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MW's trading journal

Quoting unlv_tj
Mike,

I am kicking myself for not getting in the USDJPY Long trade this morning. Had a nice looking 8 and 12 hour pin, and I passed on it due to it being against such a strong trend.

But we are nearing historic lows, and the BOJ will probably intervene soon (maybe not).

Anyway, was USDJPY the pair you traded on the 5 minute? I see a nice set-up on the USDJPY around 9:30 to 10 AM EST.
Yeah, it was looking nice and that news just took it to the moon at that. I'd kinda be surprised if they didn't already begin to really.

I traded the aud/jpy on the 5 minute setups today and also the cad/jpy (which got stopped out) and the chf/jpy (which I'm happy with as it is more than making up for that loss on the cad/jpy). The chf/jpy and cad/jpy weren't traded based on the 5 minute setups, although they could have been.
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I dream, therefore I become.
I'd also have to say that I think we broke through that PPZ on the chf/jpy as well. That's a plus.
I dream, therefore I become.
Quoting unlv_tj
Mike,

I am kicking myself for not getting in the USDJPY Long trade this morning. Had a nice looking 8 and 12 hour pin, and I passed on it due to it being against such a strong trend.

But we are nearing historic lows, and the BOJ will probably intervene soon (maybe not).

Anyway, was USDJPY the pair you traded on the 5 minute? I see a nice set-up on the USDJPY around 9:30 to 10 AM EST.
I took this USDJPY at 9:35 EST and wanted to have my stop to BE by news time. Mike did you take this too?

With the positive news this morning I figured ISM was going to be positive and I was willing to hold, especially with the nice uptrend.

Well the news came out positive, I was happy, I saw the chart rocket up and my trade was closed. I checked Oanda, and saw the spread widened so much that it took me out. My stop was 2 pips below the low at 85.710, and Oanda's low was 85.707. I got stopped by .3 of a pip.

With an 8 pip stop loss the price traveled about 40 pips. I had a full TP at 86.25 near all the daily lows, and I was planning on trailing my stop up.

I'm having a lot of trouble getting in multiple R gain trades. It seems like usually I only get to 1R. Can anyone help me or give me any advice? Mike if you could help I would appreciate it.

Thanks,

Scott
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Hey Mike,

How are tricks? Its been a quiet day well using my methods, no trades in fact. So I've spent a little time watching setups and going through some of the stuff you've outlined over the last few pages on USDCAD today.

Pullback and PA with overall trend on the 1H and 4H charts. Then just a case of trading the PA pullbacks to the 21EMA. I've marked the entries I would have taken, does this look good to you?

Hope all is good.

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Quoting stevo58
Hey Mike,

How are tricks? Its been a quiet day well using my methods, no trades in fact. So I've spent a little time watching setups and going through some of the stuff you've outlined over the last few pages on USDCAD today.

Pullback and PA with overall trend on the 1H and 4H charts. Then just a case of trading the PA pullbacks to the 21EMA. I've marked the entries I would have taken, does this look good to you?

Hope all is good.

Attachment

Attachment
Those look good to me brother, you would have made one loss if I'm not mistaken and the rest would have been gains. Also, if you see a pinbar at the 50 ma, it's tradable as well. There are two pins at the 50 sma that were solid setups on the usd/cad today. More often than not, when you see those, they spell out continuation. These pins at the 50 sma on the 5 minute are normally setups on the 15 minute at the 21.
I dream, therefore I become.
Quoting scott087
I took this USDJPY at 9:35 EST and wanted to have my stop to BE by news time. Mike did you take this too?

With the positive news this morning I figured ISM was going to be positive and I was willing to hold, especially with the nice uptrend.

Well the news came out positive, I was happy, I saw the chart rocket up and my trade was closed. I checked Oanda, and saw the spread widened so much that it took me out. My stop was 2 pips below the low at 85.710, and Oanda's low was 85.707. I got stopped by .3 of a pip.

With an 8 pip stop loss the price...
Hey Scott, how's it goin my man? That's a tough break on the usd/jpy trade for sure. It would have been a great trade if your broker hadn't widened the spread and honestly, I don't know of too many ways to counter that without taking on larger losses. That move today isn't a typical move really and so it should be treated as such.

Also Scott, stop worrying about R:R and just think about gains. R:R will drive you insane if you think about it. Sometimes I'll net 1R, sometimes losses, and other times 50R. Take the trades as they come. In markets that have more momentum being built up, you'll typically be able to walk away with a higher R:R, although that's not all the time.
I dream, therefore I become.
Quoting mike w
12!?...
Lol, it's really not that many pairs, bro. Surely you know that most of the time there's nothing going on but chop. No need to check every 5 minutes then.

You're right about not wanting to touch AJ anymore for now. It has definitely run its course for today.

I'm still new to this particular M5 method, so I'm still learning to feel when to take a small win and when to let it run. As a matter of fact, I only started demo testing PN's M5 method this week, and I've yet to get my first winner. 5 BEs and 1 loss to date, hehehe. Let's see what tomorrow will bring.
It's not about how much you make, it's about how much you don't lose.
Quoting mike w
Those look good to me brother, you would have made one loss if I'm not mistaken and the rest would have been gains. Also, if you see a pinbar at the 50 ma, it's tradable as well. There are two pins at the 50 sma that were solid setups on the usd/cad today. More often than not, when you see those, they spell out continuation. These pins at the 50 sma on the 5 minute are normally setups on the 15 minute at the 21.
Hey Mike,

Thanks for that buddy. Missed a swissy setup this morning using my methods but took two lower TF setups on USDCAD. One at BE and the next out at 1R. I'm on holiday so gonna call it quits there for today. Gotta say thanks again for the charts you've posting recently, they are a big help.

Steve

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Here's a fib based setup on the daily chart. We had a break above on the aud/jpy and then dropped back into the bar, now we're sitting at 61.8 of the move (I know the fibs are backwards, but it doesn't matter in the least).

My entry on this will be at 78.30 and the stoploss will be placed at 77.90. Not a bad risk on a daily entry in my opinion.|

Rarely will I take a daily without a retracement at least back to the 50% level of the bar.
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I dream, therefore I become.
Quoting mike w
Here's a fib based setup on the daily chart. We had a break above on the aud/jpy and then dropped back into the bar, now we're sitting at 61.8 of the move (I know the fibs are backwards, but it doesn't matter in the least).

My entry on this will be at 78.30 and the stoploss will be placed at 77.90. Not a bad risk on a daily entry in my opinion.|

Rarely will I take a daily without a retracement at least back to the 50% level of the bar.
Well, price has moved an all of 22 pips in 4 hours. lol That's why I don't trade the dailies very often anymore; You can make the same amount of money in 20 minutes as you can in two days if you wait until the market is primed on lower timeframes.

Starting out though, it is absolutely necessary to work with only the daily and weekly charts first. If you don't run through James16 minimum requirements first, you're a fool.
I dream, therefore I become.
I'm going to be trying to get to B/E on that aud/jpy pair before the news comes out tomorrow. I'm also exiting the chf/jpy here for a gain of 51 pips from the other day. I refuse to get busted because I was too stubborn to close out a position before NFP. You keep your money intact and you'll be able to stretch it. If you don't, you can't make any without starting with it.
I dream, therefore I become.
Mike,
Good evening to you!I too noticed I like to wait for a retracement on the daily bars.A retracement seems to happen more often than not.Also I like to place my stop behind the setup bar.With the retracment it gives me a tighter stop,therefore increasing my load on the trade.Have a great evening Mike!...Josh

P.S do you have an indicator to seperate the trading sessions?I want to do some backtesting and this would be very helpful.Thanks!
Quoting mike w
I'm going to be trying to get to B/E on that aud/jpy pair before the news comes out tomorrow. I'm also exiting the chf/jpy here for a gain of 51 pips from the other day. I refuse to get busted because I was too stubborn to close out a position before NFP. You keep your money intact and you'll be able to stretch it. If you don't, you can't make any without starting with it.
Well, I got stopped at B/E this morning and IMO, that was the best thing to happen. I've seen NFP make the charts go haywire in the past and so I'm happy with my decision on that. It looks like we had a drop on most of the yen pairs, but they are now reverted back up.

I'm taking the day off and getting stuff together for tomorrow night. Have a great weekend ladies and gents!
I dream, therefore I become.
Quoting mike w
Well, I got stopped at B/E this morning and IMO, that was the best thing to happen. I've seen NFP make the charts go haywire in the past and so I'm happy with my decision on that. It looks like we had a drop on most of the yen pairs, but they are now reverted back up.

I'm taking the day off and getting stuff together for tomorrow night. Have a great weekend ladies and gents!

Ahhhh, phenomenal weekend. Now it's back to it and I'm really waiting to see what happens for G/U at 1.60. Other than that, I placed a short on the nzd/usd which is already set up at B/E.

Back to the 5's.
I dream, therefore I become.
Hi Mike,

Could you please attach SMA Angle Indicator, the one your are using.

The one I am using have all features except that I am unable to add 21 EMA to it.

Thanks,

Alifari
The purpose of knowledge is action, not knowledge
Quoting alifari
Hi Mike,

Could you please attach SMA Angle Indicator, the one your are using.

The one I am using have all features except that I am unable to add 21 EMA to it.

Thanks,

Alifari
Alifari, how's it goin?! And yeah sure thing, this is Golfer's post over in Phil's thread. The last indicator in there is the smaangle. The post after this one has the template that I'm using as well.

http://www.forexfactory.com/showpost...postcount=5101
I dream, therefore I become.
Hi Mike,

Hope you had a good B-day. I'll be celebrating my 28th this saturday. Leo ftw!

Just took a short eurgbp on my longer term demo about an hour ago. Due to strong upward rejection, my stop on this one is smaller than as per standard J16 rules. Let's see where this might go...

Also took a BE on M5 fiber earlier today (also demo btw). Seemed promising at first, but no new lower low in presumed downtrend spells trouble most of the time. I'm looking for multiple R:R on these M5 trend trades, so this one was BE for me. Still wondering if using a fixed TP nets more paper than lots of BEs and the occasional runner...

B.

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It's not about how much you make, it's about how much you don't lose.
Quoting mike w
Ahhhh, phenomenal weekend. Now it's back to it and I'm really waiting to see what happens for G/U at 1.60. Other than that, I placed a short on the nzd/usd which is already set up at B/E.

Back to the 5's.

Hey glad to see i'm in the same trade as you mike! I'm short NZD/USD at .73172
"Luck favors the prepared mind"
Mike-I think I remember you saying that you trade 8 or so pairs on the 5 minute timeframe. How do you do that? Is it because you use so many monitors. Sometimes I think I do better when I watch one or 2 pairs....perhaps my thinking is wrong. Any thoughts or opinions?
Quoting go4pips
Mike-I think I remember you saying that you trade 8 or so pairs on the 5 minute timeframe. How do you do that? Is it because you use so many monitors. Sometimes I think I do better when I watch one or 2 pairs....perhaps my thinking is wrong. Any thoughts or opinions?
it's not too hard, they are not all going to be pulling back at the same time, just maximize the charts you are wanting to look at and minimize when you are done.
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