Gejordan Weekly Journal | Page 59 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Another Trading Journal - Yuhu's Journal 17 replies

Twitch Journal - Live Journal 4 replies

Chaosforex Weekly Report Journal 9 replies

My Personal journal up 18% in 2 months going to start a journal 8 replies

daily/weekly trend trading journal 8 replies

Attachments: Gejordan Weekly Journal
Exit Attachments

Gejordan Weekly Journal

  • #1,161
  • Jul 7, 2020 9:29am Jul 7, 2020 9:29am
Hi Ge,

I took a trade today and lost 19 pips. I read the chart wrongly. I saw the price stay above the high of the price from last week. I put the white line at 1280. Only on review did I realize the white line should be much lower around yellow arrow because that was the start of the move and the white line i drew was only a slight pullback.
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 155 KB
  • #1,162
  • Jul 7, 2020 10:37am Jul 7, 2020 10:37am
Quoting Rearden
Hi Ge, I took a trade today and lost 19 pips. I read the chart wrongly. I saw the price stay above the high of the price from last week. I put the white line at 1280. Only on review did I realize the white line should be much lower around yellow arrow because that was the start of the move and the white line i drew was only a slight pullback. {image}
Good, more excitement about the details than the trade. As the visual shows, what looks like an exit is a nice entry if we miss the details.
Be bullish on you.
  • #1,163
  • Jul 7, 2020 7:38pm Jul 7, 2020 7:38pm
Quoting gejordan
{quote} Good, more excitement about the details than the trade. As the visual shows, what looks like an exit is a nice entry if we miss the details.
Thanks Ge, I think this is why you didnt take a long position on 15th April(Also no bias week) from the Pivot or idea #3 even though it broke and stayed above the last high?
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 141 KB
  • #1,164
  • Jul 8, 2020 9:05am Jul 8, 2020 9:05am
Quoting Rearden
{quote} Thanks Ge, I think this is why you didnt take a long position on 15th April(Also no bias week) from the Pivot or idea #3 even though it broke and stayed above the last high? {image}
My notes said I wanted to be patient that week. Yes, it is similar and when I went to sleep, why would I want to risk something if I don't have to. I'd rather take one really good trade and miss some, than take everything.

Which is the story of this week. No Bias, no need to jump in too soon. Get in where you did yesterday or a little lower and then hop in again while I slept from the same area today, great idea #1 areas to get long also this morning. Now they are up 50-70 depending on entry. I can see the wheels turning, you seem to be moving in the right direction with your thoughts.
Be bullish on you.
  • #1,165
  • Jul 10, 2020 10:42am Jul 10, 2020 10:42am
Not seeing much in here. Hopefully the range didn't get you. Even if it did, you could have been trading from the bottom of it getting back any losses or having a nice week being patient trading from it. Be back Sunday night with a new bias for next week.
Be bullish on you.
  • #1,166
  • Edited 10:39pm Jul 10, 2020 9:25pm | Edited 10:39pm
Quoting gejordan
Not seeing much in here. Hopefully the range didn't get you. Even if it did, you could have been trading from the bottom of it getting back any losses or having a nice week being patient trading from it. Be back Sunday night with a new bias for next week.
Hi Ge,

I didnt saw any opportunity to trade idea#2,#3. So I didn't take any trade after post 1161. Thanks for the post. I was thinking to myself if I am not spotting any idea#2,#3 by not looking carefully enough.

Ge, Do you have any recommendation, of a source which provides good info on pivots. Most of the websites or videos provide only info on how to calculate them. I wanted to learn more on them during the weekends.
  • #1,167
  • Edited 11:37pm Jul 12, 2020 11:56am | Edited 11:37pm
Quoting Rearden
{quote} Hi Ge, I didnt saw any opportunity to trade idea#2,#3. So I didn't take any trade after post 1161. Thanks for the post. I was thinking to myself if I am not spotting any idea#2,#3 by not looking carefully enough. Ge, Do you have any recommendation, of a source which provides good info on pivots. Most of the websites or videos provide only info on how to calculate them. I wanted to learn more on them during the weekends.
I am not sure what else you would want to know about pivots other than their history and how to calculate them. Not the question you want to ask the guy trying to convince you that trading is about seeing the chart (movement of price) and not anything that you necessarily put on the chart.

There were idea #2 and Idea #3 trades. Nearly every day. You could have come out of the gate taking a short idea 2 and 3. Let's say you hold them until the move changes or take profit when a high or low is challenged. You take two 80 pip losses. The next day, price is moving up. Idea 2 and 3 fire off. The next day you open below the pivot and simple 50 so you take 2 more trades. Price goes up and breaks the high. You get out for 250 pips total. Thursday, price heads down. depending on swing placement you either take 24 total loss trying to go long from pivot and simple50 or 70 total gain if you have a conservative swing. If you took those losses and you think price is going short, you jump in Friday and exit before close with a 24 pip gain.

So, maybe you had an up week of 160 pips or an up week of 90 pips.

So, 90 pips or 160 pips profit trading every Simple50 and Pivot hit. But this profit came with the pressure of at least 410 pips of risk total during the week and being down 160 pips at the end of the first trading day of the week. That is why it is so hard to profit in Forex.

Everyone wants a for sure system that takes trades for them in an effort to eliminate that very equation. It's why the trading systems thread is filled with so many ideas that the owners themselves can't even figure out the problem. Certainly not the dreamers hoping this is the one.

You entered that Simple50 trade and your mind gets consumed by the loss or at the very least the move against. But, did anything happen on the chart that really told you to get out of that trade? NO. Price was in an up move and just went against you. But you and every person that comes by here can't get it into your bones, your very core and nature of yourself to say, "if I enter this trade, is there somewhere it could go that would scare me so much to make me close it before the chart told me to close it?" In your case, yes, the place was 19 pips lower than where you entered.

So, why not enter 19 pips lower?

The purpose of this post is to get you to see the facts of the chart versus the accommodations we make in our head. Don't just say no idea #2 and idea #3 trades, clarify that picture in your mind and say there were idea 2 and 3 trades, but more risk than I want to take. I know it seems a silly distinction, but it's not. When you have that much clarity in your speech about the market, you will start having that clarity in your trading. You will not care so much about entry and start recognizing great entry opportunities.

You could have taken every pivot and simple50 trade over this last 3 month period and you would have been up an insane amount. Could have. But couldn't. And never will until you address the fear of trading at your very core.

Here is an exercise. I will say do it on demo, but if you can afford a penny a pip, do it with real money and invest $20 to face your fears.

For the next few months, take every Simple50 and Pivot trade. Still follow the bias and directional rules. Don't close a trade until the chart confirms a change in direction and take profit when swings are challenged or broken. If you've had a good week, avoid Friday. Warning, you may lose the $20 or you may grow it, I have no idea. But I think you will get more out of the education in fear, frustration, and anger. You might just also start learning how to trade.
Be bullish on you.
  • #1,168
  • Jul 12, 2020 4:41pm Jul 12, 2020 4:41pm
Bias: South. Looking to sell EU.

Please see previous post. Not just for Rearden. Think it could be helpful to anyone stopping by.
Be bullish on you.
  • #1,169
  • Edited 2:24pm Jul 13, 2020 11:52am | Edited 2:24pm
Quoting gejordan
Bias: South. Looking to sell EU. Please see previous post. Not just for Rearden. Think it could be helpful to anyone stopping by.
Nothing doing today on idea #2 or #3 if using conservative swings. Still in an up move if you are using these more relaxed swings, which I prefer in this range. We'll see if we get a chance to go short this week on a #2 or #3. The concern remains on the weekly view. I think I mentioned it a couple of weeks back, expecting some runs at the recent high, which it has been doing. If it goes after it this week, then we may have a week of no trades. Have to wait and see.

Update: Rearden, Price hit the top of a range on a Down bias week. This would be the ideal for an idea #1. I know you aren't really doing Idea #1 right now, but just go through the mental exercise of thinking about why it is logical to try from the top of a big range on a down week or bottom of big range on up bias week. The more you talk through this and think about the thoughts from last week, it will hopefully become second nature to you and you will become more comfortable with risk. Think about the concept from previous threads I have done when I would say "better than full retrace". It's all the same when you define it in terms of risk tolerance.
Be bullish on you.
  • #1,170
  • Jul 13, 2020 6:59pm Jul 13, 2020 6:59pm
Quoting gejordan
{quote} I am not sure what else you would want to know about pivots other than their history and how to calculate them. Not the question you want to ask the guy trying to convince you that trading is about seeing the chart (movement of price) and not anything that you necessarily put on the chart. There were idea #2 and Idea #3 trades. Nearly every day. You could have come out of the gate taking a short idea 2 and 3. Let's say you hold them until the move changes or take profit when a high or low is challenged. You take two 80 pip losses. The next...
Hi Ge, I didn't think in those perspectives that there were idea#2 #3 trades but more risk than I want to take. I see the distinction between these two thoughts 'no idea #2,#3 trades' and what you said and and also the difference in the thought process i have to make.

Also, "if I enter this trade, is there somewhere it could go that would scare me so much to make me close it before the chart told me to close it?" I think the fear comes from not understanding the chart and movement of price very well in different scenarios(Trend,ranges etc). If I understand the main swing which is in play and movement of price and where it could go naturally, I dont think there is anything to fear. Thanks again for the detailed walk through of the last week opportunities. It helped to see the chart in a perspective which I didn't see in the first place.
  • #1,171
  • Jul 13, 2020 7:52pm Jul 13, 2020 7:52pm
Quoting Rearden
{quote} Hi Ge, I didn't think in those perspectives that there were idea#2 #3 trades but more risk than I want to take. I see the distinction between these two thoughts 'no idea #2,#3 trades' and what you said and and also the difference in the thought process i have to make. Also, "if I enter this trade, is there somewhere it could go that would scare me so much to make me close it before the chart told me to close it?" I think the fear comes from not understanding the chart and movement of price very well in different scenarios(Trend,ranges etc)....
No problem.

"If I understand the main swing which is in play and movement of price" -- I think the exercise of following the rules and just taking every S50 and Pivot trade and not closing for loss until price changes direction via the swings will address this very effectively. It may be a wild ride at times, but after weeks and months of doing that, you will see things in a new light. Also, you'll stop trying to guess at entries and really appreciate the movement of price.
Be bullish on you.
  • #1,172
  • Jul 13, 2020 8:12pm Jul 13, 2020 8:12pm
Quoting gejordan
{quote} No problem. "If I understand the main swing which is in play and movement of price" -- I think the exercise of following the rules and just taking every S50 and Pivot trade and not closing for loss until price changes direction via the swings will address this very effectively. It may be a wild ride at times, but after weeks and months of doing that, you will see things in a new light. Also, you'll stop trying to guess at entries and really appreciate the movement of price.
Yes sure. I will do this.
  • #1,173
  • Jul 15, 2020 1:09pm Jul 15, 2020 1:09pm
Hi everyone
Trying to get the concept, I am in Spain So I am 6 hours ahead from NY time
So here is my take fro EU trade idea #2 if I understood the rules
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 1507.png Size: 47 KB
  • #1,174
  • Jul 16, 2020 12:25pm Jul 16, 2020 12:25pm
Quoting biker883
Hi everyone Trying to get the concept, I am in Spain So I am 6 hours ahead from NY time So here is my take fro EU trade idea #2 if I understood the rules {image}
I'll give you some comments, but I'd like Rearden and FXO to show you the charts (so you can have some practice - learn it, show it, do it type thing).

My comments:
This would be an aggressive approach, which is ok, but it's not really ok unless you show me another time in the week when it did this and you didn't enter. Then tell me why you'd enter this and not the other time this setup occurred.

As for the trade entry, why did you enter there and why at the time you did?

When will you or did you exit?
----
Rearden/FXO will you show the swings (I'll comment if I disagree) to Biker and what has been your view of the charts this week?
Be bullish on you.
  • #1,175
  • Jul 16, 2020 12:41pm Jul 16, 2020 12:41pm
Quoting gejordan
{quote} I'll give you some comments, but I'd like Rearden and FXO to show you the charts (so you can have some practice - learn it, show it, do it type thing). My comments: This would be an aggressive approach, which is ok, but it's not really ok unless you show me another time in the week when it did this and you didn't enter. Then tell me why you'd enter this and not the other time this setup occurred. As for the trade entry, why did you enter there and why at the time you did? When will you or did you exit? ---- Rearden/FXO will you show the...
Also Biker, review posts 945 and 1079.
Be bullish on you.
  • #1,176
  • Jul 16, 2020 1:16pm Jul 16, 2020 1:16pm
Hi Gejordan,

As for the trade entry, why did you enter there and why at the time you did?
The biais for the week was down as per your post #1168
Wednesday was the only day where there was a swing low 1.1425 that was broken and price stayed below for a couple hours and also the volume activity was the highest of the day meaning a strong rejection of 1.1450 which was the 5th time this level is rejected since Feb 19.
it is also a logical place to trap the breakout traders waiting to go long above and for big boys seeking liquidity below at 1.1150
It was 18h00 local so I place a a sell stop @ 1.1420 and left it overnight.

The order didn't trigger as I put an incorrect size order for my balance (demo account).
For me the situation is very similar to point 16/17/18 on your chart in post #1079. I agree that my setup formed within 8 hours while the set up on your chart happened over a 24 h span.

As I write now price is testing today's low at 1.1380, so tomorrow trade idea 2 & 3 might present opportunities.
  • #1,177
  • Edited 2:46pm Jul 16, 2020 2:33pm | Edited 2:46pm
Quoting biker883
Hi Gejordan, As for the trade entry, why did you enter there and why at the time you did? The biais for the week was down as per your post #1168 Wednesday was the only day where there was a swing low 1.1425 that was broken and price stayed below for a couple hours and also the volume activity was the highest of the day meaning a strong rejection of 1.1450 which was the 5th time this level is rejected since Feb 19. it is also a logical place to trap the breakout traders waiting to go long above and for big boys seeking liquidity below at 1.1150 It...
For the purposes of this thread I would call this an idea #1 for this type of trading. As long as you can be consistent with that thought process and apply it equally among each opportunity, that is the goal.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH1.png Size: 60 KB

You traded short off of what I would call a pause versus a pullback creating a swing. I have put an arrow at the 3 places this happened this week. The point I want to make is that from a chart perspective, a pause was broken each time, but you had only a trade yesterday. For anyone reading, make sure whatever rules you have, you know exactly why you traded one versus the others. One went to full loss, one depended on management, and one current.

We'll await FXO and/or Rearden to give a picture of the easy/conservative swings for this type of trading. You are correct, the up move is over for the moment. We now have bias matching direction. But we also have Friday tomorrow, so now comes your next set of choices. Will you trade on Friday? Will you close down position? Where? and Why?
Be bullish on you.
  • #1,178
  • Jul 16, 2020 6:25pm Jul 16, 2020 6:25pm
Quoting gejordan
{quote} I'll give you some comments, but I'd like Rearden and FXO to show you the charts (so you can have some practice - learn it, show it, do it type thing). My comments: This would be an aggressive approach, which is ok, but it's not really ok unless you show me another time in the week when it did this and you didn't enter. Then tell me why you'd enter this and not the other time this setup occurred. As for the trade entry, why did you enter there and why at the time you did? When will you or did you exit? ---- Rearden/FXO will you show the...
Hi Biker,
This is my chart with the conservative swing. The chart has been making higher highs and higher lows without breaking lower, It closed below the conservative swing a few hours back.
Attached Image (click to enlarge)
Click to Enlarge Name: 1178.PNG Size: 82 KB
  • #1,179
  • Jul 17, 2020 7:06am Jul 17, 2020 7:06am
Quoting Rearden
{quote} Hi Biker, This is my chart with the conservative swing. The chart has been making higher highs and higher lows without breaking lower, It closed below the conservative swing a few hours back. {image}

Thanks Rearden.

Here were my trades for the week.

The first was an idea #1. Usually wouldn't bother showing for reasons I have previously mentioned, but I am showing it as a continuation of the point I was talking about above with biker. Have good reason and apply it equally on idea #1. This was a full retrace of a potential range. This one I had to be careful of because price had not gone below the simple50 this week before I took it, so I chose not to be greedy and closed where I thought the simple50 might get to as I slept.

My next one was an idea #3. We have a directional bias week, I woke up and price broke simple50 in the direction I wanted to go so entered on pullback to it. Note the exact situation. Other simple50 trades we take are already supported by the swings, this one was not. I believe the last time we had this was the first week.

As you can see, I also liked Bikers area, but took it differently. Basically just a full retrace entry of an idea #3, I have tried a couple of these during the months, but this was the first one to retrace that far since I've come back on here. Closed them as they got to the bottom of the range. Easy to do because it was a large size position from up top.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH1.png Size: 50 KB

So back to the arrows I showed Biker, The first one was something I was willing to miss. Too much of a gamble, would like to at least be at the top, which is the case of the second arrow location. The third arrow, not the top of a recent range, but came down and broke the simple50, challenged our low and then gave a nice big retrace to the area, much better story than the first arrow.
Be bullish on you.
  • #1,180
  • Jul 17, 2020 7:33am Jul 17, 2020 7:33am
A revisit of bias.

Rearden asked a couple of months ago about bias. I told him how I get it (which isn't helpful to him) and gave him some examples of things to use for your own. (sorry, can't remember the post, it's somewhere between 945 and here).

One example I said was pull up a weekly and throw a MACD on it and follow it. If you look at that, it's been saying long for the entirety of this move. Look how easy the trading would have been this week from that bias. My point is there is no magic pill to bias. It's managing your brain, and having the patience to trade in the direction of bias when price agrees. An easy 200 pips at least on idea #2 and #3.

My bias made 80 on an idea #3 (not counting the idea 1) and had to wait all week. Some weeks, it's the other way around. The point again, either bias was profitable, it is managing the brain and not gambling that grows accounts.

Unless you can stay in control, you will never be able to follow the rules of any trading plan/system and you will always be looking for something else because you will always blame the system and not yourself.
Be bullish on you.
0 traders viewing now