MY Journal-phil13

A/U...

let's see if i can get something from this, both directions are open possibilities for me due to the action i see here, but will i be able to choose/recognise the right action??? keeping away from the Euro and Pound today (for now until article 50 is triggered).

anyone know how to restore a previous paint file, i accidently saved over the first screen shot which had all the info on how i use a bid/offer strategy that i was saving and describing for this trade, it would be pointless posting the rest of the trade shots as there was a lot on the original saved shot to make sense of the following shots.

cannot find how to do it on the net

A/U trade....

as i said above i messed up the shot sequence, but here is the final screen shot.

here is the A/U trade (above) using the bid/offer tool for my direction, i had to doctor/play with the image in the first chart as i have had to re-write and do it again, not that easy when you are dyslexic (and older)..

G/U trade... quick hit and run trades are my MO with this pair ATM.

using the bid/offer strategy again here.

G/U trade cont.... part 2 'hit and run' complete...done with this pair for now.

G/U........ seems a bit safer now article 50 triggered, might not get to trade this today or may scout overnight but monday US session sometime gives us a good move... let' s see.

just woke up and got to my trading desk to see the 'I AM WRONG' level above has been taken out so not long trade there now, will re-assess.

I will not be posting any trades for a while now, I believe a lot of what I do is here now anyway and i am just going over the same things.

One other thing I do is use a spy in my own camp to keep an eye on my mindset, I found this very helpful as I like most here I guess trade alone from home, so there is no trading buddy to help with this. I use the mt4 plot of my trades in the chart you can save as a report, the sooner i can spot a problem the less damage i am likely to inflict on my account, the whole goal for me is as I have stated booking my trades in ‘sets’ for an overall profit and really not worrying about just beating any one pair all the time that I may be trading, the curve of the plot will tell me about how my trading mindset is doing, if i start to see a period of flat line that is often the first warning to be on my guard over myself, this means I am booking too many breakeven trades for some reason, I will at this point try to find out why this happening within myself, the market is just moving as it has always done so the problem can only be within me not keeping up with the changes. Sometime there are outside influences as has happened recently with me and my mistake with an email sent from broker regarding UK clients, when any outside influence affects you it will have an effect on your trading and we must carefully monitor ourselves for a while after this event whatever it may be and where ever it may come from, at these times remember the monk story and the sand piper story and try to move on quickly but if it is affecting your trading results/chart take a short break and do something else for a while until you feel settled again, another thing you may see in the trade plot chart is it swinging up and down and or being erratic in its curve and not smooth this means you are not trading consistently, that may just be due to inexperience but if you have been trading for a while and have had consistent results then again look at why, do not blame anything else but yourself, I found once you take full responsibility for all your trading actions you can deal with any situation in much better calmer and most importantly more consistent way, trading is not about getting the best entries all the time it is about managing all the things and tools we need and use for the sole advantage of our account, this spy in our own camp is I have found a very useful but overlooked tool, my goal was to create nice smooth consistent curves and it made me think differently about how I trade when I focused on achieving this, knowing yourself by constantly analysing this chart will show you your emotions, mistakes and weaknesses in trading before you even realise what is happening yourself I have found.

So here is my trade plot chart for this year so far, as you can see I had a problem (you can find in the posts a short while back) and have dealt with it. Now I need to get my head down and do my best for the rest of the year.



And here is last year’s chart…… nicely smooth and consistent.

though i am not posting trades for a while i will now and again post things i find useful that i am or have used to help with my trading.

here is a candle overlay tool, it is supposed to be used on top of a lower time frame to show the higher frame candles but i do not use it like that, i use a H1 line chart and turn the line colour to 'none' to get a blank chart, i then set the time frame on the inputs tab to '480', this gives me a chart of 8 hour candles, it also has a time shift to adjust the start time of the candles, mine is set at 6am, 2pm and 10pm GMT, this allows to take in all the 3 main sessions so it is 1 hour before europe start, 30mins before NY start ect it gives me a record of all 3 major sessions in candle form, maybe it will be of use to some others, i believe it is one of 'hanovers' creations.

So, have been thinking about a way I can still post about the way I trade and it not affect me while I try to make up for lost time due to the recovery above, maybe I could open/use a demo account and attach it to another thread but.. I can only do that if I use much longer time frames to trade in, mainly the daily but also W1 + H4/1 to sometimes help refine an entry/exit, I would also have to use a lot of pending orders maybe, this would not put pressure on me to save and post loads of charts from my live trading as its primary goal would be to try to show roughly about the money management I use, the good thing is it would maybe help go some way to show how I use my money management and the way i book trades but the downside is the time each trade would take, this would have to be a totally separate thread as it would not in line with anything I believe is in our friend ftis thread for the road to learning about trading so I would want to make that very clear and not have this thread or his (TAF) linked or compared to it in any way due to the trading MO itself not being like it is here and what I believe his thread tries to show us about trading, it would be my own creation from stuff I have learnt/seen everywhere and stuff I made up myself (though I doubt I am the only one to think of most of the things I show/do).

I have a demo account that I play with alongside my live trading with another broker for trying things out and I have just opened another new demo account there which is not limited to a set time (a month) as most are, so it would be workable alongside my live trading I believe, I could put say only 10k in it to make it more real as that is very little to use for such high time frames over many pairs and my money management would have to be good to make that work, as you can see I am very guarded about my live stuff when it comes to talking about any kind of figures, there the demo account would be open to my friends to see the whole process live, I have just looked at the set up on the trade explore here and I can limit it to buddies only, which would stop all the abuse I see of having it open to everyone, would just mean that I will have to change anyone on my subscriber list to buddies who wants/requests to follow the journey and see the trade explorer as well but thats ok I am not bothered about the flag status/colour thing FF uses, it is meaningless and way too abused to be of any assessment value to someones true trading ability, it is not their fault people will always find ways to create the thing they desire to rub their ego with, which ruins it for the genuine people out there.

Some feedback would be appreciated on this idea before I decide to go ahead with it.


ADDED..

back to the high now.. ......with stable consistent mindset.

Hi my friend - I have not been following for a while due to health issues but am back trading lightly. I would love to continue to follow your journey whatever way you think is best but we should not be affecting your live trading no way. I truly appreciate your help and always will.

Alex

Hi - thanks so much - this is a great tip - had a look at it since I am back trading again and it was a bit jumpy at start but now nice....thanks so much.

Alex

Hi Alex

hope you are recovering now and wishing the best for you my friend .

it is not anyone here that affected me it was a misunderstanding i had with my broker that meant i had to close all trades on that account and now i just need to keep my head down with the live stuff as i need to 'catch up' a bit, normally i would have my F/cap built into my account by this time of the new trading year but as you can see even though i am ahead, i still do not have my F/cap for the year yet, what happened is all part of trading as far as i am concerned and will just add to my experiences on my journey, i just need to move on in the best way i can for my account (the state), so not posting live trades for a while will i believe be the best course of action for now.

take care

regards

Phil

In this daily chart there is both bear momentum - at the trend line or whatever you want to call it and PA is at a selling zone .if look to left - and bull momentum - I have argued with myself before in this case what should bias be long or short? I guess look to lower time frames especially H1 and be ready to adapt.


Take care my friend. Cannot thank you enough for all your help - you have no idea how much you have helped me on my journey.

Hi Alex

this is when i decided to stop posting live trades, i clearly missed the fact you have pointed out that the bear bar is way bigger than bull return (fire) bar, my long bias there was completely the wrong decision to take, but as i followed H1 there were no bull momentum bars to take a trade on in my daylight as it dropped past the 'i am wrong' area in my overnight i realised my mistake there.

regards

Phil.

been using hollow bars and filling with colour according to the condition i perceive.... seems to help me stay with it better.

will not be posting any more (trade wise) on this possible set up.

Not sure about the candle colours but whatever works for you and be interesting to see how it works out.

Alex

Hi Alex

i will talk through it without charts..... will just up date this post save making loads of new posts.

1. scout in on M15 breakaway bear bar after the post (bar) above. no real sign of bull power yet...

2. 'i am wrong' is the last M15 high.

3. ok 12.00 gmt and bull momentum M15 showing (3 bar rising), kill the last scout (due to high risk counter-trade with oncoming train) and watching for another bear sign to test before the last high and news in about 1.30hrs.

4. scout in on bear drop (bar not complete) 12.22 gmt.

5. time window closed, only 2 bars until news, removed scout, 12.55 gmt. trade end. no new trades into red news events.

I like this way actually.........cheers