waiting for price to get out of demand SR-SD zone before looking for shorts 660
Attached Image (click to enlarge)
Empower Your Mind
Ratios & Harmonics: a Different Way to Trade
- #28,102
- Apr 24, 2017 10:35am Apr 24, 2017 10:35am
- Joined Oct 2009 | Status: Trader | 5,636 Posts
Always trade your own plan...I don't provide trading signals.
- #28,105
- Apr 24, 2017 1:00pm Apr 24, 2017 1:00pm
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
Hi traders
Many of you are sharing succesful trades. Unfortunately I don't have a lot of those yet :-)
I can share a lot of losing trades though. Hope I can learn from your feedback and I hope it also helps other struggling traders :-)
This is EURUSD 233 tick chart, today.
Looking at swing HL1 to NSH, price made a very weak NSH. I was expecting a deep retrace and a NSH
The deep retrace came, and at red arrow I saw a rotation candle. It had a very small wick at the bottom but I took it
Bulls produced a few healthy candles but bears also. Bears came back and hit my SL.
After that of course the bulls returned and took price higher
Evaluation:
What went wrong?
1. I think my SL was placed under the wrong HL. I think it should have been HL2 instead of HL1
2. I bought when bears where accelerating and still producing healthy candles
Other thoughts?
Better trade next time!
Grtz Peter
Many of you are sharing succesful trades. Unfortunately I don't have a lot of those yet :-)
I can share a lot of losing trades though. Hope I can learn from your feedback and I hope it also helps other struggling traders :-)
This is EURUSD 233 tick chart, today.
Looking at swing HL1 to NSH, price made a very weak NSH. I was expecting a deep retrace and a NSH
The deep retrace came, and at red arrow I saw a rotation candle. It had a very small wick at the bottom but I took it
Bulls produced a few healthy candles but bears also. Bears came back and hit my SL.
After that of course the bulls returned and took price higher
Evaluation:
What went wrong?
1. I think my SL was placed under the wrong HL. I think it should have been HL2 instead of HL1
2. I bought when bears where accelerating and still producing healthy candles
Other thoughts?
Better trade next time!
Grtz Peter
- #28,106
- Apr 24, 2017 1:51pm Apr 24, 2017 1:51pm
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
This is the second losing trade of the day.
Price had a hard time coming up and producing a NSH.
At the blue structure area (which I drew not low enough), price made a very large bear candle.
That was a powerful sign for me and my trigger to go short.
I waited for price to correct a little bit and went short @1.08662 (red arrow).
When price was done correcting a new bear candle was produced.
Because I felt good about the strength of the bear candles and probably because I had a losing trade before, I added a full position so I had 2 full positions in a short at approx. the same price (1.08662 and 1.0865). SL for both positions was at 1.0882, above strong structure.
Price went in my favor. It was struggling a while at 1.0860.
I felt that if the bears had the power to push through that level, it would then become a resistance area and price would continue down.
So once the bears pushed through it, I added another position (third one) @1.08588, with SL just above the resistance area @1.0867.
I moved the other two SL's to approx. the same location, so that if my SL's were hit my total loss would still be as large as the loss of a losing trade with 1 full position.
Unfortunately price corrected and went too far up and hit my SL's.
Total loss for the 3 positions was about -12 pips
Evaluation:
What went wrong?
1. Once again, SL was hit and a few pips later price went in my favor again. SL was placed above short term structure, but too close to the structure. A few pips would have made a huge difference. But in my defense, I did that because I had 3 open full positions and I didn't want the loss to be bigger than the loss on 1 losing trade.
2. The fact that I took 3 full positions made me use tight stop losses. Fear of losing too much came in.
3. I imagined too much strength for the resistance area at 1.0860. That was because I was also looking at a 1 minute chart, which made it look like a strong area.
Other thoughts positive or negative?
Grtz Peter
Price had a hard time coming up and producing a NSH.
At the blue structure area (which I drew not low enough), price made a very large bear candle.
That was a powerful sign for me and my trigger to go short.
I waited for price to correct a little bit and went short @1.08662 (red arrow).
When price was done correcting a new bear candle was produced.
Because I felt good about the strength of the bear candles and probably because I had a losing trade before, I added a full position so I had 2 full positions in a short at approx. the same price (1.08662 and 1.0865). SL for both positions was at 1.0882, above strong structure.
Price went in my favor. It was struggling a while at 1.0860.
I felt that if the bears had the power to push through that level, it would then become a resistance area and price would continue down.
So once the bears pushed through it, I added another position (third one) @1.08588, with SL just above the resistance area @1.0867.
I moved the other two SL's to approx. the same location, so that if my SL's were hit my total loss would still be as large as the loss of a losing trade with 1 full position.
Unfortunately price corrected and went too far up and hit my SL's.
Total loss for the 3 positions was about -12 pips
Evaluation:
What went wrong?
1. Once again, SL was hit and a few pips later price went in my favor again. SL was placed above short term structure, but too close to the structure. A few pips would have made a huge difference. But in my defense, I did that because I had 3 open full positions and I didn't want the loss to be bigger than the loss on 1 losing trade.
2. The fact that I took 3 full positions made me use tight stop losses. Fear of losing too much came in.
3. I imagined too much strength for the resistance area at 1.0860. That was because I was also looking at a 1 minute chart, which made it look like a strong area.
Other thoughts positive or negative?
Grtz Peter
- #28,108
- Apr 24, 2017 3:47pm Apr 24, 2017 3:47pm
- Joined Oct 2009 | Status: Trader | 5,636 Posts
Always trade your own plan...I don't provide trading signals.
- #28,110
- Apr 24, 2017 11:36pm Apr 24, 2017 11:36pm
{quote} Those results look very interesting, but, I would suggest further testing and I mean "live" testing. I put the quotes so you dont limit to real time, there is always forex tester software to help you with forward testing of past data, also the NT platform has market replay but I have never used that one for forex. That way you can have a longer sample of trades, because I dont see any loser trades there, please dont think Im trolling your work, on the contrary I hope you succeed and share the EA here. Also...
I have been doing real trading since Day 1 i learnt from Mr Pip. Started from 0.01 lots, and then progressively increased the lotsize. There were a lot of ups and downs throughout the learning process. Previously, I trade 5m timeframe, and I stayed in front of the PC for several hours, but the result was breakeven as I couldn't really integrate short term orderflow and long term orderflow. And it was really boring just staying in front of the PC.
Nowadays I'm using 0.10 and 1.0 lotsize, depending on the market conditions, and using 1H timeframe, so there is no need to worry about short term or long term order flows. Those trades were chosen and entered manually - using limit orders. The EA is only a trade manager, which only sets stoploss and manages trailing stop after the limit orders are executed. There are 30 - 40 limit orders on every possible major crosses, and only 2 - 5 orders will execute each day.
Dear Ockham,
MM is always risk to reward. I'm pissed when i leave a lot of money on the table, but it's comforting to know that the risk is also low. Good luck in your endeavor.
Trading should not be overly complicated. The more we think, the more we lose focus on the main success factor - expectations with 70% success rate. Agree?
Dear Lithium,
There is no holy grail lol. But there is a Mr Pip.
There are three stages in this learning process which i continuously shared with Mr Pip:
a) Stage One: diligently learn everything that Mr Pip teaches until you don't need to draw anything on the chart.
b) Stage Two: adapt what you learnt into market's current behavior, i.e. trade what is happening now.
c) Stage Three: money management. i'm using EA to remove my emotions. But still optimizing the best settings.
- #28,115
- Apr 25, 2017 1:56am Apr 25, 2017 1:56am
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
Hi traders Many of you are sharing succesful trades. Unfortunately I don't have a lot of those yet :-) I can share a lot of losing trades though. Hope I can learn from your feedback and I hope it also helps other struggling traders :-) This is EURUSD 233 tick chart, today...
Peter below is 1597T 6E future chart, please make identical chart using your platform with FX spot data, then ask yourself only one question: Why do I want to enter the trade in supply zone going long? {image}
Thank you for your reply.
I really value your opinion, but please allow me to clarify why I took it.
- I'm an intraday trader, I do not trade longterm. The market was ranging, it had no clear direction. So I had to work with what was available.
- I was aware of the supply zone above me that you mention, but:
1) Bulls were pushing higher in the short term. Bears kept producing higher lows, and I expected at least one last move upwards into the supply zone.
2) Because I was aware of the supply zone, I waited for the large correction that I expected after the weak NSH. So I had room to protect my trade in case it would bounce off the supply zone.
3) Because I started on a deep retrace, it gave me an okay risk:reward.
4) My profit target was in the short term. I would not have started a trade with a profit target beyond the blue supply zone.
Was it still wrong of me to enter long, with a profit target in the short term?
Thank you for clarifying!
Grtz Peter
- #28,116
- Apr 25, 2017 1:58am Apr 25, 2017 1:58am
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
{quote} Give your trades room to breath, put SL at 100% of the swing and move it to BE when you find structure, not just right away.
(probably among other issues 
)Thanks for your reply!
Grtz Peter
