Market Structure: Le Métier

Random notes:

 

1. I trade market structure primarily focused upon H1; with confirmation from H4 and M15.
2. I don’t use indicators because I am yet to extract an edge from them; but that doesn’t mean they can't be useful to others.
3. Support/resistance levels, ADR and fundamentals are important.
4. My approach does not generate many opportunities in a week, 3 or 4 at the most, and some weeks only 1.
5. But so far the win rate has been high (85%), if it continues it will be enough over the year.
6. Sometimes I am envious of those traders making 100% a month, but high risk and luck do not facilitate a sustainable future.
7. Patience and equanimity are two of my strongest allies.
8. I trade the London session; 0700 to 1400 GMT (DST).
9. I have commenced an evaluation with a prop firm offering funding. The evaluation will determine the efficacy of my strategy and aptitude.
10. Trades may at times be posted live to this journal.
11. TBA...

Feel free to post at my journal.

Le Métier (the craft)

GBPUSD H1 from Monday 27.07....perfection!

bought 1:1RR

EURCADH4
these patterns shop up again and again on all timeframes

GBPCAD H4 reached the target

GBPCAD
beautiful....but FOMC!

GBPCAD was the highlight this week. FOMC prevented one of the 3 opportunities (red arrow) my strategy generated in this market.



*I must admit posting live whilst managing multiple markets and strategies was a distraction this week. Next week I hope to have that in order.

GBPJPY
bought 1:1RR

target has now been reached
that is the end of the week for me, I begin again Monday 1000 GMT

GBPCHF, upward bias, watching to see if any good set-ups unfold

EURJPY 1:1R.....going up?

this morning I completely forgot to post a live trade, AUDJPY
….not sure if I will be posting much in the future, I've decided to join the5%ers

Why go with the5%ers?

Why not FTMO - seems better option.

Though to be honest dont understand fully the requirements of the5%ers. Seems way to convoluted with all the options and constraints. Probably need to study it more but found nothing on their site to give a simple explanation of how things work.

Thanks for the detailed PM :-)

CHFJPY & EURJPY upward pressure on the day charts
if H4 or H1 confirms = buy

I have begun the 5er evaluation. The 5er lot size restrictions and max 4% drawdown are going to make this a slow process. But this is how it must be if I am going to last year after year trading a large account. Cowboy trading is exciting and you get the accolades to, but does it last! It ends falling off a cliff most of the time.

I also have to execute 40 trades for the 5er evaluation, and my strategy only averages about 2 trades in a week. It’s slow going but it gives me an opportunity to exercise patience. Being patient is a satisfying way to trade as far as I am concerned. You should try it. Your trading will improve and so does life.

My 5er test took me longer than initially anticipated. Some events in my personal life (my wife broke her hip), a holiday over the Christmas period plus changes to the original strategy and testing those changes, all added up to slow progress. But I am happy to say I have now completed the evaluation: +6.25% with a low drawdown of just 1.44%.

What’s next?

At 5ers the trader can acquire 3x 1.28M USD accounts and apply the same strategy to all 3…..so why not!
I need to achieve +60% to reach that goal; which at my rate will likely take about 2 to 3 years. I am in no rush so that is fine by me.

And since I started with 5ers they have changed their drawdown rules. They set a 4% DD from the starting balance but any profit made after that can be added to the initial 4%.

From their website:
“As much as the trader profit in the account, the maximum loss (drawdown) allowance increases. The trader can always choose to keep the profit in the account to have more room, and by that increasing the maximum drawdown amount.”

So the more profit in your account the bigger the DD buffer.


In the future I don’t anticipate posting much to this journal; perhaps just the occasional update as to my 5er journey. In fact the factory is a bit of a distraction to me. I am much better at trading when cocooned.

PS
For anyone interesting I am still using the same pattern as shown in the image at post one of this thread. The difference between now and that first post is that I have added some confirmation features to the pattern which weeds out false signals. My targets and stops have also been statistically enhanced.

AUDCAD4

Day charts are down, H4 is down, no SR in the way. The higher probability at this moment is down in my view.

GBPAUD4

Day charts are up, H4 is up, no SR in the way. The higher probability at this moment is up in my view.

NZDCHF4

Day charts are down, H4 is down, no SR in the way. The higher probability at this moment is down in my view.