Ward's EUR/USD spot fx journal - Trading Journals | futures io social day trading
futures io futures trading


Ward's EUR/USD spot fx journal
Updated: Views / Replies:7,024 / 89
Created: by thewardiknowof Attachments:82

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 82  
 
Thread Tools Search this Thread
 

Ward's EUR/USD spot fx journal

  #21 (permalink)
Elite Member
Quebec
 
Futures Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker/Data: Stage 5 trading/AMP/CQG
Favorite Futures: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 3,698 since Oct 2009
Thanks: 3,042 given, 4,498 received

Hi,

Here is my chart with some notes. Today the trend stayed UP although i tried an attempt to go down after a wide range bar to the downside. I was expecting price to break out of the range that started during the night for me (EST). It did not take long to see i was wrong. Price made another wide range bar, that was a sign of strength. The arrows mark my bias.

Attached Thumbnails
Ward's EUR/USD spot fx journal-6e_expansion_balance_20120312.jpg  
Reply With Quote
The following user says Thank You to trendisyourfriend for this post:
 
  #22 (permalink)
Elite Member
Quebec
 
Futures Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker/Data: Stage 5 trading/AMP/CQG
Favorite Futures: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 3,698 since Oct 2009
Thanks: 3,042 given, 4,498 received

thewardiknowof,


I downloaded your chart in order to point out something to you which i consider important. You remember when i mentionned that price makes expansion and balance and repeat that sequence in a continuous discovery process looking for a fair value. Each balance area is separated from the next by one or more wide range bar. A balance area contains three areas of interest; the fattest part roughly around the middle of the zone, the top and bottom. If price breaks above the fattest point of such an area of balance with conviction (wide range bar) then don't try to fade this move as the fattest area of a zone of balance will most certainly bring opposing order flow. You can consider it as a level of S/R. A Market Profiler would look at this level as a point of control (POC) and a volume profiler as a High Volume Node. No matter how you want to call it, it certainly will act as a barrier. These high volume nodes are often tested and serve as base for price for the next run. Not always but often enough to take note of it.

p.s. I do not use Market Profile anymore as i can visually guess-estimate the same info using a bar chart.

Attached Thumbnails
Ward's EUR/USD spot fx journal-12ttf.jpg  
Reply With Quote
The following 2 users say Thank You to trendisyourfriend for this post:
 
  #23 (permalink)
Elite Member
Edmonton, Alberta Canada
 
Futures Experience: Beginner
Platform: cTrader
Broker/Data: ThinkForex
Favorite Futures: Forex
 
Posts: 88 since Sep 2011
Thanks: 199 given, 51 received


trendisyourfriend,

Thank you for your help. How do you know where the area of balance ends? There was a wide range bar down at the end of the balance are you show. I was also thinking earlier, would this not have been a trend change to down? Is that why you considered going short a few bars later?

Reply With Quote
 
  #24 (permalink)
Elite Member
Quebec
 
Futures Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker/Data: Stage 5 trading/AMP/CQG
Favorite Futures: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 3,698 since Oct 2009
Thanks: 3,042 given, 4,498 received

Technically an area of balance contains overlapping bars although a trending bias may be present within the formation. Here is a new chart i have commented in order to objectively define the zone i would consider as sideways price action. Remember, in my mind such a zone can show mini trend sequence. The idea is to get a coherent structure to gauge strength and weakness when price approaches the limits of these zones. Within a zone if you get wide range bars or some mini trending sequences then look at it as strength or lack of it. I don't want to make it look more complex than it is. In many cases i do not draw these zones as i can visualise them. (see picture)


thewardiknowof View Post
trendisyourfriend,

Thank you for your help. How do you know where the area of balance ends? There was a wide range bar down at the end of the balance are you show. I was also thinking earlier, would this not have been a trend change to down? Is that why you considered going short a few bars later?


Attached Thumbnails
Ward's EUR/USD spot fx journal-market_structure_wt_wrb.jpg  
Reply With Quote
The following 2 users say Thank You to trendisyourfriend for this post:
 
  #25 (permalink)
Elite Member
Edmonton, Alberta Canada
 
Futures Experience: Beginner
Platform: cTrader
Broker/Data: ThinkForex
Favorite Futures: Forex
 
Posts: 88 since Sep 2011
Thanks: 199 given, 51 received

This really clarified what you refer to as gaps. You have also presented this in a very understandable way for me to see the "coherent structure". Now it's practice on my part to become proficient at drawing/observing the structure in hindsight, then come to the point where I can visualize this as it is occurring. Anything you can suggest to help speed up this process? I truly appreciate the time you are giving to me.

p.s. what screen capturing program do you use?

Reply With Quote
 
  #26 (permalink)
Elite Member
Quebec
 
Futures Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker/Data: Stage 5 trading/AMP/CQG
Favorite Futures: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 3,698 since Oct 2009
Thanks: 3,042 given, 4,498 received

I use snagIt

Reply With Quote
The following user says Thank You to trendisyourfriend for this post:
 
  #27 (permalink)
Elite Member
Edmonton, Alberta Canada
 
Futures Experience: Beginner
Platform: cTrader
Broker/Data: ThinkForex
Favorite Futures: Forex
 
Posts: 88 since Sep 2011
Thanks: 199 given, 51 received

Tuesday March 13,2012

Two trades today:

Trade ONE: SHORT
Entry:1.30625
STOP: 1.30725
T1: 1.30525
T2: 1.30055

Trend was DOWN and price started pulling back. I moved to LTF and saw what I thought to be the end of the PB and entered with a spike ledge entry trigger. Price continued to move sideways with strength toward the upside. Was stopped out after 39 minutes -20 pips. This was an invalid setup. On TTF there was no clear price action indication of a PB, I was guessing.
RESULTS= -20 pips

Trade TWO: LONG
Entry: 1.30959
STOP: 1.30900
T1: 1.31029
T2: 1.31459

Trend changed to UP as price showed acceptance above the downtrend line and the 50% fib level. Entered BPB setup with an engulfing candle trigger. Was a little hesitant/fearful as I would have previously considered this a BOF and trend still DOWN until the help and teaching of trendisyourfriend (thank you). Achieved T1 for +7 and then exited part two because I felt trend changed to DOWN +13. Still unsure how best to have exited this trade. Should I have had my second target at mid to upper area of previous sideways/balance area above my entry? Still learning this part but appears to have been a good choice.
RESULTS= +20

TOTAL SESSION RESULTS= 0 pips (scratch)

Attached Thumbnails
Ward's EUR/USD spot fx journal-13-ltf-oanda.jpg   Ward's EUR/USD spot fx journal-13-ttf.jpg   Ward's EUR/USD spot fx journal-13-htf.jpg  
Reply With Quote
The following 2 users say Thank You to thewardiknowof for this post:
 
  #28 (permalink)
Elite Member
Quebec
 
Futures Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker/Data: Stage 5 trading/AMP/CQG
Favorite Futures: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 3,698 since Oct 2009
Thanks: 3,042 given, 4,498 received

Nice trades, you end in positive.

Again just offering my opinion. I know it is much easier to comment with the benefit of hindsight but nevertheless here i go...

About your first trade, you got an opportunity to close the trade at break even i think. One thing you can do also is to incorporate in your plan the 75% recovery rule. Can be any % though. If price does not hit your catastrophic stop loss but allows you to recover 75% of your highest lost in this trade then scratch the trade with a small loss. The idea is to minimize your risk and allow you to regroup as it can be tough mentally to assess the situation while losing. Ex. your stop loss is at 20 ticks from your entry, price goes against you for -12 ticks (highest peak to date). Price resumes in your direction and since 75% of 12 gives 9 then you would scratch the trade as soon as you recover 9 ticks. You would make a small loss but a controled loss of -3 ticks.

About the second trade...

When you are in a winning trade and an out of ordinary event occurs by all means try too profit from it. Always try to profit from a wide range bar. In itself, these bars are exceptional or rare so my suggestion is to close a unit or the trade at the close of a wide range bar. You can't lose if you do this and you have just profited from an exceptional event. Don't be too greedy as price as a tendency to retrace these WRB's. I like to think that price likes to close the GAP formed by these bars.

Reply With Quote
The following user says Thank You to trendisyourfriend for this post:
 
  #29 (permalink)
Elite Member
Edmonton, Alberta Canada
 
Futures Experience: Beginner
Platform: cTrader
Broker/Data: ThinkForex
Favorite Futures: Forex
 
Posts: 88 since Sep 2011
Thanks: 199 given, 51 received


trendisyourfriend View Post
Nice trades, you end in positive.

Again just offering my opinion. I know it is much easier to comment with the benefit of hindsight but nevertheless here i go...

Your opinions are very welcome, thank you. you have been a great help to me!


trendisyourfriend View Post
About your first trade, you got an opportunity to close the trade at break even i think. One thing you can do also is to incorporate in your plan the 75% recovery rule. Can be any % though. If price does not hit your catastrophic stop loss but allows you to recover 75% of your highest lost in this trade then scratch the trade with a small loss.

The recovery rule makes a lot of sense to me. This is an area I struggle with, something I will implement.


trendisyourfriend View Post
The idea is to minimize your risk and allow you to regroup as it can be tough mentally to assess the situation while losing.

That is me, I find it really difficult to assess the situation while losing, it starts to come back and I think now it will go in my direction, then goes and takes out my STOP. By being out of the trade, I should be able to look it over more objectively.


trendisyourfriend View Post
About the second trade...

When you are in a winning trade and an out of ordinary event occurs by all means try too profit from it. Always try to profit from a wide range bar. In itself, these bars are exceptional or rare so my suggestion is to close a unit or the trade at the close of a wide range bar. You can't lose if you do this and you have just profited from an exceptional event. Don't be too greedy as price as a tendency to retrace these WRB's. I like to think that price likes to close the GAP formed by these bars.

Good to know, I never really considered that a WRB should be considered an out of the ordinary event. Looking at them as GAPs as you explained prior, I have also felt price tends to close them, thanks again.

Reply With Quote
The following user says Thank You to thewardiknowof for this post:
 
  #30 (permalink)
Elite Member
Quebec
 
Futures Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker/Data: Stage 5 trading/AMP/CQG
Favorite Futures: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 3,698 since Oct 2009
Thanks: 3,042 given, 4,498 received


These GAPs left behind by WRBs that are slack in demand or supply have a tendency to act as a magnet for price. That's why we constantly see price going up and down for no apparent reasons in relatively short periods of time. That is how a fair value level is found. Price test an extreme point leaving behind slack demand or supply, you can be sure these almost empty areas of supply/demand will be revisited.

This is also called pocket of low usage from a Market Profile perspective. To this end, i encourage you to view the following webinar and more particularly the section named Market movement > Putting bell curve into context and Recognizing low usage at this URL . The same phenomena described with Market Profile can also be used on a minor scale by identifying WRBs on a chart. This is the same thing but different words and means to describe it.


thewardiknowof View Post
...Good to know, I never really considered that a WRB should be considered an out of the ordinary event. Looking at them as GAPs as you explained prior, I have also felt price tends to close them, thanks again.


Reply With Quote
The following 3 users say Thank You to trendisyourfriend for this post:

Reply



futures io > > > Ward's EUR/USD spot fx journal

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
“Stop Hunting” strategy for EUR.USD Nicolas11 Elite Automated Trading 7 November 29th, 2011 10:38 AM
EUR/USD Tick Chart tosmonkey Currency Futures 14 February 12th, 2011 09:03 PM
$EUR/USD data for Ninja ceramictilepro Reviews of Brokers and Data Feeds 19 October 26th, 2010 02:13 PM
Migrating from ES to EUR.USD mainstream Traders Hideout 10 July 5th, 2010 08:03 PM


All times are GMT -4. The time now is 11:37 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-17 in 0.16 seconds with 20 queries on phoenix via your IP 54.221.73.186