Well thats the Franfurt and London open done and I had a +4.9-5.3 = -0.4%
Wow!! Great improvement form last 2 weeks so writing all my plan out really helped. Thanks Mr V. great advice.
So what can I learn from this morning??
Well a couple of things
1) I had one great entry and one just a little too keen to get in, so need to do a bit of work on my entry still.
2) I did really well identifying the right ABCD's to trade as both have since gone in my direction. So happy with identifying quality ABCD's.
3) Got shaken out a little early on both trades so need to look at trade management once I'm in a trade.
4) Only trading strong trending pairs is a key element of this strategy and so need to find a way to quantify trend strength as crucial to whole strategy. I liked the depth of pullback as a measure as helped today and when I identify a weak trend just take the first momentum push and then just try again if trend holds. eg if more qualifying ABCD moves develop.
5) I was closely monitoring the 5 min and 1 min top trenders to see which I should use as the base trend then refer to the other. I tried both ways and found today its best to take the 1 min initially looking at the top 4 trenders in the 1 min. Then have a look at the chart to see if a tradable ABCD move is setting up?? If so then trade it and get to BE asap. Then look at 5 min and if its there too then trade the 1 min trend based around the 1 min structure and price action.
If it doesn't appear in 5 min then just grab the initial momentum especially if the BC move is more than 50%.
guess what I am saying at the moment is see what I can catch, then once I've caught it and safely at BE have a look to see what I've caught. EG look at higher timeframes to see whoose in my team? Am i running with 1 min alone, 5 min 15 min 1hr or daily trend, then decide whether to hold or fold??
Biggest lesson I learnt today? Write out your plan with specific details then trade your plan, glad to say I feel I did that today. Once again thanks to Mr V.
Overall very, very pleased with todays trading as not the best London open as Frankfurt on holiday today, don't think anything moved more than 30 to 40 pips in my "London rush hour" and as I need about 25 for a good A to B move before I even look at a chart, that's not too bad.
Anyway so far so good gotta go to work for a couple of hours but will try and get back for New York open if I can.
Seez you all later.
Wow!! Great improvement form last 2 weeks so writing all my plan out really helped. Thanks Mr V. great advice.
So what can I learn from this morning??
Well a couple of things
1) I had one great entry and one just a little too keen to get in, so need to do a bit of work on my entry still.
2) I did really well identifying the right ABCD's to trade as both have since gone in my direction. So happy with identifying quality ABCD's.
3) Got shaken out a little early on both trades so need to look at trade management once I'm in a trade.
4) Only trading strong trending pairs is a key element of this strategy and so need to find a way to quantify trend strength as crucial to whole strategy. I liked the depth of pullback as a measure as helped today and when I identify a weak trend just take the first momentum push and then just try again if trend holds. eg if more qualifying ABCD moves develop.
5) I was closely monitoring the 5 min and 1 min top trenders to see which I should use as the base trend then refer to the other. I tried both ways and found today its best to take the 1 min initially looking at the top 4 trenders in the 1 min. Then have a look at the chart to see if a tradable ABCD move is setting up?? If so then trade it and get to BE asap. Then look at 5 min and if its there too then trade the 1 min trend based around the 1 min structure and price action.
If it doesn't appear in 5 min then just grab the initial momentum especially if the BC move is more than 50%.
guess what I am saying at the moment is see what I can catch, then once I've caught it and safely at BE have a look to see what I've caught. EG look at higher timeframes to see whoose in my team? Am i running with 1 min alone, 5 min 15 min 1hr or daily trend, then decide whether to hold or fold??
Biggest lesson I learnt today? Write out your plan with specific details then trade your plan, glad to say I feel I did that today. Once again thanks to Mr V.
Overall very, very pleased with todays trading as not the best London open as Frankfurt on holiday today, don't think anything moved more than 30 to 40 pips in my "London rush hour" and as I need about 25 for a good A to B move before I even look at a chart, that's not too bad.
Anyway so far so good gotta go to work for a couple of hours but will try and get back for New York open if I can.
Seez you all later.
Feel the Fear and do it anyway!!!