My Journal - Pathways to Improvement

[sun11]

But if your are truly disciplined your largest daily loss should never be over 35 pips ( never - unless a Black Swan event) and most losing days will be just minus 15 or less.

Winning days - your targets are Open - Major M has had over 500+ pip days - I have had one over 400 pips in 12 hrs and several over 250 pips - without counting all part stakes twice etc

40 to 100 pips over the main 10 hrs is always on - not always easy - but then trading is not easy anyway - that's why 85% + fail

Regards

F

Hi Forexmospherian,

Thank you for the suggestion. I will mark the 35 negative pips on my list & less than 15 loosing days.
Generally 3 consecutive loss & 4 attempt, I try to scalp 2-3 pips what ever I get. I don't need to be a tough with the targets. Being flexible is helpful.

It was a time, when people told me that trading is depends on luck not on hard work..sort of gambling..so I lost faith..very simple. But now I feel, no matter where market goes, how fast I change my direction with it. That's the skill. No luck involves. Don't know this thought is right or wrong...may be in future I will find my answer.

Ok, I remove non fx instrument from chart. I have decided to focus on 9 pairs on my list now (including slow -medium to high volatile pairs) & split it into 4 groups.

Group A : USDJPY, EURJPY, GBPJPY
Group B: EURUSD, GBPUSD
Group C: AUDUSD, GBPAUD, EURAUD , among them AUDUSD negatively correlate with 2 of them.
Group D: USDCAD

I will choose, only one group at a time & trade only one pairs from it. For example, if I need to trade jpy pairs. Then I will look for Group A pairs & among them I will choose that pair which will show better PAC & safe movements. Generally this selection should take less than a minute time.

After selecting I will build chart in it for example plotting the Lits & S/R levels.
If I get loss in Group A, then I can look for new trades with other groups. Diversifying.
I have FFCal installed in my MT4. So I will receive automatic news notification to stay safe.

Lets see....what happens.

Regards
S

 

[Forexmospherian]

Hi Forexmospherian,

Thank you for the suggestion. I will mark the 35 negative pips on my list & less than 15 loosing days.
Generally 3 consecutive loss & 4 attempt, I try to scalp 2-3 pips what ever I get. I don't need to be a tough with the targets. Being flexible is helpful.

It was a time, when people told me that trading is depends on luck not on hard work..sort of gambling..so I lost faith..very simple. But now I feel, no matter where market goes, how fast I change my direction with it. That's the skill. No luck involves. Don't know this thought is right or wrong...may be in future I will find my answer.

Ok, I remove non fx instrument from chart. I have decided to focus on 9 pairs on my list now (including slow -medium to high volatile pairs) & split it into 4 groups.

Group A : USDJPY, EURJPY, GBPJPY
Group B: EURUSD, GBPUSD
Group C: AUDUSD, GBPAUD, EURAUD , among them AUDUSD negatively correlate with 2 of them.
Group D: USDCAD

I will choose, only one group at a time & trade only one pairs from it. For example, if I need to trade jpy pairs. Then I will look for Group A pairs & among them I will choose that pair which will show better PAC & safe movements. Generally this selection should take less than a minute time.

After selecting I will build chart in it for example plotting the Lits & S/R levels.
If I get loss in Group A, then I can look for new trades with other groups. Diversifying.
I have FFCal installed in my MT4. So I will receive automatic news notification to stay safe.

Lets see....what happens.

Regards
S

Good Morning Sun

Your signature notes are key to your success.

Only a very small amount of luck is needed for my way of Intraday trading FX pairs - the key is identifying high probability of a movement at a certain time in a certain direction - using the safety nets of advanced money management along with our normal rules etc

So far you have proved you can carry the method out successfully and that with more "edges" to still unfold as you progress through the final stages - the more likely you will improve and feel more confident that you have finally found a consistent method

Work within your parameters and all will be OK



All the best


F

 

[sun11]

My mistakes:

 

[sun11]

Day 69

Very bad... But good thing is, I had -50 pips loss at first..then from there I reduce it upto -22 pips loss.

Original loss is - 2 pips. But you know commissions.

Win rate: 46%
No of Trade: 42 (wanted to reduce loss)
Largest win: 7.5
Largest loss: 6.1

Now..I could continue today...but I don't feel i will end up positive today. So stopping here. Now in next 2 days will try to recover the loss of -22 pips.

How can I do that?
Scalping profit at 2-5 pips or hold a big trade 10+ ???
Today I didn't close 2 trades at 4 pips. Hold more..& ended up as looser.

Have to think what to do next.
:-(

 

[Forexmospherian]

Very bad... But good thing is, I had -50 pips loss at first..then from there I reduce it upto -22 pips loss.

Original loss is - 2 pips. But you know commissions.

Win rate: 46%
No of Trade: 42 (wanted to reduce loss)
Largest win: 7.5
Largest loss: 6.1

Now..I could continue today...but I don't feel i will end up positive today. So stopping here. Now in next 2 days will try to recover the loss of -22 pips.

How can I do that?
Scalping profit at 2-5 pips or hold a big trade 10+ ???
Today I didn't close 2 trades at 4 pips. Hold more..& ended up as looser.

Have to think what to do next.
:-(

Hi Sun

Live real money as had a negative effect with you - as it does maybe to 95% of all traders - its changes their mindset

Please tell me how at one time you were down minus 50 pips ??

Had you had 8 or 10 scalp losses in a row ?

Next point - I can see you will have to get used to the full set up of LRs

You are used to the quick 3 and up to 5 - but you are not totally with how to read the other 4 and the 9 together

That's another skill that will take you from 1 to 3 months - but i will help you on that

So first thing how did you get near minus 50 ? well done on reducing to down nearly 30 pips - but as mentioned already - never let it go over minus 35 pips - either stop for 1 hr or finish for day - also when I said 15 - thats was minus 15 not 15 days etc

Dont worry - your are disciplined and so to get back 22 pips is nothing - but never ever let yourself get to minus 50 again - as that shows you are not adhering to the rules of the method etc etc

We can go through it more a bit later - dont let it bug you - its all part of going live

Regards

F

 

[sun11]

Thank you Forexmospherian for such a prompt reply & keeping patience with me.

Please tell me how at one time you were down minus 50 pips ??

Had you had 8 or 10 scalp losses in a row ?

Had 6-7 scalp losses in a row not on same pair among different pairs. It seems it was bad timing for all.

Got it -15 pips. -35 is too much...it will be better if stay within -15 pips.
Sorry for this -50. I will never repeat that.

Now with keeping -15 pips in risk from my current balance I have to gain 22.

About longer LR next time will take trade only if market stays above all LR or below all LR. Including the longer one. I think I did many short term trades. But then i can't take trade like following.


Who should get the first priority S/R levels or LR. Cause obviously S/R level will turn out faster than Lr. isn't it?


Regards
S

 

[Forexmospherian]

Thank you Forexmospherian for such a prompt reply & keeping patience with me.



Had 6-7 scalp losses in a row not on same pair among different pairs. It seems it was bad timing for all.

Got it -15 pips. -35 is too much...it will be better if stay within -15 pips.
Sorry for this -50. I will never repeat that.

Now with keeping -15 pips in risk from my current balance I have to gain 22.

About longer LR next time will take trade only if market stays above all LR or below all LR. Including the longer one. I think I did many short term trades. But then i can't take trade like following.
View attachment 206290

Who should get the first priority S/R levels or LR. Cause obviously S/R level will turn out faster than Lr. isn't it?


Regards
S

Hi Sun

Please dont think I am concerned or running out of patience etc - no way - you are only just over half way through the stages and you have been doing exceptionally well - ie focused - disciplined - and studied well etc - an ideal student for the method.

This is were LR price structure will help you more

I have used the GU pair as an example today on my journal and will explain more about how the other LR 's play their part and also onto the next stage of price structure - bias and time rules all giving you extra clues on deciding which is strong - ie LR's or an interim S or R level?

There is no one answer and when in doubt - dont trade or enter a new trade - just wait for more clues etc

When ever you have 3 consecutive losses - please stop for at least 30 mins and review and wait for another hour period etc and then make sure your next trade you break the losing sequence by taking just 1 or 2 pips profit - rather than trying to take say 6 pips and end up losing 3 pips .

With real live money above 3 consecutive losses is bound to freak you until you are really well experienced - its normal

Don;t worry - we have answers to assist and to ensure its all managable and you can stay in control rather than end up minus 50 pips

I think minus 15 might be tight for just now - but dont allow over minus 20 for this next month - and until you understand more about the bias and price structure from the other LR's etc

You will get there Sun




Regards


F

 

[Forexmospherian]

Hi All

Sun and all on 9 Lrs or more - please check my EU chart posted in last 20 mins to check you understand the importance of the 3 mid range LRs - now on my new colour scheme in red / yellow / green - i am wondering if you lose some clues with MT4 all going red or green ??


Regards


F

 

[sun11]

Hi All

Sun and all on 9 Lrs or more - please check my EU chart posted in last 20 mins to check you understand the importance of the 3 mid range LRs - now on my new colour scheme in red / yellow / green - i am wondering if you lose some clues with MT4 all going red or green ??


Regards


F

Good morning F,

In mt4 colour is adjustable. I adjusted in following way with RED/YELLOW/GREEN setup. Now the colour is fixed its not more changes with the bias.

RED = 29
YELLOW = 38
GREEN = 65

Rest of the all are in black. Just longer LR has thickness.
Let me know if its ok or not.

Regards

 

[sun11]

My morning started with these. Don't know what mistake i did...It was seems a perfect setup around lits area.



Next trade was only 2 pips profit but failed to close it. As my tp was very near...lost -3. Very depressing.

 

[Forexmospherian]

My morning started with these. Don't know what mistake i did...It was seems a perfect setup around lits area.

View attachment 206434

Next trade was only 2 pips profit but failed to close it. As my tp was very near...lost -3. Very depressing.

View attachment 206438

Hi Sun

Yes i can see the problem

I will have to explain later on today

the MT4 set up with all same colours on bias not be helping you

That's why once you went from just 3 to 5 Lrs to 9LRs - you have lost your way a bit

Easy to fix and dont worry

Will come back to you later on

Meanwhile be aware of Pound news at 9 30 am - and look at possible GU moves etc for after

Regards


F

 

[sun11]

Day 70

PL = 10
No of trade: 19
Win rate: 74%
Largest win: 6.3
Largest loss: 4.2

I could trade more today. But I thought lets enjoy this positiveness. Plus after trade, I need to review my trades for further studies. So closing it here.

1st I was -8 pips then taken small pips trades & removed the minus sign. Its good to focus in one currency & observe its moves. Today traded 90% EU.

 

[sun11]

My Spider net:

 

[Forexmospherian]

PL = 10
No of trade: 19
Win rate: 74%
Largest win: 6.3
Largest loss: 4.2

I could trade more today. But I thought lets enjoy this positiveness. Plus after trade, I need to review my trades for further studies. So closing it here.

1st I was -8 pips then taken small pips trades & removed the minus sign. Its good to focus in one currency & observe its moves. Today traded 90% EU.

Well Done and on your live account ?

Glad you stopped and reviewed as I can see why you might be making a few more mistakes and we need to get your 9 LR's set up better for you to understand more - as they can assist you far more than just 3 or 5 - BUT - only when you realise all the correlations between them and how the quick 2 or 3 start a move and then longest 3 are more the direction bias for the session

Therefore probability wise if you are below the LiTs areas and below the 3 longest Lrs then as long as now new low as held over 30+ mins - you are better scalp selling off bounces as they should be larger than the scalp buys on bounces

This all changes if any interim high or low holds for over 30+ mins

In fact if its held over 15 / 20 mins and more LR's are going over or under - then more than likely a change is then o,

So when you have all 8 or 9 LRs over price its a strong sell - or all 8 or 9 under price its a strong buy - but then its always a strong interim S or R that will stop a move and then its a case - is it just a retrace /bounce - or does the move remain over 30 and 60 mins and we get a larger turn ?

For today and tomorrow just scalp on only 1 to 3 pairs of your choice - depending on market action and then for weekend we will make sure you have all the 9 lrs set up correct and you can recognise the 3 x 3 groups by colour and line thickness ( or dots )

Then for next week - you can go full steam ahead etc


Regards


F

 

[Forexmospherian]

My Spider net:
View attachment 206456

Hi Sun

I like that chart but we now need to identify the 3 longest Lrs better - either by colour again and thickness of lines etc - so you know what every one of your 9 LRs are doing and that will assist with your decision making etc

Regards


F

 

[sun11]

Therefore probability wise if you are below the LiTs areas and below the 3 longest Lrs then as long as now new low as held over 30+ mins - you are better scalp selling off bounces as they should be larger than the scalp buys on bounces

This all changes if any interim high or low holds for over 30+ mins

In fact if its held over 15 / 20 mins and more LR's are going over or under - then more than likely a change is then o,

So when you have all 8 or 9 LRs over price its a strong sell - or all 8 or 9 under price its a strong buy - but then its always a strong interim S or R that will stop a move and then its a case - is it just a retrace /bounce - or does the move remain over 30 and 60 mins and we get a larger turn ?

For today and tomorrow just scalp on only 1 to 3 pairs of your choice - depending on market action and then for weekend we will make sure you have all the 9 lrs set up correct and you can recognise the 3 x 3 groups by colour and line thickness ( or dots )

Then for next week - you can go full steam ahead etc


Regards


F

Thank you F for the info,
Yes its on real account. I have to recover my losses.

About LR setup are you ok with my new setup, stated in earlier post?
Or you want me to continue with old one where LR colour get changed with the bias ?
Or you can share your LR colours in here. I will just copy it.

Also I am ok with the current setup too. Which ever you say.

In current setup 1st group is all black but thin.
2nd group is traffic light.
3rd group is all black but thick.


Regards
S

 

[sun11]

Hi Sun

I like that chart but we now need to identify the 3 longest Lrs better - either by colour again and thickness of lines etc - so you know what every one of your 9 LRs are doing and that will assist with your decision making etc

Regards


F

Updated a bit. Changing the highest 475 LR colour. Bias change is active only for it for better understanding.

 

[Forexmospherian]

Thank you F for the info,
Yes its on real account. I have to recover my losses.

About LR setup are you ok with my new setup, stated in earlier post?
Or you want me to continue with old one where LR colour get changed with the bias ?
Or you can share your LR colours in here. I will just copy it.

Also I am ok with the current setup too. Which ever you say.

In current setup 1st group is all black but thin.
2nd group is traffic light.
3rd group is all black but thick.


Regards
S

Apologises - my EU chart i am posting to link with yours is a mess and made more of a mess by me placing trenlines with arrows to show the directions based on the LR colour sequence.

I am also using more LR's and my chart is more confusing for Traders not really fully experienced with multi LR reading

Thats why i dont want to ask you to use 11 or 13 lines etc as it will confuse you more until you are used to reading 5 to 9 Lrs over next 3 months

My sequence is - 2 quick black
3 - red yellow green ( still quick )
3 - black in between ( scalp and mid range )
3 - mid range red yellow green
1 - multi coloured / red/ green longest LR for Lits

Try just for 9 and one more at any setting that suits yourself and the type of trade you want to concentrate on - ideally the 7 to 25 pip trades that fall in between the quick 3 and the mid range 3

Its does not have to be traffic light sequence - any colour combo that you are able to recognise quickly

 

[sun11]

I have no problem with the messy charts..
I got it, I will post the new chart tomorrow with the set up..

Good day...
Sun

 

[keen246]

My results for today: -20.4 Net Pips.
Started the day very optimistic but turned out to be an awful day. Had enough of losses for today...no more trading.