MY Journal-phil13

Yes this is like what I am doing - although like you using price action. Using fib nos maintains the fib relationship so we can use it to help us re nos.

I would have a question tho if price has run away from us so much (so we are against trend) - is it wise to do such rescues or is this just in case our brain got us into trouble.

Alex

Hi Alex

Yes, it depends how far we have got ourselves into the (trouble) trade, to be honest if I only have scouts in I will either kill them or soak them up in another profit trade or two in some other pairs, as far as I am concerned this tool should only be used for training to understand the implications of what you could get yourself into and teach you how to wait and spread your trade entries out correctly to give you the best chance of bringing them home, as I said you do not have to add at those areas/levels, if price shoots through say 3 levels with no signs of counter momentum you could add further up and miss out the lower ones if you want to or re-adjust the fib/skew levels and of course never forget the complete kill option, I just used the standard numbers but they need to be adjusted to suit you and what is going on in the market/chart, one thing I do sometimes if I am in deep is as it goes to the next level/range against me would be to cut half the previous level entries if I have made any, but as I said it is a training tool with many different options/uses, I only presented it in a basic way for an example, the way it helped me was to show me about money management, the snowball, how price moves and the dangers of letting ego take over the trade.

Regards

Phil.

back trading now and first trade i thought i should use/explain more on the training tool i used.

G/U trade....

Welcome back Phil!

Hope all's well and having a great time.

Regards

Hi Ray

thanks my friend, yes, all is well and is good to be trading again after my short time away.

regards

Phil.

Happy Christmas to you my friend.......thanks soooooo much for all your posts........


Alex

Hi Alex

thanks for your post and your support, you are very welcome my friend.... .

will not be trading until about the second week in january now, (stopped last week), will be posting again shortly after i start in the new year.

you have a good christmas too and wishing you the very best my friend .

and.... a happy christmas and new year to all my friends and people who read my journal, good luck everyone.

regards

Phil.

First day back trading, had a few things to deal with so starting the new year later than I would of liked too ……. But that is all part of trading getting other things sorted so as not to disturb your mindset.

Anyway happy new year to everyone and hope we all have a happiness, good health and a +pip year.

First job is to collect some F/cap, that usually takes me about a couple of months, so not to many chances or riskier trades during this time, I will treat every trade as high risk trade and just kill scouts as needed, this is what they are for and must be viewed as expendable for the greater good of the ‘state’ (account).

First trade for me was U/C…..

U/C trade cont....

calling it a day now.

here is an update of what i see for anyone interested.

E/U trade...

watching U/C again ATM....

lots of major USD news due out later.

U/C trade....

i have sat here wondering whether i should post this trade, not because it went wrong for me to some degree but because the strategy and tactics i used in part of this recovery may not be in line with what i have learnt and think fti's thread is about, i have not taken screen shots of the first part due to this dilema i had with this..... and as his thread is responsible for my path to becoming a full time profitable trader so i am some what at odds within myself over this post, but i do believe that fti would also wish us to explore other opportunities to preserve our capital within our own individual tolerances, what i will say is this is a very intense way of trading and many many practices in demo need to be achieved to make this work for someone, it is not something i use often but some situations we find ourselves in call for extraordinary measures to achieve our objective. maybe some others can get part of their own trading ideas, strategies and tactics from this??? whatever anyone may get from this post please test your ideas to destruction and back in demo for a very long time before trying it out live.

E/U recovery trade.....

Hi Phil

I am on this one myself too, and still short at moment, riding ok now.. My timing was a little off, and a little complacent as well as I forgot about the month end flows. Furthermore, I tried to "pick tops" with her. But ok, enough of excuses and reasons from me...
I think another catalyst for this upward movement on the euro can be seen on EUR/GBP as well, as every month end, Buba buys the EUR, and sells the GBP for the UK, it have been going on ever since UK is part of EU and every month end they do this transaction - selling the GBP, buying the EUR for its membership fees...

Otherwise, well played. Good head on shoulders.

Good fortune my friend.

Regards
Ray

Hi Ray

no ones perfect my friend we all make mistakes, it is how we deal with/manage them that counts.

always good to hear my friends winning their battles, well done.

decided not to trade today as i am now square before NFP, will have a look after the release but will probably leave it until monday now so as not to hold any risk over the weekend.

good luck to anyone still trading today.

regards

Phil.

Thanks so very much for post. May I ask why did you not close down 8 and flip large long for rescue with trend or close down some of 8 and flip long for rest.
Think FTI says somewhere: if you are caught wrong then take out last number entered to reduce losses and then flip rest when get opp using next number up from last one you took out .

I went short yesterday on m5 at top: FTI says if she lets you try ok but 3 times trap - 4 times trap and 5 times you are dead so I went with this and price action.

Alex


Alex

Hi Alex

No problem my friend, I do remember that is in thread and have tried to do it in the past with varying degrees of success but for me personally I just cannot get comfortable with doing that and part of my personal strategy is only try to book ‘sets’ of trades at breakeven and above (these sets can be made from anything I have in the market and not always from just 1 or 2 pairs), an idea borne from AOW and fti saying not to tolerate losses but of course I do book the occasional loss when I have too and scouts are always expendable but when I get caught out from a piece of unscheduled news hitting me blindside I personally find it more comfortable to trade like that above, it fits in with my whole strategy quite well when needed as it still leaves the door open to further adjustment and management in both directions for me, as I said it is not something I use often and is a very intense way of trading, the focus to trade both ways at the same time is I find very hard as I am trading with conflicting views, I try to forget about the other trade and treat the new direction as a completely separate entity until it is time to book it as a ‘set’ to my account then I usually use at least ¾ of the profit trade to remove some/all of the negative one, that way I still get a little for the hard work as well. The main reason I traded like that was to me H1 was short at that time and the trade was only meant to last a few hours but D1 had been trying to go long (retrace) for the last few weeks so I was torn between two worlds.

Another reason for me showing this trade is I do not want to post only profit trades but a broad section of my trades, no one trades with with 100% successful profitable trades only, losses are just part of what we do but my strategy and money management works well in minimising the damage to my account at any one time I book anything to it.

Well done for seeing the possible top yesterday my friend, hope you made well out of it, I was just happy to be out of that trade before NFP or I would have had to consider reducing or killing the rest of the trade.

Regards

Phil.

G/U trade....

U/C trade.....