MY Journal-phil13

e/c trade trade still active but just not moving at the moment.

here is a suspected topping out trade to possible build on, let's see what happens, scout in......

still waiting for the e/c and a/u to grow....... NFP on friday so will will stay light/out.

find the right opportunities.



plant your trade, wait for it to sprout and hope it does not hang you.



OR

know your risk



plan for profit however it grows and trim as needed.



stay on YOUR side and don't upset the neighbours.

removing the a/u, purely as precaution before NFP tomorrow.......

i have been quite a while waiting for the right moment to strike for my e/c trade, i have not traded much as i have been in hospital having another procedure done on my back, so have been recovering, but i am feeling better now so i will start to trade again soon.

so here is an update on my long battle in the e/c trade.....nearly there now and not necessarily looking to turn this around to good profits now, but let's see what the market offers me before there is a final decision, at the end of the day it is just another trade and my duty to my book is to make profit from any possible opportunity i see.

remembering this passage...

AOW..

2. When you engage in actual fighting, if victory is long in coming, then
men’s weapons will grow dull and their ardor will be damped. If you lay
siege to a town, you will exhaust your strength.

3. Again, if the campaign is protracted, the resources of the State will not be
equal to the strain.

4. Now, when your weapons are dulled, your ardor damped, your strength
exhausted and your treasure spent, other chieftains will spring up to take
advantage of your extremity. Then no man, however wise, will be able to
avert the consequences that must ensue.

5. Thus, though we have heard of stupid haste in war, cleverness has never
been seen associated with long delays.

6. There is no instance of a country having benefited from prolonged warfare.

7. It is only one who is thoroughly acquainted with the evils of war that can
thoroughly understand the profitable way of carrying it on.

8. The skillful soldier does not raise a second levy, neither are his supplywagons
loaded more than twice.

9. Bring war material with you from home, but forage on the enemy. Thus
the army will have food enough for its needs.

well that was quick!! finishing up and removing all e/c now at just over B/E ....... calling it a day now.

ABOVE THIS POST FROM PAGE 1 TO HERE IS MY FOUNDATION ON HOW I SEE THE MARKET AND IT'S BASIC STRUCTURE.
this part of my documentation is now finished and i will now mainly post 'naked charts'.
________________________________________________________________________________________________


so now i can get onto the 3K's + X's , first i will start by documenting how i saw the bottom forming in the badly timed e/c trade, it is buyers and sellers that drive the market direction, it takes a lot to change direction significantly so price has to be range bound (under 'normal' conditions) for this to happen while the buyer/s or seller/s accumulate their holding and the MM's set up the right conditions to feed the new move.



here is MY 3k's + X's set up, the moves appear to be stalling/retracing/exhausted for now, but you can clearly see what is bullish/bearish, strongest/weakest and what is stalling/undecided. i will document more on how i use this set up as i go along finding live trades in the coming weeks.



have a good weekend all, i am off soon to rather nice hotel for a 60th party .

here is an e/a trade i started this morning, using the 3k'+X's to find a pair to trade....

i find it hard to post when trading/showing the M5 trades so they are a little late, but still live.

removing e/a now....

looking at the market the e/j looks to be the best bet today so far, the rest just looks a mess ATM ?????.....

time to leave e/j......

here is the e/a trade i started earlier, this is over now GBP news killed the action.....

sign of movement.



entries.



removing.



reason for ending.

OK.. so I guess it is time to update my journal as it has been a couple of years since I posted here, my trading has changed/evolved a bit over the last couple of years, I now use mainly impulses (the pump and rest motion) and momentum to try to read and trade the markets, but as with anything it is no holy grail and I found this is only part of what we need to become consistently profitable in the market, we also need a basic understanding of market price structure, a good money management strategy and to learn how we (humans) work, this involves looking into psychology and the inner workings of the brain, I found I could then formulate an effective strategy using all these skills to come up with and deploy an overall strategy to put myself beyond defeat as it says in the greatest trading book ever AOW (Art Of War by Sun Tzu).

I must point out that beyond defeat does not mean I win every trade I take, it merely means what it states, my knowledge and strategies put me in a position where it is very hard for my account to be defeated, I have plenty of breakeven trades because I trade my account not the market, I have found that for me the market (as a whole) should be used as a vehicle to grow my account, I believe most people at first (as I did) concentrate on taking profits by trading the market pairs using their account to do this and neglect to have any effective way of protecting their account, in AOW the first two lines state..

1. Sun Tzu said: The art of war is of vital importance to the State.
2. It is a matter of life and death, a road either to safety or to ruin. Hence it is a subject of inquiry which can on no account be neglected.

The state being your account in the context of trading.

The only way to do this beyond defeat thing is to put in the time, research and screen hours needed to achieve this, I then came to the understanding that there is no right or wrong all that matters is outcomebest outcome for my account, that means having no tolerance for losses and just accepting and letting profits come when things are right and ready without forcing my bias onto what I cannot control. Though I am only human and do make the odd mistake as we all do.

I am not trying to teach anyone anything here just stating what I have learnt so far at this point in my learning curve, it is pointless trying to teach trading we all have different tolerances and ingrained views of things that will affect the way we trade, as fti states in his opening lines for the thread.
-no mentor, or course, or literature can give anyone the holy grail to the secrets of success in trading in the markets.-
However maybe those that take the time to read my ramblings and look at my charts may find something they can use in their own way of trading that may help them on their fx journey.

When I post charts now I will most likely only post the first scout as a live trade, it is too much for me (I am not quick on the computer) to constantly update with live charts as the trades progress with all the scaling in/out and possible use of other pairs when I book a trade set to my account, I will at the end of the trade post the final exit chart and some brief explanation of what I did.

so here is a trade i have just removed and may continue with if i see the opportunity arise.....

cont'....





and the bigger picture....

Good stuff Phil! Didnt know you had a journal. Haha. Shall browse through here as well

Rgds

Hi Ray

good see you here my friend. .


E/U cont'.....



and an overnight U/J trade....

U/J cont'.........

scout E/J ......

E/J trade......

finished for the day now.

E/J cont'........