M15 Trading Method (help required!)

Gitty market next up push woulda got me out almost be on the day, dratts.

So to summarise the useless day :-


If I'd of traded EU long, I'd of made 70pips, everything else trended and trampled trading against the trend.

Normal day it would work, but the odds of trend happening are more than the longer term trend changing, which is risky.

Account is still intact, I need 22% to get back to where I was, which kinda sucks, but losses happen, coulda lost $100+ easy on AU today, shame I cut it when I did and not on the previous high, but who knew.

Holding Gold Short and USDCHF Long, slightly in profit on both, but coming upto red news.


To take the Gold profit or not, which is moving against me currently.


Not huge but better than a loss.

Out +7% area, super super nervous after yesterdays stupidness / ass kicking.


Self doubt, yes HUGE!!!

Still holding USDCHF!!


Stick to the plan, Repeat, repeat repeat repeat or FAIL it really is as simple as that getting there slowly is better than failing.

Getting around the Pseudo Randomness of markets and using it to your advantage is a right pain!!

Account value chart, it's had a small we shall call it a blip but it's heading the right way again.

Shame I didn't just put a limit on AUDUSD for 0.9890 and left it over night, I'd be well over the $400 here


But hey!!

Only got a counter trade trade on GU Long, let me think about this carefully, hmmmm NO!!!

Nice Turveyed, good logic to this simple method, buy low sell high and follow the trend. What you say about looking at previous price action for entry is key for timing your entry around your envelopes which makes sure you get yourself in at the extremes. This is not dissimilar to trading supply and demand zones and using bollinger bands to mark out the extremes.

If you look to higher time frames to plot higher time frame supply and demand eg 240 min and daily levels, these will give you great opportunities for getting more accurate counter trend trades as trends always change at higher time frame demand and supply. Pick only those levels where price moves strongly out of the level and enter counter trend when this level and your envelope matches up. You should be bale to increase the odds of your counter trend trades working out. It will also give you a huge head start to possible trend change way before the moving average.

Pic below shows possible targets for counter trend trades which you might want to be more agressive with than trend trades.

As said simple is the requirement if your going to be able to do it long term without going nuts ( okay too late for me, but for others ?? )

MTF's add to much confusion to me, can see all on M15 it's just about enough info to make it work.

I average in to get around the unpredictable side of things ie bad entrys.

Keep them coming though, if I can knick anything useful I will, or someone else might read and like it.

Thanks

GU woulda worked, but it was a fast down which means fast up, yesterday was my screw up it wasn't a fast down, I got greedy.


So CT's back in, if I'm going to make a living off this, I need the setups simple as.

Also it highlighted the amount of $$$'s I lose gets me to emotional and it's keeping my lot sizes down so I can be more aggressive with a new setup :-

SL 50, 2nd entry at -25 so 75 pips $7.5 per 0.1 so $22.5 at $0.3 which is 6.7% compared to 10.4%, which makes CT trades losses more palletable.

Nothing has hit 50 from vague memory which wouldn't of hit 60 so it's a good saving, and let me push upto $0.4 sized lots soon to

Onwards

AU woulda worked just to CT trade wise, nearly jumped in.



Think I'll stick to demoing CT Setups for the time being though.


Taking CT trades likely triples the amount of setups each week, although generally there not worth as much they'll do.

USDCAD is pulling back, orders in for 1.0340 and 15 SL 1.0290.


That'll be with trend, we'll see if it pulls back enough I guess.


Off out!!

Same with GU, short orer for 1.5680 then 1.5705, SL 1.5730.



More aggression required!!


FXCM Price alerts set, so I'll get texts if I get in and can start monitoring on the phone.

No fills


When the 66lwma is flat, it's pretty safe to play CT, when it isn't stay out, defining flat or not is tricky though.

Gold, it's too fast for M15 so I trade it with M5 and I use the attached setup.

100SL, 2nd entry at 1/2 way so -50.


Total loss per $0.1 Lot = $15.


Arrgggh nearly shorted GBPNZD, moved up fast and dropped just as fast, over 100pips.

Shame I didn't get filled on USDCAD that sucker is rocking.

GBPNZD. pretty close to the 540 and low of range and up 170pips here in no time.


Only got CT trades on the table here, market doesn't look right for CT trading and not going to bed leaving CT's on the table, there quick in watch like a hawk and take profit at the first sign of trouble cause that trend left unchecked will wipe you out.

Work tomorrow, but own office so should be able to trade secretly, don't want a down week if I can help it.

No trades, another hateful trend day don't like joining on trend and can't make CT trades


Am working from home tomorrow, so here is hoping on nice setups.

The angle point down of the 66lwma called a downtrend day and worked near on perfectly.


Entrys with the trend, near the mid line would ofcourse work nicely, it's to risky and thin for me to generally take, but might have to. ( likely very safe )

But atleast the time it takes to get to a level for a CT trade makes the angle look bad, which keeps me from making CT trades and all is nice.

US holiday = no action = no chance of getting weekly positive I guess


Gold is closed till Monday to!

Down week, SUCKS first 1 in ages, hopefully last 1 for a while.


Perfect setup and quite a few pairs I see especially gold which all rocked, coulda just gotten positive