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Price action video journal

  • #21
  • Mar 6, 2013 4:42pm Mar 6, 2013 4:42pm
Indeed a nice setup and I also put in an order. But I have a limit in place. I didn't want to get in yet because I would be targeting the previous low and that would make a horrible RRR. If I miss the entry and price takes off, so be it. That's the tradeoff I am willing to risk

Attached Image (click to enlarge)
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Price is what you pay. Value is what you get.
  • #22
  • Mar 6, 2013 5:02pm Mar 6, 2013 5:02pm
To add some more transparency I setup a new demo TradeExplorer where I will be taking all my trades.
I will switch this to a live account at some point in the future. But as I am still a student there is not that much spare money. I am saving to start a live account though.
Price is what you pay. Value is what you get.
  • #23
  • Mar 7, 2013 1:21am Mar 7, 2013 1:21am
Excellent work on the videos Helius please keep them coming.
  • #24
  • Mar 7, 2013 2:11am Mar 7, 2013 2:11am
Quoting TheMaxx
Excellent work on the videos Helius please keep them coming.
Thanks Maxx...I will keep making videos.

The markets are still pretty slow, so just some food for thought this morning.
The Risk-Reward-Ratio you shoot for on your trades has a big impact on your overall trading results.
On the right side you see the winrate you need to have on your trades in order to be at least break even based on your average risk-reward-ratio.
As you can see, if you shoot for a RRR > 1, then you don't need a winrate above 50%. That should be doable....
Attached Image
Price is what you pay. Value is what you get.
  • #25
  • Mar 7, 2013 2:15am Mar 7, 2013 2:15am
Quoting Helius
Thanks Maxx...I will keep making videos.

The markets are still pretty slow, so just some food for thought this morning.
The Risk-Reward-Ratio you shoot for on your trades has a big impact on your overall trading results.
On the right side you see the winrate you need to have on your trades in order to be at least break even based on your average risk-reward-ratio.
As you can see, if you shoot for a RRR > 1, then you don't need a winrate above 50%. That should be doable....
Attachment
Helius

What are you using for r:r guidelines?
  • #26
  • Mar 7, 2013 2:22am Mar 7, 2013 2:22am
Quoting California
Helius

What are you using for r:r guidelines?
If I see a setup I look where I would put my S/L and my T/P independently from a RRR at this point. I look for reasonable spots according to my thinking and understanding of price.

Then I measure the distance and the RRR that would result from this. If I get a RRR that is below 1:1 I will pass on the trade. If it's a really great setup I might consider a trade even if it's only 1:0,75 but that's very rare.

To me a great A+ trade has 3 components:

1) The perfect setup according to ones rules
2) The perfect RRR that guarantees you can be profitable in the long term
3) The perfect trade management once in a trade

That's just me and my approach though.
Price is what you pay. Value is what you get.
  • #27
  • Mar 7, 2013 2:40am Mar 7, 2013 2:40am
I entered the AUS/USD short I talked about last night. My reasoning and though proccess behind the trade I put together in a short video

Inserted Video
Price is what you pay. Value is what you get.
  • #28
  • Mar 10, 2013 8:39am Mar 10, 2013 8:39am
I used my weekend very productive. I spent at least 12 hours watching Sam Seiden's videos on fxstreet and his webpage and reading his articles regarding supply/demand. I love his way of thinking and it adds very nice to the way I trade support/resistance. Always good to refresh.

Upcoming 2 weeks I wont be able to study charts or execute trades throughout the day. I will put aside 2 hours in the morning and 1 hour in the evening for fx. So I am re-scheduling my day:

5.30 a.m. - wakeup
6.00 a.m - 8.30 a.m. fx (this is pre Frankfurt open) I will analyse my charts in this time and see if I can find interesting setups where I can put limit orders
Gone till 8.30 p.m. - recap of the day. See if any limits got triggered
Bed by 10.30 p.m.

So who cares actually about that post you might think? I received a few PMs asking how I manage my time, being a fulltime student. Here you go.

That means that the videos will be uploaded pre-Frankfurt open if I see anything worth sharing with you.
Price is what you pay. Value is what you get.
  • #29
  • Mar 10, 2013 10:12am Mar 10, 2013 10:12am
Quoting Helius
So who cares actually about that post you might think? I received a few PMs asking how I manage my time, being a fulltime student. Here you go.

That means that the videos will be uploaded pre-Frankfurt open if I see anything worth sharing with you.
Keep up the great work here ... But studying (at your school) is also important ... never forget this.
MT4/MT5 EAs/Indicators/Alerts coder
  • #30
  • Mar 10, 2013 11:09am Mar 10, 2013 11:09am
Quoting FerruFx
Keep up the great work here ... But studying (at your school) is also important ... never forget this.
Thanks FerruFX and no worries. I got only 6 more months to go to my masters diploma. Just finishing up on my masters thesis abount commodity speculation.
Price is what you pay. Value is what you get.
  • #31
  • Mar 11, 2013 1:32am Mar 11, 2013 1:32am
I found a few good levels this morning for the week ahead and put in a some limit orders. But nothing that I see happening during London today. probably something more for later this week.

This is a good scenario I am watching closely on the DAX. 7863 has been respected as resistance a few times before we broke it. Now I will be looking to buy once we get back to the level. Resistance turns into support. And you can see some consolidation beneath the level before we broke it.This is an indication that there might be some unfilled buy orders left.

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Once price moves closer to one of my limits I will make a new video.
Price is what you pay. Value is what you get.
  • #32
  • Mar 11, 2013 8:01am Mar 11, 2013 8:01am
Anyone watching GU should put their attention to the level marked. In my eyes a good opportunity to get in the move down or add to an existing short.
It has been support last.
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Price is what you pay. Value is what you get.
  • #33
  • Mar 14, 2013 2:27pm Mar 14, 2013 2:27pm
I have been a little "unlucky" this week or just picked the wrong trades.
Here just a little snapshot of my EU chart and what I had been watching the last 2 days.
But as you can see on my balance, I am managing my risk and controll my losers. They don't have a big size.

New video will be online on the weekend.
Attached Image (click to enlarge)
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Price is what you pay. Value is what you get.
  • #34
  • Mar 15, 2013 9:30am Mar 15, 2013 9:30am
Talking about stopp placement.

EUR/USD taken out by 3 pips
USC/CAD taken out by 2 pips

Weekend is ahead. I will review all trades from this week in a video. This will be a good lesson and hopfeully I will find a few weakpoints and things to take away for next week.
But the losses are not too bad yet. I keep the losses small.
Price is what you pay. Value is what you get.
  • #35
  • Mar 16, 2013 12:30pm Mar 16, 2013 12:30pm
Keeping a trading journal and going over the past trades is very important for the developement of a trader.
I am doing mine in a video format. Even if you don't upload your videos, this might be something to think about. Talking and thinking aloud is a good way to discuss ideas or trades with yourself.

Inserted Video


My short resume of my 4 trades last week:
EUR/USD (1) - Not an A++ setup. Not a tight enough consolidation
EUR/USD (2) - Good setup. Taken out by 4 pips
USD/CAD - Good setup. Taken out by 3 pips
GBP/USD - Bad setup. Not picky enough.
Price is what you pay. Value is what you get.
  • #36
  • Mar 18, 2013 2:42am Mar 18, 2013 2:42am
Happy Monday,

big gaps on the open. I just scanned the markets and found a good setup on the USDJPY. Find my reasoning and thought process in this short little video.

Inserted Video
Price is what you pay. Value is what you get.
  • #37
  • Edited 10:43am Mar 18, 2013 9:30am | Edited 10:43am
Trade update.
Price turned 3 pips before my target. I took 50% off manually and will et the rest run with SL in a positive spot.

Update 2:
Closed the USDCAD manually. Not the best trade management here. Will go over it tonight.
But at least I booked the first winning trade.
Price is what you pay. Value is what you get.
  • #38
  • Mar 18, 2013 2:20pm Mar 18, 2013 2:20pm
As decsribed I was on a USD/JPY long this morning (see previous video for detailed explanation).

I made profit on this trade BUT the trade management wasn't how it should have been. Price missed the target by 4 pips and turned away. That made me worried so I took 50% off the table. As I saw price moving down further I took it all off. Afterwards price went to the target.
Note for my trading journal: Trust the analysis when entered the trade. Don't mess with the trade once in it.

Attached Image (click to enlarge)
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Price is what you pay. Value is what you get.
  • #39
  • Mar 20, 2013 9:11am Mar 20, 2013 9:11am
This is getting really annoying. Stopped out again by 1 pip before it went to my target.

I can clearly see that my analysis and the direction of 90% of my trades is correct. However I keep getting stopped out by 1 - 4 pips on a regular basis.

Attached Image (click to enlarge)
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Price is what you pay. Value is what you get.
  • #40
  • Mar 20, 2013 10:51am Mar 20, 2013 10:51am
Quoting Helius
I can clearly see that my analysis and the direction of 90% of my trades is correct. However I keep getting stopped out by 1 - 4 pips on a regular basis.
So why don't you set your stops 1-4 pips away ?
MT4/MT5 EAs/Indicators/Alerts coder
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