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Pure Price Action Trading

  • #321
  • Apr 6, 2015 3:50am Apr 6, 2015 3:50am
TRADING JOURNAL

Recording all your trades helps you to look back and improve your trading. I posted last week about that. So when I talk of a trading journal i am not only talking about recording your P&L in excel, but i am talking about detailed journal where you write your thought process during the trade and then after the trade. A picture speaks a thousand words...you have the charts prior to entering the trade and then charts after the trade, this helps you to look back and see where your method has flaws.

I have attached a copy of the trading journal i use, it might look like a lot of work, but for you to be successful in trading you have to put in the work. This journal will help you a lot and it has helped me with my trading a lot. I can look back 6-7 years ago and see how I traded compared to now and see how I have evolved as a trader. Hope you will find this helpful.

(Don't know why the other chart is not showing)

Attached File(s)
File Type: docx Trade Journal.docx   140 KB | 321 downloads
  • #322
  • Apr 10, 2015 3:49pm Apr 10, 2015 3:49pm
Keep an eye on cable, price has broken the low of the year, sellers haven't been aggressive to drive price lower, watch out for false breakout and if it is, it will be a quick move up, price has visited these lows before and the reaction was a quick 500 pip move up...Next week will be interesting on this pair..another pair to keep an eye on is eurcad, which has also broken years low, but there seem to be a follow through by sellers, time will tell.
  • #323
  • Apr 15, 2015 5:20am Apr 15, 2015 5:20am
STILL RIDING THE TRENDS

Remember the few trades from few months ago, there are still running. Eurusd and eurjpy had a significant retracement, but luckily I was not stopped out, so i am still in and the bears are working for me. Look at the big retracement I managed to sit in, most traders would have bailed out because they don't want to see their unrealised profit reducing. I was comfortable staying in because I have already made some money from the trades by taking partial profits and also the momentum was down so there was no need to relinquish my position when i was at an advantage. Remember the article i posted last week about gbpusd...i took a long trade and I have already taken partial profit and my stop loss has been moved to BE for the 5 remaining positions.

Look at the eurjpy chart and tell me if you would have watched the market retrace that far and still hoped your short position.

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  • #324
  • Apr 15, 2015 8:59am Apr 15, 2015 8:59am
Great technique.
Good place to learn.
People want to "get rich fast" instead of "get rich".
Turtle-like trading is much better than rabbit-like trading.
Pure Price Action Trading
  • #325
  • Apr 15, 2015 9:50am Apr 15, 2015 9:50am
Quoting Monterson
Great technique. Good place to learn. People want to "get rich fast" instead of "get rich". Turtle-like trading is much better than rabbit-like trading.
I am glad you are finding this thread useful Monterson. I have found trend following to be the most profitable trade, but new traders don't like it because the return is slow compared to other trading methods. But what they don't know is that in the long term, trend following is the one that bits all the other methods. Most famous successful traders i read about in books were trend followers, so this tells you something about the power of the method. I think new traders i interested in the lower timeframe charts they want to be active everyday, they want quick profits....but if you want to be successful in the long term, the secret is HTF Trend Trading....I don't look at any charts below 60 minute...to me its noise. I don't want to trade noise, i want to trade with the Big money flow, trade with the momentum.
  • #326
  • Apr 16, 2015 5:56am Apr 16, 2015 5:56am
TREND FOLLOWING

I have new trades which are short gbpaud, euraud and long audusd, the first 2 trades have reached 3 targets already, so i have 3 lots left on each trade. Audusd has been moved to BE, but it still haven't reached any targets. Euraud is at a significant level, price is at the years low, and has slightly broken it, if this follows through, i am already well positioned. In total I now have 7 trades open, some from few months ago...some of these trades could still be open for weeks/months. As long as the trend is going in my direction, I have no need to relinquish my positions. These trades could turn out to produce huge returns or stop me out...i don't know, but what i know is that trend following is profitable in the long term.

Remember this folks....if you want to be successful in your trading
1. Follow the trend
2. Cut your losses
3. Let your winners run
4. Repeat

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  • #327
  • Apr 16, 2015 7:01am Apr 16, 2015 7:01am
Lets keep our eye on these two pairs https://joetradingplace.wordpress.co...ese-two-pairs/
  • #328
  • Apr 17, 2015 5:02am Apr 17, 2015 5:02am
Quoting Tradingplace
Keep an eye on cable, price has broken the low of the year, sellers haven't been aggressive to drive price lower, watch out for false breakout and if it is, it will be a quick move up, price has visited these lows before and the reaction was a quick 500 pip move up...Next week will be interesting on this pair..another pair to keep an eye on is eurcad, which has also broken years low, but there seem to be a follow through by sellers, time will tell.
We had a plan and we executed it, now we let the trade run, we have paid ourselves by taking partial profits, we have locked some profits and we have 2 lots at BE, now we let the bulls work for us.

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  • #329
  • Apr 20, 2015 3:41am Apr 20, 2015 3:41am
Quoting Tradingplace
Lets keep our eye on these two pairs https://joetradingplace.wordpress.co...ese-two-pairs/
managed to take a short on https://joetradingplace.wordpress.co.../short-usdcad/
  • #330
  • Apr 20, 2015 8:56am Apr 20, 2015 8:56am
How I trade false breakouts https://joetradingplace.wordpress.co...w-to-play-fbo/
  • #331
  • Apr 21, 2015 12:59am Apr 21, 2015 12:59am
How I manage my trades, cutting losses https://joetradingplace.wordpress.co.../manage-trade/
  • #332
  • Apr 22, 2015 7:20am Apr 22, 2015 7:20am
Recipe to successful trade following https://joetradingplace.wordpress.co...utting-losses/
  • #333
  • Apr 22, 2015 7:44am Apr 22, 2015 7:44am
How to buy and sell in the same market to take advantage of trends https://joetradingplace.wordpress.co...same-currency/
  • #334
  • Apr 22, 2015 2:52pm Apr 22, 2015 2:52pm
Hi.

What % of your account do you risk on single trade? Do you follow any rule?
Pure Price Action Trading
  • #335
  • Apr 23, 2015 4:01am Apr 23, 2015 4:01am
I have learned that trading price action (Trend Trading) while risking not more than 3% of your account per trade is highly profitable. Usually when you catch a good trend you can have an RR of more than 1:5
DON'T TRADE THE DIRECTION, TRADE THE MOVE
  • #336
  • Apr 23, 2015 11:13am Apr 23, 2015 11:13am
This post will show you my thought process before and during the trade https://joetradingplace.wordpress.co...losses-part-2/
  • #337
  • Apr 23, 2015 11:20am Apr 23, 2015 11:20am
Quoting Monterson
Hi. What % of your account do you risk on single trade? Do you follow any rule?
To me risk depend with your confidence in your own trading ability and it usually comes with experience...i risk anything from 5% and below depending on the setup. But for people who are starting i recommend them to risk what they are comfortable to lose....but starting smaller even at 0.1% is really good....yu will have to lose 1000 trades in a row to lose your account....and i think by the time you have taken more than 500 trades yu will getting experience that yu won't blow your account...thats my take on risk. I wish someone could have told me this when i started, i wouldn't have blown accounts.
  • #338
  • Apr 23, 2015 11:34am Apr 23, 2015 11:34am
Quoting Pipomagic
I have learned that trading price action (Trend Trading) while risking not more than 3% of your account per trade is highly profitable. Usually when you catch a good trend you can have an RR of more than 1:5
You are right Pipomagic, look at all the successful traders we read about, they were all trend followers. I only started being consistent when i followed the trend following philosophy...when i started i had more losses than loser, but i still made money and as i gained experience in my price reading, the number of losers reduced and reduced...and the winners got bigger and bigger. Practical example...look at my short eurjpy in December last year...if my broker didn't go burst i could have been in it right now and yu can see for yourself how profitable it can be. I was short from the red line. They closed my trade around the blue box...but still i made a tonne of pips. https://twitter.com/Tradingplace/sta...12411892035585


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  • #339
  • Apr 24, 2015 2:02am Apr 24, 2015 2:02am
How I trade breakouts https://joetradingplace.wordpress.co...ing-breakouts/
  • #340
  • Apr 24, 2015 7:16am Apr 24, 2015 7:16am
Reading price https://joetradingplace.wordpress.co...rice-and-time/
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