Trading is as simple as ABCD

GBPCAD top trender so has to go!!!

13 out of that run...

Just so you know I take shite entries as well as good ones, heres one I took earlier, bloody nightmare, bought at the top of the wave frightened I was going to miss out as price raced up the page.. Just need to remember price moves in waves and that after a strong AB move like this it will be followed by a BC move. Must learn to wait for the BC move to complete and the CCI to go oversold -100 level then turn back up.

heres the shite entry



But heres the good news as I was trading a strong trender it covered up my mistake for me and took the trade back to BE... Like I say strong trends turn shite entries into good ones in fact at one time I was 5 pips up...

Don't normally trade this as quite rare to see it in the top trenders so I thought I'd see what all the fuss was about and why so many scalpers trade it...

Hmmm not for me that EURUSD a bit too rangy, doesn't appear to trend very well on these one minute charts bit like GBPUSD just a few too many extreme scalpers that keep pulling that trend back..

I prefer these GBP pairs at least they go somewhere when you do catch one, GBP pairs EURAUD , AUDUSD, EURJPY thats about the best of it for 1 minute trenders... Mr V. just watches those I think and looks to trade them when they come to the top of the TTindy...

Also if we just have say 8 pairs to monitor then we can get the reversal alerts when a 100lwma turns over, they're always worth a look for sure...

I've changed my risk now to 5% across 20 pip stop in preparation for going live shortly ,made 25% today hope that continues with live account...

Well just been going through my daily review of my trading and theres a couple of areas to address. Firstly my bad entries...

Look at this chart below, bought the top of a wave!!! How'd that happen??? Easy peasey got carried away when the price action was rushing up the chart looking like it was never gonna stop, so me being terrified I'll miss out jumped straight in and almost instantly the price reversed on me. Not a chance of going to BE as I didn't even look at a tick chart just hit it and wham instant reversal...



Now the reason I mention this trade is because this is my main loser every time... This is when I frequently give up my full 20 pip stop because I try to sit through the drawdown. Worked ok this time and ended up with a BE trade after 30 mins of sitting through the pain of drawdown. Yuk!! I hate it!!

Just look at the lovely pullback point C entry just afterwards, straight in and to BE within a couple of minutes... Thats how to enter and look at it fly too from that old high. Look at the CCI turn too, absolute thing of beauty as our friend moneyflow21 said Sunday. It was an absolute gem!!

Also of course I broke my brand new rule to not enter unless within 20 pips of the 100lwma. So to summarize to avoid such shite entries in future I will apply my 2 rules

1. It must be within 20 pips of the 100lwma
2. It must be a quality CCI signal eg over +/-100 level.
3. Just thought of another one that Mr V said to me today. If you miss your entry let it go, don't chase it, there will be another one along shortly. Basically make sure you catch that CCI signal when momentum swings and use the first green candle(red if selling) for your 2 pip pending order at the latest.
   
   ​Those 3 simple rules will stop me entering with my mad momentum moments!!!

Next area for discussion?? That old million dollar question "Hold em or fold em". Today being a strong trending day on GBPJPY was a good day for both methods and I got 75 pips in total from 5 individual trades just banking when price faltered. However if I'd of held those same 5 trades until the end I would of got 277 pips. So obviously we're far better off holding aren't we???

Well in this particular instance yep sure much better off holding them, but you don't know that at the time do you?? You don't know its going to keep going flat out for another 100plus pip winner. what if you keep holding then it comes straight back at you and knocks you out, you're out with nout!!!

Well at least this way of banking whenever price falters you get the CD run everytime so regardless of whether its a rangy day or a trending day you get something for your trouble.

If we could somehow identify the type of day we got early on then maybe we could hold?? But how can we do that?? No wave overlapping??? If wave after wave doesn't overlap then we've got a trending day and should hold but again tricky to know becos once its started to overlap your profits from the previous momentum run would have mostly gone...

How about getting that first reversal entry on early, that break and retest of the 100lwma then hold until LWMA changes colour again??

All food for thought lets see if I can identify a trending day early in the trend and go from there...

One thing thats very important is to identify that the pair your'e trading is still trending strongly. When it first comes to the top of the TTindy of course its trending strongly, it will be breaking new highs or lows and demonstrating a strong trend, soon as we start to see failed drives we need to think accordingly and check the TTindy to see whats what if your pair drops right out give it a miss close out any trades and move on. However sometimes a strong pullback can effect its ratings but it could be still trending. Best check for me before taking an entry is the strength of the AB leg proceeding your pullback you looking to enter on. If the AB move is a clear strong move then carry on if not then time to re-consider and check out whats happening with your trend..

I think we need to develop the skill to be constantly accessing the strength of the trend. This skill is really important and one thing I noted today and you can check the GBPJPY charts in my posts, it was top of 1 min and 5 min TTindy all the time it was trending, so keep an eye on that TTindy its a good guide to the strength of the trend continuing...If your pair starts to drop down the rankings become cautious..

Heres todays GBPJPY move with some trend strength guidelines...

Well lets see if any of this helps tomoz...

Hmmmm not a very good start to the day took a crazy entry first thing this morning, don't ask me why just a mad entry. Not even awake properly....

23.6 pips too as I didn't even have a stop in place so when it started to crash by the time I closed it out manually lost too much.

Ok thats something I gotta stop doing for sure with real money so down to business now lets see if I can get some winners to make up for it....

Ok my minds not on it today so just to remind myself what I'm looking for here is a quick reminder.

 

1. Find a strong trending pair with its 100lwma sloping at about 45 degrees. Use TTindy...
2. Wait for a strong AB move.
3. wait for a CCI signal over a 100 level.
4. Enter at C.
5. Close at D as price falters.

Right got that back in my head......

Top trender and nice possible set up...

Hmmm another loser there on GBPJPY just pipped me in off of that 75 level then took me out...

Ok 2 losers on the trot first one ridiculous moment of madness. 2nd one ok system entry just didn't work seemed like GBP was swinging about a bit there...so 10% down on account today gonna have to sit back and take stock here as to whats going on?? Maybe its not my day today and I should stop for the day???

OK gonna have a cuppa sit back and see if I get any really really good setups before proceeding , nows when I need discipline to not race back in and try to revenge trade..

This could be a very good test of my discipline today....

News in 2 mins so will have a look after that but not in any hurry unless I get an AAA+ trade...

Nope just can't see another AAA+ setup and theres been guys making a couple of speeches this morning swinging price one way then the other which obviously hasn't helped.. Maybe I should avoid speeches???

Also very aware I've lost 2 trades in a row and don't want a third one if I can help it so staying away for today... Funny how yesterday everything was fine but today its just not lining up for my set up....

Looking through the charts EURCAD looks awesome but for some reason didn't figure much in the TTindy so missed it all together, looks like a nice chart to trade and exactly what I'm looking for. Just didn't find one today...




Oh well will get off to work early today if nothing sets up soon????

Hmmm looking back through the charts and saw this strange set up, can't say I've seen that before but a nice little level to trade as breakout or even better as a break and retest entry...

So easy to see with hindsight aren't they????



Feeling a bit disheartened today after the recent success seems a pain to have a no winners whatsoever day, but guess thats gonna happen, but only 2 losers which I'm pleased about as shows my disciplines getting better and the first one was a joke!!! Just felt the need to trade , that won't happen again... Trust me...

Second one a system trade that failed simple as that and thats gonna happen on these one minute charts for sure. Oh well tomorrows another day...

Top 4 trenders and all looking a bit whipish and very unreliable typical noisey charts today not our usual lovely smooth trends so gonna give it up and go to work...

Just an observation.... In both of your GBPJPY trades, look at the charts you posted. The pair is not even on the M1 TT list and was red on the M5 list, but you were trying to buy. Also, the currencies are next to each other and in the middle of your strength meter on the right side of your chart.

Then you posted a EURCAD chart that was moving lower very nicely while you were buying GBPJPY. Look at your GBPJPY charts again, but his time look at where EURCAD is on the TT and on the right side strength meter. Also notice all of the EUR pairs on your TT indy M5 list. I think you will see what happened to you this morning.

It is also advisable to avoid speech times. I have found that speeches can move currencies as much as news.

Great Spot Capstone...

Got myself attached to GBPJPY because I had a great day with it yesterday... But it wasn't the pair today was it??? No like you said when you look back at my earlier posts you can see GBPAUD top of the TTindy so I should of been trading the strongest trender GBPAUD moves instead...Just take a look at these entries on GBPAUD about the same time as my GBPJPY losers...



Just a tad better than my GBPJPY trade heh???

Just noticed as well EURCAD was top on earlier post too, so should of caught that EURCAD move too... Just gotta watch that TTindy..

Just look how powerful that TTindy is I posted these 4 Top Trenders 30 mins ago and look at them all now about 20 to 50 pips lower... Just goes to show regardless of how chart looks the price goes the way of the trend..



Bloody amazing isn't it??? Just gotta stick with those strong trenders like I keep telling everyone else....

Thanks Capstone feel a lot better now to know if I stick to my strategy I'll be ok, nice bit of sharpening there, my friend..thanks

cheers mate..

Just read the rest of your post again and you're right about the currency strength meter too. If I'd of read my own charts correctly instead of "Thinking" I knew better I would of done fine this morning....

Thats been a revelation to me today how you just don't see whats right in front of your face... You see what you want to see. I was looking for a trade in GBPJPY on yesterdays memories and not on what was actually happening on the charts....

Really good spot Capstone thats a major revelation, right there....

No problem. That is why we are here, together! I am used to looking at a similar strength meter in the upper right corner of my charts, so I tend to go to it quickly. I am trying to see the correlation between it and your TT in order to better pin point where to invest my time.

We are on our way, that is for sure! I praise God for it!