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Spot FX Day Trading: The Jigsaw


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Spot FX Day Trading: The Jigsaw

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  #221 (permalink)
Germany
 
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  • Trying to ‘filter out’ losing trades TO expecting them
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Thanks for the list

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  #222 (permalink)
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Game plan today was to start tracking for a break of the range, I expected either a range day or a down momentum day.

Only the one trade today. A scratch. Went long after signs of strength and what appeared to be decent test and rejection of yesterday's low. My entries are now off a LTF chart, just trying to catch the turn once I have committed to a course of action. Initial risk was 5 pips and the stop went to breakeven after +5.

There was no ease of movement in the two upwaves after the entry and buyers could not get back past yesterday's close. Given we had broken the ice of yesterday's low a short would have been warranted (which may have caught the selling wave into the LOD - which was also a sell climax). But my brain was still uncoiling from trade I was in so did not spot it until the trade was well out of the gate.

Shut down by 14:00 GMT to spend some time with the family.

But a great day back, my read was pretty good and the new entry approach so far 'feels' good. I tracked my 100 tick chart and had lots of practice saying "if I was looking for a long/short I'd get in here" and was catching the price rotations pretty well.

It's scary how much I enjoy this stuff!

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  #223 (permalink)
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  #224 (permalink)
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A brain, what's that? Ahhhh that's what wrong with me.....

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  #225 (permalink)
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Mighty big demand through the London open which set the tone for the day. I tried to steal a retracement trade looking for a test of the breakout level 1.3495. Went +10 and stop to break-even prior to news which stopped me out.

For me, the trade of the day was a long off the level I mentioned. That was good for +20 to retest the HOD, and another 20 after the break. I guess I was about 80% there in terms of taking this trade. I'm fine with that, my current focus is on practicing to recognise areas I want to trade and then, on the LTF, turning those thoughts into committed action.

Good spot of the opportunity, and with at least a 4:1 return (5 pip stop vs min 20 pip PT), I perhaps could have talked myself into taking the trade, I had a good hand and the return was worth it.

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  #226 (permalink)
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I was reading a different script today. I was anticipating a retracement to test the 1.3500 and then an up momentum day thereafter. So I was therefore looking for longs. I didn't work out that price was heading lower until after the completion of the bear flag and upthrust at the end of US open at 1.3510 and by then I was a bit brain-fried so stepped away.

Luckily on the occasions I was actively looking for entries for a reversal, I did not get a compelling story on the LTF, so stayed out.

One of those grinding days I have trouble getting a handle on. If I can learn from today and get the script earlier next time it will be a day well spent.

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  #227 (permalink)
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A couple of losers and a couple of scratches from Friday. I was bang on with my game plan but messed up the executions. Subconciously, I think I was chasing the figures for the month.

I will not be trading Monday as I want to update my trading plan ready for October. And prior to looking too closely at my performance for September I will come in marginally profitable after costs (all this is SIM, but sim-ed via a broker account using their order engine, so a fairly close match for fills for my style of trading).

A nice surprise as out of 16 trades...

8 scratched/breakeven (a gain or loss +/- 20% of the trades initial risk)
6 losers (average about 0.8)
2 winners (both around x3R winners)

I have not yet got the traction to break clear of the breakeven stage. That in itself is frustrating, but to be honest I have have introduced quite a lot of new ideas and routines over the last couple of months and am happy with my overall progress.

The plan for October is to keep adding to the sample set with fewer and fewer alterations to my routines. I also want to keep my foot on the 'risk-seeking' pedal and notch up a least a couple of trades a day on average.

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  #228 (permalink)
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Took a couple of extra days to finish off my trading plan and routines, but was back trading today. I am trading live for October with a micro FX account. I was too long in SIM and getting too comfortable.

Game plane today was expect a range day, and pay attention to the magnetic property of the 1.36 handle. The blue areas are my AOI (areas of interest) where I want to do business. Price got there twice in my session but I did not get a valid signal for an entry, there was no low volume pull back on either the spring or upthrust either side of the ISM numbers.

I have made some changes to how I am tracking the balance of force between buyers and sellers - a set of flash cards and a playing board. So far this is helping me assemble relevant elements all in one place. Much more visual than hand written notes and a much better fit with my way of dealing with information. Downside is my wife thinks I've slipped my anchor completely and says I should watch 'My Beautiful Mind' and see if it looks familiar...

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  #229 (permalink)
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Didn't trade Friday and didn't manage to get a trade away today either.

Game plan was range day between 1.3590 & -55 or -40. I was looking for a short off the push into the HOD in the London open, my set-up is for a retest pretty close to the level, and I didn't get one close enough. Then after the minor sell climax just short of the lower band, again I was after a retest for a long, but there was a quick reverse instead.

A pretty tiring day. Where I have no clear signals and there is as strong a case for taking a trade as to pass I find I have to really concentrate to bring clarity to my thinking. Once I am clear then I'm happy to commit, but today felt like a hard day at the office purely to stay flat.

Considering I am actively looking for trades and not getting any is a frustration - but I am not going to change my plan simply for that.

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  #230 (permalink)
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mokodo View Post


Didn't trade Friday and didn't manage to get a trade away today either.

Game plan was range day between 1.3590 & -55 or -40. I was looking for a short off the push into the HOD in the London open, my set-up is for a retest pretty close to the level, and I didn't get one close enough. Then after the minor sell climax just short of the lower band, again I was after a retest for a long, but there was a quick reverse instead.

A pretty tiring day. Where I have no clear signals and there is as strong a case for taking a trade as to pass I find I have to really concentrate to bring clarity to my thinking. Once I am clear then I'm happy to commit, but today felt like a hard day at the office purely to stay flat.

Considering I am actively looking for trades and not getting any is a frustration - but I am not going to change my plan simply for that.

I noticed you use a 350 tick chart (I use a 500 tick), but are you using any minute charts to base order enties on as well? There was a huge volume spike at 10 and 10:15am (eastern) with a nice signal bar with a tail that came within 4 ticks of the previous days low at 10:15. Looked like a great long entry opportunity, one that I would have missed if I had only been using my tick chart alone.

Cheers!

EDIT- I'm trading the 6E, so perhaps you may not have gotten the same signal bar with a minute chart on the $EURUSD. (just now noticed your chart wasn't the 6E...oooops :-)

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November 18, 2013


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