Trading is as simple as ABCD

Thanks Clive

The little indy is the pipware mini chart, and you can find it here

And just like a sniper watching and waiting for its prey

Sorry about the black out area - it's something I'm beta testing and not for public discussion yet.

Looks like the Tories might end up with a majority which the market appears to think is good news for the UK, I'm not quite so convinced but who am I to trade what I think. So just thought I'd put one on top trender GBPNZD and see what I've got in the morning...



Good night, sleep tight and don't let the bed bugs bite... as my old Dad use to say...

More than likely to be sitting out Friday as I am not a big fan of trading the NFP. Kind of an up and down week for me but ended on a high note with my account up 21% for the week.

I really like the two CCI set up but damn does it slow down my platform.

That was about as high as it got so should of banked my 40 pips....and now theres GBP weakness every where so lets sell...

Grabbed a quick 9.2 there but looks llike London wants it up for the day....

Gave it back trying to be too clever as usual buying the early reversal after a strong AB counter move thought it was going to go up, but we all know what "thought" does don't we??? Didn't even get a chance to go to BE......

Serves me right for thinking I know better than the market....



Mind you I thought it was worth the 9 pips to find out.....

Had to give it one more go off of that 185.00 level didn't I????



Knowing that Frankie likes to reverse so why not play to it.....

High risk but hopefully high reward as Conservatives got thier majority so London might like it up....

Banked almost 30 there as its got old high at 185.5 but will look to re-enter if it presents itself nicely...

Break and retest of that 25 level and away we go hopefully for the day up.....

I've traded this GBPJPY move today and I've just kept banking as I go 10 here 5 there, 14 etc and I've slowly gotten over 60 pips from it in about as many minutes. Of course if I'd of held my first entry I'd be 80 pips up in that one alone, but heres the thing, those trades only work on days like today, however taking nibbles works on all types of days good ones and the not so good ones...



Looks like its reached the 186.00 level which is past resistance but I've got a feeling its going past here sometime today so when it does look out for the break and retest.... Other than that wait for it to take a couple of steps back and then it will take a run at it whilst at BE...

Last go at this today as its either going to go up and straight through 186.00 or its the end of the move and like all trends when they end you can lose...

Nope lost 13 pips there but to be expected at the end of a trend and I had 60 out of it, wasn't that enough from one move???

The other thing is I didn't notice it had dropped out of the top trenders too, mind you all the time it was above its 120HMA it was ok to trade..

Shows what you can do if you catch these moves at the start too...

Everythings looking like its at a bit of resistance now and all made good moves already so time for a cuppa and a rethink... maybe play the next reversal of one of these top trenders...



But first time for a cuppa....

heres a question clive what are the reasons for exiting at 10 ticks or 5 ticks or 39

To bank your profits and make money from your morning....and I think I know where you're coming from, everyday you can make money banking whenever you're up and it falters even on rangy days, however it has to be a trending day to make money from a holding philosophy.

Whereas grabbing orphans makes money on both types of days, the only difference is on a day like to day the moves might come from the same pair eg GBPJPY as it keeps moving HHHL...Just trade each ABCD move as a stand alone move forget about the trend.. Just trade each ABCD on its own merit..

Is that a better way to look at it Harold???

120HMA giving us our pullback now back with the trend and hopefully hold on the 120HMA until it turns back down again...

heres the thing clive you have a stoploss target but no profit target. its just random based on whatever you want to call it. mathamaticaly you can never project what you will make hence no plan of exit. thats why I recommended you examine the range bar chart with your setups at least you know where loss is and you can find a target whether its risk 10 to make 15 or 20 etc at least you know what to shoot for so if your strat is 60% then you will make money consistently and fear would have left the building with elvis

Hi Clive
60 pips would equate to 6% on your money management rules, right? From what I've seen, you can make that fairly easily every day. Let's half that and make it 3% a day. With compounding, you'll be able to make a very good living within a very reasonable time, no matter how small an account you start off with. A week or so ago you mentioned that Martin instructed you to trade "orphan grabbing" for a week. I suggest you do that and make a call at the end of the week. This backwards and forwards on how much you should bank are actually just putting you backwards. If I had the ability you have to squeeze out pips, I would've had a very nice account by now. Honestly, what does it matter if you make 60 pips with 10 trades or 1? I know I would choose the easiest path for what suits me. Just pick one path for one week.
Cheers,

Kobie

good advicewhen taking the one trade at a time abcd you have 2 choices.1.dont be greedy....take the profit and run2.pull your stop up to lock in your profit...takes you out? Fine same win as point 1....dont take you out? Let the winner run locking in pips as you go

Hi Kobie

Thanks for your comments and yes I am coming to the same conclusion as you. I feel I can enter and get safe within 3 minutes almost at will when I'm trading at the right time of day on a strong trender...I'm having at least 70% success rate with my entry system.

Thats good enough for me , now its all about exit and not being too greedy. My problem is very simple, I seem to be more concerned about coming out too early and leaving something on the table than losing..or rather a BE trade..

Thats the bottom line here and thats the issue that I have to address. My Fear of leaving something on the table, far outweighs my need to bank my profits. I'm sure that sounds strange to any successful traders reading this, but thats where I'm at.. My mindset needs adjusting but its very hard to just say , "I'm going to change it tomorrow". Theres some deep rooted belief that I should hold for the maximium pips I can from each entry.

Now until I deal with that "belief" nothings going to change... so how can I change such a deep rooted belief????

Well all weekend I have been looking at the runs I'm looking to trade around the market opens and checking out the size of each 1 minute push or if you like the CD leg. I've been studying the characteristics of these moves to see what is the best way to profit from my trading skills and without doubt I have drawn some very powerful conclusions from this study..

The most important thing was to look at my setup when it didn't work and study these moves. I looked at very rangy type days with no follow through when you just get one ABCD move and thats it. I've looked at the big 100 plus pip runs when trade after trade would work.. I've looked at many failed signals,(quite hard to find actually on strong trenders) and many really good ones too...

My conclusions are very very conclusive and very simple too....

The only way to trade my strategy is to just focus one each ABCD move as a single event , regardless of whether it is part of a trend or a higher timeframe move etc..

Just trade the ABCD move on its own and ignore anything else.. If it later proves to be part of a good 100 plus pip move then it will setup again and again. However these 100 pip moves are very rare compared to the typical 20 to 50 pip move you get therefore the higher probability trade is somewhere between 10 to 30 pips in a strong trender..

Also I will still be trading those 100 plus pip moves but only one bite at a time with no intentions of holding for the longer move whatsoever...That way if I did trade every leg of that move I would be making far more than 100 pips as each wave would lap over the next...so giving me maybe 5 trade of 25 pipos so again theres simply no point in holding...

Remember also that 70% of the time there will be no further moves to trade as the trend will end shortly after my first trade..

This going back over Lo after LO after LO and NYO studying these moves has left me with a very clear mindset of exactly how I'm going to trade going forward.l...

One step at a time, one ABCD move at a time, I'm going to treat each ABCD as a completely individual move all on its own, watch for the AB move wait for the BC move enter at C and exit at D... End of story...Job done, then look for my next ABCD....

The other thing that has become painfully obvious looking back is that the first 2 or 3 entries are without doubt the best, presenting easier entries and bigger winners. Any entry after this should be traded with extreme caution if at all???? I'm almost inclined to say no more trades after the first 2 maybe 3 at most in the move..

This is the way I will trade all of next week to see how it works out, the most important thing is to absolutely forget holding, this is to retrain my mindset from a holder to a folder...

Orphans watch out Daddies coming to get you......