PL R-3 £-60.21
Summary: okay this morning started relatively well then all went to hell in the 2nd hour of my session. I don't know why this has only just occurred to me but I thought this happens all the bloody time. So I went back over my AM sessions and tallied it up to realize that after 0830 my results turn to shite and this is mostly due to the action getting choppy and triggering lots of SAR trades. So I'm going to try out just trading from 0720-0830GMT. I also had a look at the US session but it appears that it is best to trade it 1330 as per usual but ending a little earlier might do some good as the US session slows a little, about 1415. This doesn't mean I should close all trades at 0830/1415, but I shouldn't take any new ones, letting the current ones play out.
Another thing that I realized , again stupidly late. Is that my longs are worse than my shorts because I have the 1.5pip spread to make up on them each time. So although I'm not going to stop trading them I should probably do so with a PT devised from the actual entry rather than entry + spread.
I should stop trading after 2% loss (trade7) because it's just soul destroying looking a -3% losses.
Finally I can get in on already triggered trades, if they return to the entry level. Using the same risk as the original trade but updating the stop level to current action to minimise risk.
Trade from 0720-0830GMT&1330-1415GMT, take spread into account on long PTs, get in past trades with original size but minimized risk. Quit for day after a 2% loss.
1. Missed this long PB to prior PBLs (not at screen) might want to start 0720GMT
2. Saw this one but this short was based off S&R not on my current chart so avoided, maybe unwisely (can track back a little).
3. Long off PB to prior PBLs, Entry tick, Exit counter trade triggered (off PC) might be incorrect?! R+0.4
4-9 occurred after 0830...
4. Short off test of (PC)RLH, Entry tick, Exit SAR at 5. R-0.7
5. SAR long of 4 as price makes a LSH at R. Entry tick, Exit counter trade triggered R-0.2
6. Short off test of prior RLHs, Entry Tick, exit SAR at 7. R-0.8
7. SAR long of 6 as price makes a LSH at R, Entry tick R-0.7
8. Short off test of RLHs, Entry tick, Exit Stop R-0.9
9. Missed long off prior, just had enough/ quit for day.
NY Session
10. Shorted off prior RL high, exit TSL R -0.1
11. saw but avoided long off PB low.
Summary: okay this morning started relatively well then all went to hell in the 2nd hour of my session. I don't know why this has only just occurred to me but I thought this happens all the bloody time. So I went back over my AM sessions and tallied it up to realize that after 0830 my results turn to shite and this is mostly due to the action getting choppy and triggering lots of SAR trades. So I'm going to try out just trading from 0720-0830GMT. I also had a look at the US session but it appears that it is best to trade it 1330 as per usual but ending a little earlier might do some good as the US session slows a little, about 1415. This doesn't mean I should close all trades at 0830/1415, but I shouldn't take any new ones, letting the current ones play out.
Another thing that I realized , again stupidly late. Is that my longs are worse than my shorts because I have the 1.5pip spread to make up on them each time. So although I'm not going to stop trading them I should probably do so with a PT devised from the actual entry rather than entry + spread.
I should stop trading after 2% loss (trade7) because it's just soul destroying looking a -3% losses.
Finally I can get in on already triggered trades, if they return to the entry level. Using the same risk as the original trade but updating the stop level to current action to minimise risk.
Trade from 0720-0830GMT&1330-1415GMT, take spread into account on long PTs, get in past trades with original size but minimized risk. Quit for day after a 2% loss.
1. Missed this long PB to prior PBLs (not at screen) might want to start 0720GMT
2. Saw this one but this short was based off S&R not on my current chart so avoided, maybe unwisely (can track back a little).
3. Long off PB to prior PBLs, Entry tick, Exit counter trade triggered (off PC) might be incorrect?! R+0.4
4-9 occurred after 0830...
4. Short off test of (PC)RLH, Entry tick, Exit SAR at 5. R-0.7
5. SAR long of 4 as price makes a LSH at R. Entry tick, Exit counter trade triggered R-0.2
6. Short off test of prior RLHs, Entry Tick, exit SAR at 7. R-0.8
7. SAR long of 6 as price makes a LSH at R, Entry tick R-0.7
8. Short off test of RLHs, Entry tick, Exit Stop R-0.9
9. Missed long off prior, just had enough/ quit for day.
NY Session
10. Shorted off prior RL high, exit TSL R -0.1
11. saw but avoided long off PB low.
George - you realize you pay the spread regardless of what direction you trade? It just appears different because I believe MT4 shows the bid price. So when you sell at market, it looks like you paid no spread, but you will pay the spread on your exit as you have to wait for the ask, 1.5 pips higher, to get to your target. Perhaps you meant this in a mental way - it looks like you are behind from the get go when you take a long trade, whereas short, you do not.
ReplyDeleteAs for reducing your trading session, this is in opposition to what was suggested before. Using 1 hour and 10 minutes will provide you with 14 bars on your 5M chart. Given that a test, retest, and then break would be a minimum of 3 bars, with probably at least 2 bars on the left leading up to this decision point, you have 9 bars left after a single setup pattern. So you would be looking at perhaps 1 trade per session, maybe 2. Just here you mentioned 11 trades. Are you taking these all off the 5 minute bar interval charts?
Hey bud...
Delete1. (spread) yeah I do. and yes that's what I meant. I setup MT4 to show both bid and ask on my tick and main chart. I'm using a tick above high for my long entry so yes by the time the bid ticks above the prior session's high my ask is 1.5 pips higher, which feels like a late entry created by the spread. obviously when shorting this doesn't occur and as the spread is "made up for" in the stop / (not effecting the entry).
2. You're right. 1-2 trades was aim. Yes all 11! trades were based in the 5 min chart, the numbers increase when price enters chop / BW.
See blog - another demonstration if your interested -
ReplyDeleteAlways :) thanks
DeleteNo problem George. Sitting aside and observing is more than okay as well - I know we like action, but sometimes its easier to see what's happening without trying to make decisions based on it.
DeleteIf you had only two trades to take tomorrow's session, would you be taking "this" trade?