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wasp
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(US Labour day holiday)
Feeling good. I had a tough month in August IMO and the spikes and tight ranges did my head in alot and tested me alot, ironically in the complete opposite way of the intended journals purpose.
Anyhow, today...
7am - we drifted up and both the MA cross and SAR said short at 7 on the dot and it dropped down 15 beautifully to kick it off... now its gone staight back up, and up, and up all the way to the top of the candle... here we go again, spike/fake drop No.1...
9:30am - Since dropped off slowly and S/R has worked well on the way down... Its now 9:35 and all is quiet... at the low of the day and bouncing. The lack of US participation may keep this tight today but seeing as they were open all last month and still little happened I shall carry on regardless...
9:40 - Just had a retest of the S/R and it moved over a few pips and dropped back but still not piercing the low. As per the plan I have moved the SL to above the last S/R and now to see if we break this low... (not just spike through)...
9:45 - The plan is the plan... why am I even thinking.... MA's are still short, we are at the low of the day but not past as yet and we've not pierced the higher S/R so just sit, wait and read my book....
9:54 - broken at last.... next S/R coming up at 40... a clean break below would be good and I can get the stop down lower and lock in a good profit and let it run (maybe)...
Searching for something to remove emotion from my trading... Break or no break, up, down, sideways whatever, great, good, bad ****, shouldn't be in the above dialouge but it is still, it should just be fact this and fact that equals do X yada yada...
From here on in I will be attempting to relate all my trading to that of a mundane job I have had... barman... each trade is just pulling a pint thats it. I know I didn't care all that much for the pint at the end of the shift but I got paid and thats the important bit. Granted, as its my money I could then look at it as the landlord and I would care too much but for now, the bartender idea seems good.
10am - dropped through 40... next top 16, hopefully I shall just sit, wait and if it doesn't get there for a while, I'll keep waiting... or till a new signal...
10:08am - doh! its going up through S/R but only just...not looking like it will nold as resistance... tempted to give it more leeway... no stopped out as per plan.... only just hit SL, not 1 pip higher, and keeps dropping back off... time for it drop like a bomb!
T1: +23
Wait now for a long signal.... the next candle would signal a SAR long but I shall await the MA's for now...
10:15: Long SAR signal taken in demo...Ok, having doubts about my exit now, my SL got touched but not pierced and now its dropping back down and near at the low of the day again... argh! Sod it... now at the low again and it'll probably be the best move in weeks and my fear and greed wants back in but no, I can't I must wait... ******* and down it goes!
S/R and trailing stops > too much room for error and sods law... too close and this happens. Too far back and reversals end up +1...! Its hard to find a good middle ground... just one pip higher and I'd still be short but that one pip would equal -£30 in the opposie circumstances.... Ho hum, just hope it doesn't go much further south...
As a side note - the SAR didn't work out well neither!!!
My panic and reluctance to rejoin the short worked out... just a bit of faith thats all you need! I SHALL wait for a long now.... As per usual, panic ensued and then it comes back up and my original exit was fine. No cross of lower S/R meant that the same SL would now be being hit and all is good again....
10:46: SAR Signal No. 2... exactly same place...still awaiting MA long signal... more coffee required... Funny, I never realised I thought so much!
3 times we've tried to drop now but still keeps returning to the 40-45 area so 'price action' says its not going lower (I think)... now it'll drop! Ahh, tried again but now pushing North again... looking for a long soon...
Lining up nicely and I'm getting bored... No solid long signal as yet, could be a while seeing as its now 11am and the mornings action has finished, all the big boys in the banks have probably done most of their work and are off and gone by now and of course no America this afternoon.
The plan, as tested, incorporates every hour of each day to the fullest regardless of current affairs and news etc but, its sunny, I have a list of things to do and a rather tempting offer of something else to do so it has half hour till I knock it on the head and do something else!
11:11: Hmmm, SAR 2 would have been sweet, MAs mean waiting for 11:15 and its now 8/10 higher and hitting upper S/R... I have a feeling when the long signal comes It'll drop back but we'll see... right dropping back a little now and looking for a better price for me now, unless it means no higher and we have a few hours of little movement...
11:15: long now and wish I'd taken the SAR long as 10 pips better but the first SAR meant a loss so it worked out about equal. Obviously this is all dependant on whether cable gets some life inside it and goes, somewhere!
Superb, and its off....S/R at 63/79/85 to trail behind (for now!)... Hmmm, dropped back... now back up a bit... moved stop to +1... still no clear break of 63....
T2: +1
Right, dropping right off now and out for +1... thank god for that, dropped straight through.... Now I need to wait for a new candle before the short and its proving harder than hoped as it drops through...
1:15: at last, short.... and it drops nice, no, damn it coming back up... here I'd normally (pre August) hope for a great run down but its labour day so we shall see.... Hmmmm, one of them candle thingys, a 'hanging man' I believe... ahh, dropping a bit, slowly mind...
Hmmm, bouncing about now but trying to push down... nopeback up... ok, a 5 pip range, not sure where it wants to go... no long signal yet... and back down it drops, thankfully it is in such a small range there is lttle fear as the stop is still nowehere near!
Okay reversing now and taken a small 5 pip loss and wait a minute for the new signal.
T3: -5
2:30: finally switched to a long and stright up from the entry into profit. Not sure whether this afternoonss market can sustain a push higher but stick to the plan and see. A rise above 60 will allow a move of the stoplossbehind to lock in a small profit for now... Now I'm not expecting much all is well...
Ok, slowly slowly moving but not passing my 62 S/R level to trail SL... all things considered I have moved stop to +1 and see how it goes from here. this is the last of the day regardless now. pushing up to the recent high again but not through... yet!...
Excellent, up it goes, no maybe not... over 62 so SL now trailed behind for a few pips depending on what happens............... As the day draws on my emotions start to become a nonchalent disinterst as I have +2 regardless and I have now resigned myself that that is how it will end up. For a bank holiday in US, I'm happy with the results regardless.. Taken the +2 and finished...
T4: +2
DAYS TOTAL > +23 / +1 / -5 / + 2 = +20
Thoughts on the day:
I never realised how much I thought during trading session for a start. The actual day vs the plan vs the actual movement was pretty good really. the small drop mid morning got me but it worked out ok and plan vs reality = pretty much the same... I caught a good proportion of the day so pleased...
Now to progress to trading = pulling pints and happy days....
:cheesy:
Feeling good. I had a tough month in August IMO and the spikes and tight ranges did my head in alot and tested me alot, ironically in the complete opposite way of the intended journals purpose.
Anyhow, today...
7am - we drifted up and both the MA cross and SAR said short at 7 on the dot and it dropped down 15 beautifully to kick it off... now its gone staight back up, and up, and up all the way to the top of the candle... here we go again, spike/fake drop No.1...
9:30am - Since dropped off slowly and S/R has worked well on the way down... Its now 9:35 and all is quiet... at the low of the day and bouncing. The lack of US participation may keep this tight today but seeing as they were open all last month and still little happened I shall carry on regardless...
9:40 - Just had a retest of the S/R and it moved over a few pips and dropped back but still not piercing the low. As per the plan I have moved the SL to above the last S/R and now to see if we break this low... (not just spike through)...
9:45 - The plan is the plan... why am I even thinking.... MA's are still short, we are at the low of the day but not past as yet and we've not pierced the higher S/R so just sit, wait and read my book....
9:54 - broken at last.... next S/R coming up at 40... a clean break below would be good and I can get the stop down lower and lock in a good profit and let it run (maybe)...
Searching for something to remove emotion from my trading... Break or no break, up, down, sideways whatever, great, good, bad ****, shouldn't be in the above dialouge but it is still, it should just be fact this and fact that equals do X yada yada...
From here on in I will be attempting to relate all my trading to that of a mundane job I have had... barman... each trade is just pulling a pint thats it. I know I didn't care all that much for the pint at the end of the shift but I got paid and thats the important bit. Granted, as its my money I could then look at it as the landlord and I would care too much but for now, the bartender idea seems good.
10am - dropped through 40... next top 16, hopefully I shall just sit, wait and if it doesn't get there for a while, I'll keep waiting... or till a new signal...
10:08am - doh! its going up through S/R but only just...not looking like it will nold as resistance... tempted to give it more leeway... no stopped out as per plan.... only just hit SL, not 1 pip higher, and keeps dropping back off... time for it drop like a bomb!
T1: +23
Wait now for a long signal.... the next candle would signal a SAR long but I shall await the MA's for now...
10:15: Long SAR signal taken in demo...Ok, having doubts about my exit now, my SL got touched but not pierced and now its dropping back down and near at the low of the day again... argh! Sod it... now at the low again and it'll probably be the best move in weeks and my fear and greed wants back in but no, I can't I must wait... ******* and down it goes!
S/R and trailing stops > too much room for error and sods law... too close and this happens. Too far back and reversals end up +1...! Its hard to find a good middle ground... just one pip higher and I'd still be short but that one pip would equal -£30 in the opposie circumstances.... Ho hum, just hope it doesn't go much further south...
As a side note - the SAR didn't work out well neither!!!
My panic and reluctance to rejoin the short worked out... just a bit of faith thats all you need! I SHALL wait for a long now.... As per usual, panic ensued and then it comes back up and my original exit was fine. No cross of lower S/R meant that the same SL would now be being hit and all is good again....
10:46: SAR Signal No. 2... exactly same place...still awaiting MA long signal... more coffee required... Funny, I never realised I thought so much!
3 times we've tried to drop now but still keeps returning to the 40-45 area so 'price action' says its not going lower (I think)... now it'll drop! Ahh, tried again but now pushing North again... looking for a long soon...
Lining up nicely and I'm getting bored... No solid long signal as yet, could be a while seeing as its now 11am and the mornings action has finished, all the big boys in the banks have probably done most of their work and are off and gone by now and of course no America this afternoon.
The plan, as tested, incorporates every hour of each day to the fullest regardless of current affairs and news etc but, its sunny, I have a list of things to do and a rather tempting offer of something else to do so it has half hour till I knock it on the head and do something else!
11:11: Hmmm, SAR 2 would have been sweet, MAs mean waiting for 11:15 and its now 8/10 higher and hitting upper S/R... I have a feeling when the long signal comes It'll drop back but we'll see... right dropping back a little now and looking for a better price for me now, unless it means no higher and we have a few hours of little movement...
11:15: long now and wish I'd taken the SAR long as 10 pips better but the first SAR meant a loss so it worked out about equal. Obviously this is all dependant on whether cable gets some life inside it and goes, somewhere!
Superb, and its off....S/R at 63/79/85 to trail behind (for now!)... Hmmm, dropped back... now back up a bit... moved stop to +1... still no clear break of 63....
T2: +1
Right, dropping right off now and out for +1... thank god for that, dropped straight through.... Now I need to wait for a new candle before the short and its proving harder than hoped as it drops through...
1:15: at last, short.... and it drops nice, no, damn it coming back up... here I'd normally (pre August) hope for a great run down but its labour day so we shall see.... Hmmmm, one of them candle thingys, a 'hanging man' I believe... ahh, dropping a bit, slowly mind...
Hmmm, bouncing about now but trying to push down... nopeback up... ok, a 5 pip range, not sure where it wants to go... no long signal yet... and back down it drops, thankfully it is in such a small range there is lttle fear as the stop is still nowehere near!
Okay reversing now and taken a small 5 pip loss and wait a minute for the new signal.
T3: -5
2:30: finally switched to a long and stright up from the entry into profit. Not sure whether this afternoonss market can sustain a push higher but stick to the plan and see. A rise above 60 will allow a move of the stoplossbehind to lock in a small profit for now... Now I'm not expecting much all is well...
Ok, slowly slowly moving but not passing my 62 S/R level to trail SL... all things considered I have moved stop to +1 and see how it goes from here. this is the last of the day regardless now. pushing up to the recent high again but not through... yet!...
Excellent, up it goes, no maybe not... over 62 so SL now trailed behind for a few pips depending on what happens............... As the day draws on my emotions start to become a nonchalent disinterst as I have +2 regardless and I have now resigned myself that that is how it will end up. For a bank holiday in US, I'm happy with the results regardless.. Taken the +2 and finished...
T4: +2
DAYS TOTAL > +23 / +1 / -5 / + 2 = +20
Thoughts on the day:
I never realised how much I thought during trading session for a start. The actual day vs the plan vs the actual movement was pretty good really. the small drop mid morning got me but it worked out ok and plan vs reality = pretty much the same... I caught a good proportion of the day so pleased...
Now to progress to trading = pulling pints and happy days....
:cheesy:
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wasp
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No probs db,
I actually had it open in a notepad and was typing as I watched all day. It was an interesting exercise and certainly showed me a few things I didn't realise. Last night I went through my journal and printed off all the charts at the EOD I posted and other than the stats, they really didn't help me 2 weeks on. Doing this with the charts tells me so much more and shows me where my problems may lie.
I actually had it open in a notepad and was typing as I watched all day. It was an interesting exercise and certainly showed me a few things I didn't realise. Last night I went through my journal and printed off all the charts at the EOD I posted and other than the stats, they really didn't help me 2 weeks on. Doing this with the charts tells me so much more and shows me where my problems may lie.
dbphoenix
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wasp said:
That's why I encourage people to do this in real time rather than EOD (if they do it at all). It's difficult to remember what was going through one's head ten minutes earlier, much less hours earlier.
You may have missed my suggestion in another journal to pick up an Olympus digital voice recorder. They're very cheap from eBay, and the "PC" versions can download the recordings to your hard drive so that you don't have to have a large capacity recorder. This frees you from the distraction of having to write all this down.
wasp
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Its a good idea butthen I'd need transfer it from tape to word so I'd rather do it as I go. the typing doesn't really bother me and its not too much of a distraction to make me make mistakes so no problems there.
As for doing this instead of EOD, I'd recommend it completely, it tells you more after you have finished rahter than just a few ticks or crosses.
Unless when you say they download it to the PC and transfer to word for you then that makes sense!?
As for doing this instead of EOD, I'd recommend it completely, it tells you more after you have finished rahter than just a few ticks or crosses.
Unless when you say they download it to the PC and transfer to word for you then that makes sense!?
dbphoenix
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wasp said:
Well, that depends on your priorities for spending money. There is a word recognition software called "Dragon" that comes in several varieties, $85 and up. I'm sure one of the versions is compatible with voice recorders in general and the Olympus in particular, but you'd have to ask Olympus or Dragon. If the audio were on your PC, you could then convert all of it to text automatically (Dragon is 99% accurate).
If you have need for this sort of thing otherwise, like transcribing minutes of meetings, for example, it would be money well spent. But buying the software just to transcribe personal notes may not be of sufficient benefit against the cost.
wasp
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Thanks Quercus,
I'm treating it like an AA meeting at the moment... one day at a time and stick to the rules.
Anything could happen tommorrow (which I think makes it exciting and worthwhile on its own) and although I may not have the greatest business/trading plan in the world with the highest P:L and W:L going, I know if I stick to each and every rule, keep my risk low and keep on trucking, I should (one day shall!) make a profit each month.
I'm treating it like an AA meeting at the moment... one day at a time and stick to the rules.
Anything could happen tommorrow (which I think makes it exciting and worthwhile on its own) and although I may not have the greatest business/trading plan in the world with the highest P:L and W:L going, I know if I stick to each and every rule, keep my risk low and keep on trucking, I should (one day shall!) make a profit each month.
wasp
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Just another day at the Wasp Inn
Off we go..
The 6:45 candle just broke the support at the low of yesterday and today, dropped 10 and rose back up to finish just above the support line.
7am - Short signal... For a few seconds I was in 2 minds there... price action to me says the last candle couldn't sustain a drop through and rose right back up above the S/R line, the 2nd candle to do so this morning therefore it just can't go lower.... BUT, the signal is there so I have taken it anyway... and its dropping slowly so hell, what do I know!
Dropping nicely now, glad I followed the rules, not my brain. The 7am candle actually pinted just below the S/R line so maybe that means something? Especially as its now pulled back up to the top of the candle again. Looks like I was right as a new candle prints above the S/R line this time and a new long signal is now imminent. Oh well, I was right, price couldln't get lower but rules r rules...
Phew... dropped back off, now back through S/R, and back down through to the very low of the day! Sometimes I feel like marking on the S/R for my trailing stop and then just changing the color scheme till I can't see the candles, I'd do better that way I think... new low of day now... wow a whole 10 pips lower, I remember a time when that would have been 40+... cables ranges are becoming constantly tighter and tighter... another 10 - patience...
25 lower and glad I stuck to the rules rahter than my brain and price action, load of use that would have been. Stop moved just above recent S/R and open to movement now...
RULES RULES RULES writen across the top of my chart now...
Time to see if 16/20 hold as previous S becomin R... yep, held nicely and bounced off well and dropping again down to the 00's... made it down to 98 and rebounded... Aware as I am of the relevance of 00's I have not worked them into my plan as yet so I shall act as irrelevant for now. My next S/R trailing level is 970 so its that or the previous at 020...
Good, good, didn't hold at 00 for long and burst down through... will we stay lower is another matter... So tempted to move the stop lower but no justification to put it anwhere lower so have to wait it out.... still below 00's so comforting there.
Ahhh, old school 60 pip runs, now this is better... I remember why I trade cable again....
Re testing lows and I would love to see below 970 to move my stop in nice and tight. c'mon.
bouncing at 70... UK PMI out in a minute, rising up a bit...
9:30 - news out and drop back to low of day and low of NFP but not getting through... and we have broken
Its hard to not have emotion at this point... the whole of August I wished for the old runs with +50 pips and September begins and so do they. The signs of life back in cable show that the good moves are upon us....
9:45 - moved stop to just above recent S/R for a nice tidy profit and hoepfully a continuation but either way, all good...
70 holding strong now with 5 attempts and 3 'hanging man' candles but what do I know of PA! Attempt no 6 in process... tempted to take it but stop is tight enough so... (bigger picture is important)
A fascinating struggle to watch this!
Hmmm seems the bulls are winning for now and it could be over on the way down for now... let the stops and MA's do their thing and wait for now....
This morning, the action at 7am said to me it wouldn't be going lower and it consequently dropped 70. The recent struggle over the last hour says no lower again but I just don't know... its not flying up neither... oh now it is...
1015: out now and its shooting up but I have no reason to join it... hopefully a small pullback and a sfe long entry will follow... coffee time...
T1: +43
Interesting to note (for me anyway) the old me would have been itching to jump in but after Augusts fakes and spikes etc I have learnt restraint. Not because its the right thing to do but becuase experince tells me so...
Hmmm, so its 10:30... 2 options normally here.... 1) we see a nice reversal or 2) we are range bound and bouncy till US open... Obviously the plan takes precedence but I expect less at this time of day....
Its annoying that in order to let the market run, it means having a stop higher so if it pulls back and just takes me out, then drops back again, I wish I could have had a lower stop or taken it lower but then, I'll never catch the good runs that way... Of course that just happened as well.. 2 pips over my stop and then drops back 10... Thats better, dropped back and pulling back in line, getting ready for my long
DAMN DAMN DAMN Its off, without me... come back you stupid thing, really wanted to be in before this level... Panic over, falling back now.
10:45 - long in at decent level after all. straight up into profit.. hopefully thats where it'll stay! Looking now, as it broke up it would have been nice and a good place to enter but hindsight is great!
Just had a look at a larger TF and it looks like its broken a channel and this is a small PB beofore dropping, which, is not a problem as I will SAR as and when the system (yes Socrates, I said system) says so...
Thinking about something in FW's journal about higher probability trades and if there was any of lower it would be the ones around this time of day and also when my entry isn't within a 5 pip range of the exit/last congestion area...
Hmmm, now
is this a pause before a rise?
is this the high it'll go before reversal?
is this questioning included in the plan?
am I bored?
should I shut up and just keep following the plan?
Its funny to see the 3 candles prior to my entry each rose over the last. Now I am in the 3 candles since my entry have not gone anywhere... who said sods law doesn't play a part in the markets!
12:15 - Long finally dropped back through after an hour and a half of waiting and out for -4.
T2: -4
12:15 - short on opposing cross... sitting on the resistance that held it low all morning so probably bounce up and take me out now! bounce off it does but not much thankfully... very close to SL now, fingers crossed it'll not go higher pre US and now drpped back into profit (just) phew!
ahh pushing and pushing lower with 45 mins till the US joins in, heres to a continuation and further push dowm to pass the lows. please! humph! the previous candle nearly stopped me out, then dropped to a new recent low then reverse again... a spike either way and back to the start... o sod it, now heading back up.
temptation to widen the stop till america opens as I will only be going short again but NO! Half hour to go... c'mon America, give this market direction again... ahh new candle below the s/r level... bit more relaxation... cool, bit of panic again there as it got close to the stop but dropping well now
Looking at the chart witing - we have a higher high and a higher low (if it is to reverse) and it also looks like a long 1-2-3 but my setup says short... sometimes knowing too much can be a problem.
13:30 - America opens and I'm all well positioned into a short with +10 and a stop at +1 so short and all good and ahead and long and I'm ready to SAR...
1:30 - and not much is happening...
2:00 - still not much happening...
2:15 - still not much happening... been in a 8 pip range for nearly an hour now
made a cuppa and come back to new low's... happy days! Another 100 lower and I'll be well happy! A clean break past 950 next ideally then finish the day circa 900-915 would be great! cool, off it goes!! Happy days indeed...
Cannae help but SMILE right about now... 120 pip daily range and up 65 at the moment... ok, bit of a reversal going on here... IMLO I thinks the bigger trend is down for the near future but got stops in and wait it out now...
As the afternoon draws on my emotions fade as I expect little else and had a good day and the market quiets down well below my stop... hopefully here on in will be flat or slide down and I'll be pleased. very.
This is all too good to be true... patience IS a virtue! down and down we go... and more and more... and more and more... happiness ensues (although well aware tomorrow may suck)
We are now 150 pips lower on the day... A longtime since thats happened and I would really like to take this profit as it can't go much lower but said that before and it has. Must, must must stick to the plan and acceptthe stoploss exit if need be, despite everything. Still, bloody tempting though!
stopped out, thats fine... All done
T3: +62
DAY TOTAL > 43 / -5 / 62 = 100 on the nose
Thoughts for the day:
I can't help let emotion slip in and be pleased... Tommorow might suck and I'll have nothing to be happy baout but I can't help see this big day as the start of a change in the market for the better and more big swings ahead are due.
I remember a post by Twalker saying when you devise a strat and put it onto action always expect the worst case scenario first and thus it did... bye bye August though and welcome Septmeber and welcome back big moves.
Off we go..
The 6:45 candle just broke the support at the low of yesterday and today, dropped 10 and rose back up to finish just above the support line.
7am - Short signal... For a few seconds I was in 2 minds there... price action to me says the last candle couldn't sustain a drop through and rose right back up above the S/R line, the 2nd candle to do so this morning therefore it just can't go lower.... BUT, the signal is there so I have taken it anyway... and its dropping slowly so hell, what do I know!
Dropping nicely now, glad I followed the rules, not my brain. The 7am candle actually pinted just below the S/R line so maybe that means something? Especially as its now pulled back up to the top of the candle again. Looks like I was right as a new candle prints above the S/R line this time and a new long signal is now imminent. Oh well, I was right, price couldln't get lower but rules r rules...
Phew... dropped back off, now back through S/R, and back down through to the very low of the day! Sometimes I feel like marking on the S/R for my trailing stop and then just changing the color scheme till I can't see the candles, I'd do better that way I think... new low of day now... wow a whole 10 pips lower, I remember a time when that would have been 40+... cables ranges are becoming constantly tighter and tighter... another 10 - patience...
25 lower and glad I stuck to the rules rahter than my brain and price action, load of use that would have been. Stop moved just above recent S/R and open to movement now...
RULES RULES RULES writen across the top of my chart now...
Time to see if 16/20 hold as previous S becomin R... yep, held nicely and bounced off well and dropping again down to the 00's... made it down to 98 and rebounded... Aware as I am of the relevance of 00's I have not worked them into my plan as yet so I shall act as irrelevant for now. My next S/R trailing level is 970 so its that or the previous at 020...
Good, good, didn't hold at 00 for long and burst down through... will we stay lower is another matter... So tempted to move the stop lower but no justification to put it anwhere lower so have to wait it out.... still below 00's so comforting there.
Ahhh, old school 60 pip runs, now this is better... I remember why I trade cable again....
Re testing lows and I would love to see below 970 to move my stop in nice and tight. c'mon.
bouncing at 70... UK PMI out in a minute, rising up a bit...
9:30 - news out and drop back to low of day and low of NFP but not getting through... and we have broken
Its hard to not have emotion at this point... the whole of August I wished for the old runs with +50 pips and September begins and so do they. The signs of life back in cable show that the good moves are upon us....
9:45 - moved stop to just above recent S/R for a nice tidy profit and hoepfully a continuation but either way, all good...
70 holding strong now with 5 attempts and 3 'hanging man' candles but what do I know of PA! Attempt no 6 in process... tempted to take it but stop is tight enough so... (bigger picture is important)
A fascinating struggle to watch this!
Hmmm seems the bulls are winning for now and it could be over on the way down for now... let the stops and MA's do their thing and wait for now....
This morning, the action at 7am said to me it wouldn't be going lower and it consequently dropped 70. The recent struggle over the last hour says no lower again but I just don't know... its not flying up neither... oh now it is...
1015: out now and its shooting up but I have no reason to join it... hopefully a small pullback and a sfe long entry will follow... coffee time...
T1: +43
Interesting to note (for me anyway) the old me would have been itching to jump in but after Augusts fakes and spikes etc I have learnt restraint. Not because its the right thing to do but becuase experince tells me so...
Hmmm, so its 10:30... 2 options normally here.... 1) we see a nice reversal or 2) we are range bound and bouncy till US open... Obviously the plan takes precedence but I expect less at this time of day....
Its annoying that in order to let the market run, it means having a stop higher so if it pulls back and just takes me out, then drops back again, I wish I could have had a lower stop or taken it lower but then, I'll never catch the good runs that way... Of course that just happened as well.. 2 pips over my stop and then drops back 10... Thats better, dropped back and pulling back in line, getting ready for my long
DAMN DAMN DAMN Its off, without me... come back you stupid thing, really wanted to be in before this level... Panic over, falling back now.
10:45 - long in at decent level after all. straight up into profit.. hopefully thats where it'll stay! Looking now, as it broke up it would have been nice and a good place to enter but hindsight is great!
Just had a look at a larger TF and it looks like its broken a channel and this is a small PB beofore dropping, which, is not a problem as I will SAR as and when the system (yes Socrates, I said system) says so...
Thinking about something in FW's journal about higher probability trades and if there was any of lower it would be the ones around this time of day and also when my entry isn't within a 5 pip range of the exit/last congestion area...
Hmmm, now
is this a pause before a rise?
is this the high it'll go before reversal?
is this questioning included in the plan?
am I bored?
should I shut up and just keep following the plan?
Its funny to see the 3 candles prior to my entry each rose over the last. Now I am in the 3 candles since my entry have not gone anywhere... who said sods law doesn't play a part in the markets!
12:15 - Long finally dropped back through after an hour and a half of waiting and out for -4.
T2: -4
12:15 - short on opposing cross... sitting on the resistance that held it low all morning so probably bounce up and take me out now! bounce off it does but not much thankfully... very close to SL now, fingers crossed it'll not go higher pre US and now drpped back into profit (just) phew!
ahh pushing and pushing lower with 45 mins till the US joins in, heres to a continuation and further push dowm to pass the lows. please! humph! the previous candle nearly stopped me out, then dropped to a new recent low then reverse again... a spike either way and back to the start... o sod it, now heading back up.
temptation to widen the stop till america opens as I will only be going short again but NO! Half hour to go... c'mon America, give this market direction again... ahh new candle below the s/r level... bit more relaxation... cool, bit of panic again there as it got close to the stop but dropping well now
Looking at the chart witing - we have a higher high and a higher low (if it is to reverse) and it also looks like a long 1-2-3 but my setup says short... sometimes knowing too much can be a problem.
13:30 - America opens and I'm all well positioned into a short with +10 and a stop at +1 so short and all good and ahead and long and I'm ready to SAR...
1:30 - and not much is happening...
2:00 - still not much happening...
2:15 - still not much happening... been in a 8 pip range for nearly an hour now
made a cuppa and come back to new low's... happy days! Another 100 lower and I'll be well happy! A clean break past 950 next ideally then finish the day circa 900-915 would be great! cool, off it goes!! Happy days indeed...
Cannae help but SMILE right about now... 120 pip daily range and up 65 at the moment... ok, bit of a reversal going on here... IMLO I thinks the bigger trend is down for the near future but got stops in and wait it out now...
As the afternoon draws on my emotions fade as I expect little else and had a good day and the market quiets down well below my stop... hopefully here on in will be flat or slide down and I'll be pleased. very.
This is all too good to be true... patience IS a virtue! down and down we go... and more and more... and more and more... happiness ensues (although well aware tomorrow may suck)
We are now 150 pips lower on the day... A longtime since thats happened and I would really like to take this profit as it can't go much lower but said that before and it has. Must, must must stick to the plan and acceptthe stoploss exit if need be, despite everything. Still, bloody tempting though!
stopped out, thats fine... All done
T3: +62
DAY TOTAL > 43 / -5 / 62 = 100 on the nose
Thoughts for the day:
I can't help let emotion slip in and be pleased... Tommorow might suck and I'll have nothing to be happy baout but I can't help see this big day as the start of a change in the market for the better and more big swings ahead are due.
I remember a post by Twalker saying when you devise a strat and put it onto action always expect the worst case scenario first and thus it did... bye bye August though and welcome Septmeber and welcome back big moves.
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wasp......taking the rest of the week off after reaching your weekly target is an excellent idea....allowing your brain to work subconsciously on strategies when doing other things....recharging your battery........and avoiding the common pitfall of overtrading
wasp
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Pippppin said:
As it goes had I traded this morning I would have been up another 40 odd pips on the week but of course there is no guarantee that was to be the case. Overtrading can be a problem but on the flipside if the opportunity arises to cover the weekly income AND get access to excess to cover a bad start next week, why not take it? Again of course, who was to know cable would drop again today (although it was blatantly obvious) why take the risk?
As you say though, it gives the chance to free yourself from too much screentime, get to recharge and relax and look at other strats if desired... It did make a nice change to lie in and now enjoy the sunshine instead.
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Journal finito
If anyone had been following my journal you'd notice I have not posted here for a week or so.
The point of my journal was to help my discipline and to get my **** in gear and follow the plan properly.
Emotion and ego can be an issue in trading but the one thing I have now learnt and consequently proven is they have no place and should not be even considered once you prove a strategy works.
I devised a plan but could not trade it correctly so I traded it to a tee on the journal and at the end of the month, (August) discovered that all the hard work devising the plan had been paid off by being 10K better off.
The key that made it possible was not the abadonment of ego, I have not changed myself and I have not found inner peace or anything even remotely similar.
The key was proof.
Now I have proved my plan works with a month of precision trading to the plan regardless, why would I not keep trading it? Why would I want to change anything or exit early, or sooner or tweak here and there... I have just made money with it, and plenty of it.
Therefore this journal is now finished and thanks to all those who've helped and offered advice and assistance.
______________________________________________________
If I could offer advice to anyone else it would be thus -
> Devise a plan (based on any methodology) which provides more than it loses.
> Trade it on paper or live until you prove it works.
> Just keep trading it thereafter.
IMO if you cannot do the above and keep trading that plan regardless, you have not done the above correctly or your just not right for trading.
If anyone had been following my journal you'd notice I have not posted here for a week or so.
The point of my journal was to help my discipline and to get my **** in gear and follow the plan properly.
Emotion and ego can be an issue in trading but the one thing I have now learnt and consequently proven is they have no place and should not be even considered once you prove a strategy works.
I devised a plan but could not trade it correctly so I traded it to a tee on the journal and at the end of the month, (August) discovered that all the hard work devising the plan had been paid off by being 10K better off.
The key that made it possible was not the abadonment of ego, I have not changed myself and I have not found inner peace or anything even remotely similar.
The key was proof.
Now I have proved my plan works with a month of precision trading to the plan regardless, why would I not keep trading it? Why would I want to change anything or exit early, or sooner or tweak here and there... I have just made money with it, and plenty of it.
Therefore this journal is now finished and thanks to all those who've helped and offered advice and assistance.
______________________________________________________
If I could offer advice to anyone else it would be thus -
> Devise a plan (based on any methodology) which provides more than it loses.
> Trade it on paper or live until you prove it works.
> Just keep trading it thereafter.
IMO if you cannot do the above and keep trading that plan regardless, you have not done the above correctly or your just not right for trading.
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