New York Open?
  • #326
  • Aug 5, 2019 6:05pm Aug 5, 2019 6:05pm
Quoting carmelina
By the way, it's a sunny winter morning here in Sydney and it is 8.37 am. The Asian session tends to be very slow. Do you think it would be better to trade the London Open and the New York Open?
No. Trade when you can...we have no idea when these signals on the four hour happen. I check every candle except the candle that opens at 4 am New York time...unless I’m up at that time for a bathroom trip
Emotion - it steals your money.
  • #327
  • Aug 5, 2019 6:08pm Aug 5, 2019 6:08pm
Quoting TheSpoof
How did everyone's Monday shape up? I am in AUDUSD, AUDJPY and EURUSD. Up a total of +4R as of this post (which the market could snatch from me at any time!). 2R locked in on EURUSD (expecting a pull back soon and likely stopped out for +2R), AUDUSD stop is trailed to just above break even and AUDJPY stop has been trailed to 50% of my 1R. Waiting for those to to get off their butts and take off for me.
Not a great start to week TS. Was back in positive on the NU & looking ok. NZ unemployment spiked me & took all of my 1R. Question though - my entry was on the close of the signal bar as it pulled back under the HMA but there was no actual change of colour on the MA during the bullish 2 candle pullback. Whats your take on the colour changes ? Not that it would have made a difference to my result. I just about have enough info to write a trading plan on these setups but your input is always important. Cheers.
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  • #328
  • Edited 8:34pm Aug 5, 2019 8:15pm | Edited 8:34pm
Quoting binnie
{quote} Not a great start to week TS. Was back in positive on the NU & looking ok. NZ unemployment spiked me & took all of my 1R. Question though - my entry was on the close of the signal bar as it pulled back under the HMA but there was no actual change of colour on the MA during the bullish 2 candle pullback. Whats your take on the colour changes ? Not that it would have made a difference to my result. I just about have enough info to write a trading plan on these setups but your input is always important. Cheers. {image}
Well...a couple things here. The down move on this is getting pretty long and overdue for a retracement - price is eventually going to go back up. Now, we don't know exactly when but given that price has been moving down for a few weeks now your short was risky. I took a short on AUDUSD (very similar to NZDUSD) and but closed it out for a tiny bit of profit because price is going sideways and is likely going to head up soon - or not! I am fine to close the trade out and sit on my hands for a while to see what this pair is going to do next - these big moves don't go forever.

Secondly, I would have closed the trade when the candle closed at the change of the oscillator...I wouldn't have taken the the full loss when that spike occurred. We don't know if these spikes are going to happen, what direction they happen, or the magnitude of them. They happen so just scratch this trade and move on to the next one. Losses happen, you are never going to stop them so don't worry about it. Maybe you decide that you don't want to trade near news announcements? News happens all the time so you will drive yourself crazy trying to avoid it. I don't really look at the HMA much these days I mostly use the smTMMS to base my decisions on There is a good chance I will be losing the HMA from my charts.

As an observation, we often hear that news doesn't impact the four hour charts. Well, if this was indeed a news related candle then I call bullshit. Many a four hour candle has gone crazy because of news. I am not sure where this notion of news doesn't affect the four hour charts came from
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Emotion - it steals your money.
  • #329
  • Aug 5, 2019 8:18pm Aug 5, 2019 8:18pm
Quoting TheSpoof
How did everyone's Monday shape up? I am in AUDUSD, AUDJPY and EURUSD. Up a total of +4R as of this post (which the market could snatch from me at any time!). 2R locked in on EURUSD (expecting a pull back soon and likely stopped out for +2R), AUDUSD stop is trailed to just above break even and AUDJPY stop has been trailed to 50% of my 1R. Waiting for those to to get off their butts and take off for me.

AUDJPY -> I thought you will not trade that pair.
Could you please share your entry chart in AUDUSD? I am interested to see the stop loss....
  • #330
  • Aug 5, 2019 8:23pm Aug 5, 2019 8:23pm
Quoting ababias
{quote} AUDJPY -> I thought you will not trade that pair. Could you please share your entry chart in AUDUSD? I am interested to see the stop loss....
Thought I'd add AUDJPY in to see how it goes I only have one Yen pair so I though I'd see what opportunity arise on another one. GBPJPY is way too volatile for me so I chose the AUDJPY since AUDUSD has been so good to me

No, I can't share the AUDUSD trade here as it was taken with another entry method I use to trade trends with. It will just confuse traders here which is not the point of what I am sharing here. I may introduce it at a later date, but I want people focusing just on this methodology and trading it with proper money management, discipline and patience.
Emotion - it steals your money.
  • #331
  • Aug 5, 2019 10:07pm Aug 5, 2019 10:07pm
Quick video, guys, talking about the randomness of wins and losses.

Inserted Video
Emotion - it steals your money.
  • #332
  • Aug 5, 2019 10:44pm Aug 5, 2019 10:44pm
Unfortunately, I was stopped out on this trade. I think I entered on a too-long downward move, perhaps I'll jump on when the oscillator turns green and make back all my losses.
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  • #333
  • Aug 5, 2019 11:28pm Aug 5, 2019 11:28pm
Quoting Fck9to5
Took AUDNZD trade, due to AUD being weak today. RR 3:1. {image}
Hit my TP level, RR 3:1.
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  • #334
  • Aug 6, 2019 2:05am Aug 6, 2019 2:05am
Quoting binnie
{quote} Not a great start to week TS. Was back in positive on the NU & looking ok. NZ unemployment spiked me & took all of my 1R. Question though - my entry was on the close of the signal bar as it pulled back under the HMA but there was no actual change of colour on the MA during the bullish 2 candle pullback. Whats your take on the colour changes ? Not that it would have made a difference to my result. I just about have enough info to write a trading plan on these setups but your input is always important. Cheers. {image}
I agree, not a good start to the week.
  • #335
  • Aug 6, 2019 3:09am Aug 6, 2019 3:09am
Quoting TheSpoof
Quick video, guys, talking about the randomness of wins and losses. https://youtu.be/reTJnGVSXbQ
Really good video man, spot on, you are setting up that mindset on right trader path !
  • #336
  • Aug 6, 2019 4:06am Aug 6, 2019 4:06am
GBPUSD anyone?
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  • #337
  • Aug 6, 2019 4:12am Aug 6, 2019 4:12am
Quoting Ivanyo
GBPUSD anyone? {image}
With you Ivan.
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  • #338
  • Aug 6, 2019 4:13am Aug 6, 2019 4:13am
Quoting Ivanyo
GBPUSD anyone? {image}
Yep!.

Cheers.
  • #339
  • Aug 6, 2019 4:15am Aug 6, 2019 4:15am
Quoting binnie
{quote} With you Ivan. {image}
What the hell, lets do it. The daily has started a blue candle at least
  • #340
  • Aug 6, 2019 4:16am Aug 6, 2019 4:16am
GBPUSD

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