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vsa with Malcolm

Quoting kicktothehea
{quote} Take one of the bad trades - Ask yourself (and you need to be honest) - Why did I take this trade? Then look at where you went wrong - you need to constantly look at each trade and dissect it and understand A. Why I took the trade B. What went wrong/well with this trade C. What will I do different next time D. Repeat this over and over and adjust
The problem is I think all my positions was justified. But I will analyze my diffrent trades as you wrote.
Daytrader
Quoting trezo
{quote} The problem is I think all my positions was justified. But I will analyze my diffrent trades as you wrote.

Ah yes. This is known as "the need to feel like you were right".

I have been there. Plenty of times.

First step - admitting you were obviously wrong in your justification.
If you cannot admit you were wrong and you believe the market "simply went against you" - it will be an endless loop for you.

This is how I over came this feeling -

Shut of my computer
Sat down - Screamed my head off about how is it possible I am making the right decisions but the trade always goes against me
Screamed some more
Eventually came to the realization - I am not making the correct decisions - or else - how could the trade go against me? OH MY GOSH - I AM WRONG

Then reach the point where - it is really okay to be wrong - it is even better saying "I WAS WRONG" out loud over and over to accept it

Only then can you begin to see the mistakes and only then can you be wide open for change and adjustments

I am wrong. I am wrong quite often haha. But I control my risk. So being wrong does not hurt too much.
In trading futures a few weeks ago - for the first time in years - I refused to accept I was wrong.
I kept dragging that stop and I kept revenge trading thinking I "had to be right".
It hurt. It hurt so much that I forced myself to stop trading for a week to get my head right.

It is an endless psychological battle and it all starts with "admitting being wrong " - And its okay. (but control your risk)
-B
just closed EU. done day
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EURGBP - entered this for another small trade - still going

4H is up so I have the wind at my back
30M curled down into a support area put in a 9am spring type bar and I entered on the test of the top of that bar (red arrow shows the volume reason)
Will exit at the previous high if it can make it today.


EDIT 1:21pm EST - Profit taken into the previous "up-thrusty" wick. Need to log off and did not want to think about it.
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-B
Quoting 1odi
just closed EU. done day {image}
Nice one mate, you on a challenge?
I would post my trades here today, but I'm afraid that I will get an essay, thats wrong, thats bad, that to bin: D
Daytrader
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Quoting trezo
I would post my trades here today, but I'm afraid that I will get an essay, thats wrong, thats bad, that to bin: D
Nothing is wrong there is no bad, only experience

The difference between a master and a student, the master has made more mistakes
GBPCAD - Still running

Background is strength so I need to be cautious
Price is in a previous selling zone
I saw the sweet upthrust bar
I entered on a limit order on the test bar (you can see in the risk profile graphic where the entry was)

Update - I obviously put my target a few pips to far - and as I expected due to background strength it rocketed in my face
I am still in the trade - if I see a no demand bar or more upthrust action I will hold through this. I am usually darn good with setting proper targets - I was too aggressive on this one.

Update - Still in the trade as it has moved back in my favor. Will adjust my target accordingly for profit taking. When the trade is closed I will post another screenshot.

Update - Dropped to the 10m and closed the trade for a good profit as it is US lunchtime and I did not feel like sitting through it longer haha. I closed it at the bottom of the green box (and green line)


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-B
I don't know I think I don't understand VSA probably. Most of my trades are losers. I can trade with trend. I can trade with higher timeframe. But it is something more... I have no idea...
Daytrader
Quoting trezo
I don't know I think I don't understand VSA probably. Most of my trades are losers. I can trade with trend. I can trade with higher timeframe. But it is something more... I have no idea...
Some Advice:

Start with ONE setup - if you are more of a seller - look for only upthrusts from a double/triple top
If you are more of a buyer - look for springs off double bottoms - even higher probability would be seeing the spring then wait for a higher low no supply bar and enter there.

The best thing you can have is a replay simulator. (I have used soft4FX before and that is how I trained myself to see setups) - now since I am a trading view subscriber I just use that.
I replay constantly.
Think of a professional sports player - REPETITION

Get good at seeing one single setup - and do it over and over and over and over and over - until it becomes embedded in your head.

Trading is a multi-year - every day process - I have stared at the screen for over 3 years (admittedly not all VSA in the beginning but VSA has become my comfort zone)
My job allows me to do this throughout the day (which also is dangerous because sometimes I get distracted)

It takes a LONG LONG TIME and LOTS AND LOTS of hours - but start with one setup - and find it - over and over and over.
-B
Quote
This brings us to the "smoke-filled room syndrome". Some people may think that when we talk about a money-making manoeuvre, some sort of cartel gathers in a smoke-filled room. "OK chaps, we are going to have a test of supply today. Let's drive the prices down on a few strategic stocks and see if any bears come out of the closet" (on saying this pit traders do go for the stops which requires most of the floor to co-operate for the good of all)

-MtM quote


EUROPE NEWS - Barclays, RBS, HSBC, Credit Suisse and UBS fined for taking part in forex trading cartel
Quote
The investigation, focused on the trading of G-10 currencies, revealed that foreign exchange traders in these five banks discussed sensitive information and trading plans. They occasionally coordinated their trading plans via a professional online chatroom called Sterling Lads, the commission said.
Four of the banks’ fines — UBS, Barclays, RBS and HSBC — were discounted by 10% as they acknowledged their participation in the cartel.

No smoke but definitely a cartel where they coordinated to push price around. Even when Tom Williams was wrong, he ends up right
Quoting trezo
I don't know I think I don't understand VSA probably. Most of my trades are losers. I can trade with trend. I can trade with higher timeframe. But it is something more... I have no idea...
VSA is not the easiest strategy out there, but once you master it you will get astonishing result with VSA .... of course there are still a lot of profitable strategies out there even a moving average cross could give you profitable result if you know how to use it properly.

if you find VSA is confusing, maybe you can try the other one here :

https://www.dailyfx.com/education/fi...trategies.html
  •  Chronus
  • | Joined Apr 2013 | Status: Time is the greatest precious metal | 142 Posts |
Quoting kicktothehea
{quote} PHEW - I thought I was going to have to fly to where you are and kick you in the shins That is good to know. I was really scared for you.
or give him a kick to the hea(d)...pun intended
Fred
Quoting Chronus
{quote} or give him a kick to the hea(d)...pun intended

That ,,, was funny LOL
-B
Quoting Chronus
{quote} or give him a kick to the hea(d)...pun intended
I wouldnt do that mate.....you might get a splinter in your foot.
  •  Chronus
  • | Joined Apr 2013 | Status: Time is the greatest precious metal | 142 Posts |
Quoting Paulscaff1
{quote} I wouldnt do that mate.....you might get a splinter in your foot.
very funny
Fred
Today's trade -

4H down trending - price popped up into its 20EMA
Dropped to the 30M for a VSA signal
nice upthrust/nd (whatever you wanna call it) appeared
Sell stop under the bar (I had the 4H wind at my back)
Sold right into the lows and closed

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-B
Quoting Paulscaff1
{quote} I wouldnt do that mate.....you might get a splinter in your foot.
Outstanding
-B
Currently stalking EURUSD for an afternoon scalp.

Waiting to see how this bar reacts on the 30M chart (4H chart added for background)

EDIT 3pm: Missed the scalp - Was away from my PC. Oh well.

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-B
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