Highest Open / Lowest Open Trade

Took this trade on UJ earlier. Turned out to be a loser. Followed the rules, unless I missed something? Maybe, I shouldn't have taking it, as US wasn't open? Or price was just above previous days & todays open, but that's not part of the rules!

If you're not in on the 1-2-3 on this, then may be worth keeping an eye on for any HOLO opportunities (that USD news in 20 mins though, so careful)...

See my earlier post about taking JPY pairs at that time of day.


EDIT: Apologies, that was over on 1-2-3. This is what was said:

Quoting samsha786
Is there a possible setup on EURJPY and USDJPY H1?

Yes to both. However these small ones that come up on JPY pairs during the day uk time and just before US Open can often not come to much.

The same holds true for HOLO.

OK. Thanks for your comments Lemercenaire. Will wait for US open now for my JPY trades.

Very nice Hal ! I was looking at a currency meter this morning after a loss on the GBPJPY(I think I was in the same one as you were). I noticed on the meter the JPY was the weakest and thought maybe I should not go against the weakest. Therefore I did not took the second trade when it came... The meter is in the trash now.

First trade in a couple days. closed at +5. It stopped just short of my TP and retraced.

Lol - I feel your pain! I have been scoping around for a while, trying to find a good power meter (ie one that actually, ya know, works) (alongside my general hunt for a directional bias indi) and have pretty much filled my bin to the brim.

I wear shades indoors now, to guard against the glare from random shiny objects.

I find the JPY pairs work best around the early UK day and the mid-late US day.

The all telling all knowing Power Meter. I have an old version up on a chart somewhere around here that might be from the guy whose name can't be mentioned anywhere but may start with Alien. In any event I have never seen how they are useful, but that's me.

On the other hand I was going to research them and FF had a good discussion on the board somewhere...
"Best Currency Strength Meter and Why?" Saved it but haven't read it. Guess I am too busy. So have resorted to the second choice, my eyes .

OK. Cheers for that info. Added to my notes.

How to Overcome Negative Thinking & Beliefs

“I can’t!” “I stink!” “Why do I always mess up?” “I will never beat her.”

How many times have these thoughts crossed your mind during a competition?

Negative self-labels or beliefs are one reason for falling short of your goals and your potential in sports.

Why do so many athletes get trapped in negative self-labels? What is the root cause of your negative thoughts?

Negative thinking is based on fear... Fear of failing, fear of mistakes, fear of criticism, fearing of losing playing time, etc.

Negative beliefs bring about negative outcomes. You make your reality by the thoughts you choose to entertain.

Now, a few random negative thoughts won’t guarantee a poor performance.

Poor performance occurs when you feed those negative thoughts by constantly focusing on them, especially when not performing your best.

The more you focus on negative thoughts, the more they run rampant in your mind which leads to mistakes, errors, drops, falls and losses.

You may think there is nothing you can do about your negative beliefs, “It’s just the way I am.”

Well, there is nothing further from the truth!

You can change your beliefs to focus on healthy ones. The more you focus on feeling confident, the more you will push out the demons in your head.

Scottish soccer player Ryan Fraser has batted with thinking negative during games.

During a game tied 0-0 with 5 minutes remaining, Fraser had a one-on-one against a defender but rather than take on the defender, he passed the ball back.

Fraser was later asked by the team’s sport psychologist why he’d been so timid, he said "I didn’t want to lose the ball and they run in and score."

The sport psychologist responded with, “But what if you took him on and crossed the ball and we scored from it?"

Fraser admitted, "I hadn’t really thought of that. I had gone to the negative output, the safer output. That was the type of stuff holding me back."

You can see from this example that Fraser had two choices in how to think about the situation: (1) Attack the goal and possibly score (success-oriented) or (2) “What if I mess up?” (avoid failure)

Avoiding failure causes you to play it safe. You'll play to not make mistakes or mess up your team's chances of winning.

And since the avoiding failure holds you back from taking chances, you will never become all you can be in sports.

Focusing on success and what you have allows you to play aggressively, gives you the opportunity for a positive outcome and allows you to strive for your potential.

When you opt to see the positive and grab hold of confident thoughts, you will greatly increase your chances to succeed.

For this reason, it is essential that you commit to reprogram your thinking!

2 Effective Strategies for Turning Around Negative Thinking:

1. Focus on what you want to do instead of what you fear might happen. This success-oriented approach immerses you in the present moment and allows you to intuitively play your game or perform the way you want to.

2. Ask yourself positive questions, such as, “What is the best that can happen?” By focusing on what you want to have happen during competition, your performance will follow your thinking.

- Dr. Patrick J. Cohn

So, anyway...If any of you Yen-Junkies have hung around long enough, you should have been rewarded for your patience...

Whats the minimum pip range you guys like to see between the open and the high/low for this and the 1-2-3 pattern?

Follow the rules.

Coast to coast.

Let's be real, tracking PnL matters. But here’s the caveat…

It shouldn’t be your only measure of success. Simply because not all winning trades are good, and not all losing trades are bad.

When I emailed you the other day, I promised to share three worthy trading metrics (besides PnL) that you can begin measuring right away. So, first up...

1 - Error Trades

Error trades can be described as trades you made which didn’t fit within your plan, regardless of whether or not you made money. Meaning, did you; trade out of boredom, miss your entry and chase price, blindly follow someone else into a trade, buy 1000 shares instead of 100 etc.

By tracking error trades in your journal, you can see precisely how much money you’re losing (or unlikely, gaining) as a result. Think, how much better would your performance be, if you were to only reduce errors?

2 - Average Profit/Loss and Expectancy

Ideally, you’re already documenting your realized profit or loss from each trade. Or if you’re someone who takes upwards of ~15 trades each day, then it may make more sense to document a cumulative daily PnL instead.

Besides the obvious benefits of doing this, you can then calculate your average trade profit and loss, once you have a large enough sample size. Some traders suggest a minimum of 50-trades.

To take this one step further, you can then calculate your expectancy. Knowing your expectancy amount, gives you an idea of how much you can, well… ‘expect’ to make after a certain number of trades.

By tracking these metrics, you’ll be able to tell (at a glance!) how your current performance is stacking up against historical performance.

3 - Type of Trade/Setup/Strategy

As an example, and for the sake of simplicity, let’s say you trade two strategies. One of those strategies is some type of moving average crossover, and the other is a breakout strategy.

Wouldn’t it make sense to know how much money you’re gaining or losing as a direct result of each strategy? By categorizing trades in your journal, by the type of trade, the answer becomes very clear.

This would also include whether you took a long or short position. And I mention this because, there’s been quite a few traders who I’ve interviewed, that know they make around 90% of their profits on one side of the market.

The idea of journaling this info...

And any other metrics you deem important, is not just for you to feel productive. But for you to be able to look under the hood, and see objectively, what’s really going on with your own trading:

1. How effective are your trading rules?
2. How much money do I lose when deviating from my plan?
3. How am I improving, or am I experiencing tilt?
4. What are recurring patterns in my behaviour?
5. What areas do I need to improve on?
6. (the list continues…)

Without a journal, you’re essentially trading blind—with no way of collecting data and extracting lessons from your past performance. Which inevitably means, your continual development as a trader can be much slower.

- Aaron Fifield

Who is taking the 10 trade challenge the week of April 9, 2017?

During the challenge you are only to trade the same pair.
Beginners do not get to trade multiple pairs until they have mastered trading one single pair.
GREEN PIPS TO ALL.
Cheers!

Like riding a bike

People talk about bike riding when they want to remind us that some things, once learned, are not forgotten.

What they don't mention is how we learned. No one learns to ride a bike from a book, or even a video.

You learn by doing it.

Actually, by not doing it. You learn by doing it wrong, by falling off, by getting back on, by doing it again.

PS this approach works for lots of things, not just bikes. Most things, in fact.

- Seth Godin