071013 Rushing - I mustn't trade when I'm tired!

PL: -2.1 / -£51.08  CAP: £2397.27

Trades:
1. (-0.6) Short Dark cloud cover at 38.2,  exit didn't like price action.
fault1: Dark cloud cover is a weak signal that isn't one of my setups so I shouldn't have traded. ATG (entry)
2. (-0.5) Short SS @ 38.2,  exit discretionary.
Fault1:  should have held it was a valid signal, and followed price action closes. ATG (exit)
3. (-1) Short CBPL at 21EMA,  exit ISL
Fault: should have exited on formation of HM .ATG (exit)

Trades I would have liked to have taken...
A. CBPL, Short at 38.2 +252EMA on CBPL. problem occurred before 0730,  but volume had ticked up so was tradeable.  This is what the 0730 start is for, to ensure there's some action.
B. SS short @ 38.2 (got this one, but managed poorly)
C. Bull EP, Long at 21EMA into 252EMA, missed had quit for the AM.
D. CBPL into 23.6 (got this one but messed up the exit).
E. HM off 23.6 into 38.2 area
F. HM off 23.6 into 38.2 area
G. SS @ 21EMA

Notes:
Fault, I saw trade A but didn't take it because I was trying to obey my rules.  But volume had ticked up prior to it so I could have traded it. Volume is more important than a precise time ATG

The only candles I can trade with no confirmation are Hammers (HM) and Shooting Stars (SS), provided they're at the top or bottom of a move, or on S/R. All other entries must have touched an S/R area and got confirmation. if long CAPH (close above prior high), if short CBPL (close below prior low).

You've got to exit a Short when price CAPH, and a Long when price CBPL. Exits ATG
You've got to track the low of each new high (long), and the high of each new low (short). TSL ATG
You've got to re-realize that there's nothing wrong or scary about taking small losses. Psych ATG
You've got to accept that price action will tell you what to do. Psych ATG

Summary:  In all honesty I didn't feel like trading today, I just didn't have the enthusiasm,  I was up late last night with family stuff  but I felt like I was being a pussy so traded. The positives are the ideas were right ( trading off the stretches,  looking for bounces through and from S&R) but my execution was appalling!
Today's poor result, was a product of my rushing, not having patience, lacking confidence and enthusiasm but these were all a by-product of my exhaustion (I can't trade when I'm tired!).

031013 working the stretch and snap to (and off) S+R

PL: +1% / £25.06   CAP: £2448.35

Just looking to get the potential stretches from S+R and the snap(back)s to them.

Trades: 
1. -0.0 Short CPBL at D1 R (stretch) into 252 area , exit on formation of HM.
fault1 started b4 0730, fault2 hadn't marked 1.36 on chart! ATG
2. -0.1 Buy (cls abv) HM at 1.36, (snap) back to D1 R ,
fault1 screwed the exit got greedy, fault2 probably should have bought the HM formation. ATG
3. +1.2 Short (formation of) SS at D1R(stretch) into 252 area,  exit discretionary 1:1.

Trades I would have liked to have got into...
A.  HM formation, snap back into D1R (got this one , but screwed exit)
B. SS formation, stretch into 252 area (got this one)
C. BO Failure of continuation, snap back into D1R ( missed it but recognized it).

Notes:
Managed to stay out of nasty hi wave candles at end of AM session.  Just adopted an "if I'm not sure, wait, if there's no clear stretch there's no clear edge" strategy. ATG
Applying the principles of The Science of Getting Rich that I have recently finished, making a difference to my out look.
Struggling to find an edge on the H1 TF.  Thinking of applying the same kind of method that I am now using intraday (Stretch and Snap).

Summary: Super happy with today's results and effort. Another step in the right direction.  Off this PM and tmrw due to family commitments. 

021013 Trade the Stretch and Snapback

PL: +0.4 / £1  CAP: £2423.29

Trades:
1. -0.4: Buy on PB to D1 S using CAPH,  exit: CBPL, poor RRR to 252EMA
2. +1.2: Short on Shooting star at prior resistance,  exit:  discretionary.
3. +0.1: Short on close below D1 S, exit TSL, should have took profit on 4 bar drop.
4. -1.0:  long on BO above 252EMA,  exit ISL, unlucky. on BO place ISL at prior low. ATG
5. 0.0: Short off Fib 23.6 on CBPL,  exit discretionary due to time it was taking.
6. +0.5: Shorted the stretch above D1 R on the close of the shooting star.

The trades I would have liked to have got in on are...

A. Shooting Star short of R (got this one)
B. This kind of "W" OE from D1 S was ripe for a RL back to D1 S / 252 (missed)
C. This HM PB at 252EMA would have been a nice continuation. (kind of got this with trade 4, should have waited for a pause/PB)
D. would have liked to Bought this start of a stretch on all confirmation, close above D1 S, 252 and RL. (missed)
E. Short the stretch into D1 R (got this one)

Notes: 
Volume didn't actually pick up till around 0730GMT which would have been a better time for me to start, also it started to dwindle around 0930GMT which would have been a better place for me to finish the session. This is what I do for the the US session (start half an hour before the open and trade for 2 hours),  makes sense to do the same for London. Times 0730-0930 , 1330-1500 ATG

There's some bend in D1 S&R levels, you can trade through them a bit. They're likely to snap back but you don't have to be obey them too rigidly. These stretches can be capitalized on, you can trade the stretch and the snap back. Look for the Stretch and  Snap ATG

Can enter on PB to 252EMA. can trade PB/RL off 252EMA ATG

2:1 is too big a target, you kept getting some nice 1:1;s then giving most of your gains up.  anything around 1:1 is great. 1:1 is good RRR

Summary:
You've got to expect price to stretch S&R a little. Trade the stretch thru S&R and be prepared to trade the snap backs too.
Trade with the trend (stretch) on PB and RL to 21 /252 using CAPH, CBPL, HM and SS as entries.
Trade counter trend (snapback) on OE PB and RL from S&R again using CAPH, CBPL,  HM and SS as entries.
Really happy with breakeven, a step in the right direction.

011013 Strategy Ammendment

PL: +0.1 / £3  CAP: £2422.29

Trades:
1. SS short (+0.1). fault should have taken profit at 252EMA.

Notes:
I've been putting this off. I meant to start on this yesterday and didn't and then again first thing this morning and here I am at ten to twelve finally getting into it.
I am simply not getting the results I want from my strategy and efforts which means more action is needed as I am trading my strategy to the letter and it isn't working.
I've been away for a couple of weeks on holiday and feel refreshed and I have been working on some ideas. To be honest some of these ideas are ones that have been imparted by others but they are also observations I have made of the market, my personality and watching of others trade.
I still want to trade the M5 chart, I have had success with it in the past and want to find success again with it in the future.
 I really don't suit over complicated stuff, when I first started I struggled to place trades, so a laborious method is not best suited to me. This has been proven with my stupidly simple Daily strategy which is Buy when price closes above the 21EMA (with a stop at confirmation's low) and the reverse for short trades. Interestingly this works well not only on the EU but also the AU, UC and GU (however the GU would probably need a wider stop considering it's volatility). Coincidentally this something that I have begun (swing trading the majors).
This simple swing method has lead me to want to simplify my day trading method and even create a simple hourly trading strategy to build up the pips. my current thoughts are as follows.

Trade D1: buy on close above 21EMA, sell on close below 21EMA, ISL: confirmation hi/lo + 20 pips.

Trade H1: still working on... but thinking something using the 50SMA or 21EMA as a base (maybe PB/RL to a MA and BO of RL'sand BD of PB, maybe just trading hammers and shooting Stars -and maybe using limit orders)

Trade M5: ...
only trade on EU/UK and US opens (0700-1000 and 1330-1500)
trade just with the 252EMA, 8SMA,  D1 S&R levels and fibs (not a fan of pivots yet)
Buy when price closes above 252,  Sell when price closes below 252 (LT)
Buy when price closes above D1 R (prior RL must be broken),  Sell when price closes below D1 S (prior PB must be broken),  (LT continuation)
Buy on PB to fib / pivot / D1 level using CAPH, Sell on RL to fib/pivot /D1 level using CBPL.  (ST)
Counter trend trade on HM and SS back into an S/R level. (ST)
ISL: conf hi/lo + spread
IPT: 2:1 , S/R level
TSL:  track los of each new high + spread
Exits: close against 8SMA,  CBPL,  CAPH,
DEF: a PB is can be identified as such when price CAPH,  and a RL when price CPBL.
Prep:  keep marking RL and PB hi's and los.

For now I'm going to continue using the close for my entries. But I have been getting a lot of help from scalpingthestretch who has been introducing and teaching me how to trade price levels rather than waiting for the close. I am delaying this slightly because I'm just getting used to looking for different signals and while my eyes tune in I'm going to stick to a method I can perform with ease, also have to admit I love the beauty of trading the close, but I hope the same love will come for trading the level.

Things to do tonight so I'm ready tmrw
1. download some pivots (done)
2. set D1 chart up with 21EMA (done)
3. set M5 chart up with 252EMA,  8SMA, (done)

190913 Longterm Trade update

PL: +2% / £50.66  CAP: £2419.29

LT Trade: Buy when price closes above 21EMA (+2%)

Summary: In all honesty I'm on holiday and have just been checking in once a day for a couple of minutes (if that). Don't know the specifics of this trade I just took the trade signal entry and the FOMC did all the work, guess I could have been caught the other way ( but that's what my trailing stop is for). But I'll take any win.

130913 Friday the 13th, not my luck day

PL: -0.7 (£14.40)  CAP £2369.63

Trades:

A. OBS, this looked like a pretty easy trade but it wasn't my setup. Buying on a PB to the 50SMA looks pretty obvious though!
1. LSH @ 252 (-0.3),  exit 8SMA, good trade.

2. REV from 252 (-0.4),  exit CAPH,  good trade. (NB 8/21 was tight on trigger, maybe this rules should apply to REV traded too).

B. HSL, avoided because 8/21 was tight on trigger.

Summary: Not much to say.  After initial move which I didn't have an entry for price got stuck on 252EMA until Retail sales.  I actually traded alright because I followed the plan, strategy kept me out of most poor trades. Just would have liked to have been able to trade the AM move and PM up trend fail.  Actually off until October 1st (late summer holiday). So will look at that while away. 

120913 being too hard on myself, looking at M1 TF

PL: -0.7 (-18.76)   CAP £2383.03

Trades:
A. HSL,  couldn't takes as 252EMA just below so RRR less than 1:1
B. HSL,  couldn't takes as 252EMA just below so RRR less than 1:1
C. HSL,  couldn't takes as 252EMA just below so RRR less than 1:1
D. OBS: feels like there's a reversal trade here.  price trends down , tests 252, then RL to 50SMA where a HSL works out , note that the triggers real body touched the 50SMA.
1. Data Trade (-0.7),  exit 8SMA, fault should have been CAPH.  Felt like I was being the dumb money trading into D1 21EMA (I was).
2. HSL (0), realized my mistake and managed to get out break even (price needed to RL to 252)
E. REV to & thru 252 (+0.9),  missed this I got in such a tisswoss over trades 1&2 I gave up for the day.

Notes:
M1 strategy: 8/21/50 must be in alignment: buy on LSH @ 21/50,  sell on HSL @21/50. ISL conf + 2pips / TSL / exit:   FTMNH - ATMNL. IPT 1:2 / S/R
OR Use 221/50 as direction,  price must PB/RL to at least the 21EMA, but not touch the 50SMA.  use LSH / HSL as entry,  ISL trigger high,  IPT

Summary: price flirting around 252EMA,  plus jobs in the PM made the day quite draining for me, a lot of concentration and no reward. I must note here that because there are so few trades that are trade-able my reaction to losses when they occur is over the top (but at least I'm aware of this). The data trade is pissing me off, I feel like I should be fading these moves (NFP's last friday see 060913 post) instead of going with them but I don't know how to trade them correctly ie stop loss, entry , target. This is something I need to work on (having said that I have been getting a lot of help from JMF3 and without his help I doubt I would have had the thought to fade, so this is progress (thank you)). Trade 2 I was damn lucky with to get out BE but this then ruined my confidence in my ability to follow my guide so I quit early and missed trade E ( I'm being too hard on myself). If I'd had E I'd be slightly up for the day. With the current 30- 40 pip ranges
over the last 2 days I've been drilling down to the M1 to see if I can get setups which won't be as affected by the RRR the M5 setups currently are,  I can't see anything obvious using the close of a session as confirmation yet  but will continue to look ( a scalping method is looking very appealing at the moment!). Ultimately though my strategy performed well,  while I did not because I didn't follow it.

110913 Nasty range stayed out of most of it

PL: -0.2 / £3.80  CAP £2401.79

Trades:
A. HSL, couldn't take because price needed to RL to 252EMA and confirmed thru D1 21 EMA (0)
B. LSH, couldn't take because confirmed thru 252EMA.  (-0.5)
C. LSH,  couldn't take because RRR less than 1:1 before meeting D1 R (-0.3)
D. LSH,  couldn't take because conf didn't cls ab 8 and RRR less than 1:1 before meeting D1 R (-1)
1. LSH (-0.2),  exit CBPL
E. SS, couldn't take because RRR less than 1:1 before meeting 252EMA (+1)
F,  HSL, couldn't take because confirmed thru 252EMA. (-0.4)
G. REV to R, couldn't take because RRR less than 1:1 before meeting D1 R (-0.2)
H. LSH,  couldn't take because RRR less than 1:1 before meeting D1 R  (-1.0)
I. LSH ,  couldn't take because RRR less than 1:1 before meeting D1 R  (+2)

Summary:  Just following the guide and avoiding all the trades that didn't meet my criteria . Frustratingly massive and un-tradeable BO late in the day. I followed the rules!  If had taken all the trades I would have been exhausted and down -0.6.  Strategy performed well because it kept me out of all these trades.  A good day for me and my strategy. 

100913 Better psychology concerning actioning plan

P/L: 0 / -£1.20  CAP: £2405.59

Trades:
1. REV to 252,  exit TSL,  fault, should have taken profit at D1 21EMA add to guide. usually trade thru S&R levels when trading back towards 252EMA.  But obviously the D1 21EMA is stronger than the H1 21EMA.
A.  HSL that I luckily missed because I was out, would have made a 0.4 loss

LT Trades:  placed a long on the D1 chart as it triggered ( close above 21EMA)

Notes:
Much happier today, been working on my psychology in particular the emphasis and energy I need to put into executing my plan. Puttingt in the updates for my records...

1. Take Responsibility (of everything in your life) to take control of your Life.

This is a simple decision

2. Direction and Drive charged with Positive Emotion

Explain what you want, why you want it and spend time linking it to desire,  faith,  love, romance, sex,  enthusiasm, hope. A "Think and Grow Rich" method.

3. Plan of Action

create a plan of action in which every step is easy to understand and easy to achieve

4. Action charged with Positive Emotion

Action requires that you action/execute your plan, this is your sole purpose in (working) life so spend time linking it to ( desire,  faith,  love, romance, sex,  enthusiasm,  hope) . If you are actioning/executing your plan you are successful.

5. Fear and Progress

Fear occurs when your imagination focuses on the potential negative outcomes rather than the action/ execution of the logical plan. this is a breakdown, recommit to the plan.

External problems (plan failure, things you cannot prepare for) are not your fault.

all you need to do is points 1. 2. 3. 4.

6. Psychology (overcoming breakdowns, fear and depression)

1. Have Direction and Drive (everyone needs a purpose in life)

2. Acknowledge your achievements ( to update your perception of reality and self)

3. Be positive ,  say your affirmations

4. Be Grateful, say your gratitudes

7. Physiology (maintaining a health body)

1. Go for a walk in the morning to get some fresh air and work your psyhcology

2. do a little exercise in the morning to get some fresh blood and oxygen to the head

3.  do some vigourous exercise 4 times a week to work the heart and lungs and relase endorphins.

4. watch what you eat and drink and get enough sleep.  these can really effecting your psychology.

8. Communicate (with others)

1. it inspires creative thought because you have to think in the third person to explain things

2. it creates help (because you're telling people what you are doing)

3.  it inspires commitment ( because you’re telling people what you’re doing and don’t want to fail)

9. Persist (with actioning your plan)

If you don’t persit with your plan you will never achieve what you want

Summary: Price got stuck on and around the D1 21EMA, H1 21EMA and W1 and D1 S&R defined a range. This was a bit of a bugger for my trend following method. Happy with my discipline, I traded the plan, on days like this I find it very tempting to reinvent the wheel as there are large moves but usually the the RRR is whack if using the close as your signal (imagine scalpers enjoyed the US open). So the guide performed well because it kept me out of these poor RRR trades on the M5 TF.

090913 question threw me off

PL: -0.5 (-11.81)  CAP £2405.77

Trades:
A.  LSH , avoided due to rules
1. LSH (-0.4),  discretionary shouldn't have taken due to BO of R
B. LSH , correctly avoided.
C. LSH (-0.4)  Should have taken (question threw me off)
D.  LSH (+2)  Should have taken (question threw me off)

Longterm Trade: closed due to hitting TSL

Summary: Short post because blogger crashed and I can't be fucked to right the whole thing again. In short  questioned a part of my guide concerning the 252EMA and requiring PB/RL after a BO/BD of it. Was getting confused about XO/XD of the 252 on the PB/RL. Basically I only need to worry about the initial PB/RL after the BO/BD ( the XO/XD on the PB/RL don't matter). This question upset my thinking resulting in me not taking trades I could have (there was a XO/XD that I was concerned about from laast week and this is why this question and worry was prevalent today). Guide performed well, I didn't (but not that badly either,  considering working through question).

060513 Holy $!?* I booked some profit.

P/L: +1.2% / £27.80  CAP £2417.58

Trades:
1. Data Trade (-0.4) exit CBPL . Not ideal as contradictory data, NFP's down, Unemployment rate down =  stalemate,  went with initial M5 move, not that confident in trade but wanted to follow guide to the letter as a personal exercise because I have struggled to do so this week. This confirms that the result(s) has got to be definitive to trade it.
2. LSH (+1.5) exit TPO @ MN R.

Summary: Boring waiting for NFP's / US jobs. Got to remember (add to guide) only to trade data trades that have clear results.  Today's US jobs trade was shite with NFP's declining but US jobless rate falling,  this is not clear or decisive. Trade 2 was a nice simple setup. See George it's not hard to follow the rules. Got to start next week where I finished this week.

050913 No trades

Trades:  
A.  LSH (+0.6) , exit CBPL, fault missed this.  This is a rare variation of my setup. usually it pulls back  to the 21EMA , in this case it PB to the 252.
B. Data trade (+2),  exit TPO, TBH wasn't sure about this trade because W1 and MN S was just underneath so I didn't take it. Add to guide that I can trade Data through S&R.
C. HSL,  didn't take as guide says not to trend trade through S&R.

Notes: 
working on some stock stuff

Summary:  To be honest not as focused on trading as I should have been today. I shouldn't have missed trade A, I was doing some work on stocks and got distracted. Trade B not so upset about, I think my worry was understandable,  but learnt from it.  Trade C I was correct in not trading as my guide says not to trend trade thru S&R. Guide worked.  To the most part I followed it.

040913 Use the GUIDE! you DINGBAT!

P/L: -1.6% / -£37.94  (should have been -0.2ish) CAP £2389.78

Trades/Analysis:
A. H1 Trending =  respect 252
B. Price needs to RL to 252 after clean BD of it.
C. Trend weakness : Failure To Make New Low - Able to Make New High
D. Rev to 252, didn't trade as poor RRR.
E. LSH,  didn't take as open of confirmation same as W1/MN S
1. REV from 252 (-0.4),  exit 8SMA, should have used close abv prior high  for -0.1 loss.
2. HSL (-1),  exit ISL,  Fault price needed to RL to 252 after clean BD,  this was because I was not using my guide when entering trades. 1. Mark every BO/BD of 252. 2.  use guide for every setup add to guide.
3. REV thru 252 (-0.2), exit CBPL, Entered trade late because feeling edgy about last setup and mistake. Out of room when finally decide to take trade so used MT4 app to place trade (got slipped to fuck, confirmation time took nearly 10 seconds. Won't be using that again)
3 losses in a row  =  stop trading for day!
F. NOT A REV thru 252,  wanted to make a not of this because it initially looks correct but infact the PB to the 21EMA (trigger) was not a PB because price did not close above the low at the 21EMA.
G. REV  thru 252.  Dubious because the 50 and 252 were all out of whack.  Was going to leave this out but thought strictly it is a trade.  exit would have been CBPL. (-0.2)

Notes:
H1: Direction /  Entry : don't know got a basic strategy here but want to firm it up.
Stocks:  can I make stock investing the same in my head as property investing.
Exits:  
Long =  close below prior low (not SS / NRC)
Short = close above prior high (not HM / NRC)
TSL:
Long = close above prior high,  track prior low (not SS / NRC)
Short = close below prior low ,  track prior high  (not HM / NRC)

Summary: Guide worked well,  1st trade was correct, but could have got out slightly earlier for small win, 2nd trade shouldn't have been traded because of prior weakness (personal error, not using guide),  3rd trade was correct and trade-able, unfortunately I didn't enter when i should have and got slipped, so BE trade ended up as small loss ( again my fault).  Personally did not perform well as I did not follow my guide! Positives - money management good, setup identification good. Negatives -  ability to check the setup against guide before entering!

030913 Back to it after August, Notes on exits

P/L: -0.4% / £8.88 CAP £2427.72

Trades:
A. HSL ,  don't trade because confirmation BD W1+MN S.
1. REV to (and thru) 252 (-0.4),  exit CBPL (close below prior low)
B.  HSL,  was out from 1130-1330 so luckily missed this trade that didn't workout.
C. HSL,  didn't take this trade because 8/21 was too tight on trigger.
D. REV to 252 ,  didn't take because RRR less than 1:1 before meeting 252EMA.
E. Gap down on News

Notes:
Watched a couple of videos today on trading. Ari Kiev, I basically got from it stuff I already knew from his books but a good reminder to , set a goal, take responsibility for it by doing whatever work is needed to achieve it and a note on actually timing with a stop watch your discomfort as it occurs in an effort to over come it.
Some exits / TSL I spotted. Using closes above / below prior sessions high /  low (see guide).

Summary:  Great to see price moving but TBH I had a feeling it was going to bang straight into W1 and MN S and do naf all, which it did until news. At least price seems to be making a home beneath W1 and MN S so hopefully the downside should be free to trend.  No bias just an observation, I don't care where price goes as long it moves.  Happy with personal performance as I did everything I should have.  Happy with strategy as it kept me out of most of the poor action. Good day.