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MW's trading journal

Quoting stevo58
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...

!!! I didn't know you were a hockey guy Steve! That's awesome man! Tell me about your experience my man, were you an O guy or a D guy?

And yeah man, the 5 minute setups are just another way to maximise your profit with very little risk especially if you're in a longer term trade alongside them with the right entries.

That's also great to hear about your list getting longer. I hope that sooner than later, you need a full filing cabinet for them.

Have a great night Steve!
I dream, therefore I become.
Hey Mike nice trading as usual. Can you post the sma angle indicator or at least your settings on it? I think I have the same one at home but I couldn't figure out how to get it to look like yours. Thanks and have a good night.

trublu
Testing and confidence

I have such a crazy conviction when it comes to the importance of testing your setups, no matter what they may be.

Here's why: There are two sides to this. 1) If you don't test your method, you can't really have the confidence needed to trade it in the heat of the moment (Thank you asia for that awesome song btw). This is because you won't have enough references that prove it to be a gaining method over time. This is the exact reason why sooo many people get really pissed off over one loss as well. I've taken 100's of losses over my career and there haven't been many that have bothered me because of the fact that I have enough references that my method will put me in the positive over a long period of time.

If you have enough references to back it up, then your belief becomes solid. Without those references, the slightest little thing can tear it apart. System jumpers anyone??? Those are the ones who take a loss and go "Well, shoot....I guess it's on to the next because I took a loss. I've only seen 2 gains and a loss with this, there has to be something more profitable out there somewhere."

Here's the second side. If you test your material for literally thousands of bars, thousands of hours, and thousands of trades, how many references do you think you'll have in order to have the confidence to pull the trigger the next time you see a setup? Thousands, duh. lol

With that many references comes........confidence. It's that one trait that every trader needs to have in order to succeed. I'm confident because I KNOW BEYOND A DOUBT that for every loss I have, I'm going to have at the least 3 gains to back it up. That is the confidence that testing and real time trading experience has given me. Those references are what enables me to succeed.

Just a little something I thought I'd write after going through a few older notes.

Have a good night ladies and gents!
I dream, therefore I become.
Quoting trublu
Hey Mike nice trading as usual. Can you post the sma angle indicator or at least your settings on it? I think I have the same one at home but I couldn't figure out how to get it to look like yours. Thanks and have a good night.

trublu
http://www.forexfactory.com/showpost...postcount=5102

That first link is for the template that I'm currently using for the 5 minute charts. The template is basically the white charts that I have been posting for my 5 minute setups, although it has a bunch of junk on it that you may want to delete. You may also find it useful though, but for me, I just deleted most of it.

http://www.forexfactory.com/showpost...postcount=5101

If you want just the SMAangle indicator, it is the last in that series that Golfer posted in this post.
I dream, therefore I become.
This is my last trade on the night. Usd/jpy again. Entered at 86.62 and just closed at 86.50. Red arrow with white interior indicates the bar that I entered on. It really is that easy ladies and gents. I'll talk to ya tomorrow morning guys, have a great night!
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I dream, therefore I become.
Quoting mike w
http://www.forexfactory.com/showpost...postcount=5102

That first link is for the template that I'm currently using for the 5 minute charts. The template is basically the white charts that I have been posting for my 5 minute setups, although it has a bunch of junk on it that you may want to delete. You may also find it useful though, but for me, I just deleted most of it.

http://www.forexfactory.com/showpost...postcount=5101

If you want just the SMAangle indicator, it is the last in that series...
Thank you sir
Seems to be the thread that I should be following, if you don't mind.

Subscribed.
Quoting cprao
Seems to be the thread that I should be following, if you don't mind.

Subscribed.
Sounds good cprao! Join the party my man!

As for today, I've got nothing yet lol There isn't really anything trending the way I like to see it so far.
I dream, therefore I become.
Price finally dropped on the cad/jpy trade. (Thank you crazy ass friday market lol) Sitting at 150 now, just waiting to see how we react to 83.

I'll be getting long on the usd/cad at this 4 hour close more than likely as well. That'll just bolster my setup on the cad/jpy as well...just an afternoon delight. haha

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I dream, therefore I become.
It's beautiful. I'm shallow though, so only on a retrace! lol jk
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I dream, therefore I become.
Quoting mike w
It's beautiful. I'm shallow though, so only on a retrace! lol jk
I just got my entry at 1.0345. SL 30 pips down the chute.
I dream, therefore I become.
Quoting mike w
I just got my entry at 1.0345. SL 30 pips down the chute.
Amazing how quickly an hour changes the entire outlook. Out for -30 on that one. It looks like we'll be seeing some pretty solid daily setups today as well.
I dream, therefore I become.
Sigh...I just closed out my cad/jpy trade for a gain of 49 pips because I think that this daily close will bring a higher price. As for 5 minute trades, I guess you could say that usd/cad trade was a 5 minute setup and a failure although I held for longer due to the 4 hour setup.

Other than that, I'm in a eur/usd trade long right now from 1.3025.

Today will close as a gain, however I am discontent with my performance today. Nothing at all I can do about it now and so I'm just going to enjoy my weekend and come back fresh for next week.
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I dream, therefore I become.
Quoting mike w
Sigh...I just closed out my cad/jpy trade for a gain of 49 pips because I think that this daily close will bring a higher price. As for 5 minute trades, I guess you could say that usd/cad trade was a 5 minute setup and a failure although I held for longer due to the 4 hour setup.

Other than that, I'm in a eur/usd trade long right now from 1.3025.

Today will close as a gain, however I am discontent with my performance today. Nothing at all I can do about it now and so I'm just going to enjoy my weekend and come back fresh for next week.
Just closed for 20 pips at 1.3045. That's a bit better now. lol

I like closing the day on gains.
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I dream, therefore I become.
Another 25 cut up for the day. I am honestly really surprised. I went to my kitchen to grab a PB sandwich and came back to it. I was only expecting ten or so pips. Point? Don't expect anything, just go with the flow. 25 more on the day.
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I dream, therefore I become.
Decided to play around with the SMAAngle after reading more and more deeper in the Phil Nell thread....this one did pretty well.



One thing I've been trying to reach a conclusion about is the 21 EMA on the SMAAngle do you see any more/less/don't care results when the SMAAngle is less than the 21 EMA but still over/under the .1 & -.1? Just a random musing...will have to play around more this weekend.
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Great trades Mike!
You make it look so easy,lol.I got in on that cadjpy daily pin from wednesday.I set an order 10 pips below the bar.It got filled while I was asleep.I think price hit my order to the pip,then retraced back to the 50% and stopped me out.If I was awake I would have got in on the retrace.O'well can't win them all.Take care Mike and keep up the awesome work!!..Josh
Quoting mike w
!!! I didn't know you were a hockey guy Steve! That's awesome man! Tell me about your experience my man, were you an O guy or a D guy?

And yeah man, the 5 minute setups are just another way to maximise your profit with very little risk especially if you're in a longer term trade alongside them with the right entries.

That's also great to hear about your list getting longer. I hope that sooner than later, you need a full filing cabinet for them.

Have a great night Steve!
Filing cabinet would be good mate, successful trade printouts would be even better. They are coming, slowly but surely.

Sorry man, I play field hockey. I think its big out there with the women but its readily played in Europe and Australia. I play up front and have scored a few goals in my time, knees are slowly starting to buckle though. I've had teeth knocked out, thumb knocked out of its joint but its worth it for the hat-tricks and assists. When I was kid I got 8 goals in one game once, can't tell you what a good feeling that was. Hours and hours of practise outside of match time is what it took to get proficient, bit like this game really. Some guys like my bro for example just had all the talent in the world, I was pretty envious back then but proud of his accomplishments now. Would love to have played Ice Hockey but can't even skate. Keep the match reports coming mate.

Hope you're having a good weekend.
Quoting Icehocey77
Decided to play around with the SMAAngle after reading more and more deeper in the Phil Nell thread....this one did pretty well.



One thing I've been trying to reach a conclusion about is the 21 EMA on the SMAAngle do you see any more/less/don't care results when the SMAAngle is less than the 21 EMA but still over/under the .1 & -.1? Just a random musing...will have to play around more this weekend.
Hey what's happenin brother? Sorry I didn't get back to ya till today, but I haven't really noticed too much of a difference in the trades. I have however noticed that once we see a really high level on the SMAangle and then we see it pulling back, price will more than likely just cross back above/below the 21 instead of keeping in line with the trend.

I like the addition of that indicator (Believe me, I am against indicators for the most part so that's something in it's own) to my trading setups for sure.
I dream, therefore I become.
Quoting jlmac27
Great trades Mike!
You make it look so easy,lol.I got in on that cadjpy daily pin from wednesday.I set an order 10 pips below the bar.It got filled while I was asleep.I think price hit my order to the pip,then retraced back to the 50% and stopped me out.If I was awake I would have got in on the retrace.O'well can't win them all.Take care Mike and keep up the awesome work!!..Josh
That's it my man. As long as you learn something, no matter how minimal, from every loss/mistake, you'll keep expanding as a trader. That's just like every facet of life really.

Thanks Josh and I hope you have an awesome week brother!
I dream, therefore I become.
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