Grow your account by 100% every week? Humbug!

Took 13% out of that euraud move trying to just take the momentum runs today as a bit fed up with getting up 10 to 155 then watching it all dwindle away to BE so slightly more aggressive exit routine today. just closed it as it weakened at next 25 level 1.3650. I've noticed on 1 min charts price moves between these 25 levels very nicely, my entry was a break and retest of 1.3625, just love those 25 levels.

EURAUD looking a bit oversold on 15min CCI so could expect a little abcd move back down here so will sit back and wait for it to come back to a nice support level, of course that doesn't mean it won't go without me but hey, thats trading!!

I'm sort of itching to get back into that EURAUD move but I just don't feel good about it as its moved quite a way already but if in dobt stay out!!!

Looks like it might go without me but thats the way it goes sometimes.

but don't worry I reckon this is going to give us a sustained pullback sometime today and then we will have another go at it. Thats one benefit of trading 1 min charts the next opportunity is just round the corner, just a few minutes away. You just have to wait.

Ha Ha look at that euraud go!!!! Little bugger!!!!

Just took an absolutely terrible entry and gave it all back but its well worth mentioning as its one of my biggest problems I have to deal with.

That old fear of missing out!!! Gets me every time saw GBPAUD moving up very strongly so went for a breakout trade as it took its old high out. This is the other way to trade the ABCD move in breakout mode by entering as price goes past B. But to be honest I absolutely hate it!!!!!

It gets me into so much trouble I just can't seem to stop myself from hitting it when I see some positive candles rushing up or down the page.

I must learn to enter on pullbacks only!!! I am not a breakout trader I hate the F*****G things!!!!

Let me tell you why breakout trades are crap!!!!! You are basically doing the opposite to what you should be doing basically you buy at resistance and you sell at support, sure its suppose to be the break of support or resistance but so many times it just turns and heads back the other way!!!!

Whereas pullback trades you are buying at support and selling at resistance and thats the way it works 8 times out of 10.

I closed it out because it hits me hard and I have a 20 pip stop to prevent big damage to my account. worst thing is if I had left it alone it would of been ok.

BUT I AM GOING TO SAY IT HERE AND SAY IT LOUD.

NO MORE BREAKOUT TRADES FOR ME!!!!!!!!

Just to illustrate my last piont about the different ways to enter on ABCD moves just took another entry at exactly the same place but this time as a pullback to support at 1.6000 and this time it has entered and gone to BE within the same 1 minute candle so a much safer and better way to enter of course it might not hold but its safer and gets my risk off the table immediately, also could put a lot smaller stop just the other side of 1.6000 level say 10 pips so losers are smaller too!!!

Oh and lastly why I prefer pullback entries when you catch them right you can go to BE very quickly I usually go to BE within 3 pips and price just leaves your stop alone and hopefully disappears into the distance.

However with breakout trades even when successful, will usually do a break and retest of the level so taking your BE stop out.

Just my thoughts.

I am finding it really helpful doing this Journal as it makes me very aware of my errors and the omensI have to deal with.

I firmly believe succesful trading is about dealing with the 3 main fears of trading.

1) The fear of missing out!!! (the one that got me this morning)

2) The fear of losing your money.

3) the fear of leaving something on the table.

These are the fears all succesful traders have to deal with so I will be referring to them a lot here and hopefully will beat them.

Right lets have a look at todays trades then:

7 trades in total
2 winners for 14.7% gain
2 losers for a -35.4% loss
nett loss of 20.3%

Hmmm not too clever that but it happens so not too worried and didn't wipe out account just lost 20.3% which is totally acceptable with my high leverage approach. However I didn't like the way I lost my money basically threw it away by losing my discipline but more about the losers later.

First lets have a look at my London open winner.(see chart and following post) Bought EURAUD at 1.3632 and closed at 1.3645 for a 12.3% gain, very nice too. This is my classic entry system identify strong trending pair then wait for a pullback onto support level, this was a classic break and retest of the 1.3625 level. (those 25 levels are great) Then I closed it when price faltered at the next 25 level closed out for 13 pips. Green arrow for entry red for exit.

There are 2 more classic examples of my entry method on the chart which I have shown with yellow arrows where price has broken a 25 level then come back and retested it for a good entry. Also in both cases closing out at next 25 level would of been cool. Each trade worth about 15 pips or %.

I like to use break and retest entries on my 1 minute charts either break and retest of 25 levels, 100/200sma or support and resistance.

The secret to this system is to identify the right pair that is moving fast either before, durring or after the London open, basically we are following the "Big Boys" money. Notice how the 100sma(red) is above the 200sma(blue) and the gap is widening and of course price is above them both. This signifies a strong move in my book so look for this formation. By the way works on any timeframe I just use 1 minute for London open.

Also look at the perfect market structure of HHHL's this is no coincidence find a strong moving pair and you will find good market structure to trade, also remember to only buy HLs in an uptrend and only sell LHs in a downtrend. The only exception to this is a double bottom, as you are buying off of proven support or a Double Top in a down trend as you are selling off of proven resistance. Oh and by the way your favourite indicator will work a treat on a any strong trending pair.

Don't listen to the "Indicators don't work" shysters or the "they are lagging so little use" boys as all they are doing is using them on the wrong pair at the wrong time. Trust me, find a good trending pair demonstrating good market structure and they won't let you down, well 80% of the time anyway.

Ok so if I know so much how did I go wrong this morning???? Well first of all nothing is 100% right all the time, all we can ever do is try to give ourselves an edge. Therefore sometimes everything sets up perfectly but we still lose, thats the nature of trading. Full stop. You will lose no matter how good your system so get use to it!!!

However that said my two losing trades this morning were horrendous displays of loss of discipline, simple as that!!! Its one thing to have a trading strategy as I mapped out above but its another thing all together to trade it successfully!!! So without further ado lets have a look what went wrong this morning.

By the way its really important to analyse your losers probably more so than your winners. We learn far more from our mistakes than we do from our successes in life.

So lets look at my first loser at 09.53hrs (see chart below) first lets check we are on the right pair?? Is it moving up strongly? Is the 100sma seperating from the 200sma and price above both?? Yes so its definately moving strongly up the page and theres further confirmation with the lovely market structure of HHHL's one after the other. An easy way to check this is to look at the previous CCI turns and if the new one is higher than the last one take it.

So I am happy I was trading the right pair and the trend is there to be traded so all we have to do is wait for the next pullback and enter. Its so simple isn't it??? Even a complete fool could do that couldn't they??

Well not this fool apparently!! What did I do? I entered on a breakout trade as price came past the last HH at 1.6000 level I thought "breakout" and hit it!!!

I know, I know, thats not my system!!!! I trade pullbacks only!!!! Ha Ha but not in the heat of the moment when I saw price racing up the page I just hit it!!! soon as I did it I thought "You complete bloody idiot!!" "what did you do that for???" But it was too late and before I knew it I was 20 pips down and looking at trouble so I panicked again and closed out for a 21.3% loss. Only to watch price promptly do a U turn and head back up the page so if I had left it I would have been fine in fact price went another 50 pips higher.

So what have I learned? firstly never trade breakouts or chase the market, wait for the pullback to enter. Also look at the trend and if still in place don't close out until the trend has been broken. In this case the best place for my stop would of been below the last HL as when this is broken the trend is over and I should get out.

Of course thats another reason to enter on pullbacks only if you look where I entered on a breakout my stop was 40 pips away however if I had waited for the pullback my stop behind last HL would of been only 25 pips away or even better below the new HL just 10 pips away, a far better risk reward ratio.

And lastly of course look at the way price moves cleanly away from a pullback entry and doesn't come back to retest unlike most breakout entries. Therefore I can move to BE much quicker (3 pips in many cases) without worrying about it coming back to retest and stop me out at BE.

Actually one other thought has occurred to me that because I am entering with the momentum of the London open then if I do make a mistake like this morning then I should sit through the drawdown as the momentum should sweep prices my way eventually. Also get my stop behind at least 2 25 levels as they are very good support/resistance levels.

Ok the other losing trade is probably due to the fact I had suffered the last loser for 21% and didn't want to lose any more so stopped it out at 11 pips (I normally use 20 pips) but again too early as price then raced up the page again so I wouldn't have lost if I had held it.

It was getting support off of the 1.6000 level and I should of left it alone but the fear of losing my money took over and I closed it out thinking I was protecting my money. Again it hadn't even threatened the last HL so the trend was intact and there was no technical reason to close just FEAR!!!

So what will I take forward tomorrow?

1) Wait for the pullbacks for entry no matter how fast price is moving up or down the chart.

2) Place stops in the technically correct positions, behind last HL in uptrends and above last LHs in downtrends, so I only get stopped out when the trend I am trading has technically ended.

3) In the heat of the battle don't let my emotions take over from my technical trading skills, enter and close on technical reasons not FEAR!!!

4) Use 25 levels for entries and exits.

Ok thats it. any thoughts or comments welcome and if you see me losing my discipline stop me, please???

Sorry first chart didn't upload for some reason here it is.

I've enjoyed your journal so far. A lot of what you do resonates with my high risk trading.

Can I suggest something that works for me - I've stopped trading most crosses, and now only trade GPY/JPY, SP500 and WTI.

GPYJPY is by far the best. Good volatility with plenty of action.

By just looking at these three, it lets me focus better, although this week I've not done too well either

Hi mystic

Yep had a crap day today was doing fine to start with a couple of quick winners up about 24% then got bored, nothing was happening so for some mad reason entered 3 trades at the same time and all went against me!! Must be bloody mad!!! Just shite discipline as usual, should of gone to work instead.

Need to address my discipline so more on that later. Will use this journal to see what I can do.

Never mind topped up account again so try again but will give the discipline thing a really think about and see if I can't control myself better.

Catch you later

Just a suggestion - If this was with real money, would you trade like this?

I find real money helps to force discipline real quick!

Hi mystic

Yea you're right needs to be real money to help with the discipline thing but to be honest I haven't got ant spare cash right now. So I will just have to pretend its for real and feel the pain as if its real. Ok gonna use demo for a bit ready for when I have some real money available.

I'm also making some changes to my strategy which I think will help also reducing the leverage a bit too as again with real money it really affects your trading so will go again and this time just trade my system and see what I get at end of the week, no more trying to double the account that also messes with your psychology.

Right so gonna reset my explorer, try to treat it as if its for real and see how we go. But first of all let me describe my system here, would be useful for me to write it all down in my journal anyway.

Hi

Well I've made a few changes to my "No Fear Trading System" namely introduced Hieken Ashi Candles and targeted my strategy better so I know what I am hunting now. Let me explain more.

You know I'm not really a scalper par say, more of a trend trader looking to hold throughout the trend until stopped out by the trend reversing. The only trouble is I have not got the patience to wait for those hrly or God forbid daily trends to set up. So I thought, hey, why not trade the 1 minute trends they set up all day long.

Only trouble is they can be a bit hard to identify can't they or are they?????

Have a look at the 2 charts below the first is The London open driving price down 300 pips and the second is the New York open driving the price up 225 pips. Not too shabby looking trends there are they??

All you need to do is find a strong trending pair and then the trend looks pretty obvious using Hieken Ashi candles to highlight the HHHL's or the LHLL's depending on whether its uptrending or downtrending. The pullbacks are rather obvious aren't they?? Have a look at the chart below and I'm sure you will agree the market structure jumps out at you and slaps you in the face.

Also helps to know when to expect these strong moves, basically a time when the big money comes to the table?? Now when would that be??? Yep you guessed it, market open times eg Tokyo , London or New York opens. Just to prove a point EURNZD presented itself today as a perfect example in all 3 opens but the best 2 examples were London and New York. London drove the price down 300 pips then New York picked it up and drove it back up about 225 pips so some nice little pips available if you were looking for them? Have a look at both the charts below.

Now thats what I want to base my strategy on trading those sorts of moves just trading them as a 1 minute trend until the trend ends.

So how do we trade these moves?? Well just as you would any trend. Wait for the pullbacks (they are easy enough to see), then qualify it as a good pullback to take basically ask yourself:

1) Is it a LH if selling or a HL if buying. Check the previous CCI signal to see if it is higher or lower than the one you are contemplating entering on.

2) Is it coming off of support or resistance?

3) Is it a break and retest of a 25 level?

4) Is it a break and retest of the 200sma?

5) Is it a +/- 100 CCI signal?

6) Is it a good Fib level 50 or 61.8??

The more of these points you have the better quality the signal and they are in priority order from 1 to 6 but for me the top one is an absolute must!!!! The top 3 altogether and you have a AAA+ entry. I use my 20 CCI looking for confirmation of a deeper pullback (+/-100) and that the momentum is shifting my way.

The bottom CCI is the 15 min CCI so when that reverses look for a 1 minute trend change which is an absolutely awesome entry(notice it happened today on New York Open) but more about that later. Also be careful of taking the pullbacks if the 15 min CCI is over sold or bought (over the 200 level) as it could mean a 1 minute reversal is imminent. Therefore leaving you the wrong side of the move.

Entry is simple enough pullback trendline break and Hieken Ashi colour change. Put stop behind last high of the pullback. Move to BE asap.

Taking profit is up to you either close out after every Hieken ashi change, as we don't know it will keep going down or enter on every pullback and hold trailing down every LH until stopped out 300 pips later.


I've marked the AAA+ entries with a yellow vertical line. Please note the 200sma break and retest entry is one of my favourites and regularly starts the London open move off. Always , always pay attention to the 200sma no matter what timeframe you trade. It always provides support or resistance and is a great place to enter a trade.

Also notice how every sell is a LH and every buy is a HL. Very very important to trade the market structure. Notice the previous CCI signal is lower than the one you are buying or higher than the one you are selling. Can't over emphasis the importance of only selling LH's or buying HL's.

Well its easy enough to spot these moves afterwards thats for sure but I did manage to take my demo account from $5,000 to $10,000 today trading these moves so it can be done.

I think the secret of trading moves like this is to just keep taking the trades all the time the trend is in place and just assume it will continue until it reverses which means yes you will end up with a loser when the trend ends but hopefully by then will have more than enough winners to cover it.

First thing though is to identify the strong moving pair, well first off I am only really interested in the biggest daily movers with the biggest daily ranges as shown on chart 2, I have a table top right showing me the top 8 movers so keep an eye on them for any setups. As you can see the range anywhere between 200 to 350 pips in a day so we should catch some of that.

Also I look for the 100sma to be steeply sloping up or down and trade accordingly.

Anyway thats what I am looking out for at market opening times. So lets see how it goes from here on in.

Will Reset my explorer from tomorrows date with a starting balance of $1,300 so lets see how it goes and see if I can control myself and display a bit of discipline.

Oh and by the way you don't have to trade the 1 minute timeframe this system works on any timeframe you choose, just remember identify strong trending pair, wait for pullbacks and away you go.

Simple really ain't it?????

Hi CLIVEPACKHAM...

It has been a while (5 months) since last thread in here.... What happened? did everyone quit FOREX??? or like me... lost my password to FF site.

Anyways, just read you last posts and it seems that things went bad... I know how it feels.



So what's new guys....................... profitable? break even? loss? Bankrupt?

Hi CLIVEPACKHAM, is this thread still running?

Good! nice to meet you!
I read your writing and are very sympathetic!
But now I have spent so many years in this fund market, my trading skills are excellent!
In the first few years after starting trading on FX 5% to 30% per month was the goal of trading revenue.
But every time you trade, you only lose every day, every week, every month!
Of course, I kept losing a lot of money while trading FX futures overseas-I've been researching and training while continuing to trade!
Sleeping for 1 to 4 hours a day and eating rice once or twice a day, I've been studying here until now!
Now my healthy body is broken, my eyes are bad and I don't have much money!
As a result, at present, I trade with an automated system and a manual trading strategy, whether I trade in foreign futures or FX.
My goal is to earn more than 5% every day!
Make 20% to 50% more revenue every week!
Earn over 50% to 300% monthly!
This is my goal now!
Make money every day!
Make Money Every Week!
Make Money Every Month!
Make money every year! Say so and do it!
Make money unconditionally! Everyone it is possible!
It will be possible to know four skills in trading.
First is chart analysis skills !.
It's the second trading strategy skill!
The third management operation skills!
And the last one is a bit difficult, so I won't tell you now!
If you learn all three skills, you can earn money every day, every week, every month!
That is to say, anyone can go from 50% to 300% per month!
It's easy to know exactly the way in this fund market!
But if you don't know exactly, you fall to the cliff!
See you later!
Have a healthy and blessed day!