Record keeping and personal challenge

The M15 10EMA was steep, there was a nice M5 rejection that was good for a couple of pips.

BUT it would have been a risky trade IMO, not only was there H4 35/50 underneath but if you look at the H4 chart bellow the TMA slope indicates a ranging market. Also from the PA the market was at the lower end of the range.

As I analyzed my trades in the past, some of my failed trades were caused by not seeing what the state of the market is in from the higher TF. So I have to ALWAYS consider market behavior(trending or ranging), supply demand and weekly/monthly pivot to determine market bias before I scalp.

Or else I will take good looking M5 setups and murder my account with a thousand cuts. Took me so long to figure that out.

I have been limiting myself to markets after london open with the reason that the market is less volatile b4 london. However a few times when I foresee swings from the HTF, market will not wait until london open it will swing during the asian session.

I am still yet to understand more about the nature of the market but the point I am making is that there are ways to trade the asian sessions because if the market is due to move it doesn't have to wait for London Open.

Hence there will be scalping opportunities during the asian sessions like what just occurred with AUDJPY. It was due for an upswing since yesterday, today it made the move in the Aussie session.

I have explained yesterday in my previous post why AUDJPY was due for a bullish move. If I were to be open to the fact that it will take off any time I would have been able to trade these(of course with M5 confirmation- and yes there were M5 rejections)

Does it have an edge?? Only backtesting will tell. One thing is for sure, because asian session is less volatile with more fake out IMO I have to take only very solid setups.

My first trade to day was a failed trade for -9 pips. There was a H1 confluence under the setup and I was expecting the market to touch 1 of the confluence by entering in a 15M 10 touch with a M5 rejection. But market until now haven't touch the confluences. As traders, being wrong is part of the game.

The market blow through the H1 confluence and then retested the H1 35/50. The test was in conjunction with 15M 10 touch and M5 23 rejection. I shorted it for 14 pips, exit was at a M5 previous price action.

Took my 1st trade today, it turns out to be a failed trade. AUDUSD on the daily is definitely in an uptrend. SO took this 1st 15M 10EMA touch with M5 rejection at the 23EMA for a -8pips lost... Accept for the fact that price was bouncing off the daily R1(hindside) I don't think I did anything wrong here.\

Its funny because if I took the same trade that occurred in EURUSD due to correlation I would have made pips instead.

Took this for a quick 6 pips. It was the 1st touch at the 15M 10 EMA. I find that it is harder for me to take the next trade after a losing one. I have to overcome that because it is detrimental to my trading results.

My aim as a trader is to be emotionless whether I win or lose...

Yesterday I took exactly the same kind of setup- a bounce from the S1/R1 to the 15M 10 and got stopped out. Today I took the same one and it gave me 5.5 pips, exit was at the S1.

I was tempted as usual to hold for more pips, but I have to adhere to my rules strictly especially this month, August. After August then I can start aiming for 10 pips or more.

Market touch Weekly pivot and monthly pivot, bounce up and touch 15M 10, I entered at the M5 rejection of the 23 and planned to exit at 5.5 pips at the confluence. But market went so fast it went past the confluence b4 I can react, so I held on until it was near S1 and exit for 11 pips! Wow I didn't know I can make this much in this month August, because last year I had a hard time in August, but then I wasn't trading the method I am trading now. With an 8.5 pips stop loss I am happy with 11 pips. This week have been quite good.

Ok I have to keep my nerves down and not get excited since I am trading for long term profitability. One big mistake I can make is to get too excited.

Edit: Thinking straight I shouldnt have exit at 11 pips, I should have stick to the plan to exit at the confluence for just 5.5 pips!

Vinegar shot!!!!

ARGGHH!!! Hey grov!

Tonight I went out for a function and couldn't trade the new york session, but if I was around I would have traded this GBPUSD

GU 15M 35/50 M5 double top and enter at the cross.

The next one
is AUDJPY 15M 10 1st touch at the M5 rejection for a loss of -8 pips. Yeah I think I would have definitely take this lost if I was around.

All in all I think I would have broke even in the NY session. Hmm, the setups I trade seems to be more common now...

For this pair, as per the image, it is clearly ranging and it is due to go south. Therefore in my GU scalps I will not long until it gets to the bottom end of the range.

The rest of the pairs are ranging too but I can't read the direction. Perhaps latter in the week the directions will be clear.

Here is a situation that nearly became my setup. A bounce at the daily R1 and then market nearly touch the 15M 10 but didn't, M5 gave the perfect trigger, I waited for a touch to be on the safe side and it ran without me. I have seen other people trading base just on M5, but I haven't got the conviction to take those trades.

Well I am happy not to take this trade.

I anticipated this setup since london and I missed it because I was doing house chores. Same old same old, it bounce at R2 to give the signal...

I would have exit at the M5 PPA for +10 pips.... There was also a good setup in GU but I will not long it until GU tells me that it is not ranging with that rhythm.

This is the problem with day trading or scalping, the chances of missing trades are high. A bit of distraction and bam! it's gone with the wind.

Took the 1st touch at 15M 10 with M5 rejection for a -8.5 pips lost.

Earlier on there was a M5 rejection at the same area where I short followed by a reaction south. Perhaps that area have already dried up the sell orders.

Edit: Someone in the Choros thread suggested that the lost was due to timing(less than an hour b4 london close) and the pin in the H1 chart. I have taken many 15M 10 trades from reactions at the S1/R1 and what I think is, if it is the 1st touch of the 15M 10 with M5 rejection it usually works. But of course it is better to have the stars aligned too. In this case it wasn't align.

Market have been ranging with no setups. It is times like this that most traders will feel an urge to take trades because of their impatience and then take bogus setup and get burn. I know because I was one of them. But when your goal is to follow the rules and not trying to hit some monetary target, there won't be any pressure to seat on your hands and wait for better days.

Exit for -3 pips.... I exit out of nervousness and also due to the bearish M5 pin. I think I should take the whole month off since I don't feel good trading this month.

Ok I am back. August is over and happy days are here again. Took for 10 pips. EU M15 10.

With a 8 pips SL. This particular setup have an edge. A high one. But requires monitoring throughout the day.

I have been thinking about this for a while. I have been trading Choros for over a year. I am glad to say that I have taken out more $$ than I have given back with this strategy.

With my level of competency with choros I can wait a day or two with no trades and in a week I can usually make at least 2R. Now in order to achieve that I have to watch 4 markets obsessively and check it every 10 minutes to anticipate a setup for 8 hours a day.

It have come to a point that I feel that choros is not for me, I think I have given a good fight to see how far I can go with this strat. It is just too much work for the kind of return to be had. So this is my last post in this journal about choros. I am developing myself to trade naked market on the higher time frame in the likes of "Price is everything" thread.

Tata.