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Trading spot fx euro using price action


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Trading spot fx euro using price action

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  #251 (permalink)
 thewardiknowof 
Edmonton, Alberta Canada
 
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A little confused by your numbers. Are you trading the same size on all trades? If you are I am unable to figure out why you were +pips but -dollars. If you are trading a variety of sizes are you taking this into account when you calculate you numbers. Also, I do find your charts slightly easier to read now although I struggle at times to see exactly where your S/D lines and trades are. Sometimes it appears there are more trades than you mention. Have you considered adding the LTF chart to your post when you use it for entry? Keep it up, be patient.

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  #252 (permalink)
 Adamus 
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thewardiknowof View Post
A little confused by your numbers. Are you trading the same size on all trades? If you are I am unable to figure out why you were +pips but -dollars. If you are trading a variety of sizes are you taking this into account when you calculate you numbers.

It's simply pips are gross, dollars are net commission at $2.50 per execution. At $20K position size I'm only making (sim-making ) $2 per pip. It skews the results a little but my edge should develop to the point where my results overcome the proportionally huge commission. $2.50 is the minimum commission at IB. When you get up to $100K positions, it starts increasing beyond that - I forget how much, but obviously proportionally much less.


thewardiknowof View Post
Also, I do find your charts slightly easier to read now although I struggle at times to see exactly where your S/D lines and trades are.

Thanks. The S/D lines are the solid lines - I'll see if I can improve them somehow, a new color maybe. The trades are something I can't change, except by adding more stuff manually to each trade.


thewardiknowof View Post
Sometimes it appears there are more trades than you mention.

I mention 99% of my trades - there's the entry and usually two exits (T1 and T2 limit or stops) or I mention I messed up going the wrong way or hitting enter twice etc so you see a flurry of executions on one bar.


thewardiknowof View Post
Have you considered adding the LTF chart to your post when you use it for entry? Keep it up, be patient.

The LTF chart has 3 times more bars - I guess I can include it, but it would be at least 2 more screenshots

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  #253 (permalink)
 Adamus 
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I was just going over my notes from Friday to sharpen my edge before trading but I'm really disappointed with myself that they are still so hard to decipher.

I have 2 main problems - I'm trying to cram it all onto one screenshot, and I have a pretty poor idea in my mind when writing the notes about what is obvious and what won't be obvious 24 hours or more later. The result is a bit of a nightmare to come back to.

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  #254 (permalink)
 Adamus 
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Only sim-traded 1 hour today after spending ages working out why Friday was such a bad day.

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  #255 (permalink)
 thewardiknowof 
Edmonton, Alberta Canada
 
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Looks like a decent day trading for the time you were there. The charts you are posting are much clearer in my opinion. What was your premise or Future Direction Principle (FDP)? Without the Asian high, I would consider it in a downtrend FDP 1 expecting a PB or CPB. With the Asian High I would say it's FDP 6 then waiting further shows part b looking for a BPB. Is this what you were seeing? What exactly did you use for triggers to enter the trades? Keep at it!

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  #256 (permalink)
 Adamus 
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Thanks for the encouragement. Great to see someone else using the same jargon - except I have to look it up - I don't remember their numbers. I'll get back to you on it. Have to hit the sack now. Today was too much like having my head in the washing machine.

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  #257 (permalink)
 Adamus 
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Bad day. Spent the first half of the day being unable to trade, and spent the second half of the day trading too much.

Warning: the bar numbers on the second 1min chart seem to be off by 1 but only sometimes. I think I was really pushing it to get it done last night.

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  #258 (permalink)
 Big Mike 
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Adamus View Post
Bad day. Spent the first half of the day being unable to trade, and spent the second half of the day trading too much.

Still, good job on the journal.

Can I ask what steps you will be taking to not repeat the above?

Mike

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  #259 (permalink)
 Adamus 
London, UK
 
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Big Mike View Post
Still, good job on the journal.

Can I ask what steps you will be taking to not repeat the above?

Mike

Yes. The plan is to go through the trading day noting the market structure, price action and personal performance as they developed. Then with benefit of hindsight, I go through the daily review - this is my cheat-sheet for it - this is taken out of the YTC Price Action Trader programme and adapted by me to my purposes:

1) Make sure trade log notes make sense
2) Add day type now day is finished to trade log entries
3) Review trades taken and missed
a.Review bias, signals that lead to identification of setups
b.If a setup was missed, why? What signals were overlooked?
c. Were any trades not based on a valid setup? What kind of error was it? Is it logged under Performance?
d. Did each setup lead to an entry? If not, why not? What was the ideal entry point? Was it feasible? What signals should have led to an improved entry?
e.Was the initial stop location good or should it have been somewhere else, and what signals identified that location?
f. What signals did the market provide for moving your stop to break-even or beyond?
g.What was the optimal exit location?Did the market give any signals to identify this?
i. Replay each setup making optimal decisions, observing the signals and biases for those decisions and ignoring the signals and biases that were wrong.
4) Review market environment
a.What signs indicate market type, trend and bias?
b. Step manually through the chart bar by bar or use market replay to observe the market environment and the signals that identified significant trend and bias.
c. Save chart with appropriate mark-up to your Market Structure Journal
5) Physical and Psychological Performance Review – document any observations in the trading log
a. Were your fatigue levels appropriately managed?
b. Were you in optimal physical condition?
c. Was your ability to sustain focus at an acceptable level?
d. Were you accepting of emotion during the session, without letting it unduly affect your decision making?
e. Was your mental state during trade execution one of confidence and self-belief, or fear, greed, or panic? If so, why? What can you do to improve it?
f. Are you satisfied with your performance during this trading session? What could you have done to improve it?
g. Do you feel you have progressed?
h. Completely let go of what happened during the trading session
6) Document the main points arising from today's review as goals for tomorrow.


Point 3i is probably the most important. The theory goes that you do it enough, eventually some of it will stick in your head. It's easy, it's just difficult to find time to do it. I have made the mistake every day so far of trading for far too long and not having enough time left for the review. I should commit far more time to the review.

I then review these notes and go over them before the next session, and at the end of the week, I select the best and keep them for my Lessons Learnt journal which I also review before each session.

PS I notice my notes are still crap with mistakes (e.g. wrote "long" instead of short) because I'm rushing them. I'm going to trade from now (9:30) to 14:30 today and spent 14:30 to 18:00 on the review.

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  #260 (permalink)
 Adamus 
London, UK
 
Experience: Beginner
Platform: NinjaTrader, home-grown Java
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Trading: EUR/USD
 
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Posts: 1,085 since Dec 2010
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thewardiknowof View Post
Looks like a decent day trading for the time you were there. The charts you are posting are much clearer in my opinion. What was your premise or Future Direction Principle (FDP)? Without the Asian high, I would consider it in a downtrend FDP 1 expecting a PB or CPB. With the Asian High I would say it's FDP 6 then waiting further shows part b looking for a BPB. Is this what you were seeing? What exactly did you use for triggers to enter the trades? Keep at it!

Just thinking about what you asked, trying to read between the lines.

I generally re-evaluate my bias after every setup, so my FDP can change 10 times a day. Are you deciding on one for the whole day from the higher time frame? Or do you just mean one analysis since the sell-off was so well-structured over the period shown by the chart?

I admit I find it slightly confusing settling on a future trend direction when I know it's a range day and we're near the top or bottom.

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