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MW's trading journal

  • #1,561
  • Jul 13, 2010 7:20am Jul 13, 2010 7:20am
I woke up to two more B/E's on the aussie and eur/jpy and missed the opportunity to get back in the aussie while I was asleep. That happens though and now it's time to just keep looking for more opportunities.
I dream, therefore I become.
  • #1,562
  • Jul 13, 2010 7:33am Jul 13, 2010 7:33am
Looking at it now, there is a chance for me to get back into this setup. I DO want a better price however. In all reality, that I4B fakeout is still in procession, just needed to build up a bit more steam to do so.
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I dream, therefore I become.
  • #1,563
  • Jul 13, 2010 7:57am Jul 13, 2010 7:57am
lol it looks like the eur/jpy could be turning into a decent opportunity again now as well. Sometimes the market likes to toss the scared money out before doing the same thing over again. If it does, I'll be getting in long again. Charts will be posted.

It made the initial build up procedure but sometimes that isn't enough. When it isn't enough, the second time around typically is and I'll be there....if I'm not asleep again....what a bum lol
I dream, therefore I become.
  • #1,564
  • Jul 13, 2010 9:03am Jul 13, 2010 9:03am
Just entered, plan on entering again lower, and also plan on holding this for a while. This is one of those that everything lines up with so I'll see if I can get a runner with it. It's still B/E as quickly as possible though.
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I dream, therefore I become.
  • #1,565
  • Jul 13, 2010 10:56am Jul 13, 2010 10:56am
Quoting mike w
Just entered, plan on entering again lower, and also plan on holding this for a while. This is one of those that everything lines up with so I'll see if I can get a runner with it. It's still B/E as quickly as possible though.
This pair is looking good so far and normally I would have already taken profit for the 70 pips as we're at the first area of interest for profit taking as shown with the arrow in the chart. I'll be holding onto this pair however and adding to the position on any retracements we may see along the way.
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I dream, therefore I become.
  • #1,566
  • Jul 13, 2010 10:59am Jul 13, 2010 10:59am
Here's another viewpoint on the breakout. I'd loooove to see a retracement back down to that point after the daily chart closes...I can dream can't I?! lol
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I dream, therefore I become.
  • #1,567
  • Jul 13, 2010 4:04pm Jul 13, 2010 4:04pm
Mike,

Whats the minimum return are you looking for before moving to break even with your 4H trades?

Last year I went back over my 4H PA trades and tested not moving to break even just waiting to hit my target (or at least very close) or letting it run till it hits the stop. Overall I would have been more profitable to leave it alone.

Any thoughts?
  • #1,568
  • Jul 13, 2010 4:30pm Jul 13, 2010 4:30pm
Quoting Someone
Mike,

Whats the minimum return are you looking for before moving to break even with your 4H trades?

Last year I went back over my 4H PA trades and tested not moving to break even just waiting to hit my target (or at least very close) or letting it run till it hits the stop. Overall I would have been more profitable to leave it alone.

Any thoughts?
For the most part, I've found the same thing profit-wise. It's not really return that makes me get to B/E on certain trades, instead it's placement. If the 4 hour placement is kind of "up in the air" like yesterday's eur/jpy and aussie trades, I try to get to be as quickly as possible while retaining the chance for price to move without getting stopped out. Also, I take notice of where price is in correlation with the higher timeframes A LOT; It all ties together.

If a setup is firmly planted on the 28 and is of good size, rather than an IB, I'll typically give it room to go with.

If price breaks out like crazy, like the eur/jpy did on the setup that I traded earlier today, and moves 100+ pips from the entry, I'll typically get to breakeven on those.

I will admit though, there have been plenty of times when I've been stopped at B/E only to watch price move a few hundred on the setup, which really is....challenging to say the least.

It really is just kind of an intuitive nature to know when to get to breakeven and when not to.

To be honest, getting to B/E, in my opinion, is a novice's work. It can save your ass though just like it did with my "weaker" trades yesterday. I'll take those any day though because you can still make money on them just like any other. On the solid trades deep in my areas of engagement, I won't move my stoploss.
I dream, therefore I become.
  • #1,569
  • Jul 13, 2010 8:47pm Jul 13, 2010 8:47pm
Hi Mike,

Great journal, I started following along after seeing some of your posts on the jankone thread. I use PA too on the higher timeframes to determine the trend then look to take trades with trend so seeing your posts prompted me to read your journal, some really great stuff mate. I like the idea that if you miss a good PA setup then you can tunnel down to the lower timeframes, look for PA on the pullback.

I also look for some confluence with Fibs/TLs etc then drill down to 1H /15 min TF to get a low risk entry. Had some great results doing this, so its good to see someone else doing a similar sort of thing. Entered the PB on USDCAD earlier, pullback to TL following 2 week PB. The BRN is a worry but manage to catch a runner every now and again using this method. I was looking at the same bar you took in the EURJPY chart the other night but wanted to see it retrace to the TL so passed. It did fire in the end I see so good stuff.

I try to minimise risk by gradually move stop to BE as trade progresses which helps while trying to catch the odd trend so its been good reading your comments about BE - when to go to BE etc. I use to try and go to BE after 50 pips religiously but have found some good results back and forward testing by letting the trade play out a little. This is one of the key challenges I experience.

Right, I will keep tuning in. Keep up the good work. A few guys on here FF and over at J16 have really inspired me and my trading is really simplified now so I'm thankful for all the insights you guys provide. Trending with the trade is where its at for me.

Cheers,

Steve
  • #1,570
  • Jul 14, 2010 8:07am Jul 14, 2010 8:07am
Quoting stevo58
Hi Mike,

Great journal, I started following along after seeing some of your posts on the jankone thread. I use PA too on the higher timeframes to determine the trend then look to take trades with trend so seeing your posts prompted me to read your journal, some really great stuff mate. I like the idea that if you miss a good PA setup then you can tunnel down to the lower timeframes, look for PA on the pullback.

I also look for some confluence with Fibs/TLs etc then drill down to 1H /15 min TF to get a low risk entry. Had some great results doing...
Hey Steve, how's it goin man?

It sounds like we're really two in the same when it comes to trading my man.

The only thing that I notice a bit different is the 50 pips deal with B/Es. The markets are dynamic so I've never really held a certain number for anything like t/ps, s/l, or b/e. For instance, a trade on one pair may revert back 70 pips while the same thing on another may revert back only 20.

Just like you, I'm always looking to enter in at less cost than the initial and it has really served me great over the years.

Yeah, that eur/jpy trade was a pretty good one so far, I'm thinking I may get busted on it though with how far we are retracing. Hindsight is 20/20 and I would've taken my profit had I seen it. I don't typically wait for just the trendlines because the market will pick up and drop off momentum in a heart beat. I feel that I'd be missing out on a LOT of profit if I just waited for trendlines to be reached and that's why I watch the "dynamic" trendlines that the 21 (24,28, whatever is used, they are all the same) creates.

Trading with the trend is where it's at period my man! I'm glad to see yet another J16er doing it right. I owe it to big Jim just as I think everybody else does too. I'll still never forget the days that I said to hell with this while his chart stared me in the eye and said no.
I dream, therefore I become.
  • #1,571
  • Jul 14, 2010 8:12am Jul 14, 2010 8:12am
http://www.forexfactory.com/showpost...5&postcount=80

This is what it all came down to, this was my motivation to stay in this business. This was THAT chart.
I dream, therefore I become.
  • #1,572
  • Jul 14, 2010 9:10am Jul 14, 2010 9:10am
Considering the usd/chf. The previous daily is bearish also, I just need a better price on this one.
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I dream, therefore I become.
  • #1,573
  • Jul 14, 2010 10:18am Jul 14, 2010 10:18am
Nice! The eur/jpy headed back up after that little retracement with a solid hourly setup. I really thought I was getting busted on that...funny how an hour changes everything eh?
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I dream, therefore I become.
  • #1,574
  • Jul 14, 2010 3:26pm Jul 14, 2010 3:26pm
hey mike,

just wondering if you still trade the 5min and how's that going for you?

I've been doing a lot of testing and small live trading of my 5 min method as of late. testing results are promising, having trouble i think with myself in letting winning setups go by (not pulling the trigger) and hopping ino losing trades. questioning the 5min and thinking of just using the same method on 15min - don't mean to ramble but wanted to see how things are with you.

Without 'system hopping' I'm looking to move up in TF's and add some Dibs and old fashion j16 pa on 1hr, 4hr, dailies to my overall trading plan.

BTW your journal looks great man, now i'm going to have to sit here and read it all
  • #1,575
  • Jul 14, 2010 4:44pm Jul 14, 2010 4:44pm
We're coming up to the target now on the usd/chf, so far it's at 45 pips profit and counting until it's closed. Eur/jpy is still rollin right along and I really wish I would have went long on the chf/jpy as well.
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I dream, therefore I become.
  • #1,576
  • Jul 14, 2010 4:57pm Jul 14, 2010 4:57pm
Quoting stoli7188
hey mike,

just wondering if you still trade the 5min and how's that going for you?

I've been doing a lot of testing and small live trading of my 5 min method as of late. testing results are promising, having trouble i think with myself in letting winning setups go by (not pulling the trigger) and hopping ino losing trades. questioning the 5min and thinking of just using the same method on 15min - don't mean to ramble but wanted to see how things are with you.

Without 'system hopping' I'm looking to move up in TF's and add some Dibs and old...
Hey how's it goin my man? And yes sir, I still trade the 5 minute charts although I don't really post about them, because it's all the same really lol Everything that I post about on the 4 hour is exactly the same way I trade the 5 minute.

Three words brother, let it ride. I rarely take 5 minute trades on their own as a base method. Typically, I wait for a 4 hour setup and then trade all the subsequent 5 minute setups thereafter. Following the trend is the easiest way to a mountain of cash falling in your lap, trust me on that. When I trade the 5 minute setups after a 4 hour setup, I don't always place my stop directly behind the price action either. Instead, I'll place it behind the 5 minute 50 sma in order to give price a little room to run.

If you plan on employing the method on the 15 minute, make sure you get in the testing required for it. Every timeframe has it's own nature.

James16 is the man and his, along with everybody over at the J16 forum, teachings are where it's at if you want to get good at this business. Like I say to everybody, go through it and emulate the people that have already been successful and that's what you'll get. I personally could have been Jim at one point....really. Kinda creepy, but that's how much I followed every single one of his posts to the point of being a fanatic about it. I swear, I've read all of his posts at least 500 to 1,000 times easily and I do mean all of them.

Well, I'm out for the day. Have a good one Stoli! Peace out ladies and gents.
I dream, therefore I become.
  • #1,577
  • Edited Jul 15, 2010 5:02am Jul 14, 2010 6:28pm | Edited Jul 15, 2010 5:02am
Quoting mike w
Hey Steve, how's it goin man?

It sounds like we're really two in the same when it comes to trading my man.

The only thing that I notice a bit different is the 50 pips deal with B/Es. The markets are dynamic so I've never really held a certain number for anything like t/ps, s/l, or b/e. For instance, a trade on one pair may revert back 70 pips while the same thing on another may revert back only 20.

Just like you, I'm always looking to enter in at less cost than the initial and it has really served me great over the years.

Yeah, that eur/jpy...
Thanks for the welcome mate. I've been reading and re-reading this forum for about 2 years now and have been posting quite a lot over at the J16 PF for a while. Some guys in particular Mbqb11, Rusty and Rac have been a massive help to me. I've explored more here at FF and read all posts by guys like Ryan, PeterCrowns, SwingTrade69 and a dude called Bobability countless times and thats how I found your journal. I see you've ramped it up recently so wanted to join in for the ride while your around.

I barely take any CT trades now if I do then I use Ryanmcd's blueprint but have only taken one for a month or so now. I used to go to BE after 50 pips but now have a different approach, a lot of my entries are based on dynamic TLs, I use them to trail price to reduce any potential losses and get me to cost. I took 3 losers in a row this week (USDCHF, EURUSD and USDCAD) and I think my losses from these trades amounted to 1.5R. Took USDCHF trade as well last night which wiped them all out plus gave me some change and hopefully then some. I also took an entry GBPCHF on the 15 min chart (TL confluence) after the 4H BUOB which has put me heavily in green for the week. Just a case of doing the same thing over and over. So simple my man but for so long it was so hard!

Theres a daily PB on GBPJPY which is trading into a range, if that breaks will look for a pullback and look to ride down to 131 (I think, I'm at work atm so cant see charts). If I can good pullback with good PA the risk is more than worth the reward.

I'll have a look at your J16 chart in more detail later on. I killed an AUDJPY trade last week for 11R, its printed out now next to my monitor as are most of the big winners. Gives me extra motivation when the losers or B/E trades start mounting up.

I'll post the odd chart if thats okay with you, always keen to learn as much as I can.

Cheers,

Steve
  • #1,578
  • Jul 14, 2010 9:49pm Jul 14, 2010 9:49pm
Mike Hope things are well and the move to myrtle went well! Haven't talked to you in awhile. Nice to see you posting in the journal again. Hope all is great on your end!

Jim
"Luck favors the prepared mind"
  • #1,579
  • Jul 15, 2010 7:40am Jul 15, 2010 7:40am
Quoting mike w
We're coming up to the target now on the usd/chf, so far it's at 45 pips profit and counting until it's closed. Eur/jpy is still rollin right along and I really wish I would have went long on the chf/jpy as well.
The usd/chf trade closed at my T/P last night for a gain of 65 pips. There really isn't much that is looking worthwhile to trade right now until I get a good grasp on where the usd/jpy is heading.

The eur/jpy is still on and I'm getting the feeling that it will be for a while now.
I dream, therefore I become.
  • #1,580
  • Jul 15, 2010 7:49am Jul 15, 2010 7:49am
Quoting jpa0827
Mike Hope things are well and the move to myrtle went well! Haven't talked to you in awhile. Nice to see you posting in the journal again. Hope all is great on your end!

Jim
Hey Jim, what's been up my man?! Everything's great brother, and yourself? What's new over your way dude?

Thanks too my man!
I dream, therefore I become.
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