5-24-12
While I think the wave concept is a very effective way to view markets there have been some fundamental changes made in my trading methodology that are explained around post #260 if you want to skip the evolution and get current.
Now trading mainly XAU/USD on 5 minute charts or larger with 50-100 pip stops and searching for exhaustion rather than trends....Also using a much larger wave to find natural support and resistance via the bends, folds, and consolidation of the wave. sma 1-1440
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This will be my trading journal. I will try to post daily. This is a live account not SIM.
Risk = 2% or less of trading account. Often times less. 10 pip max stop loss. Often times 5. A mix of market and limit orders. Charts ninja trader. Trades though brokers platform. Forex market. EUR/USD instrument. Timeframe anywhere from 2 range to 5 minute.
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I will keep a running tally at the bottom of each post with Post Pips (PP) and Journal Pips (JP) to give a quick reference of progress. A pip is the smallest unit of measure in the Forex market which is the market I trade. Depending on account size and/or risk tolerance a pip could be $ 0.10 (10 cents) or $1000. or more. I have done both. Transaction costs average 1 pip in and 1 pip out... I don't always put on the same trade size. So a pip tally is not the same as an equity curve but we will use it as a measuring stick here. I will consider each trade as -2 pips to start. So if you see a trade on a chart for 12 pips net the Post Pips (PP) will be 10.:sleep: Hope this makes sense.
Todays post was for 11 pips. Minus 2 for commissions and we have 9. Today is 1 st journal entry so:
PP=9
JP=9
1st one
missed the down flip because I was posting this... hmmmm
Use a large range chart for overall direction. See roadmap template below on 20 range
PP=9
JP=9
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