Attachments: My trading journey

My trading journey

#3,661
Jul 13, 2011 9:32pm Jul 13, 2011 9:32pm

MidKnight
| Joined May 2010 | Status: Trader | 157 Posts

Quoting dongsky

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Hey Dongsky,

I've been thinking about your above chart all day. I can't make out the exact entry prices of those 3 shorts but they all look pretty close together. I can see how that attacks like this are great when they work, but I can't help thinking how would I manage this under an fti approach if instead price put in a new high of day after being exposed with a scout and 2 extra attacks. What would you have done?

With warm regards,
MK

#3,662
Jul 13, 2011 11:36pm Jul 13, 2011 11:36pm

dongsky
Joined Sep 2009 | Status: Trader | 5,979 Posts

Quoting MidKnight

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Hey Dongsky,

I've been thinking about your above chart all day. I can't make out the exact entry prices of those 3 shorts but they all look pretty close together. I can see how that attacks like this are great when they work, but I can't help thinking how would I manage this under an fti approach if instead price put in a new high of day after being exposed with a scout and 2 extra attacks. What would you have done?

With warm regards,
MK

Ignored

That is because i monitored my pair with different tf, and not to mention all the crosses and 3 kingdoms...

when i saw a strong rejection at 5 minutes i already focus on PA and looking for confirmation... i check 3 kingdoms for irregularities or not... with this situation it was in-sync sot i know trend is intact...

and when market show me her hands... after i saw a new leg is forming... i know it is happening now on my favored direction but again i need to see a strong rejection, in form of retest...

but to made me feel i'm in the ball game... that was then i deployed my scout to feel...

and shortly... i saw bulls rushing... it was a quick and strong bull candle but after few minutes... the bears rejected it and pushed it downward...

during the bounce move of that long candle... i focused on my 1min tf to see a confirmation and a discounted short entry... which i did...

and after convinced with the momentum on 3min tf... i did not hesitate adding to my position...

... it also helps monitoring crosses.. where i find that cable was benchmarking the moves that day... the reason why i had so much time to manage entries...

but again... it's just me... maybe i'm wrong, but it works to me so far...

...

entry is important... but the most tricky part has just begun... managing your positions

regards,

Success consists of going from failure to failure without loss of enthusiam

#3,663
Edited 2:07am Jul 14, 2011 1:09am | Edited 2:07am

MidKnight
| Joined May 2010 | Status: Trader | 157 Posts

Cheers Dongsky for the reply. All that you said is what happened indeed, but I was more curious to explore the scenario about how you would have managed the position if you were wrong. Maybe it's just me, but I have this horrible tendency to be wrong quite a lot so I like to have a plan of action available for when I am wrong. I think that is why I have so much trouble "attacking", because here I am with a profitable scout and then I start an attack or two and it turns out to be wrong. Often this just leads me to a larger loss than if I had just been wrong with the single scout! I'm really trying to improve my comfort with attacking, but would like to see how others managed attacking when things go wrong - especially in your case mentioned earlier when you had 2 extra attacks in such a narrow price range.

All my best,
MK

#3,664
Jul 14, 2011 3:31am Jul 14, 2011 3:31am

dongsky
Joined Sep 2009 | Status: Trader | 5,979 Posts

Quoting MidKnight

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Cheers Dongsky for the reply. All that you said is what happened indeed, but I was more curious to explore the scenario about how you would have managed the position if you were wrong. Maybe it's just me, but I have this horrible tendency to be wrong quite a lot so I like to have a plan of action available for when I am wrong. I think that is why I have so much trouble "attacking", because here I am with a profitable scout and then I start an attack or two and it turns out to be wrong. Often this just leads me to a larger loss than if I had just...

Ignored

If by chance you will see me on my rescue mode... i believe it won't do you any good... it is totally different scenario...

if i will post a screenshot of my rescue trade (successfull or not) it will not help you or anyone... because you couldn't feel anything... as it's already happened...

if you really insist... you add me to skype and maybe i can invite you just for 1 session to show you my attack... and rescue if lucky...

... it's easy to analyse a chart in hindsight... but when you're still watching price gyration... the mix emotions you felt while in negative territory... that's not easy...

Success consists of going from failure to failure without loss of enthusiam

#3,665
Jul 14, 2011 3:51am Jul 14, 2011 3:51am

dongsky
Joined Sep 2009 | Status: Trader | 5,979 Posts

okay MK,
i found an old trade happened few weeks ago... a rescue trade

here, at hindsight easy for me to say... it's a strong bullish momentum...
but what happened was... after seeing few rejections and bear volatility is increasing, i thought bulls early moves were all fake and bears will start to drive price down...

then i probe with scout... and i believe i jumped in the right time... i add to my position... and waited...

after awhile... i realized my mistake... but i had no choice but to bite the bullet... now after 2 long candles with strong momentum, i knew that it's forming the second leg... i need to be patient and wait for the right time for rescue...

i had waited... and continue calculating my average... to know rough level to get break even at least...

and i saw a multiple candle rejection... something telling me that bulls need a breather... and pull back was obvious...

then i deployed my rescue... with a target level... once price hit there more or less... i will square ... if momentum would be good, then i might be lucky to have a little gain... but the aim was to bring back troops alive...

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hope it helps...

... and this was a successfull run...

.............
and here's a failed rescue...

my plan was... if price will continue to rally beyond 1.3827... then i will kill them all...

which i just did...

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Success consists of going from failure to failure without loss of enthusiam

#3,666
Jul 14, 2011 4:21am Jul 14, 2011 4:21am

MidKnight
| Joined May 2010 | Status: Trader | 157 Posts

Thanks Dongsky, that does indeed help. I wasn't sure if you would continue with rescue operations or just exit after the attacks started to fail - now I see that your approach is to at least try some sort of rescue before giving up on the trade.

Very helpful post - thank you

With kind regards,
MK

#3,667
Jul 18, 2011 4:16am Jul 18, 2011 4:16am

MidKnight
| Joined May 2010 | Status: Trader | 157 Posts

Hiya,

This is my usual fairly frustrating result when I choose to attack. The yellow arrow is my scout position that put me short at 1.4061. The yellow line is where I added to attack at 1.4041. Both entries were at 1 unit bringing the average entry down to around 1.4051. As price spiked up, I gave up on the trade as it spiked higher and exited the whole thing near the high of that spike for a 23 pip loss on the attack and breakeven for the scout. Frustrating.

Why did I exit there? Because adding the attack increased my exposure to a point where I did not want to take a loss larger than if I only had the scout active. Attacking, changed my mindset to focus more on what was at risk instead of the market structure. I did not want to hold it and go into rescue mode because I would not want to initiate a shorts rescue position from LOD.

Anyhow, this is mostly where I struggle with attacking. Because it pulls the average entry price closer to the last price, it makes it a lot harder for me to hold these due to the increased risk. This is just some background for those wondering why I'm being so questioning about Dongsky's attack process.

All my best,
MK

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#3,668
Jul 18, 2011 4:30am Jul 18, 2011 4:30am

dongsky
Joined Sep 2009 | Status: Trader | 5,979 Posts

Quoting MidKnight

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Hiya,

This is my usual fairly frustrating result when I choose to attack. The ..

All my best,
MK

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Hi MK,

this is how i see your chart...

short at point A is just a good entry... and you've waited a pullback for short entry B which is still, to me, a good entry...

i have almost the same short entries with you... but i deployed my scout earlier than yours... before the forming of first leg... at around 1.4075

see the small candles with a lots of rejection (insde box) that tells me that my shorts are still valid... not until price will breakout to the upside and close above the red line... and on the otherhand... if price will breakout to the downside and close lower the brown line... then i will add more shorts....

i closed all my shorts at 1.4040... about 30 minutes ago...

and now i'm long...

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Success consists of going from failure to failure without loss of enthusiam

#3,669
Jul 18, 2011 4:51am Jul 18, 2011 4:51am

MidKnight
| Joined May 2010 | Status: Trader | 157 Posts

Sorry dongsky, I think my chart confused you a little. The second yellow arrow is not related to the attack sequence I described. That is a new scout and I should have removed that from the post - sorry. The attack entry was early on the pullback and is the yellow horizontal line. My whole scout and attack entry combined gave me a loss as I exited both the scout and the attack on the spike up into 1.4064 just after london open. Do you see what I mean? In summary, I find it hard to manage trades when price moves against me attack entry because in doing the attack, I've just increased my risk and at worse prices than I initially had.....

#3,670
Jul 18, 2011 5:13am Jul 18, 2011 5:13am

dongsky
Joined Sep 2009 | Status: Trader | 5,979 Posts

Quoting MidKnight

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Sorry dongsky, I think my chart confused you a little. The second yellow arrow is not related to the attack sequence I described. That is a new scout and I should have removed that from the post - sorry. The attack entry was early on the pullback and is the yellow horizontal line. My whole scout and attack entry combined gave me a loss as I exited both the scout and the attack on the spike up into 1.4064 just after london open. Do you see what I mean? In summary, I find it hard to manage trades when price moves against me attack entry because in...

Ignored

if it's kinda nerve racking to you... why not just let the scout run in positive territory before adding your position... and when wrong, just kill your scout... and never ever add to a negative position... until you'll get your confidence again...

euro is not behaving to her norms at the moment... so extra care is a must... watch out with your exposure... don't be too aggressive... always be prepared...

...
long scout squared... short still valid...

eyeing for good entry now...

Success consists of going from failure to failure without loss of enthusiam

#3,671
Edited 5:41am Jul 18, 2011 5:24am | Edited 5:41am

MidKnight
| Joined May 2010 | Status: Trader | 157 Posts

The short scout was in positive territory by over 20 pips before I added the attack....it's just the attack went against me right from the start - that is what was nerve racking! :-(

Yeah, I'm not seeing anything clear at the moment and will wait.

All my best,
MK

#3,672
Jul 18, 2011 5:30am Jul 18, 2011 5:30am

dongsky
Joined Sep 2009 | Status: Trader | 5,979 Posts

Quoting MidKnight

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The long scout was is positive territory by over 20 pips before I added the attack....it's just the attack went against me right from the start - that is what was nerve racking! :-(

Yeah, I'm not seeing anything clear at the moment and will wait.

All my best,
MK

Ignored

try to zoom out your chart view during your trade preparation... to see the large picture of the terrain... you should have a guide before you deploy scout into battle... you should know some exits too, beforehand.

...and try doing this to different tf... and it will save you from heaps of trouble..

Success consists of going from failure to failure without loss of enthusiam

#3,673
Jul 18, 2011 5:41am Jul 18, 2011 5:41am

dongsky
Joined Sep 2009 | Status: Trader | 5,979 Posts

failed retest at 4016 level will enter long on a discounted territory...

i can smell blood

...

bulls more likely to dominate the scene very soon... i dunno... let's be nimble

i'm still squared!!!

waiting...

Success consists of going from failure to failure without loss of enthusiam

#3,674
Jul 18, 2011 5:47am Jul 18, 2011 5:47am

1234
| Joined Jun 2006 | Status: Trader | 401 Posts

Quoting MidKnight

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The long scout was is positive territory by over 20 pips before I added the attack....it's just the attack went against me right from the start - that is what was nerve racking! :-(

Yeah, I'm not seeing anything clear at the moment and will wait.

All my best,
MK

Ignored

If your scout is one unit and your attack is one unit and things are going against you, I would try a small rescue just to take out the last troop that you entered. I find it is not as stressfull as trying to take out all the troops in one go.

Just a suggestion, anyway all the best with your trading. Ray

#3,675
Jul 18, 2011 6:14am Jul 18, 2011 6:14am