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The Good, The Bad and The Ugly - A Real Trading Record

  • #221
  • Oct 8, 2019 8:27am Oct 8, 2019 8:27am
Quoting turnip15
{quote} I am not a techie but can you connect a TV monitor to a laptop !!? ( If so I could buy one and plug in the lap top ?)
yes, I currently use an ancient 24in dell for which I am waiting to die. there are connectors of all sorts now, HDMI will probably be the one which plugs
into the side of your laptop to the TV. I have a 8 yr old 42 in plasma (I guess you could call it a smart tv) that I have connected to the laptop, great picture etc.
hopefully my wife will see the wisdom of upgrading at some point to a 65-70 in behemoth and the plasma is mine. If you use windows, it is a simple matter of
locating whether you have the screen on the right or left of your laptop so you can drag the window to the larger screen.
good luck
regards
goma
  • #222
  • Oct 8, 2019 8:30am Oct 8, 2019 8:30am
Back early from work.

GBP/USD m1 Observations

Quoting stevepatt
Back early from work. GBP/USD m1 Observations {image}
GBP/USD M1 Short Trade

10 Pip SL

20 Pip TP

1% Risk

Hopefully I haven't jumped the gun...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 8th Oct 19 GBP:USD m1 Observations.png Size: 141 KB
Click to Enlarge Name: 8th Oct 19 GBP:USD M1 Short Trade.png Size: 122 KB
  • #223
  • Oct 8, 2019 8:59am Oct 8, 2019 8:59am
Quoting stevepatt
{quote} GBP/USD M1 Short Trade 10 Pip SL 20 Pip TP 1% Risk Hopefully I haven't jumped the gun... {image}

Took a Full Loss (-10 Pips) (-1%)

Down (-1.7%) on the Day
  • #224
  • Oct 8, 2019 9:50am Oct 8, 2019 9:50am
Quoting stevepatt
{quote} Took a Full Loss (-10 Pips) (-1%) Down (-1.7%) on the Day
I Trade a Mini Account because I don't get enough time to Trade.

This morning I took a Long Trade Trade that reversed on me and I took a (-0.7%) Loss

It was then obvious that Price was going Short but I missed the setup to Trade Short because I had left for work.

It takes time to get into the Rhythm of the Market I don't always have that time.
Attached Image (click to enlarge)
Click to Enlarge Name: 8th Oct 19 GBP:USD M1 Observations 2.png Size: 171 KB
  • #225
  • Oct 8, 2019 10:31am Oct 8, 2019 10:31am
Quoting stevepatt
{quote} I Trade a Mini Account because I don't get enough time to Trade. This morning I took a Long Trade Trade that reversed on me and I took a (-0.7%) Loss It was then obvious that Price was going Short but I missed the setup to Trade Short because I had left for work. It takes time to get into the Rhythm of the Market I don't always have that time. {image}
One day Steve -when you are retired, you can do a two hour stint at the screen, like some of us, and benefit even further from your skills :-)
every Saint has a past. Every Sinner has a Future
  • #226
  • Oct 8, 2019 11:22am Oct 8, 2019 11:22am
Quoting turnip15
{quote} One day Steve -when you are retired, you can do a two hour stint at the screen, like some of us, and benefit even further from your skills :-)

Hi Turnip,

That's what I'm counting on.

I'm honing my Trading skills now to reap the rewards further down the line.
  • #227
  • Oct 8, 2019 11:22am Oct 8, 2019 11:22am
Quoting turnip15
{quote} I am not a techie but can you connect a TV monitor to a laptop !!? ( If so I could buy one and plug in the lap top ?)
Hi turnip15,
Both my laptop and the TV monitor have an HDMI port so all I needed was a connecting cable. Most hardware comes with such a port so it should just be plug & play - mine was, anyhow.
  • #228
  • Oct 9, 2019 12:29am Oct 9, 2019 12:29am
GBP/USD M1 Observations
Attached Image (click to enlarge)
Click to Enlarge Name: 9th Oct 19 GBP:USD M1 Observations.png Size: 138 KB
  • #229
  • Oct 9, 2019 12:52am Oct 9, 2019 12:52am
Quoting stevepatt
GBP/USD M1 Observations {image}
GBP/USD M1 Short Trade

10 Pip SL

20 Pip TP

1% Risk
Attached Image (click to enlarge)
Click to Enlarge Name: 9th Oct 19 GBP:USD M1 Short Tarde.png Size: 129 KB
  • #230
  • Edited 2:58am Oct 9, 2019 2:48am | Edited 2:58am
Hi all,
Those of you who have followed this journal in the past will know by now that the DAX is very prone to a sharp opening move that is a fake and then quickly reverses for the real first move the other way. It is something I always look out for and provides a nice early trade today:

Attached Image (click to enlarge)
Click to Enlarge Name: Germany 30_20191009_08.27.png Size: 29 KB


Market opens will a fall from the 11980 level at 8am to quickly stabilise in the 50s before reversing sharply up. A small consolidation box forms in the 70-80 region and we get the immediately reversed fake counter-flow spike down our rectangle false break method is looking for. This sets us up for a long at 73 with the stop just below the spike low, though needing to be a little wary on the target as 1R at 83 is above the top of this small box. Thus, we will move the stop to breakeven at 80 for protection should the move stall there.

We are fortunate and the market jumps sharply up. I went for +10 at 83 but got +12.5 at 85.5 on positive slippage (an advantage of exiting on strength). My conservatism however cost me as the market did not stop a straight line move up until 12037, a potential gain of up to 64pts in just a few minutes for those brave enough to run their winners.

This is an excellent example of our rectangle false break method (bar the target being a touch outside the box) and well demonstrates why it works as a principle of price action. This trade also is a good example of why it's not a bad idea to specialise in just a few markets rather than spread yourself far and wide. Each market has its own personality and if you get to know and understand it - like the typical opening gyrations here - it gives you more confidence to action a setup you see. I didn't have to think long or hard about this trade, I'd seen it several times before so was ready to go as the pattern formed.

Back for more tomorrow

Trading to date: W5 L1 S1 +5.8%
  • #231
  • Oct 9, 2019 11:05am Oct 9, 2019 11:05am
Quoting stevepatt
{quote} GBP/USD M1 Short Trade 10 Pip SL 20 Pip TP 1% Risk {image}

GBP/USD M1 Short Trade Result

+8 Pips

+0.8R

+0.8%

It always pays to be aware of Whole and Half Numbers

Buying and Selling will often start and finish at them
Attached Image (click to enlarge)
Click to Enlarge Name: 9th Oct 19 GBP:USD M1 Short Trade Result.png Size: 162 KB
  • #232
  • Oct 10, 2019 1:15am Oct 10, 2019 1:15am
GBP/USD M1 Observations

I'm not going to be around to Trade this but I will be interested to see how Price reacts around 1.22200

It's always important to follow Price and not your expectations!!
Attached Image (click to enlarge)
Click to Enlarge Name: 10th Oct 19 GBP:USD M1 Observations.png Size: 166 KB
  • #233
  • Oct 10, 2019 4:26am Oct 10, 2019 4:26am
Hi all,
Apologies, a late start today, had some early morning business to attend to first. Regrettably, came back to see two nice setups on the DAX chart that I missed but I'll still post them for educational value if nothing else:

Attached Image (click to enlarge)
Click to Enlarge Name: Germany 30_20191010_10.19-1.png Size: 23 KB


Two nice clean boxes with fairly obvious failed breaks, the first short, the second a long. Admittedly, the breakdown on the second trade is modest but you get two attempted breaks in four bars before the rebound, so it was still a decent signal.

Hopefully, will still get another real trade or two somewhere in the remainder of the day
  • #234
  • Oct 10, 2019 4:51am Oct 10, 2019 4:51am
Hi all,
As we seem to be in educational mode at the moment, a quick update to the long trade identified in the previous post #233

Attached Image (click to enlarge)
Click to Enlarge Name: Germany 30_20191010_10.44.png Size: 19 KB


Those who have followed this demonstration thus far will have seen how I am always nervous when price nears the other edge of the box, having entered a trade. The chart shows this trade nicely makes the other edge and then fail badly.

This is why I like to have my profit target within the box or, failing that, certainly move the stop up to breakeven as this level is approached.
You must always think of the downside potential first and protect yourself against that. Winners will come of their own accord.
  • #235
  • Oct 10, 2019 5:57am Oct 10, 2019 5:57am
Quoting Oldtraderman
Hi all, As we seem to be in educational mode at the moment, a quick update to the long trade identified in the previous post #233 {image} Those who have followed this demonstration thus far will have seen how I am always nervous when price nears the other edge of the box, having entered a trade. The chart shows this trade nicely makes the other edge and then fail badly. This is why I like to have my profit target within the box or, failing that, certainly move the stop up to breakeven as this level is approached. You must always think of the downside...
Drop a fib over the range from your swing high to the bottom of your box and you will be able to see how often a 50% level gives a perfect target.

Fibs work because traders believe they work.
  • #236
  • Oct 10, 2019 6:32am Oct 10, 2019 6:32am
Quoting lemercenaire
{quote} Drop a fib over the range from your swing high to the bottom of your box and you will be able to see how often a 50% level gives a perfect target. Fibs work because traders believe they work.
Hi lemercenaire,
Nice to hear from you again, trust you are trading well.

Agreed, fibs and indeed anything that is generally accepted can work simply because enough people believe so. In a different context, this is exactly how classic market bubbles - from the original Dutch tulip mania in the 17th century to today - gain their power.

Focusing back on fibs, I don't use them, both because I prefer simply to see where price turns on the chart, and because I just use 1R fixed initial price targets. I want the stop at a place where the idea is likely wrong if reached, and if then a 1R target from entry looks difficult to get on the trade just from basic observation of the price structure, I tend to pass the trade up. 'Difficult to reach stops, easy to reach targets' might usefully summarise my thinking here.

I once also read a thorough statistical study of them that suggested the classic fib percentage values show no extra significance as a turning point than any other percentage you might want to pick, and I've never been quite able to get that out of my head!
However, as I have said several times before, if something works for a trader and helps them understand and operate better then great, use it.
  • #237
  • Oct 10, 2019 6:47am Oct 10, 2019 6:47am
Hi all,
Today has proved rather fruitless for me and I will end with a further setup that, though this time I was around for, I didn't take!

Attached Image (click to enlarge)
Click to Enlarge Name: Germany 30_20191010_12.04.png Size: 20 KB


The chart shows where I have put in a box. I wanted to show this one because the box is drawn slightly differently to how I have shown up to now. You need at least two touches of a level to define a box edge but for this one the first touch for the upper edge is the level at which price broke down from into the box. The other touch is a more conventional later test of this level, around 12014

Anyhow, once drawn I wait for and get a spike breakup that fails and reverses immediately back into the box. The setup calls for an short around 12010-12012 and we would be trading with the current flow. However, as mentioned, I missed the trade, worried actually that I had forced the creation of this box a bit, as explained, even though I have used this technique many times before. Inevitably, it was a nice trade!

Such inadequacies tell me I am not on the ball today, so I will call a halt having taken no trades today and try again tomorrow
  • #238
  • Oct 10, 2019 8:44am Oct 10, 2019 8:44am
Quoting Oldtraderman
{quote} Hi lemercenaire, Nice to hear from you again, trust you are trading well. Agreed, fibs and indeed anything that is generally accepted can work simply because enough people believe so. In a different context, this is exactly how classic market bubbles - from the original Dutch tulip mania in the 17th century to today - gain their power. Focusing back on fibs, I don't use them, both because I prefer simply to see where price turns on the chart, and because I just use 1R fixed initial price targets. I want the stop at a place where the idea...
I am well, thank you.

I agree totally with everything you say about fibs, and I will not use them in their, I guess, traditional way. I do simply use them as lines drawn in shifting sand. I know that there are certain levels that hold psychological power over traders and merely keep an eye on them - if they are in the area of a place I am already looking.

If that is the case, as in your trade example, I would take my profit on the side of the line closest to me instead of perhaps letting it run farther. I should also say that I will also be paying attention to confluences between fib, S+D and Zero-Lines (lines which price will tend to return to after a move of stronger than average momentum).

It's all just tools in the box, the biggest of which is naked pa.

All the best.
  • #239
  • Oct 10, 2019 12:32pm Oct 10, 2019 12:32pm
Quoting stevepatt
GBP/USD M1 Observations I'm not going to be around to Trade this but I will be interested to see how Price reacts around 1.22200 It's always important to follow Price and not your expectations!! {image}

GBP/USD M1 Observations

I got the reaction around 1.22200 I was anticipating, pity I wasn't around to Trade it.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 10th Oct 19 GBP:USD M1 Observations 2.png Size: 153 KB
Click to Enlarge Name: 10th Oct 19 GBP:USD M1 Observations 3.png Size: 152 KB
  • #240
  • Oct 11, 2019 12:11am Oct 11, 2019 12:11am
GBP/USD M1 Observations
Attached Image (click to enlarge)
Click to Enlarge Name: 11th Oct 19 GBP:USD M1 Observations.png Size: 109 KB
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