Trading is as simple as ABCD

Took another cheeky 5 there...

This GBPJPY is top of my 5 min chart just after NYO so looking good for the afternoon. The 15 min boys will probably cause a correction to about here then I'd expect a continuation upwards, but who knows??? Certainly not me , will probably go before, just have to trade whatever it hands us...

GBPCAD top of 1 min TTindy so helped myself to another 7.7 pips... Love my orphans

Called it but only got 9 pips out of it...

Thats a shame just gave 20 pips back there but it was one of my crap "Might go without me entries" How could any sane trader hit a trade at the top of a string of candles like that???? 6 bright green candles and I hit it!!!! Jesus thats madness!!! Everyone and his dog knows \ move like that can only be followed by a 50% pullback minimium, then to add insult to injury I close it out at the bottom of run and it soars!!!

One of the little creases that have to get ironed out, mind you look at it fly now???? I was right about the direction just an absolutely crap entry...



Look at it, enter at top of wave exit at bottom of wave, must of thought it was a downtrend...

Well on that sad note I think I'd better go to work see if I can earn myself some extra cash to deposit in my trade account, then with a bit of luck in 6 months I can give up working and trade full time...

Back again tomoz morning see you all then, lets prey for some strong trenders..

Hey Clive...


Guilty as charged. Can't tell you how many times I've done that! I keep telling myself...wait for the pullback....wait for the pullback.

Hi Ozziedave

Yep we've got to learn to wait for that Goddamn pullback!!!! I think what it is for me is it looks very positive and price is racing my way so I want to jump on board asap, but soon as I do bang it reverses on me and I'm sitting through another painful drawdown, just hate em!!! I like to get in and get to BE asap , all risk off the table in the same candle if I can.

Also even if it works it won't go far as that pullback, you couldn't wait for, is not far away!!!

Been reviewing my trades today and that by far is my biggest issue. So looked for the very best entries I could of got that went the most pips and never come back to retest my BE stop. Guess what they are??? CCI signals +/-100 levels which are break and retests of my key levels which are:

 

1. Recent S and R.
2. 25 levels.
3. the 5 min 35LWMA (175 on 1 min chart)

Look how every 25 level thats been resistance on the way up invariably works as support on the pullbacks...

This entering at key levels also has the added advantage of a secure stop below the key level, if it gets broken we want out asap, should mean I only need 10 pip stops too. Which means smaller losers...

Here's a EURJPY chart from today showing some great entries, wait for CCI to signal with momentum swinging back with the trend at a key level...

Heres some more great entries on GBPJPY today, break and retests of key levels



Look how cleanly price gets away too and very often doesn't come back for a retest so leaves my BE stops safe and sound...Gotta be the way to go surely???

Oh and there's something else I've noticed, a good exit is when the momentum wains on the CCI then a red candle appears just trail stop under that red candle until stopped out, if it pushes higher drag it up to the next red candle etc etc until stopped out.

Just edited post 1908 several times might be worth a quick reread if you read it earlier...

Morning folks got off to a quick loser trying to buy the 5 min 35lwma but then it crossed the lwma so sold on the retest and then as it kept going down took another one. So net gain 16 pips so a good start to the day.



Going to start to formulate a few hard rules from now on in eg trade the 5 min strong trenders entering on the 1 min key levels in direction of the 5 min trend. Worked well so far. Need to start trading to some rigorous rules but to be honest up to now Haven't been sure exactly what they should be, but getting there. Once I've got them sorted in my own head will post them all up, but they are all here somewhere hidden between all my thoughts I've shared over the last 4 months. Just need to clarify them for you all and myself of course...

One thing is for sure that I won't be doing is letting a bad entry run against me, always had a fight in my head , as I'm trading with strong trenders do I have big stops like DNAbrazil, all or nothing, or do I have tight stops say 20 pips absolute max and more often than not tight stop behind signal candle say 10 pips max??

Well tried out the first method last night and when it went 170 pips against me I just had to stop it out!!!Nearly blew my account!!! So thats it for me tight stops behind key levels no argument it will keep my losers small and hopefully my winners will be much bigger...As you all know one of my key goals here is winners bigger than losers as thats the key to a successful trader in my book.

And lastly to help make my winners bigger I will be trading in the direction of the 5 min strongest trenders as reviewing my trades last night I realised they are by far the best entries...Basically I'm trading 5 min strong trenders entering on 1 min timeframe for tighter stops and bigger winners..

Welll thats itfor the moment lets see how it goes today shall we???

I like my orphans think they are great for grabbing each momentum run on the 1 min, but as I'm trading the 5 min trend then maybe I should hold the first entry eg break and retest of the 5 min 35lwma??? If I'd of done that this morning , it went 70 pips so far and not sure its finished yet?? Could I hold it until the 5 min lwma turns back up???

Hmmm something to think about isn't it???

Hi Clive

You have to get your rules clear and then stick to them, only changing when you have proven reasons to. Allow zero none system trades or the I think its going to do something. Then not let it worry you when what you thought would happen did. Its human nature to remember the times you thought something would happen and it did but not the times it didn't.

Very simply the tendency for most is to research something having an aha lights on moment and then trade the general concept but entries become hit and hope. Certainly not the researched entries. All of a sudden the person gets nowhere dumps the system (which was never traded correctly in the first place) in search of the next big thing. Get your rules clear on the charts you post for the perfect trades there are so many of them not to worry about other none system moves.

quick go at this..

Quick 10 there as 1.8300 looming, love my little orphans

up about 25% now so nice start ...

Good morning Mr V.

Haven't seen you for a while thought you'd deserted me just when its starting to get interesting..

Yep I hear you and I am doing just that, of course I've taken sometime to reach my conclusions and tested so many strategies , stops, exits, holds etc etc you name it I've tried it. Only way in my book. Find out for yourself what works and what doesn't for you as a character and fits your personality.

When my Dad died I made a promise to myself to sort this Forex trading thing out once and for all and I've been on that journey ever since...

Very close now to a reliable consistent system for trading 1 minute charts , just a few loose ends to be tied up and I'll be there and obviously will share with anyone who wants to have a go at it, but be prepared to work hard and trade hard it don't come easy, I just make it look easy

Simple yes, easy no!!!

Anyway hear what you say and will be formulating some rules,/guidelines soon once I'm 100% happy with it, even then I will keep testing and adjusting and improving, you know me can't just leave things as they are, gotta keep improving...just the way I am I'm afraid. I am my fathers son Mr V. can't change that...

Thanks for your advice spot on as usual

Top trender TTindy break and retest 171.00, you got this right????

4 minutes later 21.7 % increase in account,,,,total today about 50% yep feels like I'm getting very close to a good system here...

is it coming back for a retest of 171.00???

Take that as a yes then and another little orphan for 8.5 pips gets a loving hug

JPY pairs are top of my TTindy both 1 min and 5 min but all looking a touch overstretched and as I'm already 70% up on my account for today, I don't want to take any unnecessary risks so best to sit back and wait for a sensible sized pullback then have another go..



.

Time for my morning cuppa I think...