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  • #321
  • May 16, 2016 5:14pm May 16, 2016 5:14pm
Tuesday May 16 - Day # 32

Heat Map (myfxbook)
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 31 KB

News
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 80 KB

Daily gain
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 19 KB

Motivated daily gain is $5.84

Motivated accumulated daily gain is $173.04

Currently US$2.49 ahead of the motivated accumulated daily gain!

Lets see what the market gives out!

Masterrmind...........
Master your Mind then Master your Trades
  • #322
  • May 16, 2016 10:41pm May 16, 2016 10:41pm
Apart from the AUD pairs that moved aggressively in the earlier Asian session the market has been very flat throughout.

Too risky to open a cycle on the AUD pairs pre-RBA minutes release with a 1K account.

Took some EU shorts but closed out early.

Took some EG longs with the Expert [M5; 100] but momentum to the upside was not coming so closed them all out for a small gain.

Set a series of manual pending Buy Stops on EG (later cancelled since the market does not look keen to go up at this stage).

Analysis suggested pullbacks from the big gains made in the AUD pairs might not occur within earlier ATW session time and were avoided.

Not a very busy day or a very profitable day but that's what we have to live with, the market decides when it gives out and not the trader!

The EA tagged 1 entry before I pulled it from the charts as ATW session is coming to an end so that single trade will be closed out soon.

ps. EG long just closed out at a bit better than BE .... no plans to manage extended trades beyond the ATW close today.

Masterrmind............
Master your Mind then Master your Trades
  • #323
  • May 16, 2016 10:59pm May 16, 2016 10:59pm
Do not be too concerned about the accounts progress over the last few days as it has barely managed a gain.

Preservation of the account is the number 1 priority and especially a small 1K account.

This is always at the forefront of my thinking so it needs to be taken slowly to avoid as much risk as possible.

When the market is ready to give out I'll be ready.

The progress from 1K to 10K is always quite slow but rest assured from 10K onwards its a very different story altogether.

Crawl ...... walk ...... and then run!

Good trading,

Masterrmind............
Master your Mind then Master your Trades
  • #324
  • May 16, 2016 11:19pm May 16, 2016 11:19pm
End of ATW session for Tuesday (end of Day #32)

Cycles taken on EG and EU

Very slow day except for the AUD pairs that were deemed too risky on the back of the RBA minutes.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 20 KB


7 trades

7 winners
No losses

Daily $gain obtained was US$1.94 < motivated Daily $gain (US$5.84)

Net daily% gain was + 0.17%

Masterrmind............
Master your Mind then Master your Trades
  • #325
  • May 17, 2016 12:59am May 17, 2016 12:59am
Quoting Masterrmind
Apart from the AUD pairs that moved aggressively in the earlier Asian session the market has been very flat throughout. Too risky to open a cycle on the AUD pairs pre-RBA minutes release with a 1K account. Took some EU shorts but closed out early. Took some EG longs with the Expert [M5; 100] but momentum to the upside was not coming so closed them all out for a small gain. Set a series of manual pending Buy Stops on EG (later cancelled since the market does not look keen to go up at this stage). Analysis suggested pullbacks from the big gains made...
Monday was national church holiday in some parts of Europe, so thin markets in EUro pairs... actually it is one to two week holiday season (school holiday in some part) so it might be some thin liqui in the markets too, be keep in mind that in days as these the Central banks move the markets to there values and take out stop loss, as it happen ... I guess two weeks ago in EUR/USD (quick move without retracement)
  • #326
  • May 17, 2016 2:55am May 17, 2016 2:55am
Quoting togerhard
{quote} Monday was national church holiday in some parts of Europe, so thin markets in EUro pairs... actually it is one to two week holiday season (school holiday in some part) so it might be some thin liqui in the markets too, be keep in mind that in days as these the Central banks move the markets to there values and take out stop loss, as it happen ... I guess two weeks ago in EUR/USD (quick move without retracement)
Yes togerhard that is right.

One of the reasons to keep in tune with the market either by live news feed, central bank policies and actions and having an awareness of market events such as typical times throughout the tear when trading becomes thinner.

The account I'm trading does not have commissions but the spreads are a bit higher than other accounts I trade.

When the market is thin and the spreads are a bit higher then trading the turtle pairs is not really worth it.

Imagine trading the EURCHF with less than 10 pip ranges and a broker spread of say 2.5 to 3 pips ... it just isn't worth it.

Apply ask and bid lines on your chart and you soon see that its better avoided because winners can close out as losers due to high spread.

This is 1 reason why you have not seen a lot of trades on my account from the EURCHF pair however, once activity increases and the trading ranges increase then maybe it will be worth trading.

ps. always need to have several pairs you can turn to to trade when the usual pairs are not worth trading at this time.
pps. It is amazing how school holidays can impact on the market.

Masterrmind............
Master your Mind then Master your Trades
  • #327
  • May 17, 2016 3:55pm May 17, 2016 3:55pm
Wednesday May 17 - Day # 33

Heat Map (myfxbook)
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 34 KB

News
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 49 KB

Daily gain
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 24 KB

Motivated daily gain is $5.87

Motivated accumulated daily gain is $178.91

Currently US$1.03 behind the motivated accumulated daily gain!

Lets see what the market gives out!

Masterrmind...........
Master your Mind then Master your Trades
  • #328
  • May 18, 2016 1:49am May 18, 2016 1:49am
Hello Masterrmind,
Are you closing some trades in profit to maintain the overall DD <10% In cases like this?
Also, where are you planning to close the cylce? I think the price may have a pullback around 1,2800 /1,2900, which are also 38.2 and 61.8 fibo retracements from the DO and there is structure there, what do you think?
EDIT: the are also new related to USD coming during the night
  • #329
  • May 18, 2016 2:15am May 18, 2016 2:15am
Quoting Shuael
Hello Masterrmind, Are you closing some trades in profit to maintain the overall DD <10% In cases like this? Also, where are you planning to close the cylce? I think the price may have a pullback around 1,2800 /1,2900, which are also 38.2 and 61.8 fibo retracements from the DO and there is structure there, what do you think? EDIT: the are also new related to USD coming during the night
There are several techniques being applied at present.

AJ

I tightened up the stops as price drove higher allowing a smaller pullback to the downside to eventually close out the trades (losses in this case but intentional)

EU

Current trades running are 19 with 13 by 0.01 and 6 by 0.02 for a total volume of 0.25 lots

3 of the 0.02 lot entries have smaller Sls (intentional) because if price drives down I don't want 0.06 lots fueling the DD (better to take a small loss in this case)

Notice the 3 by 0.1 lot (0.3 lots) pending Sell Stops below recent structure.

These 3 pending orders will cushion the blow so to speak (minimize the loss) if price continues down.

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

Its very important to always allow enough margin (which there is plenty) so that FIFO, hedging or other orders can be applied.

There is a lot of trading to understand in what has been done so I might explain it in more detail a little later on.

The idea is to carefully apply the right type of trading techniques without being too aggressive (such as throwing 1 lot entries at the market).

ps. I plan to abide by the trading guidelines outlined in this and the other thread especially maximum lots applied for recovery type trades.

pps. very aware of the news and very aware of the fibs and chart structure

Masterrmind............
Master your Mind then Master your Trades
  • #330
  • May 18, 2016 2:26am May 18, 2016 2:26am
I'll keep monitoring PA on the EU chart as time continues however, I am also looking at other potential setups on other pairs for FIFO trade opportunities just in case I need to apply them.

What I do is dynamically follow the PA across the chart and adjust my trading as necessary.

The mind and the eyes must be very active in times like these.

It would be preferable to close out as many trades as I can before the news breaks to limit exposure.

Masterrmind.......... :nerd:
Master your Mind then Master your Trades
  • #331
  • May 18, 2016 2:43am May 18, 2016 2:43am
Quote
What I do is dynamically follow the PA across the chart and adjust my trading as necessary.
And this is what i'm also trying to learn from your charts :
Attached Image

You posted a lot still practicing the setups you traded in the 00 thread .
  • #332
  • May 18, 2016 2:44am May 18, 2016 2:44am
EU - update

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 59 KB


a) The stops closest to price are for the 3 by 0.02 lot entries

b) The stops at the bottom of the chart are for the pending Sell Stops (3 by 0.1 lot entries)

As price creates profit gaps from entries as in the 3 by 0.02 lot entries I have now tightened up the stops of these 3 trades to lock in profit.

The SLs continue to be tightened as price continues up so that should price reverse 2 things occur

1. small profit is taken and

2. no additional DD from 3 by 0.02 lots will occur since they have been closed out

Masterrmind............ :nerd:
Master your Mind then Master your Trades
  • #333
  • May 18, 2016 2:53am May 18, 2016 2:53am
Quoting Shuael
{quote} And this is what i'm also trying to learn from your charts : {image} You posted a lot still practicing the setups you traded in the 00 thread .
The more dedicated and consumed in chart time you become the better the end result!

ps. I know of several other traders who have studied my charts in great detail!

Masterrmind...........
Master your Mind then Master your Trades
  • #334
  • May 18, 2016 2:58am May 18, 2016 2:58am
Quoting Masterrmind
EU - update {image} a) The stops closest to price are for the 3 by 0.02 lot entries b) The stops at the bottom of the chart are for the pending Sell Stops (3 by 0.1 lot entries) As price creates profit gaps from entries as in the 3 by 0.02 lot entries I have now tightened up the stops of these 3 trades to lock in profit. The SLs continue to be tightened as price continues up so that should price reverse 2 things occur 1. small profit is taken and 2. no additional DD from 3 by 0.02 lots will occur since they have been closed out Masterrmind...............
EU

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 62 KB


3 by 0.02 lot entries taken out by tightening of the stops.

Not much of a buffer profit but still a small profit nonetheless

Note: Now as price drives down a little lower I'll be looking to place additional Buy Stops @ 0.02 lots a piece to generate additional profit!

Masterrmind...........
Master your Mind then Master your Trades
  • #335
  • May 18, 2016 3:09am May 18, 2016 3:09am
The bigger picture

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 70 KB


Sitting on a gross gain of about +2.63%
Floating DD of about -4.62%

So no where near 10% maximum DD which is good to see!

The idea is to retain as much of the gross gain as possible without giving it all back to the market (and some) but not at the expense of exceeding assigned floating DD!

Masterrmind.........
Master your Mind then Master your Trades
  • #336
  • May 18, 2016 7:45am May 18, 2016 7:45am
End of ATW session for Wednesday (end of Day #33)

Cycles taken mainly on EU

Various other trades

Multiple winners and multiple losers!

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 24 KB


Daily $gain obtained was US-$69.89 < motivated Daily $gain (US$5.87)

Net daily% gain was -6.34%

Masterrmind............
Master your Mind then Master your Trades
  • #337
  • May 18, 2016 4:50pm May 18, 2016 4:50pm
Thursday May 19 - Day # 34

Heat Map (myfxbook)
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 42 KB

News
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 43 KB

Daily gain
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 26 KB

Motivated daily gain is $5.89

Motivated accumulated daily gain is $184.80

Currently US$82.62 behind the motivated accumulated daily gain!

Lets see what the market gives out!

Masterrmind...........
Master your Mind then Master your Trades
  • #338
  • May 18, 2016 6:56pm May 18, 2016 6:56pm
Wednesday turned out nasty on the EU cycle leading to a reduction in gained profit.

Today is also starting to generate its fair share of DD which means trades may need to be closed out prior to the 10% floating DD limit.

Start of day balance = US$1102.12

10% of US$1102.12 = US$110.21

Would prefer to remain well clear of this amount.

Lets see how the market behaves today ..........

Masterrmind..........
Master your Mind then Master your Trades
  • #339
  • May 18, 2016 9:36pm May 18, 2016 9:36pm
Quoting Masterrmind
Wednesday turned out nasty on the EU cycle leading to a reduction in gained profit. Today is also starting to generate its fair share of DD which means trades may need to be closed out prior to the 10% floating DD limit. Start of day balance = US$1102.12 10% of US$1102.12 = US$110.21 Would prefer to remain well clear of this amount. Lets see how the market behaves today .......... Masterrmind..........
hmm im still watching that quam thing.
  • #340
  • May 18, 2016 10:06pm May 18, 2016 10:06pm
Quoting metta87
{quote} hmm im still watching that quam [QAM] thing.
Great!

Enjoy the entertainment.

Masterrmind..........
Master your Mind then Master your Trades
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