PL: R-1.6 £-29.45
Summary: Again I find myself in another hole and a quandary, what I really mean is "fuckfuckfuckfuckfuckfuckfuckfuckfuckahhhhhhhhhhhhyoufuckingfuck".
The best trade today (0) and yesterday for that matter occurred outside my session, so I'm going to revert back to starting at 0730GMT. I traded (1) long off an old ON level and got punished for it, mea culpa ( i really should to be trading off recent levels). (2) was BW but the highs and lows made within it were still valid making the short at (3) from the prior RLH a perfectly good short, but I avoided it out of respect/fear of the BW. (4+5) are where the confusion came in and continue to try me. Price tested the PBLs from (1) and ticked above the prior inside bar, so I took a long entry at (4) assuming a potential "W". Then price reversed and ticked below the lows of the inside bar making (5) a SAR(stop and reverse) short. The only thing I can think to cancel out this over trading is to either stop trading inside bars or SARs, both of which I don't really want to do. But if I had to choose It would be to cut out the inside bar trades because this would cut out (4) which was a poor trade, whereas cutting out SARs would eliminate (5) which was technically correct. I'll do this at least for the time being and ensure the trigger remains at the level's test extreme low/high. (6) was more BW so avoided the long at 7 that tested the the PBLs of (1) and I should have bought on a tick above the highs prior to 7. Despite tempting, stop trading off old S/R levels, (trade the recent ones) wait for the test and trade off the test level it's more accurate! and for the time being avoid trading inside bars as both of these are knocking you out of holding good trades.
0. Missed Short off RL to prior highs
1. Long on PB to ON low, entry 1 tick above prior bar, exit on BW formation. Prep, Patience, Discipline good R-0.3
2. BW , 3+ overlapping bars, just reminded me of the agony yesterday, waiting this out...
3. Avoided MAYBE INCORRECTLY this short from prior Hi as it developed in BW so dubious over it's strength.
4. Long on test of prior lows, entry one tick abv prior bar, exit on imd SAR Prep, Patience, Discipline good R-0.8
5. SAR Short (4), entry 1 tick blw prior bar, EXIT discretionary not concentrating! Prep, Patience Good Discipline BAD R-0.4
6. BW , 3+ overlapping bars, just reminded me of the agony yesterday, waiting this out...
7. Avoided because of the BW
Summary: Again I find myself in another hole and a quandary, what I really mean is "fuckfuckfuckfuckfuckfuckfuckfuckfuckahhhhhhhhhhhhyoufuckingfuck".
The best trade today (0) and yesterday for that matter occurred outside my session, so I'm going to revert back to starting at 0730GMT. I traded (1) long off an old ON level and got punished for it, mea culpa ( i really should to be trading off recent levels). (2) was BW but the highs and lows made within it were still valid making the short at (3) from the prior RLH a perfectly good short, but I avoided it out of respect/fear of the BW. (4+5) are where the confusion came in and continue to try me. Price tested the PBLs from (1) and ticked above the prior inside bar, so I took a long entry at (4) assuming a potential "W". Then price reversed and ticked below the lows of the inside bar making (5) a SAR(stop and reverse) short. The only thing I can think to cancel out this over trading is to either stop trading inside bars or SARs, both of which I don't really want to do. But if I had to choose It would be to cut out the inside bar trades because this would cut out (4) which was a poor trade, whereas cutting out SARs would eliminate (5) which was technically correct. I'll do this at least for the time being and ensure the trigger remains at the level's test extreme low/high. (6) was more BW so avoided the long at 7 that tested the the PBLs of (1) and I should have bought on a tick above the highs prior to 7. Despite tempting, stop trading off old S/R levels, (trade the recent ones) wait for the test and trade off the test level it's more accurate! and for the time being avoid trading inside bars as both of these are knocking you out of holding good trades.
0. Missed Short off RL to prior highs
1. Long on PB to ON low, entry 1 tick above prior bar, exit on BW formation. Prep, Patience, Discipline good R-0.3
2. BW , 3+ overlapping bars, just reminded me of the agony yesterday, waiting this out...
3. Avoided MAYBE INCORRECTLY this short from prior Hi as it developed in BW so dubious over it's strength.
4. Long on test of prior lows, entry one tick abv prior bar, exit on imd SAR Prep, Patience, Discipline good R-0.8
5. SAR Short (4), entry 1 tick blw prior bar, EXIT discretionary not concentrating! Prep, Patience Good Discipline BAD R-0.4
6. BW , 3+ overlapping bars, just reminded me of the agony yesterday, waiting this out...
7. Avoided because of the BW
Lol!! Hey buddy, I am not laughing at your pain, I'm laughing at that I just posted a similar post in frustration. I just noticed the quote from JMF3 on frustration... so very true.
ReplyDeleteHaha thanks bud, glad I made you laugh. Sorry you had shit one too! Onwards and upwards eh!
DeleteGeorge - I want to help, but I'm not quite sure what you are doing. Its hard to tell where your entries actually are.
ReplyDeleteAlso, you have so many lines on your trade entry chart, they can't all possibly do anything! Do you use a larger bar interval at all to determine where you want to trade from? I think you should take a look at a 4HR and a 60M to determine prior ranges, to find their highs and lows, and midpoints, and mark those on your chart.
Looking at your chart above, it appears that down where you have 4 and 7 marked, there is some sort of support line from the past. I'm not sure what this is coming from, but its important to note what happens here. At point 7, a low is put in and a swift rejection. This move then takes out the last reaction high (at point 3). Then we get the secondary reaction down to test 7, but sellers tire out even sooner this time, overwhelmed with demand, making a HL. The market then hinges with a LH and a HL - this time forming a second HL. This hinge then goes to new highs on your chart.
The point of describing above is that the process on a 5M chart for the bottom to be put in is much longer than that on a smaller bar interval. For example, on a 1M chart, the move from 7 to the last reaction high breach is most likely a tradeable move. If you want to use 5M charts for entry, you will most likely need to zoom out a bit on your microscope and also trade for a longer period.
See my blog - I added some charts -
ReplyDeleteJohn thanks so much the comments and extra charts, that's over and above the call of duty. Sorry my charts have been indecipherable. I'm working on something based on what You're teaching I'm just explaining it badly and exexuting it even worse so it makes no sense at all. I was so frustrated with myself because I think it has legs but im not giving the execution it deserves OR I'm barking up the wrong tree, we'll see shortly. I'm going to try and put a post up Tomorrow just explaining it. Thanks for all your time and effort.
DeleteI agree with the above poster, have a look at the hourly and 4hr charts, find your levels from there and wait until a setup occurs on the 5 minute at or near these levels. This might give you better direction and the option to hold trades for longer.
ReplyDeleteStick at it.
Thanks Steve, kind of am. Going to try and explain more tmrw. :-)
DeleteHey my buddy...can I show you some my brain parts on EUrUSD...
ReplyDeleteMy sim trades of EU - shown that to play EU , its better to look for retracements or pullbacks.
But in your case, you use SR and InsideBar..meaning you primarily looking for trends.
Your method is suitable for CL, not so for EU..
(Pls keep in mind I'm on CL, not EU)
To play with EU, you mAY need to learn to use Bollinger Bands and Doji and Hammer...
hv a look at http://apipthrowingparty.blogspot.com/
I dont say you hv to abandon your current style..pls keep it
But hv a look at other may give you a +ve idea..
First thanks for 2 comments that's really kind man! Secondly thank you for the support, thirdly thanks for the advice. :-)
DeleteAbove comments (pullback plays/retrace) for EU short time frame only (1min - 5min) or (300-500ticks).
ReplyDeleteFor bigger time frame...JMF' comment is more suitable.