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My Line in the Sand

  • #141
  • Sep 30, 2016 11:46am Sep 30, 2016 11:46am
GBP/JPY M5 Short Trade

It's not an ideal time to Trade and I'll be keeping a close eye on developments.

But it illustrates how I keep looking for the same thing to happen
Attached Image (click to enlarge)
Click to Enlarge Name: 30th Sept 16 GBP:JPY M5 Short Trade 2.png Size: 143 KB
  • #142
  • Sep 30, 2016 12:52pm Sep 30, 2016 12:52pm
Quoting stevepatt
GBP/JPY M5 Short Trade It's not an ideal time to Trade and I'll be keeping a close eye on developments. But it illustrates how I keep looking for the same thing to happen {image}

GBP/JPY M5 Short Trade Result

BE +3 Pips.
  • #143
  • Oct 1, 2016 4:13am Oct 1, 2016 4:13am
I've taken 5 Trades this week

4 have been winners +7R +105 Pips +14%

1 has been BE +3 Pips

I don't know, how many of you watched the Chris Lori video but it is well worth investing the time to study what he has to say about the Markets.

Here is another of his videos, he emphasises the importance of being an Independent Thinker.

It's only when we become Independent Thinkers that we will stop looking to outside agencies to confirm our Trade decisions.

Inserted Video
  • #144
  • Oct 1, 2016 7:00am Oct 1, 2016 7:00am
Quoting stevepatt
GBP/JPY M5 Short Trade It's not an ideal time to Trade and I'll be keeping a close eye on developments. But it illustrates how I keep looking for the same thing to happen {image}
Hi mate ,Why dont you hide your stops behind structure ? I usualy put stops 3 pips behind swing highs / lows.
  • #145
  • Oct 1, 2016 7:23am Oct 1, 2016 7:23am
Quoting price777999
{quote} Hi mate ,Why dont you hide your stops behind structure ? I usualy put stops 3 pips behind swing highs / lows.

Hi Price,

How's your Trading going?

If my Stops where being hit I would consider doing that.

I find placing my Stops above the Setup Candle is usually enough.

If anything I'm looking to reduce my Stops so my Take Profit is hit quicker.
  • #146
  • Oct 1, 2016 7:36am Oct 1, 2016 7:36am
Quoting stevepatt
{quote} Hi Hishamzz, As promised here are the Charts from Tuesday 27th Wednesday 28th and today. The best way to learn this is by going over past Charts and "Reading" the Structure and PA. Take a look at at any other Pair of your choosing and try doing what I've just done and see what you discover. {image} {image} {image}
Beautiful!

Tuesday I was at the keyboard waiting for a try right after 5 GMT but just could not find any 30-60 mins after 5 GMT. I see that I have missed alot!
Wednesday was just as you had mentioned. Messy!

Please keep these coming Steve. As I am new to market structure and your clear examples is slowly penetrating into this thick skull of mine Keep up the good work!

Zz
  • #147
  • Oct 1, 2016 7:50am Oct 1, 2016 7:50am
Quoting hishamzz
{quote} Beautiful! Tuesday I was at the keyboard waiting for a try right after 5 GMT but just could not find any 30-60 mins after 5 GMT. I see that I have missed alot! Wednesday was just as you had mentioned. Messy! Please keep these coming Steve. As I am new to market structure and your clear examples is slowly penetrating into this thick skull of mine Keep up the good work! Zz

Hi Hishamzz,

It will take time and practice to read Market Structure.

But once you do it will become second nature.

I found watching Chris Lori's videos helped me a lot to understand how the Market works.

I don't Trade exactly like Chris but have adapted what I learned to suit my Trading Style.

Like I said before, the best way to learn is to go over past Charts and mark Structure Levels and Possible Trade entries.
  • #148
  • Oct 1, 2016 9:59am Oct 1, 2016 9:59am
Quoting hishamzz
{quote} Beautiful! Tuesday I was at the keyboard waiting for a try right after 5 GMT but just could not find any 30-60 mins after 5 GMT. I see that I have missed alot! Wednesday was just as you had mentioned. Messy! Please keep these coming Steve. As I am new to market structure and your clear examples is slowly penetrating into this thick skull of mine Keep up the good work! Zz

Hi Hishamzz,

Here's a more detailed break down of Tuesdays Market.

It there's anything you don't understand take another look at the Chris Lori videos.
Attached Image (click to enlarge)
Click to Enlarge Name: 1st Oct 16 GBP:JPY M5 Observations.png Size: 215 KB
  • #149
  • Oct 1, 2016 12:23pm Oct 1, 2016 12:23pm
Quoting stevepatt
{quote} Hi Hishamzz, Here's a more detailed break down of Tuesdays Market. It there's anything you don't understand take another look at the Chris Lori videos. {image}
Post some youtube videos for chris lori?
  • #150
  • Oct 1, 2016 12:26pm Oct 1, 2016 12:26pm
Quoting devontrader
{quote} Post some youtube videos for chris lori?

Hi Jason,

Try these.

Post #138 Post #143
  • #151
  • Oct 1, 2016 5:37pm Oct 1, 2016 5:37pm
Quoting stevepatt
{quote} Hi Price, How's your Trading going? If my Stops where being hit I would consider doing that. I find placing my Stops above the Setup Candle is usually enough. If anything I'm looking to reduce my Stops so my Take Profit is hit quicker.

My account went down a bit last couple weeks ....overconfident after a good run .
I'll try going full time again in a few weeks , been busy with work.

Cheers
  • #152
  • Oct 1, 2016 6:01pm Oct 1, 2016 6:01pm
What's your money management rules ?

How do you manage to stay diseplined ? (somthing I sruggle with)
  • #153
  • Oct 2, 2016 4:04am Oct 2, 2016 4:04am
Quoting price777999
What's your money management rules ? How do you manage to stay diseplined ? (somthing I sruggle with)
Hi Price,

I risk no more than 2% per Trade and aim for 2R return, 1R if Market Structure and PA isn't clean.

The worst losing run I have had recently is 5 (-10%)

I remain Disciplined because I know exactly what I want to see before entering a Trade, the Market Structure the Price Action a Thin Inefficient Market to Trade into and my Target, or at least 1R, can be reached before reaching the nearest Swing High/Low.

We all have to be Focused, Disciplined and Structured in our approach to Trading otherwise we will fail it's that simple.

The worst thing that can happen is Trading against our Trading Plan and winning. At least by losing, if we are smart, we will revert back to our Trading Plan which we know has a Winning Expectation

  • #154
  • Oct 3, 2016 2:04am Oct 3, 2016 2:04am
GBP/JPY M5 Short Trade

Got caught out on this Trade.

This is an example where putting my SL above the Swing High would have kept me in the Trade.

I missed the other Short Entry.

We are know seeing an Inefficient Thin Bearish Move I'd expect to see the Market fill the Gaps that are being left.
Attached Image (click to enlarge)
Click to Enlarge Name: 3rd Oct 16 GBP:JPY M5 Losing Short Trade.png Size: 144 KB
  • #155
  • Oct 3, 2016 11:08am Oct 3, 2016 11:08am
GBP/JPY M5 Long Trade

The Market is starting to see some Bullish activity
Attached Image (click to enlarge)
Click to Enlarge Name: 3rd Oct 16 GBp:JPY M5 Long Trade.png Size: 199 KB
  • #156
  • Oct 3, 2016 11:28am Oct 3, 2016 11:28am
Quoting stevepatt
GBP/JPY M5 Long Trade The Market is starting to see some Bullish activity {image}
Hello steve. Nice to see your journal in here. Do you trade often m5 timeframe or first look at HTF and then see LTF?
  • #157
  • Oct 3, 2016 11:57am Oct 3, 2016 11:57am
Quoting alsu
{quote} Hello steve. Nice to see your journal in here. Do you trade often m5 timeframe or first look at HTF and then see LTF?

Hi Alsu,

I check the HTFs at the start of the day just to get an idea of the bigger picture.

But I find M5 Market Structure and PA is usually all I need to Enter and Exit Trades.
  • #158
  • Oct 3, 2016 12:55pm Oct 3, 2016 12:55pm
Quoting stevepatt
GBP/JPY M5 Long Trade The Market is starting to see some Bullish activity {image}

GBP/JPY M5 Long Trade Result
Attached Image (click to enlarge)
Click to Enlarge Name: 3rd Oct 16 GBP:JPY M5 Long Trade Result.png Size: 134 KB
  • #159
  • Oct 3, 2016 1:50pm Oct 3, 2016 1:50pm
Too late in the day to take a Trade but this shows what I am looking for.

Like I said at the beginning of my Journal things would evolve and improve as I went forward.
Attached Image (click to enlarge)
Click to Enlarge Name: 3rd Oct 16 GBP:JPY M5 Observations .png Size: 124 KB
  • #160
  • Oct 4, 2016 12:21am Oct 4, 2016 12:21am
Quoting stevepatt
GBP/JPY M5 Long Trade The Market is starting to see some Bullish activity {image}

GBP/JPY M5 Observations

The Market has now closed any Gaps left in yesterdays Bearish move.
Attached Image (click to enlarge)
Click to Enlarge Name: 4th Oct 16 GBP:JPY M5 Observations.png Size: 123 KB
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