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I might Win a Tablet but I might just get rich trying
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I might Win a Tablet but I might just get rich trying

  #61 (permalink)
Trading for Profit
Launceston, Tasmania, Australi
 
Futures Experience: Intermediate
Platform: IG, ETrade, Commsec
Favorite Futures: EUR/USD, Aussie, ASX200
 
Posts: 78 since Nov 2010
Thanks: 25 given, 63 received

Captains Log Star date April 27th

It wasnít such a good session last night. The days range was wide and a little messy when I started but, worse than that, I didnít have my trading brain in gear.

I started OK watching and waiting but by the time a signal finally appeared I was stuffing around with email and checking my library stuff on the Internet so I missed it completely. Iím not sure I would have taken the signal as it wasnít the very best but I Obviously wasnít functioning too well.

As a rule I generally donít have anything other than my charts and dealing page and some music open when I trade. I donít want to be distracted.

No trades and no real damage done I guess but I must stick to my rules because I have found before that allowing distractions can be bad for me in a financial sense.

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I might Win a Tablet but I might just get rich trying-27-eur_usd-.png   I might Win a Tablet but I might just get rich trying-27-gbp_usd-.png  
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  #62 (permalink)
Trading for Profit
Launceston, Tasmania, Australi
 
Futures Experience: Intermediate
Platform: IG, ETrade, Commsec
Favorite Futures: EUR/USD, Aussie, ASX200
 
Posts: 78 since Nov 2010
Thanks: 25 given, 63 received

Captains Log Star date April 30th

That was a very quiet week and next week will be a little bit the same. Monday is May Day in Europe and Friday is Non farms Payroll so Iíll be trading Tue, Wed and Thu.

I completed two trades though and both were 1R profits so the numbers look OK. In fact that was my best month so far. More of the same please

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  #63 (permalink)
Trading for Profit
Launceston, Tasmania, Australi
 
Futures Experience: Intermediate
Platform: IG, ETrade, Commsec
Favorite Futures: EUR/USD, Aussie, ASX200
 
Posts: 78 since Nov 2010
Thanks: 25 given, 63 received


Captains Log Star date May 3rd

With Monday being a Holiday in the UK and therefore no trading for me I was hoping that I could get of the month with a nice trade or two.

Unfortunately that wasnít the case. The range for the day had been quite wide which placed me inside the daily range for most of the session. Couple this with a late start and a few other interruptions and I didnít get a trade on.

Iím happy to wait though because I believe that in trading, as in life, less is more.

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I might Win a Tablet but I might just get rich trying-03-eur_usd-.png   I might Win a Tablet but I might just get rich trying-05-gbp_usd-.png  
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  #64 (permalink)
Trading for Profit
Launceston, Tasmania, Australi
 
Futures Experience: Intermediate
Platform: IG, ETrade, Commsec
Favorite Futures: EUR/USD, Aussie, ASX200
 
Posts: 78 since Nov 2010
Thanks: 25 given, 63 received

Captains Log Star date May 4th

Well, that was a slightly harder session for me. Here was some trend activity but also some horizontal support and resistance there from the a wide (ish) daily range. I tried one counter trend trade and took a 0.5R loss and then it really got cracking to the upside but didnít give me the sort of retracements I normally look for to get on board a trend. Eventually I was pushing up against some serial news items so I called it a day.

Over all I felt pretty good but just didnít get to take home the moolah.

I am getting much more rule driven on my stops. I am trying to manage them consistently on each trade like this.

I have a grid that defines 4 stop levels and at the start of each week I define my position size for each level. So right now itís
Stop (Pips) --------Size
10 ---------------- 13
13 --------------- 10
16 ----------------- 8
20 ----------------- 6

I use the ATR plus 3 for spread to set my initial stop and all I have to do to calculate my size is glance at my table, which is on the whiteboard

So my stops as the trade progresses are
  • Initial stop as per the Entry minus (ATR + 3 pips)
  • When entry bar completes move stop to low of entry bar Ė 1 pip
  • If trade progresses as planned try to get the stop to break even within the next two bars.
  • If trade gets within 3 pips of target get the stop to 1 pip profit then just leave it.

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I might Win a Tablet but I might just get rich trying-04-eur_usd-.png   I might Win a Tablet but I might just get rich trying-04-gbp_usd-.png  
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  #65 (permalink)
Trading for Profit
Launceston, Tasmania, Australi
 
Futures Experience: Intermediate
Platform: IG, ETrade, Commsec
Favorite Futures: EUR/USD, Aussie, ASX200
 
Posts: 78 since Nov 2010
Thanks: 25 given, 63 received

Captains Log Star date May 5th

It seems that trading is a bit like having a few types of Groundhog Day. There seems to be the nice trending day, the nice ranging day and the choppy day where you briefly trend from one range to another then back again.

If you knew ahead of time which type of session you were in for you could save a lot of time and energy. Anyhow, today was much like yesterday in my view with the exception that I didnít get dragged into a losing countertrend trade but there was an Ďalmost set upí at the end which broke out the wrong side just ahead of the news.

One thing I am keeping my eye out for now is that when you get a fake out with an engulfing reversal you do seem to be in for a trip to the other side of the range, especially when it occurs in the Euro open to London open window. I have been seeing these for a while so I think I will keep them in mind for another type of range trade.

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  #66 (permalink)
Elite Member
Toronto Canada
 
Futures Experience: Intermediate
Platform: ninjatrader
Favorite Futures: es
 
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Nickemp View Post
Captains Log Star date March 17th

There was arguably an entry in the circled area but at that stage we were really still in consolidation.

That is a Sam Seiden setup...

Trading Articles - Authors - Sam Seiden | Trade2Win

Sam Seiden

All his articles are about the same setup...i am just going thru his webinars.

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The following user says Thank You to mmaker for this post:
 
  #67 (permalink)
Trading for Profit
Launceston, Tasmania, Australi
 
Futures Experience: Intermediate
Platform: IG, ETrade, Commsec
Favorite Futures: EUR/USD, Aussie, ASX200
 
Posts: 78 since Nov 2010
Thanks: 25 given, 63 received

Thanks mmaker, that looks like a very interesting group of articles.

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  #68 (permalink)
Trading for Profit
Launceston, Tasmania, Australi
 
Futures Experience: Intermediate
Platform: IG, ETrade, Commsec
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Posts: 78 since Nov 2010
Thanks: 25 given, 63 received

Captains Log Star date May 7th

That seemed to be a very slow week. Only three trading days available and then only one trade (which was a loser but thatís not the issue). I am thinking that while some weeks are just like that I also was a nit late onto the screens some times and I missed available opportunities. This is in part due to my current renovation project that is chewing up a lot of energy and also chewing into my trade times as I just try to get Ďone moreí bit done.

Balance is the key and I guess that comes from working out appropriate time management strategies and sticking to them.

Anyhow, the summary is 1 trade for 1 0.5R loss. Not much change in position size.

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  #69 (permalink)
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Posts: 353 since Feb 2011
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Thanks

Thanks for your math on expectancy - when i get some more trades done I will refresh myself on the math.

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  #70 (permalink)
Trading for Profit
Launceston, Tasmania, Australi
 
Futures Experience: Intermediate
Platform: IG, ETrade, Commsec
Favorite Futures: EUR/USD, Aussie, ASX200
 
Posts: 78 since Nov 2010
Thanks: 25 given, 63 received


You're welcome MMaker

Captains Log Star date May 9th

Once again I wasnít really on song today. I let signals go by that worked then finally became a little impatient and finally went for a divergence trade against the trend, which failed. I then ignored the next divergence entry a few minutes later that would have succeeded.

All in all not very auspicious but I have days like that sometimes. I should remember that divergences seem to work better in consolidation, or, with the larger trend.

I did manage my stops properly though so restricted the loss to 0.6R

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