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Genesis Matrix Trading

  • #17,381
  • Aug 27, 2013 10:11pm Aug 27, 2013 10:11pm
Moring/evening to all,

Here is my *failed* trade from yesterday.

After PA bounced off S2 second time I was watching it closely for a valid signal and I got one. That Genesis setup looked very promising to me and I took a long trade. PA has been lingering for 20 minutes without any signs of reversal but there were US news coming in 30-35 minutes and I took manual exit. Looking at it now I know it was not the right thing to do but I've been burnt by news so many times...
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  • #17,382
  • Aug 27, 2013 10:20pm Aug 27, 2013 10:20pm
Quoting Cold_W
Moring/evening to all, Here is my *failed* trade from yesterday. After PA bounced off S2 second time I was watching it closely for a valid signal and I got one. That Genesis setup looked very promising to me and I took a long trade. PA has been lingering for 20 minutes without any signs of reversal but there were US news coming in 30-35 minutes and I took manual exit. Looking at it now I know it was not the right thing to do but I've been burnt by news so many times... {image}
Hmmm.....you need to decide before you enter, what possible effect the news could have, and then decide whether you want to wait for the news, or enter before it, as you did. Seeing as you entered before the news, with a relatively cheap 20 pips SL, you really should have let that run. You must accept that the 20 pip SL being hit is a possibility, and it is acceptable to your pocket. If it's too expensive for your pocket, you have the choice of finding another trade or reducing your lot size/leverage. As you know, your SL was never under any threat, and I have to suggest that the dreaded "fear & greed" syndrome has got it's hooks into you.

Perhaps trading a very small account or else go back to demo for a while might help.....and don't forget the IFR trading, it WILL help.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #17,383
  • Aug 27, 2013 10:28pm Aug 27, 2013 10:28pm
Quoting realjumper
{quote} Hmmm.....you need to decide before you enter, what possible effect the news could have, and then decide whether you want to wait for the news, or enter before it, as you did. Seeing as you entered before the news, with a relatively cheap 20 pips SL, you really should have let that run. You must accept that the 20 pip SL being hit is a possibility, and it is acceptable to your pocket. If it's too expensive for your pocket, you have the choice of finding another trade or reducing your lot size/leverage. As you know, your SL was never under...

Thank you, RJ. 20 pips SL was within 2% account size rule and would not make any real damage. My exit was solely due to my fears and had nothing to do with what Genesis was showing. Now after being able to see valid signal I have to fight with emotions which comes hard sometimes. I've tried IFR trading trading once and will do it again on weekend.
Once again, thank you for your help!
  • #17,384
  • Aug 27, 2013 10:35pm Aug 27, 2013 10:35pm
Quoting Cold_W
{quote} Thank you, RJ. 20 pips SL was within 2% account size rule and would not make any real damage. My exit was solely due to my fears and had nothing to do with what Genesis was showing. Now after being able to see valid signal I have to fight with emotions which comes hard sometimes. I've tried IFR trading trading once and will do it again on weekend. Once again, thank you for your help!
No problem CW...I want you to become a consistent taker of money from the bank!!!

Another thing is to see a set up, as you did......enter the trade...set the SL and a modest TP and go away...turn off the machine...close MT4 or whatever. You have made your decision, so let it be. Watching it is not helping it, or you!!! Go make some coffee and practice your sheep shearing!! Come back every hour and check progress......
Doing what you like is Freedom. Liking what you do is Happiness.
  • #17,385
  • Aug 27, 2013 10:40pm Aug 27, 2013 10:40pm
Quoting realjumper
{quote} No problem CW...I want you to become a consistent taker of money from the bank!!! Another thing is to see a set up, as you did......enter the trade...set the SL and a modest TP and go away...turn off the machine...close MT4 or whatever. You have made your decision, so let it be. Watching it is not helping it, or you!!! Go make some coffee and practice your sheep shearing!! Come back every hour and check progress......
Yes, my sheep shearing skills are poor, have to work on that! Otherwise I'll never be able to become a *real* Genesis trader!!!
  • #17,386
  • Aug 27, 2013 10:51pm Aug 27, 2013 10:51pm
Quoting Cold_W
Moring/evening to all, Here is my *failed* trade from yesterday. After PA bounced off S2 second time I was watching it closely for a valid signal and I got one. That Genesis setup looked very promising to me and I took a long trade. PA has been lingering for 20 minutes without any signs of reversal but there were US news coming in 30-35 minutes and I took manual exit. Looking at it now I know it was not the right thing to do but I've been burnt by news so many times... {image}
Cold W - you need to trust the signal. That stoch setup on the M5 and M15 is about as good as it gets. There was some 4-5hrs after the sell off and then sideways trading before the signal, to me, this isn't a CT. So looking at your chart my thought process is as follows -

1. Not CT trade because of the big lag in time and PA
2. The M5 is trending up from < 20
3. The M15 is also trending up from < 20 and has formed what I call the "mouth". (See the stoch MA (signal line)and stoch spread apart (like a mouth) as the signal takes place. Look at the 1030 timeframe and the M15 doesn't form the mouth - not a good trade. A good trade will have the mouth start to form straight away. I know the M15 only updates every 3 bars but you will get in sync with PA and the potential of the M15 to make the mouth).
4. The stop is nicely placed with 20 pips and under support line
5. The signal HA candle has a nice push from the 5 SMA
6. The time is good - just after NY open

My comments FWIW.

PM1
  • #17,387
  • Aug 27, 2013 10:53pm Aug 27, 2013 10:53pm
Ive had a bit of a revelation re goal setting and targets etc

My goal is to take pips from the market when they are on offer, and resist trading when they are not

I would like to make 100+ pips per week, thats all I need to make great gains using PM1s trade/risk calculator

I find this goes a long way to being relaxed and confident when at market, and not placing unnecessary pressure on myself, especially if there is nothing on offer, or exiting trades when I should be staying in......but thats just me

J
Winning isnt everything but coming second sucks (Charlie Brown)
  • #17,388
  • Aug 27, 2013 11:03pm Aug 27, 2013 11:03pm
Quoting PipMonster1
{quote} Cold W - you need to trust the signal. That stoch setup on the M5 and M15 is about as good as it gets. There was some 4-5hrs after the sell off and then sideways trading before the signal, to me, this isn't a CT. So looking at your chart my thought process is as follows - 1. Not CT trade because of the big lag in time and PA 2. The M5 is trending up from < 20 3. The M15 is also trending up from < 20 and has formed what I call the "mouth". (See the stoch MA (signal line)and stoch spread apart (like a mouth) as the signal takes place. Look...

Thank you, PM1. Your comments are very helpful to me!
Basically I took into account everything you mentioned (and I'm glad that I'm finally able to make a decent analysis). I totally agree with your *mouth* theory, it does work well! The only thing was pesky news coming...and my poor sheep shearing skills
  • #17,389
  • Aug 27, 2013 11:03pm Aug 27, 2013 11:03pm
Quoting PipMonster1
{quote} Cold W - you need to trust the signal. That stoch setup on the M5 and M15 is about as good as it gets. There was some 4-5hrs after the sell off and then sideways trading before the signal, to me, this isn't a CT. So looking at your chart my thought process is as follows - 1. Not CT trade because of the big lag in time and PA 2. The M5 is trending up from < 20 3. The M15 is also trending up from < 20 and has formed what I call the "mouth". (See the stoch MA (signal line)and stoch spread apart (like a mouth) as the signal takes place. Look...
That is excellent PM1. I love the "mouth" analogy.....very apt. Great advice....
Doing what you like is Freedom. Liking what you do is Happiness.
  • #17,390
  • Aug 27, 2013 11:05pm Aug 27, 2013 11:05pm
Quoting jjre65
Ive had a bit of a revelation re goal setting and targets etc My goal is to take pips from the market when they are on offer, and resist trading when they are not I would like to make 100+ pips per week, thats all I need to make great gains using PM1s trade/risk calculator I find this goes a long way to being relaxed and confident when at market, and not placing unnecessary pressure on myself, especially if there is nothing on offer, or exiting trades when I should be staying in......but thats just me J

That's excellent.....that's a good way to go. Don't have to score all the goals of the season in one game!!
Doing what you like is Freedom. Liking what you do is Happiness.
  • #17,391
  • Aug 27, 2013 11:15pm Aug 27, 2013 11:15pm
Quoting realjumper
{quote} That's excellent.....that's a good way to go. Don't have to score all the goals of the season in one game!!
Thanks RJ

Im reading the latest edition of Dr Maltzs Psycho-Cybernetics which is a real eye opener
Marcel Link is on its way
Arming myself with tools to become a good trader

J
Winning isnt everything but coming second sucks (Charlie Brown)
  • #17,392
  • Aug 27, 2013 11:31pm Aug 27, 2013 11:31pm
Does anyone have an opinion in situations where DP is very close to ATR high/low?......like it may be further encouragement for PA to move away from DP?
e.g. EA and AJ today

J
Winning isnt everything but coming second sucks (Charlie Brown)
  • #17,393
  • Aug 27, 2013 11:43pm Aug 27, 2013 11:43pm
Quoting jjre65
Does anyone have an opinion in situations where DP is very close to ATR high/low?......like it may be further encouragement for PA to move away from DP? e.g. EA and AJ today J
For me, I have the ATR High and Low lines blacked out so I can't see them. IMO, they amount to forecasting and worse, they shift with the PA. I just take note of the numbers in the top left of the chart to see what the ATR is, and how close we are to that target. Others may do it differently
Doing what you like is Freedom. Liking what you do is Happiness.
  • #17,394
  • Aug 27, 2013 11:46pm Aug 27, 2013 11:46pm
Quoting realjumper
{quote} For me, I have the ATR High and Low lines blacked out so I can't see them. IMO, they amount to forecasting and worse, they shift with the PA. I just take note of the numbers in the top left of the chart to see what the ATR is, and how close we are to that target. Others may do it differently
Thanks
Winning isnt everything but coming second sucks (Charlie Brown)
  • #17,395
  • Aug 28, 2013 12:18am Aug 28, 2013 12:18am
Quoting PipMonster1
{quote} Cold W - you need to trust the signal. That stoch setup on the M5 and M15 is about as good as it gets. There was some 4-5hrs after the sell off and then sideways trading before the signal, to me, this isn't a CT. So looking at your chart my thought process is as follows - 1. Not CT trade because of the big lag in time and PA 2. The M5 is trending up from < 20 3. The M15 is also trending up from < 20 and has formed what I call the "mouth". (See the stoch MA (signal line)and stoch spread apart (like a mouth) as the signal takes place. Look...

Thanks PM your analysis and tips was very helpful......
and RJ your advice to walking away once the SL/TP is set on the trade makes a lot of sense at the moment for me as I tend to exit my trade manually to early.

Cheers

Jay
  • #17,396
  • Aug 28, 2013 1:32am Aug 28, 2013 1:32am
One Minute Pre-Trade Checklist Any Trader Can Use from Dailyfx.com
Doing what you like is Freedom. Liking what you do is Happiness.
  • #17,397
  • Aug 28, 2013 2:09am Aug 28, 2013 2:09am
Quoting realjumper
One Minute Pre-Trade Checklist Any Trader Can Use from Dailyfx.com
Nice and simple RJ.
  • #17,398
  • Aug 28, 2013 2:12am Aug 28, 2013 2:12am
I'm holding an EA long at +15 at the moment. All the signs seem to be be good, but we are at a 3 year high for this pair, and only just over the BRN 1.5000......and a (kind of) double top from 3 years ago. Still....we shall see......
Doing what you like is Freedom. Liking what you do is Happiness.
  • #17,399
  • Aug 28, 2013 2:21am Aug 28, 2013 2:21am
  •  Jamz
  • | Joined May 2012 | Status: Tops and bottoms are for bikinis | 798 Posts
Quoting realjumper
I'm holding an EA long at +15 at the moment. All the signs seem to be be good, but we are at a 3 year high for this pair, and only just over the BRN 1.5000......and a (kind of) double top from 3 years ago. Still....we shall see......
Just checked the "blue skies" for EA and see it might settle down around the 1.6350 mark - not a bias but I'd hang in there RJ...... I'm often wrong so it could even go higher than that!

Jesse Livermore's quote is pure gold, just about a trading plan in itself.
  • #17,400
  • Aug 28, 2013 2:23am Aug 28, 2013 2:23am
Quoting PipMonster1
{quote} Nice and simple RJ.
Yep.....that's about as complex as it needs to be, and it can save us from stupid entries.....
Doing what you like is Freedom. Liking what you do is Happiness.
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