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QAM Trading Journal $US1000 to ???

  • #721
  • Aug 24, 2016 12:44pm Aug 24, 2016 12:44pm
Quoting Masterrmind
{quote} It might mean that you need to consider clustering the majority of your entries near key areas of support or resistance. I think your account will also be a good challenge. I'll be looking to trade a cycle on GJ in the early Asian session tomorrow so feel free to join in if you can. ps. just about time for my rest ..... Masterrmind...........
I will see you then. Thank you!
Don't look down when learning to fly.
  • #722
  • Aug 24, 2016 12:53pm Aug 24, 2016 12:53pm
Quoting Platanero
{quote} I will see you then. Thank you!
Ok I'm out of here for now.

Back in the Asian session.

Masterrmind...........
Master your Mind then Master your Trades
  • #723
  • Aug 24, 2016 6:52pm Aug 24, 2016 6:52pm
Asian session in 8 minutes. GBP/JPY is already on the move.
Don't look down when learning to fly.
  • #724
  • Aug 24, 2016 7:33pm Aug 24, 2016 7:33pm
Quoting Platanero
Asian session in 8 minutes. GBP/JPY is already on the move.
Yes you can either get into the cycle early or wait for price to unfold a bit in the first hour or 2 of Tokyo.

Be aware that price can trend and that what you thought would be short term cycles could easily turn into longer term cycles.

If you don't wan a longer term cycle then this might mean closing out several trades in progress.

Always the traders call!

ps. I'll start looking to load up the Expert over the next 15 or so minutes as its ok to be patient and see how the open drives price.

Masterrmind........
Master your Mind then Master your Trades
  • #725
  • Aug 24, 2016 7:39pm Aug 24, 2016 7:39pm
Got it. I am entering manually until I am comfortable with the EA. I believe I was one hour early as I was going by FF Tokyo open.

In my hurry not to miss the open, I did enter short at 133.095 for 0.01 lots. Monitoring it for now.
Don't look down when learning to fly.
  • #726
  • Aug 24, 2016 7:46pm Aug 24, 2016 7:46pm
Ok now I've set up the Expert and attached it to the GJ chart

GBPJPY [M5; 40 - MN 410]

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 39 KB


Currently price either has to move up 10 or so pips to trigger a short entry or drop down 25-30 pips to trigger a long entry.

Note the 2 black horizontal lines on my chart ... this is the 7.9 pip spread I have to deal with .... nasty ... yes!

Note that manual entries can also be applied but be aware of where price is on the chart and try to form an expectation of where it might go.

Note that the support, mid support, resistance, mid resistance, DO line and pivot points should always be in your thought processes.

Note the pip range (use MT4 measuring tool) between HH and LL and compare it to the spread .... if range is tight maybe better not to trade it now.

Masterrmind...........
Master your Mind then Master your Trades
  • #727
  • Aug 24, 2016 7:54pm Aug 24, 2016 7:54pm
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYM5.png Size: 60 KB


Ouch! That's some spread!

I've spaced my entries about 20 pips away from each other.

A 0.01 lot trade of GBP/JPY with a 300 pip stop loss = $30 or 1.3% of my account. Thats not too bad.
Don't look down when learning to fly.
  • #728
  • Aug 24, 2016 8:06pm Aug 24, 2016 8:06pm
Quoting Platanero
{image} Ouch! That's some spread! I've spaced my entries about 20 pips away from each other. A 0.01 lot trade of GBP/JPY with a 300 pip stop loss = $30 or 1.3% of my account. Thats not too bad.
Sounds ok!

I like the fact that you are very aware of the risk per trade and also total risk.

As you are probably very aware you can mouse over your SL level on the chart and see what the $ loss is likely to be.

You might like to consider putting the Pivots + Fibs indicator on your chart because you would have been aware that a bounce in price was possible at the mid-Resistance level (not shown on your chart).

I'm applying wide stops and TPs even though on the GJ cycle the Q exit box will be the first choice to close out "winning" trades.

Masterrmind.........
Master your Mind then Master your Trades
  • #729
  • Aug 24, 2016 8:07pm Aug 24, 2016 8:07pm
Quoting Masterrmind
Ok now I've set up the Expert and attached it to the GJ chart GBPJPY [M5; 40 - MN 410] {image} ... Note that manual entries can also be applied but be aware of where price is on the chart and try to form an expectation of where it might go. Note that the support, mid support, resistance, mid resistance, DO line and pivot points should always be in your thought processes. Note the pip range (use MT4 measuring tool) between HH and LL and compare it to the spread .... if range is tight maybe better not to trade it now. Masterrmind...........

Noted. Taking into account.
Don't look down when learning to fly.
  • #730
  • Aug 24, 2016 8:11pm Aug 24, 2016 8:11pm
GJ

1st trade on its way down.

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


Note where I marked the mid-resistance levels on the chart and how a small bounce occurred.

It is also possible to add in some shorts as price drops lower but be aware that price can find support on the way down and bounce back to the upside.

Always be very aware of the chart structure and where price could potentially find obstacles to its movement in a given direction.

Note that although you think you consider all factors ... price will always show you that it is the boss and do something out of the norm!

So always plan for the unexpected and by that I really mean control the risk on every trade you make.

Masterrmind............
Master your Mind then Master your Trades
  • #731
  • Aug 24, 2016 8:16pm Aug 24, 2016 8:16pm
Quoting Masterrmind
{quote}... You might like to consider putting the Pivots + Fibs indicator on your chart because you would have been aware that a bounce in price was possible at the mid-Resistance level (not shown on your chart). I'm applying wide stops and TPs even though on the GJ cycle the Q exit box will be the first choice to close out "winning" trades. Masterrmind.........
Roger that on the fibs/pivot.

I too will be looking to close upon opposite Q box.

What indicator are you using for your pivot points and support/resistance? I have SS_SupportResistance_v07.3 and PivotLinesINTERBANKv2.
Don't look down when learning to fly.
  • #732
  • Aug 24, 2016 8:20pm Aug 24, 2016 8:20pm
Quoting Masterrmind
GJ 1st trade on its way down. {image} Note where I marked the mid-resistance levels on the chart and how a small bounce occurred. It is also possible to add in some shorts as price drops lower but be aware that price can find support on the way down and bounce back to the upside. Always be very aware of the chart structure and where price could potentially find obstacles to its movement in a given direction. Note that although you think you consider all factors ... price will always show you that it is the boss and do something out of the norm!...
Understood! Thank you. I've marked that area of support.
Don't look down when learning to fly.
  • #733
  • Aug 24, 2016 8:20pm Aug 24, 2016 8:20pm
GJ

Price showing signs of hesitation to drop lower from the mid-resistance level.

While price looks to find a way through its coffee time for me.

Back in 5-10 minutes.

Masterrmind.............
Master your Mind then Master your Trades
  • #734
  • Aug 24, 2016 8:24pm Aug 24, 2016 8:24pm
Quoting Platanero
{quote} Roger that on the fibs/pivot. I too will be looking to close upon opposite Q box. What indicator are you using for your pivot points and support/resistance? I have SS_SupportResistance_v07.3 and PivotLinesINTERBANKv2.
You can use any of them actually but I use the one called Pivots + Fibs indicator.

Check out the paperclip icon on my other QAM Trading Strategy thread and you'll find it.

http://www.forexfactory.com/showthread.php?t=580721

This indicator is more powerful because it also applies Fibonacci levels that can be custom set for multiple TFs.

However, depending on the type of cycles being made you may not need to apply the Fibs all that often if at all.

ps. if you have trouble finding it let me know and I'll upload a copy here.

Masterrmind...........
Master your Mind then Master your Trades
  • #735
  • Aug 24, 2016 8:27pm Aug 24, 2016 8:27pm
Quoting Masterrmind
{quote} You can use any of them actually but I use the one called Pivots + Fibs indicator. Check out the paperclip icon on both of my threads and you'll find it. This indicator is more powerful because it also applies Fibonacci levels that can be custom set for multiple TFs. However, depending on the type of cycles being made you may not need it that often. ps. if you have trouble finding it let me know and I'll upload a copy here. Masterrmind...........
Thank you. I will find it.

PS: Price is on the move.. trying to break through support area looks like ...
Don't look down when learning to fly.
  • #736
  • Aug 24, 2016 8:34pm Aug 24, 2016 8:34pm
Quoting Masterrmind
Recovery Trades The recovery trades applied the following: {image} Keep in mind that current cycle is short UJ 1. Note the 3 by 0.2 lot Sell trades on the AU pair 2. Profit from these initial trades acts as a springboard and a buffer against possible loss when higher lot sizes are applied 3. Note 0.5 lots per entry now applied 4. Follow the sequence onto the UJ trades (hedging initially) then closed out the short continued with the long 5. Follow on with a 0.5 lot EA short 6. Follow on with 3 EU shorts @ 0.5 lots a piece So recovery lot progression...
Hello Masterrmind

Could you please post (or pm) the basic strategy that you used above in "recovery mode" back in April? Not so much your lot proggression, but the "FIFO" trading strategy you employed using the lower time frames to get the account back intact.

Thanks for any reply,
James Turner
  • #737
  • Aug 24, 2016 8:34pm Aug 24, 2016 8:34pm
Quoting Masterrmind
{quote} You can use any of them actually but I use the one called Pivots + Fibs indicator. Check out the paperclip icon on my other QAM Trading Strategy thread and you'll find it. http://www.forexfactory.com/showthread.php?t=580721 This indicator is more powerful because it also applies Fibonacci levels that can be custom set for multiple TFs. However, depending on the type of cycles being made you may not need to apply the Fibs all that often if at all. ps. if you have trouble finding it let me know and I'll upload a copy here. Masterrmind..............
Found it. Applied.
Don't look down when learning to fly.
  • #738
  • Aug 24, 2016 8:35pm Aug 24, 2016 8:35pm
Quoting Platanero
{quote} Thank you. I will find it. PS: Price is on the move.. trying to break through support area looks like ...
Yes that's right!

Lets see if price continues down to our target area or if it bounces back up.

Masterrmind...........
Master your Mind then Master your Trades
  • #739
  • Aug 24, 2016 8:36pm Aug 24, 2016 8:36pm
Quoting Platanero
{quote} Found it. Applied.
There are a few settings in there so spend some time getting used to them and set up the indi how you like it.

You can turn Fibs on/off etc to make your chart cleaner but the choice is yours to make.

Masterrmind............
Master your Mind then Master your Trades
  • #740
  • Aug 24, 2016 8:39pm Aug 24, 2016 8:39pm
Quoting dunlop432
{quote} Hello Masterrmind Could you please post (or pm) the basic strategy that you used above in "recovery mode" back in April? Not so much your lot proggression, but the "FIFO" trading strategy you employed using the lower time frames to get the account back intact. Thanks for any reply, James Turner
You'll need to go through the QAM Trading Strategy thread in the first place as I have outlined much of it over there.

The link to that thread is in Post#734 above.

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