26th - 30th May P/L: R+1.0

Monday Issues:  Bank holiday

Tuesday Issues: Good trades available but overly cautious about S/R "in way" of PT.

Wednesday Issues: Good trades available but S&R "in way" of PT fears continue.

Thursday Issues: Manage to overcome S&R Fears for weekly profit.

Friday Issues: Good trades available but fear of "giving back profits" stop me entering.

R+0 Wimped Out

Was writing a post on another type of  fear I've been experiencing throughout the week yesterday but didn't manage to complete it. Will do so later and upload, for now here's me wimping out...

EU Obs... (both trades would have met their PT's!)

EJ Obs... (both trades would have met their PT's!)

R+1.0 Took the Trades That Met Criteria

Simply took the trades when they triggered exiting at 1:1

EU Trade...

GU Trade...

EJ Obs... (very similar to EU trade,  entry would have been on inside bar, missed as too consumed with GU and EU trades).

Recent Apprehension

As mentioned I have been experiencing quite a bit of apprehension manifesting in an ability to enter trades. Just wanted to remind myself that.

1. I am trading a high probability setup...A PB/RL to 20 is a high probability trade as is a PB/RL to S/R. Therefore combining these 2 together will increase the probabilities further of trade success.
2. I can always SAR..If it the above trade fails its not an issue because it sets up an SAR trade. Which in turn will be a high probability trade as it is a failed 20ema and S/R PB/RL.
3. Perfection doesn't have to look ordered. PA may look choppy but if the 8/20 are clearly aligned, the trigger touches both the 20 and S/R and doesn't O/C against the 20 and is not a doji/NRB. This is a perfect setup!
4. Not to forgot the 5 truths! Ultimately.... "There’s no stress because nothing is at risk other the cost of doing business/the amount of money I need to spend to make myself available for the winning trade."

R+0 Finding it Hard to Take the Trades in Reality

Think I'm going to have to introduce some rules to take decision making out of the equation until I settle down my S&R fears as they are warping into just general apprehension on all trades even ones without S&R issues.

EU Obs... (Should have been in A!)

EJ Obs... (not too worried about avoiding A but should have been in B&C!)

GU Obs... (Despite a huge move, as in a tight range missing A was probably correct)

Update to Intraday Method

This will of course be updated on the relevant page of the blog, but I wanted to add it to the main feed to satisfy my chronological  needs.

Update 270514: Quite simple really, sticking to the two setups I have (1. with trend PB to 20ema 2. SAR of With trend PB) but adding S&R to them, basically what I've been doing recently.

Chart Setup...

• 5 minute chart
• 8 SMA / 20EMA (trend)
• Yesterday's high, low and midpoint.
• 00s and 50s
• Obvious levels (rectangles from prior PBs / RLs / Big wicks etc)

With Trend Setups...

• LSH@20+S (Long): Getting long when price ticks above the Lowest Sessions High that touched the 20EMA and an area of R simultaneously. Support could be from a prior S level or a PC R level that's become S. 
• HSL@20+R (Short):  Getting short when price ticks below the Highest Sessions Low that touched the 20EMA and an area of R simultaneously. Resistance could be from a prior R level or a PC S level that's become R.

Counter Trend Setups...

• SAR LSH@20+S (Short):  Stop And Reverse a LSH@20+S  when its ISL gets taken out. The idea being that when a high probability trade fails. There's a high probability price will go the other way.
• SAR HSL@20+R (Long): Stop And Reverse a HSL@20+R  when its ISL gets taken out. The idea being that when a high probability trade fails. There's a high probability price will go the other way.

Exceptions: Avoid any setup in which the LSH or HSL is a Doji, NRB or O/C against trend.  Hi wave (LSH /HSL with long wicks) with reasonable bodies should be traded. TBH don't know how important these are and whether its just far more important to trade at multiple levels (Ie 20ema + S/R) but i'm going to stick with this for the time being.

Initial Stop Loss: placed below the LSH / above the HSL + spread +1 pip

Profit Targets: Going for a 1:1 RRR. so must remember to subtract the spread from my PT on shorts.

Support and Resistance
The issues I am facing is what I'm call the S&R Double Edged Sword. By waiting for price to PB/RL to both the 20ema + S/R I have greatly reduced the amount of shit trades I take however...  Throwing a load of S&R on my chart shits up my ability to both hold a trade and even enter a one, if there is imminent S/R before my 1:1 is met.
The S&R I am currently adding to my chart are .00, .50, yesterday's high low and cmidpoint then any obvious S/R levels (rectangles) I can see when looking left (last PB /RL / big wicks etc)... I've got to remember that these are rough areas, price may come up short,  may surpass or meet. Fact is Yesterday's highs and lows are objective depending on which country's close you use and 00s and 50s are almost never tested to the tick because institutions will be hunting stops on both sides. Ultimately you don't know where PA will stop so you may as well trade through major levels until at least to the most recent S/R rectangle as this will be more accurate measure of current supply and demand.  

R+0 The S&R Double Edged Sword

Adding S&R to my setups is definitely keeping me out of stinkers. However filling the chart with levels is keeping me out of trades... all this needs work on this afternoon.

EU Obs...

EJ Obs...

19th-23rd May P/L: -1.8 (2 trades not at S/R!)

Monday Issue: NO Trades. Short session and being too tentative in it.  (double guessing a LSH @ 20 +S!)

Tuesday Issue: Nice trade combining R with a HSL @ 20

Wednesday Issue: Trying to trade through (rather than into!)strong OHR created by Hi wave candles.

Thursday Issue: NO Trades. S&R just everywhere in the morning, there was a trade later but I was out.

Friday Issue: NOT Factoring S&R into trade.  Took a trade right between two levels (rather than off one of them) then to add to it took the SAR of this "non-S/R" trade too. ha

R-1.7 Not Trading off S&R!

Well an expensive but clear lesson for the demo account to not trade in between S&R.  It's really not that fucking difficult George. "Buy at Support and Sell at Resistance". C'est la vie :-/

EJ Trades...

UJ obs...

R+0 No Trades: Mesmerized By S&R

EJ

 EU

 GU

 UJ

R:-0.5 Hi Waves Stunted Trades, (annoyingly) as Feared

Very aware of the M top and W bottom in the EU and UJ made up of hi wave candles. Decided to trade with the trend into them on setups strengthened by S/R. Should have TP'd at hi wave hi/los

EU  Trade...

UJ Trade...

R+0.4 Combining 20EMA Setup Entry with multiple S+R

UJ Trade... Waited for Price to RL'd to 20ema,  240ema and (maybe most importantly) PC R

EJ Obs...  Saw but missed placing this this trade as eating breakfast. After a BD of 1.39 price RL'd  to 20ema,  50% ret and (maybe most importantly) PC R.

Support and Resistance over Perfect 20EMA

Noticed this on the EJ today which summarizes well what I have been seeing in recent weeks.  I want to keep my setups based around the 20EMA. I like its strength the ease on the eye to spot potential setups and its probabilities.  However I think I being to stringent on Price action to the 20EMA rather than PA to S&R...

R+0: Short Session , No Trades, Too Tentative

Had a lot on out of the house today so a short session. Saw and avoided this EU trade, worrying to much about the future rather than acting in the present.

12th-16th May P/L: +0.1

Monday Issues:  Just missing PT's as not taking spread into account.

Tuesday Issues: Worried about passing on so many trades, patience proved to be better. When a setup on one chart doesn't look fantastic there is often another pair setting up which has a clearer run.

Wednesday Issues: Flood at Flat meant away for whole day, missed a good SAR on GU.

Thursday Issues: Very tired from Wednesday stresses, missed a good HSL on EU.

Friday Issues: Ranging morning where nothing met my criteria. One came close but O/C ag 20, however as on a level (0.500) and R1:1 was achievable may want to look into being more lenient with these next week.

R+0 No Trades: Nothing Met My Critrea

EU Obs

 EJ Obs

GU Obs

UJ Obs (Best possible)

Some Price Action Thoughts For Myself Consider

Acceptable PB/RL

Unacceptable PB/RL

Flag Exception

R+0: Starting To Get Aprehensive! Missed Trades, Tentative and Tired After Stressful Wednesday

Generally now very weary if a setup occurs away from a S/R level,  however the fact is price is unlikely to reverse without at least testing the prior top or bottom in some way so taking a trade back torwards that area (if it can easily pay for a 1:1 within that space) is a fairly high probability trade (didn't Al Brooks mention this?) Question Marking my own thoughts today as quite tired and could be talking drivel.

Another Obs is this...  Once price surpasses yesterday's hi or lo it generally takes off as there's little S&R in the way. So Maybe I can relax a little and trust the trend when price does this? (drivel or not?)

EU Obs...

 GU Obs (similar trade to EU but S just underneath made it less attractive)

EJ obs (Once YTD's low is surpassed price is a more "orderly" in term of MA's

R+0 No Trades: Flood at Property I Rent Kept Me Occupied

R+0.6 Deducted Spread from PT To get more accurate 1:1

GU trade...( could I have got more out of this?!)

EU obs... lots of S&R would have made trading it difficult...

However...

EJ obs...  the EJ chart was v similar to the EU but with far less S&R issues.

R- 0.5 Just Missed PT's... Need To Base PT Off correct entry not Slipped one.

EJ Trades...

 EU Obs...

5th-9th May P/L: +0.3

Monday Issues: Bank holiday in UK so not working.

Tuesday Issues: Difficult, could have held longer to winning trade. Took profit at WN

Wednesday Issues: TSLing too quickly? Good entry that came back to be tested before reaching PT.

Thursday Issues: No setups off the 20EMA ( at least in the AM) some of Yesterday's levels.

Friday Issues: Wifi dropping but also some fear. Avoided a RL to R short as looked sharp and likely to test R again resulting in an premature stop.  This indeed happened and then surpassed PT.  Another piece of evidence suggesting my ISL my be too tight and my TSL is being trailed to quickly.

R+0 No Trades, Poor Wifi!

Wifi dicking me around the last couple of days.  Updated the firmware on my router, fingers crossed.

EU Obs...  sods law saw this setup but wifi screwed me...  However would have req a wider ISL.

R+0 No Setups at 20EMA, Some at Levels

Saw a couple trades at levels but not at the 20ema which is currently my only entry so just obeying the rules.

EU Obs...

UJ Obs...

R-0.6 Might be Trailing too Quick

UJ Trades...(Might have TSld too quick trade 1)

EU Obs...

Today's Entry Technique (Al Brooks)

Re-read my notes on Al Brooks "Best Trades" chapter. My entry today was far more inline with his words.

"if a trader has the patience to wait possibly hours for a best trade to develop and he restricted himself to only the trades in this chapter , he would be a very successful trader...the best trades req alot of patience, patience to occur and patience to work out...learning to restrict yourself to only the very best trades is perhaps the most difficult part of trading.  If you are not making money it is something that you must seriously consider...The single most important trade to avoid until you are skilled is trading within BW (in a volatile range) and a TTR (tight trading range)...many WT setups will look terrible , but you have to trust your read and place your orders or else you will be trapped out of great trades, like so many weak hands... in a strong trend you do not need setups you can enter at anytime, they merely allow tighter stops... Once profitable increase size not setups"

NB : My setups are now very similar to Al Brooks's

1.  EMA PB/RL (S&R PB/RLs) ... My LSH and HSL @ 20ema in a strong prolonged trend is v similar.

2.  clear strong REV after maj TL breaks... My SAR of a LSH or HSL @ 20 EMA  in a strong trend or at S/R is v similar.

3.  FBO/FBD and BOPB/BDRL of patterns from yesterday's S/R... My LSH, HSL and SAR at S/R are v similar.

R+0.9 Only One Trade That Setup "Correctly", some thoughts on exits...

Couple of thoughts on exits...

1. Once in a trade should I trade through levels and let price action take me out?

2. Or should I use a couple of PTs?

Tbh I like the sound of "1" but guess the market will tell me in due time.

GU Trade...

EJ Obs...

EU Obs...

No Trades just an Observation

EJ Obs:  Best trade at R + a setup