Consequence Pilot Level Trading

I always find it so amusing when some members come in only to flap their mouth with sarcasms idiotic comments while they hardly ever have anything positive or useful to offer nor ever have made any effort to contribute to the forum and always with out a doubt they fold when asked to prove anything about their trading much as less real proven results because their always opt to judge others but with nothing to show of their own... funny stuff.

I personally don't have respect nor patience for this kind of members.. so I just give them the dog shit replies, lol.. or call'em the most suitable names. just a clarification purposes for the sake of respectful members to not get the wrong impression about me.


I keep it real folks... the reason for any trading success that I ever have had has been solely due to my self-honesty about my trading... and if you have been a true follower of this thread so far you have witnessed that to the mass.. as I explain every little detail about my trades right after I am done with it... all for your sake of better understanding to avoid traps etc,.. bcz I know how one or two in accurate play could ruin a wonderful day.

I don't see much interest here lately so I spend less time posting for last 48hrs, also got some minor construction going on in my house as I been managing everything out of my office with one lapy to watch over four accounts... anyhow if anyone is interested and cares enough to know about that one big loss trade of today be more than happy to elaborate on.

The bottom line and whats really important in here, is the content of this thread... the value of whats been offered and could continue to be offered.. and what you as a trader of your own could take away from and add it to your trading arsenal... results will vary from one to another and highly depends on ones crafted skill and agendas... eg, today i am losing 10%, but our own very dear member MattMico is wining 5-7% and having a great week so far which i congrats him and would love to see him continue on the same.. it would be just matter of time for my TE account to grow.. but again, it's just irrelevant and not the point... sure it maybe a confidence booster, but that's about it.


Trade well.

Sigh that last trade.... It made no sense to me, I had reversal patterns on all my pairs I was watching but still the USD came through n fked me. Such a hard day to trade today, feels like bs imo that the markets went up to come down again, there wasn't any reason aside from stop hunting. nm, just another day trading.

Thanks for words Empire, though I fked up today and also had a hard day on my real account, made some dollars but am red in a few trades atm. Not sure what tnavi was on about but it seemed a bit from "left field".

The long stops are the killer on this system and I will need to watch to not let them run. I let the last run because I saw a strong level of support but it broke without a pullback. Just another day trading back at it tomorrow.

Laters

dear MattMicro..

If I may humbly give you take on your trading today after my review of your TE...

The key to winning with this system is obviously based on how good one defends... how fast you can bail out of losers...
the other key point is to not have any kind of a bias on price direction or anything at all for that matter... floating away with it, that's it.

back to defense.. and i understand, that on the flip side you could end up bailing out of some trades a bit prematurely that turns for a solid winner..
however with that said... still in the long run the winning play is the aggressive defense, simply bcz in a week time there will be enough of those QCW's to make one's bottom line to grow rather rapidly..

but the point i want to hit home for you is this...

when your up for the day for +20 pips... then either you stop trading for that day or if you continuing on.. the aggressive defensive play is a MUST without question... meaning zero tolerance for any heat against your position and only looking for QCW fast.. this is how you could preserve what you have gained for the day while still giveing yourself the chance to add to it.

I know your trading a very small account and testing things out but i though this would be something to think about and put on practice day in day out.

again just a humble take and hope it helps out.


ps) just saw your post... so added some elements...
also check my TE and review my very same trades defensive plays on the two big losses you took..

now the winners that you had today... all were QC (quick Clean) fast winners... try to look for those and anything less than that, (especially when your ahead in the day) exit it fast for a small loss.. hence i said small loss not BE.. bcz waiting for BE all the time will lead to back fire.

Hehe yah I agree with your thoughts Empire as they echo my own. I am thinking (if) when I start this system in full force of aiming for 20 pips per day, though it does take awhile for that many trades in one day. I took that last trade even though that voice said in the back of my mind "your profits are achieved". I am pushing the system atm I suppose and watching what I can and can't get away with.

I do like the idea of playing the defence more aggressively (if that makes sense ) as it is not only easier to recover from the loss but also I have noticed that another opportunity to trade the system presents itself in the correct direction, whereas if I were still holding the losing trade the opportunity will be missed. A good example is on my last trade (will post chart tomorrow).

I actually screwed up one of my earlier entries today, where I traded a very shallow pullback, one I would have normally skipped for a better setup. Luckily after a about a 10 pip DD the trade came back up for a good setup and then finished my trade for a tp. It was a very tough day for me on my other system. I have a strict MM/RR system but it requires a bit of calculation and I had trades coming and going all day so I couldn't spend as much time on this system as I wanted.

Here are my trades from today. The dotted lines are where I am thinking that I should of cut of those losing trades (at the most), especially the 2nd and 3rd losses. Trade number three was a bit early for my liking though it worked out to be a setup anyway- luckily.

first target out of the way, long good for +5...

demolition intention on the way for today

Wd

Was watching that entry but was busy, going to get started now.

right on, lets kick some a** today Matts man..

np you'll get the next one..

Alert..
German ifo news in about 5 minutes, so I removed my PO's..

don't want to be triggered off the release..

German IFO approaching going to delete pendings till after news.

haha, great minds....

484 EL for short and 636 EL for long...

EL's changes to 567 long and short the same 484

484 short triggered and i bailed for +1...

don't like how it pulled back off the DO... could have had +3 but pulled quickly.. so better to be safe and preserve..


there is two major areas that I take the threat against my position more seriously..
one at the trigger time.. two when it rushes to some profit like +3 +4 then quickly fades away...
rush & fade is what i call it (RF)

so RF was the reason for my exit..

obviously it could move down but as you see it's struggling and the problem with this situation is, once it releases from this hesitation period its usually a quick strike one way or other... and mostly will happen against your position.. so better to not risk it.

to win big and consistently you atta try to be one step ahead of the market..

Dam pound wont let the this trade go.....

Gah, the Pound supported the Euro for too long and lost the move I could see. It will prob still go but hoping there will be another EL before it does.

ok target reached on this play after 30 min... not exactly a fifo... and at best this is a 50/50 play..

if it had pulled right at where i exited and head up for -5 or more I would have found myself in a unnecessary dog fight and if exited for some loss then been sitting on at a BE result at best for day after 2 trades...
now I did not get this target but sitting at +6.. and still a whole day ahead of me for more opportunities... at least another 5 signals to take action on..

these are some of the daily Management aspects to always keep in mind in the heat of the battle...

now moving on...

new EL's, short 412.. and long as of now still the old one 567.. but i would be a bit hesitant to take action on that one if it strikes up to that point in a sudden move bcz its far away and for the scope of today's atr by time it reaches that level it could be exhausted already would get us involved in a fake out battle.. so I look for a new EL off down lower, which most likely one would be formed.

now about the short EL at 412... as you know I do not pay attention to anything but price movement bcz I take a shot at anywhere in the chart during my trading session... but its important to keep some matters in the back of your mind to come handy in the case of crisis... such as... well 412 EL is sitting right at days low which has showed 3 touch so far to that area and had bounced... so when and if you do get triggered at that area the correct defensive play is and extremely aggressive one.. meaning you looking for strong break off the level,, crush of the support area and a QCW.. anteing less than that or any threat what so ever you MUST press the out push button to not fall into a dog fight and possibly a big loss if your mental state gets all roughed up.

EL update..
short stays the same at 412.. but new one for long at 500..

short EL 423 out for -1..

just like explained above.. that's how i played it.. the break looked kinda good but then hesitated and following candle a reverse.. tough area..