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Trading spot fx euro using price action
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Trading spot fx euro using price action

  #241 (permalink)
Elite Member
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Tuesday 2011-11-22

Two mark-ups today since I'm still trying to figure out the best way to save them.

I might have to note down this on paper and re-organise it after the session finishes.

Small range trading day. Not bad, although I still haven't had a positive day. At least I'm recognising the mistakes as I make them and hopefully some of the hindsight criticism sinks in so that I pull it off more often in the heat of the moment.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #242 (permalink)
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Wednesday's chart 2011-11-23

Finally managed to post a profitable day on my trading record.

60 pips net, thanks mainly to trading to fast trends. All the other trades were unprofitable.

This is 7 trading days and my record so far is pretty crap, with a winning percentage of 40% and a win-loss ratio of 1.31 and a gross loss of $350 so far (position size $40K split in two for 2 targets).

We'll see how bad my results are next time there's no trend to trade.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #243 (permalink)
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Adamus View Post
Finally managed to post a profitable day on my trading record.

60 pips net, thanks mainly to trading to fast trends. All the other trades were unprofitable.

This is 7 trading days and my record so far is pretty crap, with a winning percentage of 40% and a win-loss ratio of 1.31 and a gross loss of $350 so far (position size $40K split in two for 2 targets).

We'll see how bad my results are next time there's no trend to trade.

why owned by 3 minute chart using ?

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  #244 (permalink)
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Adamus View Post
Finally managed to post a profitable day on my trading record.

60 pips net, thanks mainly to trading to fast trends. All the other trades were unprofitable.

This is 7 trading days and my record so far is pretty crap, with a winning percentage of 40% and a win-loss ratio of 1.31 and a gross loss of $350 so far (position size $40K split in two for 2 targets).

We'll see how bad my results are next time there's no trend to trade.

Congratulations on your first profitable day! Consistency is what I am still struggling with. You do very well with documenting your trading session. Curious, what is your plans for tomorrow, being it is a big US holiday? Does your trading plan allow you to trade?

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  #245 (permalink)
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Sergio View Post
why owned by 3 minute chart using ?

Hi Sergio, please re-phrase that - I'm not sure what you mean.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #246 (permalink)
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thewardiknowof View Post
Congratulations on your first profitable day! Consistency is what I am still struggling with. You do very well with documenting your trading session. Curious, what is your plans for tomorrow, being it is a big US holiday? Does your trading plan allow you to trade?

Thanks. Still only sim trades though, so not time to crack open the champagne yet.

Doing the documentation is slow and takes time but it guarantees that I learn faster. First of all, making the notes helps clarify the issues, and secondly reviewing them re-inforces any lessons learnt. There's some didactic principle that expounds 4 steps which is outlined by Lance Beggs in his YTC PAT programme:


Quoting 
1. Pick a target.
2. Reach for it.
3. Evaluate the gap between the target and the reach.
4. Return to setup one.

I'm trading today - I have nothing in my plans prohibiting it. Of course it won't be nearly so lively and I doubt there'll be any fast trends. If I consistently have bad days on public holidays, I'll stop doing it, but I figure in time I'll know from looking at the market whether it's worth trading or not. For instance, the Asian session is probably always like the market will be today. Yet sometimes I see tradable sessions and I wish I'd been awake.

By the way, do you find the way I marked up the chart yesterday quite readable? I think it's a massive improvement on the yellow boxes I was using and I can also see more what the market was doing without it being obscured in-between lots of mark-up.

You can discover what your enemy fears most by observing the means he uses to frighten you.

Last edited by Adamus; November 24th, 2011 at 05:59 AM.
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  #247 (permalink)
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Thursday's chart 2011-11-23

Thanksgiving's chart.

5 trades & +33 sim-pips today.

Current account: 61 trades, +70 pips, -$328 net P&L @20K lot size.

Win % 39, pay-off ratio 1.57.

I'm really noticing the hesitation when signals / triggers occur. It doesn't feel like fear, it's more like a rabbit staring into the headlights. I feel fear when I've got a position on with a lot of unrealized profits and the price going against me. I need to work out what to do to take these triggers, without also taking every other possible signal during the day.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #248 (permalink)
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I wanted to know why you use a chart 3 minute time frame. I wish you always swim with the trend

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  #249 (permalink)
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Sergio View Post
I wanted to know why you use a chart 3 minute time frame. I wish you always swim with the trend

To be honest, it's because that's what is recommended in the price action trading programme that I'm following.

I assume that 3 minute bars give the best balance of action during the day (so you don't get bored and lose focus) and ATR (so you make enough pips when you have a profitable trade). I know people who trade the same methods on the daily time frame, and one who uses 10 tick bars. Followers of Al Brooks (and several other people I have communicated with) use 5 min bars exclusively.

As I develop my skills, I'll be able to make my own best judgement but at the moment I am trusting the course I am following.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #250 (permalink)
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Friday 2011-11-25


Not a good day. Trying to correct my trading issues succeeded mainly in making things worse, and the market demanded wider stops too so I lost more there too. I guess I would have reduced the position size accordingly but I am at the lowest leverage for IB already. Plus that doesn't help the pip count stats.

Started out bad enough with 4 opportunities missed.

Plus a serious loss of discipline again, jumping in with desperation after another loser. Tsk tsk.

It also seemed as though bigger stops were required, I put it down to lower liquidity because Thanksgiving, but in hindsight this wasn't the case, the timing was just more difficult and anyway my focus was disrupted by trying to improve my own decisiveness.

-53 pips, -$189.50 after commissions.

So this takes me to total -$517 and +17 pips for 8 sessions.

Win ratio slipped to 30% and win-loss ratio went to 1.94

I can't figure out why the win-loss ratio increased - perhaps I really did have so many small losers that the avg loss has declined again, which is not a good thing. According to Mr Beggs whose word is God as far as I am concerned right now, I should be excluding the break-even trades, but that only increases the win-loss ratio even more - maybe P&L of zero is counted as a win. Yes well there's only so much you can do with excel.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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