Gejordan Weekly Journal

No, I like your explanation of managing stop and your tp1 for a M5 trade. The only thing I might do is take out the hard tp2 and see if it breaks through but shut down if it struggles in that area. But, the tp2 is fine and this would be a good M5 trade just doing what you have on the screen

I made a big chart and picture explanation, but instead of that, let's try answering it through discussion instead...

What do you see that makes you not understand why I'd go for it?

thx G

I'll answer this probably a bit deeper than you are looking for. But the answer is for anyone reading.

We (retail traders) do not know where the market is going next... at any time. We can only look at what's happened and make decisions on where we think there are good opportunities to take trades and make profit or keep losses small. -- These two sentences are my fundamental trading truths and I believe them to the core.

As we gain experience through participation in the market, we see things that tend to repeat themselves or look familiar. Eventually, whether its consciously or subconsciously, we might "anticipate" things, but anticipate, to me, just means our internal self telling us that this is something that looks familiar. I wouldn't use the word anticipate to explain anything I did, I just looked at what was happening and acted from a place that I thought had a good chance to give me profit or keep my loss small.

Now, for the mechanics of the trade and what goes on in my head prior to and during:

(1) not pictured, but you can see on your chart... price has been moving up. I took longs from the bottom yesterday and it paid. I enter today with that thought.
(2) as you know, I see horizontal channels on charts when it comes to making trade decisions. so this morning I identify channel 2 (in yellow). It developed overnight. I also see a possible channel, but really just a previous high and I have labeled that channel 1 (in blue)
(3) In my head I say this... "price is moving up in general, and failed to move any lower overnight." That is important to me. NOW, just because it didn't move lower overnight doesn't mean it won't move lower in the next 5 minutes after I sit down. I DON'T KNOW.
(4) At the end of my blue "channel", is about where I first looked at the chart this morning. You see a green bar, it closed above the last high (a "breakout" of my channel 1 or call it a new high). Price then gave a bearish action but didn't enter back into the channel. Then we got bullish price action... call it whatever the hell you want... I call this an outside bar, I call it a horrible pin... to me its valid action for me to trade. From the top of channel 1, away from the middle of channel 1.
(5) I enter immediately, not because I want to, but because I have been noticing Mikepip doing it and I am trying to mimick his trading action, but take the trades I would take. This is hopefully to show him that retraces happen, which they did here and I could have entered about 4 pips better right off that line.
(6) Now I wait. Price moved against about 5 pips or so, but never closed below the top of the channel. As with your M5 trade, I know when its in trouble and can shut it down. Then price moves in my favor.
(7) I am taking 15 pip TP1, but if I weren't doing this to illustrate some things to Mikepip, I would go for the upper red line or darn near it as TP1. WHY not the 1:1 off the setup? Well, I know through what I "anticipate" (to me just familiar experience) that if this trade doesn't stop out it is likely to go after that next red line (a high from a few days back) and if I get real fortunate, it might go another 50-70 or so.

Now, you said there was a better area if I waited for more retrace... maybe, but this was a very good place to me. If I would have stopped, It would have been small and then had price held at where you suggested I can always go long again.

next up, EU, which is more along the line of your picture.

Did that help?

Didn't ask for it, but EU thoughts as a bonus


- There was a possible channel (yellow): broken overnight, new high (3)
- Then the overnight channel (green): kept making new highs (4)
- Price didn't make new lows (2): Important, not certain, but important in conjunction with new highs.
- I get to chart at the end of the green box
- I await bullish action, hope it happens in good place, ie, above the yellow box
- Get action (5), take immediate entry, would have preferred entry at (6)
- wait
- goes after top of green box and thru (tp1)
- watch for what happens at solid red line, but went to bed and got stopped.
- NOW, if I would have been here during early US, tell me where I go short...(7)
- Everyone knows why... CORRECT?

Just posting this again so its not lost...

150 pips in the last two sessions, there was plenty more to get.
*can mikepip (or you reading this) make money trading this limited session: yes
*does he need to be able to manage risk: yes
*does he need to see how price is moving: yes
*does he need to be present and clear and not angry: yes
*does he need to follow a channel rule: yes
*will going ape crazy and painting the chart when he is angry going to help: no
*have I done anything special or mystical: no
*can all of you do this: theoretically, but you have to be clear on why you are trading, seeing a chart, appreciating risk, following rules, and not be a gambling headcase on tilt when you go to trade

you get the point

thx G for the explanation.....

You sound uncannily like that Goofball that did those, now hard to find Videos here on FF.

I believe I know why, but I'll reply in case I'm missing something.

Short at 7.
Price held at red line previously, which I believe was a high from 2 days ago (I'm not at a chart right now but I had a similar line marked)
From there price went lower than the previous low at 6.
Price retraced the down move and stalled below red line, where it failed to make a new high, making a lower high at a prepared/identified area.

good

Got clear.
Long GJ

This one looks to be struggling

better... too big of loss, but you were in the game with this one.

I like this trade

Shame coz it moved higher!

Mikepip is about to get things dialed in

Since I couldn't trade last night, let's look at Mike's trade... he picked the right direction... Price pushed higher after New York close and then drifted back but didn't really make any significant lows to take you off thinking long.

Mike tried the early long... the only part I have issue with is not closing out the trade sooner and taking a smaller loss. I would have also liked to see him give it another try when he got the next action and be prepared to do the same thing, call it off if it goes wrong. It didn't, that was the one that pushed. Mike is down in confidence right now so he is being careful, but as he gets better and better at seeing he is viewing the action accurately, he'll have more confidence to give it another go. This is an example where he could have had two stabs for the price of one. It takes time.

hey Mike re the GJ trade....
what was the rational for the shaded area?

I told him to clear his chart of everything and just shade the overnight area. I want him to note where price is when he starts trading and pay more attention to price.

If you note some of his above charts he has too many thoughts going on in his head... we are simplifying

Got clear.
EU short

kept the loss small, good, looks like a third of the size of yesterday