MY Journal-phil13

first trade of the day....

change the fib tool in H1 for M5 reference...

lost this battle, but is all part of trading.....

pre news trade....

hit and run post news trade.....

calling it a day now, my wife just decided that we are going to my daughters house for BBQ and to annoy the grandchildren.

there is a couple of hours left that are still maybe worth trading before it quietens down so good luck to anyone carrying on trading.

i am not trading today, i have to go out later, also i am away most or all of next week so again i will not be trading or posting charts then, i will post today's close chart tomorrow at some point then sunday i am away, i will post again when i am back, if anyone wants to post anything ar ask anything then i can answer from my phone but i will not be able to post charts from my phone.

here are today's charts so far....


remember follow and flow with the action using each chart to show you what wave/run we are currently in, this will greatly help with what to expect most days.
i hope what i am showing here is helping the TAF readers and others put all the pieces together to go some way to making you consistently profitable in you trading. good luck for today my friends.

how it finished yesterday.....

got back a day early so here is today's charts...

lost the scouts but that is their job to keep risk small....

lost another scout, maybe too much bias in my head and feeling a bit tired still is affecting my ability to get with the flow, may call it day, will watch for a while and decide what to do for the best outcome for my account, but take note when you start losing scouts that something is wrong with your ability to trade and take action or it may cost you...

did not trade at all after that last scout loss above on Friday, i was still tired from what i had been doing last week so judged myself not fit to trade after the above, sometimes no trade is the best trade for your account, i work for my account not for what i want to do with it, part of AOW mindset thinking.

here are the charts for the end of the week...

not a lot of news due today, today's chart......

here is what i have done all morning, just sitting on my hands waiting for this to develop........ hopefully??

finally some movement after watching paint dry all morning. I only managed to get a short scout in at 1.1812 gbpusd

Hi Dustin, yes is hard work sitting just watching for hours but it is part of what we do and when you get good at it, it is worth it, i see you spotted the clues i posted just before my trade was made, well done, with practice you will see these things setting up, understanding the liquidity thing and how it is used is also a great help.
good luck and happy trading my friend.

today's one and only trade but was worth the wait.

I agree it is sometimes hard to sit and watch nothing happen for sometime. I am learning patience is key. But I enjoy the trading process still .

Although I took a peek at your post this morning I kinda didnt read that deeply into it as I didnt want it to influence my decision process. I have learned a lot from your thread here and posts on taf so glad to see that we had a similar feel to what was happening ( kind of reassures me that im moving in the right direction). Also been thinking a lot about what fti presented early on in taf about the market structure and reading the charts ( along with eddy's 2nd thread). Fti always said to always ask the market " what the jim beans are you doin' " (I always laugh at that phrase). But the way I saw it was market has been trading bull usd but was sideways today on the short charts. Price was forming a higher low on m5 but I didnt see any momentum in the move so I figured it was Market makers moving price around to attract business. That spike up where you entered your scout is where I was thinking there would be sellers stops and breakout traders ( the liquidity you are probably referring to). after that spike there was the momentum bar after it. like fti's scenario where MM's can maximize their shorting around these sitting duck levels. Ive realized that a lot of the market movements are this scenario played out over and over but in different ways.

like Ive said many times, thank you again for taking your time to share what you have learned here on your journal. I know it can be quite the process taking screen shots and outlining all the things you are seeing. So again, I appreciate it.

If you have the time maybe I can ask a few questions about your wave counts? I noticed you use almost every hip/lop as a start and end to your waves although occasionally some are skipped. Do you just "eyeball" the waves or are you generally strict with using hips and lops? also, how do you find where to start the count? also, I see when you are labeling your waves you have to re-label wave f sometimes and multiple AB waves. I guess in short, what "rules" you follow for your count. I think i have a pretty good idea of it but just wanted to check if I understand the logic behind it. I know you're busy, so no worries, either way Im enjoying that your back(even if for a little while) and tackling another aspect of the taf thread.

may wait a while until the first bit of news before taking any trades and try to see what they are doing.....

today's charts

Hi Dustin,

thank you for your kind words.
remember fti's trade chart we all spent loads of time discussing, everyone (including me for quite some time) was obsessed with the entries/exits and how and why they where made, we even had discussions on what time frame it may even be in, someone even noticed it was saved as H1, fti said many times he used that A - F count but we all were more interested in the money side of it, i think what he was trying to show us was what i am showing now, that you can use a basic wave count and do not not need to know everything about EW theory.
i do not use every hip/lop but they are basis of the count, sometimes i forget to mark the retrace and just carry down the F, to start the count is the easy part, you find a recent high or low ideally in the Asian session (in the lower timeframe) and that is F/A and off you go, if you get a finish on a bar past A, then that becomes the new low or high F and the count starts again, beauty of this i have found is even you start incorrectly or make a mistake it will rectify itself on the next F because that has to be the new high or low and will automatically become F or A to correct itself, i do eyeball judge where the count should go as price unfolds, most of it is quite obvious but the basic rule is if there is a gap between any of the bars that is a place to mark up, so if you have 3 bars and all 3 have tails or solid with gaps to the next bar then they are marked as part of the count so up bar, down bar, up bar, ABC or where ever you are in the count at the time, hope i have explained myself well enough, as you know i am dyslexic so sometimes have trouble with explanations. ask anything else that you want to know or if i have not made myself clear enough, i know i have this issue so i understand people cannot always understand me and i do not get offended at all about further questioning.

first trade, dropping this one as P/A is not acting how i would expect it too..