TheChalleger's Journal - My Trading Journey

A breakeven trade

A +2R trade. Great, takes only 20 min. Tight spread 7pip. My most original method. Countertrend. Sharp Grade A++ S/R.

P.S. This entry gave +3R later within 2-3 hours, but getting +2R is good enough for countertrend trading.

May need to end my day now.

Sep 08: +2R
Sep 09: -1R
Sep 10: +1R
Sep 11: +2R
Sep 14: +1R

Sep 21: +1R
Sep 22: -1R
Sep 23: +1R
Sep 24: +1R
Sep 25: 0R

Sep 28: +1.5R
Sep 29: -3R !!!
Sep 30: -1R
Oct 01 : -1R
Oct 02: +2R

Oct 05: +1R
Oct 06: +1R
Oct 07: 0R

Why this one works, but not mine?

Perhaps, this one is a breaking of a TL and reversed the trend. Mine is a breaking of a TL and continue the original trend and steeper. The probability of this one is better than mine.

A nasty breakeven trade. Having waited for 3 hours for a setup, I entered this trade. I was confident with the trade before seeing it going wrong. With hindsight, I think I shouldn't have entered the trade, the V top price pattern may be a reason for the strong impulse. Also, the time for a classic look pullback is longer than in this case. I exited before the news impulse.

A super-quick +3R (30pip) trade. The first in my life. I entered following the pullback of the Trendline and return of the price under the horizontal S/R.

May need to end my day now.

Sep 08: +2R
Sep 09: -1R
Sep 10: +1R
Sep 11: +2R
Sep 14: +1R

Sep 21: +1R
Sep 22: -1R
Sep 23: +1R
Sep 24: +1R
Sep 25: 0R

Sep 28: +1.5R
Sep 29: -3R !!!
Sep 30: -1R
Oct 01 : -1R
Oct 02: +2R

Oct 05: +1R
Oct 06: +1R
Oct 07: 0R
Oct 08: +3R !!!

Closed a -3R trade. Wait for the best setup next time.

Lesson: Triple Top pattern and almost a same-session level.

Earned back +2.5R.

May need to end my day now.

Sep 08: +2R
Sep 09: -1R
Sep 10: +1R
Sep 11: +2R
Sep 14: +1R

Sep 21: +1R
Sep 22: -1R
Sep 23: +1R
Sep 24: +1R
Sep 25: 0R

Sep 28: +1.5R
Sep 29: -3R !!!
Sep 30: -1R
Oct 01 : -1R
Oct 02: +2R

Oct 05: +1R
Oct 06: +1R
Oct 07: 0R
Oct 08: +3R !!!
Oct 09: -0.5R

Should I call this pattern (eclipsed) S/R eraser?

A Trendline breakout. Fading at 1.0293 would not work.

I was off last week and for this week I will do some non-trading background work. Here is the statistic for my first 4-week session. The result is profitable but not ideal. I will try to work hard to achieve my ideal performance level.

First 4 week results:

42 Trades in 20 trading days
W/L in R = 28/17 = 1.647
Profit = +11R
p = 0.09/0.06 (Trades/Days)

The fourth 5 day session summary
/
Equity curve in R

I am spending my time based on the strategy outlined:

Key strategy for improving trading performance
-------------------------------------------------------
1. Exercise Reasoning: Exercising reasoning is the only effective way to improve trading judgement. Need to understand the principle behind a trading method in term of market dynamic, rather blindly obeying a mechanical trading method. Blindly obeying a mechanical trading method cannot offer any long-term trading improvement.
2. Identify the key elements: Need to understanding what is the most significant elements that technically predict price movement. Focus your attention on these elements, rather than everything relevant to price movement.
3. Look for the Best: To improve performance, remove your attention from 60% success rate setups, concentrate on those setups with 80% or above success rate.
4. Backtesting and trading practise: Spend extensive time on backtesting and trading practise. This is a no-shortcut no-substitute step.
5. Self-belief: Need to have the belief of being able to achieve a high-level trading performance

Point 1 and 2 are theoretical part of my method, for which I have been writing up for it and am largely satisfied.
For Point 5, after the 4 week trading, I think I have basically overcomed this issue
Now, I am doing Point 4, with Point 3 in mind.

The performance for the 4 week trading is 28:17 ~= 1.65. This value although profitable is far from my ideal. I want to improve this ratio to 5. This goal cannot be achieved by simply continue my current trading method. I need to greatly improve it my doing extensive backtesting with better methods. This is what I am trying to do now.

Hello,

I stumbled onto your thread and wanted to say congrats, seems like you are developing your trading strategy.

I am currently where you were at the beginning of this thread. I felt that reading your thread, I could relate to some of your obstacles.

I look forward to reading about your future trades.


Thanks,
K

Both my EUR sell worked out today. My GBP escape a loss. So all +ve!

1. EUR +20 pip/+1R (Ref)
2. GBP 0 pip
3. EUR +20 pip (half +10 half +30) /+2R

+3R Done for the day! Lucky!

Didn't trade yesterday Wed (lack of passion). Did trade on Tue (06.14). Also was a all +ve day!!!! 2 consecutive all +ve days

1. AUD x 2: +1.5R (asian session)
2. EUR : +1R
3. EUR x 2: +2R

+4.5R

GBP Sell +1R : + 8 pips
(in 1 min, almost experienced zero drawdown!)

EUR Sell! -1R

GBP Buy +1R!