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

  #501 (permalink)
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Hi Adamus,

Given the limited time you have to trade, have you ever thought about trading longer timeframe like daily and weekly? I mean opening a trade until the next day or with predetermined targets/stops or a trade that could last several days.

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  #502 (permalink)
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Thursday 2012-05-31

Setup in progress at 6:00am as I turned on the computer.

A slow break-out / pull-back that started moving up again and triggered my entry. The setup didn't work out and after I'd moved my stop up a couple of times, it got hit.

I could have taken an earlier exit and even got a couple of ticks profit, but the movement on the hour at 07:00 kicked in and completely changed the PA. I should have registered the tails on top of the swing high earlier, but I was kind of busy trying to work out whether the first 7 o'clock candle had any significant bearing on direction. Why I got confused by that I don't know, probably after reading about opening ranges and thinking about it in terms of the Frankfurt market opening up. Stupid considering that the German bankers are all going to sit there with their orders waiting for the clock to strike 7 (or 8 for them obviously).

Really annoying. Worse now I've got all day to mull over it. I'm meant to be learning all the time and so I want to pick up new ideas all the time but it's not meant to affect my trading unless I can define it and incorporate it into my plan.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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Trading spot fx euro using price action-2012-05-31-market-structure.jpg   Trading spot fx euro using price action-2012-05-31-continued.jpg  
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  #503 (permalink)
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trendisyourfriend View Post
Hi Adamus,

Given the limited time you have to trade, have you ever thought about trading longer timeframe like daily and weekly? I mean opening a trade until the next day or with predetermined targets/stops or a trade that could last several days.

Don't think I want to be trying to work at something else with the pressure to check the screen all the time.

It's only meant to last six months. I think it'd be a lot of work to change time frames, not sure it's worth it. Sure I've thought about it, but it's still not convincing.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #504 (permalink)
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Friday 2012-06-01

Wasn't sure of the entry, left it late and only managed a near-BE trade.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #505 (permalink)
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Left it too late to add comments to yesterday's trade after thinking about it. Too busy yesterday at work - that was the theory - trade, post the chart, then add comments as I think about them during the day. Didn't work but I definitely thought about it.

I was worried I would miss out on a good opportunity for a B/O-P/B setup failure as price reached my original target, but it looks like I made the ideal exit - well within a couple of pips.

Just my entry was crap - I know I was scared to get in and I had to wait for the second chance instead of diving in. Guess I didn't have the guts for it after Tuesday's failure.

So the week was bad - one big mistake and two small mistakes (Thurs & Fri) wipe out the sim profits I made last week.

Still struggling to keep those emotions in check, and still not sticking strictly to the plan. Need to do a big review of May's trading and see what comes out of it.

Meanwhile in other news, here are a few tasty rashers of Bacon for later on.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #506 (permalink)
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Tuesday 2012-06-05

Now this is what should happen every morning

Good entry but exit too early.

Thought process leading up to getting out was pretty much along the lines of:
  • Market broke through the S/R line from yesterdays low and started pushing down.
  • The candle down reversed halfway back up.
  • Was already thinking about finishing the session - I realise now afterwards, I'd forgotten my plan for finishing by leaving the market to hit my target or stop. Bit stupid.
  • Had 3 possibilities at hand - market would retrace back to my stop (and it's done that a few times recently) - the market would move down to my target (obviously had no faith in this) - or I'd bail out here and now. Which I did.
  • so I wanted to finish anyway and I was pretty convinced it was only 50/50 that the target would get hit.

So based on my recent experience of 2 trades, max 3, of a retrace after a good push in my direction and getting my stop hit, I bailed on a trade that moved on nicely to hit my target - and the target was a conservative one in the first place, I could easily have put it lower.

I guess I was negative about the target getting hit, and had set a really easy target anyway, because the most recent trades had been either losers or B/E.

Main problem here and a recurring one is not having a definite set of rules. As soon as I have to think, is that a rule or not, it's a problem - i.e. finishing the session, when to change charts from 3min to 1min and back - solution is to write it all down. I have a lot written down, but I don't refer to it enough - I have to be able to refer to it quickly and at any point, like before the session to go over it, and after the session to check or update it.

You can discover what your enemy fears most by observing the means he uses to frighten you.
Attached Thumbnails
Trading spot fx euro using price action-2012-06-05-market-structure.jpg   Trading spot fx euro using price action-2012-06-05-continued.jpg  

Last edited by Adamus; June 6th, 2012 at 03:06 AM.
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  #507 (permalink)
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Wednesday 2012-06-06

Started late and didn't get a handle on today's start.

Looking at the day's chart now at the end of the day, it looks like I just missed a scalp from 1.2500 down to 1.2480, which in actual fact looking at the PA, would have caught my exit stop (if I'd got in and moved it down) at 4 pips profit.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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Trading spot fx euro using price action-2012-06-06-market-structure.jpg   Trading spot fx euro using price action-2012-06-06-continued.jpg  

Last edited by Adamus; June 6th, 2012 at 06:23 PM.
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  #508 (permalink)
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Friday 2012-06-15

Initial trading - forgot to add the comments - but that's where I finished. Turned out well as it happens, despite the stupid entry!

My trading reminds me more and more of tightrope walking. One mistake and you lose.

This morning's trade was nice 'n' profitable, but my entry was terrible. I guess I was rusty - I thought I would be earlier. I didn't realise that a good B/O-P/B setup had developed. I sat there watching the market break down below the S/R level and then PB, and then stall. Instead of getting my entry stop right up close to the stall, I moved it the other way. It was 7:00am in London and I figured the Frankfurt open could bring a bit of volatility. Didn't want to get caught.

If I'd entered at the move out of the stall, I reckon that would have been the high probability trade, with minimal risk and 9 or 10 points reward. Instead I messed around worrying about things that I shouldn't worry about and then I let myself get taken into the trade in a second display of indecision over what to do with the entry stop. That left me in what I immediately new was a low probability trade with poor R:R if targeting the closest S/R below. So I compounded my error and targeted the Asian low.

What reasons did I have to justify that? I figured the market hadn't reversed again since the Frankfurt open, and was therefore likely to continue.

I figured since the Asian session was very low volatility, it was more likely that the market would move right across it if moving in that direction.

I have to do some time management. I can't just trade - I need to write down the rules I'm developing. Don't know when I'm going to find time since I really don't want to not trade in the morning, but I hardly have any other free time. Difficult one.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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Trading spot fx euro using price action-2012-06-15-morning.jpg   Trading spot fx euro using price action-2012-06-15-continued.jpg  

Last edited by Adamus; June 15th, 2012 at 07:12 PM.
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  #509 (permalink)
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Quick review of the days I took off

Just reviewing the six mornings I just skipped. Looks like it would have been 3 losers and 2 winners and one no-trade.

You can discover what your enemy fears most by observing the means he uses to frighten you.
Attached Thumbnails
Trading spot fx euro using price action-2012-06-07-morning.jpg   Trading spot fx euro using price action-2012-06-08-morning.jpg   Trading spot fx euro using price action-2012-06-11-morning.jpg   Trading spot fx euro using price action-2012-06-12-morning.jpg   Trading spot fx euro using price action-2012-06-13-morning.jpg   Trading spot fx euro using price action-2012-06-14-morning.jpg  
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  #510 (permalink)
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Another day off


Not doing well here at trading 'attendance'. Couldn't get to bed last night, couldn't get out of bed this morning.

Missed an interesting market. A channel break-out - hopefully I would have seen it.

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