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MW's trading journal

Quoting bparks
Thanks for the response Mike. One last question regarding the usd/cad:

If the 4-hour pin closed during London or NY session and you were watching the 5-min:
Would you start looking for 5-min entries immediately?
Or would you wait for a retracement before considering a 5-min entry?
I'd like to wait for the retracement on these, but I'd take them either way. Both have made me money. When we start to see momentum really take the trade a bit, then I'll actually move my stops to behind these setups and allow myself to put on massive positions with literally no risk involved.
I dream, therefore I become.
Hey Mike,
Just got home from work about an hour ago.Thanks for the charts!I gain a lot from these, believe me!Have a great night Mike!..Josh
Quoting mike w
I'd like to wait for the retracement on these, but I'd take them either way. Both have made me money. When we start to see momentum really take the trade a bit, then I'll actually move my stops to behind these setups and allow myself to put on massive positions with literally no risk involved.
Hi Mike,
Thanks for superb thread.Great charts and very usesfull info.
Keep going man.It is like this thread got new impuls and is going like rocket to moon.

happy trading Sir.

FX
Quoting jlmac27
Hey Mike,
Just got home from work about an hour ago.Thanks for the charts!I gain a lot from these, believe me!Have a great night Mike!..Josh
Awesome my man, I'm glad to hear that for sure! Have a good one brother! I'll be posting more today if I see anything worthwhile. BTW, one that I missed was the nzd/usd daily pin bar with divergence...
b-e-a-utiful!

BTW, the bar right before that pin was faulty data. That bar didn't really look like that lol

Other than that setup, the usd/cad moved right along nicely into today and I'm also still in the eur/usd trade which seems to be stuck at the moment at a 100 pip gain.
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I dream, therefore I become.
Quoting Fxfighter
Hi Mike,
Thanks for superb thread.Great charts and very usesfull info.
Keep going man.It is like this thread got new impuls and is going like rocket to moon.

happy trading Sir.

FX
What's up FX? Thanks for the kind words, I appreciate that for sure. I hope it keeps rolling for the sole fact that maybe the info in here (not just from me, but from everybody else that is totally awesome as well) will help even just one person out in their careers. That's my goal really, otherwise I wouldn't have started posting again at all.

Have a great day FX!
I dream, therefore I become.
I just closed that euro trade for 98 pips. It's not looking to hot and I'm definitely not liking the action.
I dream, therefore I become.
OK, I got busted on that usd/cad trade. That's what I get for not being around to monitor it all day/night lol It was up 50 pips for the first entry and 75 for the second before reverting which is more than enough time to get to B/E or take profit of some kind. Instead, I took a loss of 24 and a gain of 1 lol

Today we're seeing some awesome daily trades setting up for sure. On the euro, we have an I4B which I'll be trading once it meets my criteria.

Also, we have a great setup on the cad/jpy short as well, which I'll be trading as well once we get a retracement/break.
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I dream, therefore I become.
Hey Mike,

Some great stuff you posted this week, thanks for sharing. I got busted a couple of times early this week again but a couple of trades have come to the rescue again and I'm in the green again.

I wanted to ask you a question if I may buddy. After reading your journal I think I may know the answer but here it goes. How do you know when to kill a trade? I'm guessing its discretionary on your part. I usually kill the trade between -0.5 and very rarely 0.75R, this gives me a couple of chances to catch a runner instead of one. I'm pretty mechanical in this approach though I do see quite a few runners once I've killed the trade (also a lot of losers!). I remember Ryan saying that he counts bars and if no action bang dead. I figure the only thing you can control is how much you lose in this business, the winners take care of themselves with an exit strategy but interesting to hear what you think.

Good trading to all.
Quoting trublu
Looks like some sweet trading as usual Mike. I was wondering how many pairs you look at on the 5min charts? I usually only watch 3 or 4 and I'm thinking I'm missing out on some good trend trades by limiting myself to a couple of pairs. Funny thing is after looking at your charts most of your entries look like places I'd enter, but the question is whether I could make the decisions while the setups are happening.

Also do you have multiple screens or do you just flip through all the charts on one screen? I'm trading off one screen...
I wanted to 'bump' this post from last page, in hopes you might comment Mike. I am currently only watching e/u and g/u on 5min but have considered adding pairs if they have a low spread (relative to their ATR). It's nice currently because I can have a screen for e/u and another for g/u (and a third for ff/oanda/spreadsheet). But if I add pairs, I either have to make my charts smaller or flip through them. Guess my question is do you have small charts or do you prefer to flip through them? I think a compromise might be to go through the charts when you start a day and if it isn't trending, then you wouldn't have to have it visible... where if a pair is trending, you would want to be watching each 5min close for possible setups.

Have a great day Mike. Enjoying this thread immensely!

Josh
Quoting Jduester
I wanted to 'bump' this post from last page, in hopes you might comment Mike. I am currently only watching e/u and g/u on 5min but have considered adding pairs if they have a low spread (relative to their ATR). It's nice currently because I can have a screen for e/u and another for g/u (and a third for ff/oanda/spreadsheet). But if I add pairs, I either have to make my charts smaller or flip through them. Guess my question is do you have small charts or do you prefer to flip through them? I think a compromise might be to go through the charts when...
Hey what's up my man?! That's my bad for not getting back to this post, I know I saw it but then I completely forgot about it.

Today has been a heck of a day on the usd/chf, that's for sure. lol I'll be posting up some charts of it in just a minute or two.

I flip through the pairs and the ones that are NOT above or below the 1 and -1 on the smangle, I toss to the side. This indicates when a strong trend is in place and not just a retracement. I'll make not of it when I post up my usd/chf, aussie, and usd/cad trades today.

At the moment, I'm watching g/u, usd/chf, aussie, usd/cad, cad/jpy, usd/jpy, and the aud/jpy. It sounds like a TON but with my filtering only the trending pairs, I am realistically only looking at two or three at a time. For instance, today I've been on the usd/chf, aussie and usd/cad so far. Those three were trending the nicest and so those were the ones that I traded.

I do flip through the charts but one screen is dedicated to the usd/chf on my setup. That, to me, has the lowest production cost with the highest volatility. Small charts, IMO, really screw up what the action looks like and I can't really focus too well on them.

Thanks again for the encouragement to keep this alive too brother! Have a great day Josh!
I dream, therefore I become.
Quoting stevo58
Hey Mike,

Some great stuff you posted this week, thanks for sharing. I got busted a couple of times early this week again but a couple of trades have come to the rescue again and I'm in the green again.

I wanted to ask you a question if I may buddy. After reading your journal I think I may know the answer but here it goes. How do you know when to kill a trade? I'm guessing its discretionary on your part. I usually kill the trade between -0.5 and very rarely 0.75R, this gives me a couple of chances to catch a runner instead of one. I'm pretty...
That's how it always goes my man! If you're in the negative, there is ALWAYS a great trade right around the corner to push you back to the green for the week, always. Like I say, life always gives me what I need. (To be honest, sometimes that is a loss. I get a big head sometimes and it needs to be deflated. Egoic pride does NOT work in this business. I know, for me, I have to remain down to earth and give good vibes to everyone I meet or else I will take losses.)

It really is kind of discretionary to be honest. There have been times when I've taken close to full bar losses and others when I close the trade off at -10 pips (on higher tf). Through my testing and trial and error, it's best to keep the s/l towards the back end of the bar until it's really moved because the amount of times we see a retracement to the amount that we don't see one is staggering.

As for counting bars before taking a loss, it's all opportunity cost especially on the lower timeframes. Is it worth it to stay in a trade when there are 5 other pairs that are trending nicely at the moment? Not in my opinion. That rarely happens though if you are following the trending setups.

I hope that helped in some way or another Steve. Have a great day my man!
I dream, therefore I become.
These setups are the reason that I trade at 6 am eastern time.

In the indicator window, you can see the red line that I placed in it along with a thumbs up. This is the spot where we moved past the -1 and shows that we are in a decent trend and not just a retracement or range.

After that point in time, that's all she wrote. 1 loss, 5 gains and I'm still in on the last one. The first trade was a loss for me. My trades are indicated by the red arrow with white interior.

I'll post the other setups in a few minutes, I need to watch the action for a bit. That's the only problem posting the charts real time for the 5 minute.
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I dream, therefore I become.
BTW, I entered in on the cad/jpy last night at 84.50 while I was asleep and the euro was a no go as it didn't meet my criteria for fake/break.

That daily setup on the cad/jpy looks like it could roll for a while and I'll be holding on to it as I try to on all my daily trades (which are few and far between).
I dream, therefore I become.
Just an update on that last usd/chf trade. I just closed out that last trade with a profit of 23 pips. Ladies and gents, we have so much to be grateful for that it's unreal.

If you're reading this thread, I want you to take a timeout and think about everything that you're grateful for right now. An attitude of gratitude is the most powerful force you can have.

I'm taking a break for an hour and then coming back to it now. I'm going to go for a run real quick. Have a good one ladies and gents!
I dream, therefore I become.
If you can't make money in these conditions, you're just not following your discipline and need to re-evaluate why. Don't trade them when we're in between the 1 and -1 on the smangle as that is determining a trend change or range. With that, it's as easy as...something really easy (I'm not on all the time lol).

Money comes easily and frequently - don't ever forget that and if you don't believe it, change your beliefs; They become your reality. Usd/cad has been a heck of a performer today.

The last trade got busted and that's when you know that momentum is slowing down a bit. Other than that, it's the gravy train with biscuit wheelssssss.
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I dream, therefore I become.
Cad/jpy daily trade really took off now as well. 100 to the good so far but, like I said earlier, I'll be holding on to this one for a while so that 100 doesn't mean much. I'm looking to see 300 realistically.

Welp, I'm off again from the factory or watching the movies in the motivation thread. Have a good one ladies and gents!
I dream, therefore I become.
Quoting mike w
That's how it always goes my man! If you're in the negative, there is ALWAYS a great trade right around the corner to push you back to the green for the week, always. Like I say, life always gives me what I need. (To be honest, sometimes that is a loss. I get a big head sometimes and it needs to be deflated. Egoic pride does NOT work in this business. I know, for me, I have to remain down to earth and give good vibes to everyone I meet or else I will take losses.)

It really is kind of discretionary to be honest. There have been times when I've...
Hey Mike,

Thanks for that and btw congrats on the smokin Ice hockey performance. Anytime a hat-trick is scored its one hell of a feeling, in fact any goal for the matter. I play football and hockey so know how it feels, though I'm slowing down these days as the knees get stiffer!

Yeah I've noticed that I'm killing trades if they reverse instantly on me, I guess its a discretionary thing that will develop over time (i.e. if they breakout and retrace to hold firm and see what happens), thanks for your viewpoints, I'll go back through my trades and have a look.

I got burned taking setups on EUR/USD, EUR/JPY and GBP/JPY then I got into USD/CHF at a good price which erased everything, still in a AUD/USD trade from early last week but its coming to a conclusion I think. Love the analysis on USDCHF trade btw, so many opportunities where I could have added to the position though I'm extremely happy what the market gave me. Once I've got what I do nailed down I will be looking at those 5min with trend setups for sure.

Another btw, I printed out previous setups of my big winners recently. It greatly helped me when experiencing 4 consecutive losers to keep taking the valid setups. The USDCHF and AUDUSD trades will be added to the list.

Hope all is good brother.

Steve
Mike,

Thank you for posting your 5 Min charts. You are such a positive and inspirational person. I have been fighting with my pyschology more than anything else, and I think I am finally winning.

Lots of self help books, such as Tony Robbins and Napoleon Hill. I see the positive attitude beaming from you, and I have captured it in the past and it is coming back.

I am motivated to get out of bed at 4:45 AM and STAY AWAKE (I fall back asleep too many times) and try to figure out the 5 minute system you are trading, on my own, and then comparing my results to you at the end of the day.

I want to see if I can get the short term figured out better, to match the 4H and up. I can see what you are doing, it makes perfect sense, now can I do the same.

Thank you!

T.J.
Quoting unlv_tj
Mike,

Thank you for posting your 5 Min charts. You are such a positive and inspirational person. I have been fighting with my pyschology more than anything else, and I think I am finally winning.

Lots of self help books, such as Tony Robbins and Napoleon Hill. I see the positive attitude beaming from you, and I have captured it in the past and it is coming back.

I am motivated to get out of bed at 4:45 AM and STAY AWAKE (I fall back asleep too many times) and try to figure out the 5 minute system you are trading, on my own, and then comparing...
Hey T.J., what's up my man?

Thanks for the kind words too brother. Also, the best thing in the world is to get a grasp on your life. Mastering others is strength but mastering yourself is true power - I believe in that 100%.

I'm damn happy to hear that you're taking the steps needed in order to live a great life too my man. Those avatars, Tony and Napoleon along with a few others, have shaped my life so much (I looked up from reading awaken the giant within when I saw this post lol). I can't even begin to explain what this trip has given me honestly. It's amazing what reading and listening to what these people have to say has given me. Truthfully, trading from the start has given me this and it's been a phenomenal trip that I'm grateful for.

As for the question of can you do the same? The answer is an unequivocal resounding YES. I believe in you 100%, want to know why? Because you wouldn't have written that if you weren't determined. It's incredibly difficult to make a statement public because then you have to stick with it. That alone, to me, shows how serious you are in your will to succeed my man. Secondly, you wouldn't still be in the business if you didn't want the best of the best life. This business has a way of weeding out the people who aren't determined and can't see the end result every single day.

And thank you brother just for making me feel good about myself lol!
I dream, therefore I become.
Who says you can't trade tokyo?

I got burnt on the first trade for a loss of 7 pips and the second trade was a gain for 20. Red arrows with the white interior are the trades that I placed. Take note that the SMangle indicator had just crossed below -1, which is a prerequisite for me to take these setups. That gives a better notion that we're in a trend and not just a range or correction phase.
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I dream, therefore I become.
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