TBN / PATe - my experience/Your FREE opportunity

[KCTiger]

This morning I found very frustrating:-

WTI

I entered a sell at 9:49/105.70. Because I'd missed the rapid sell off below pivot/BRN at 8.29 I was left with a worryingly lengthy stop, much less than ideal, however price fell but appeared to find confirmed support with a HL above 105.25 at 10:28, I stayed in as I felt that the LH's were in charge of the decline but I began to get nervous as price produced further HL's, eventually breaching MP, I was very uncomfortable with the sell and consequently took my leave at 11:12/105.59 with a grand total of +11 pips, much better than a loss!

EU

Similar story really, I won't bore you with the finer details, you can see what happened on my chart, again I got very nervous as price approached my sell entry and I took my leave with the even grander total of 1 pip!

Still both trades, although needing to be managed carefully, ended in profit, albeit slight. I now await the afternoon session, but with quite a bit of red flagged news I probably won't get involved until 2:30 at the earliest

 

[HiArt99]

Nothing to add as Mike session mirrors mine in the most part. I took a slight 7 pip loss though.

Same post-2:30 session before I look for entries again.

I suppose in hindsight the failures to make new lows mid-morning were our clues to exit our respective trades, but at the time both EU and Nymex looked to be pushing on, and we are trying to learn to not get "bullied" off good trades.

Perhaps, it was just one of those mornings, with tight ranges and no real action? Or perhaps a slightly better entry on Nymex closer to PP would have put a different slant on things?

Let's not even talk about GJ though!

 

[HiArt99]

Took a sell on oil as PA couldn't seem to top 106 post news. Nuff said, happy bunny

 

[KCTiger]

After a frustrating morning I've had almost as frustrating an afternoon as I bailed out of WTI FAAAAAR too early!!! I think the reason for the early exit was a hangover from the morning session, I was just more than happy to be in front for the day, MUST READ TRADING IN THE ZONE AGAIN!

Anyway I didn't have time to take any screenshots of charts this afternoon, it was all a bit of a blur, but from my trades today I have managed to accrue +48.

Previously I would have been a tad frustrated, to say the very least, to have left soooooooo many pips on the table on WTI, but not anymore! I'm more than happy to be in front and building my bank consistently, and if I can average 48 pips a day for the rest of my life I'll be a VERY happy trader, obviously the objective is to increase my average daily pip count, but I'm now fully at ease with the old adage that there will always be another trade around the corner, there's no rush and I'm ONLY looking for perfect set ups!

 

[HiArt99]

I have dumped EU for now and traded GJ this morning, and I am a happy bunny again today!

Opened as a Rule 5 buy, but the movement up to 7:30 did not threaten pivot, in fact multiple bottoms showed support was 131.20. It moved off this making Higher Lows, a new session high and at 8 ish I entered on a new higher low.

As R1 was about 50 pips from my entry I set this as TP, coming off this by 5 pips plus a couple more for spread, so I set TP at 131.83. Nice moved nicely to 131.832, so TP made by the skin of my teeth, but out for +46 and done for today.

For me, EU and Nymex particularly have been horrible this morning compared to a straight-forward PATe trade on GJ.

Recovered from a horror on Tuesday to +150 for the week.

One quick warning though, which may help any readers of this post. GKFX move to May contract for WTI on Sunday. This means GXFX data will be divorced from livecharts data. This makes WTI untradeable on GKFX until livecharts switch. As a consequence, I will probably just concentrate on GJ next week.

Have a great weekend.

 

[HiArt99]

Folks,

I apologise, I do not mean to cause confusion.

When I say I can't trade WTI next week this is only because I trade using GKFX. They move to May contract but Julie's Facebook & Tweets and livecharts will still be on April. That means the data I use will be out of phase and therefore I cannot use GKFX to trade WTI. THIS DOES NOT PREVENT ME USING OTHER BROKERS.

I hope this clears up any confusion I have inadvertently caused.

 

[HiArt99]

OK, it looks as though Julie will provide May contract Pivots on Monday if I read her facebook correctly.

Sorry for being a drama queen.

 

[KCTiger]

A bit of a crazy day for me today, but I'm learning and I KNOW that days like this will happen, without wanting to make excuses - I'm going to excuse myself

I had a VERY late night on Wednesday which didn't seem to affect me too badly yesterday, however today I have felt exhausted since waking up and, quite ridiculously, I attempted to make sense of the WTI chart this morning when I didn't feel 100%, inevitably it cost me!

After sensibly abandoning any further efforts this morning I went for a nice lunch with my wife who celebrates her 50th tomorrow, she'll kill me for putting that on Facebook , this left me feeling revitalised and prepared to have another look at WTI & DOW during their afternoon sessions, I managed to nick a few pips out of the range between 105.38 & 106 on WTI which has left me with only a 20 pip deficit for the day and +200 pips for the week. It's tempting to keep my charts open to hunt some more pips but I realise that, not only would that be 'trading euphoria', but at at 16:13 on a Friday it would also be idiotic, so my charts are now off!

The obvious moral to the story is that along with one's mindset & trading environment, you also need your body to be fully capable of the rigours of trading, mine really wasn't today, however I'll be back on Monday fighting fit after an early night on Sunday!

 

[KCTiger]

My morning trade was on WTI, unfortunately I missed the early sell off R1, however when priced failed to reach 107 I began to get interested in the buy, after a second attempt and failure at 10:32 all I needed was a HL for entry, one duly arrived at 10:40, I entered at 10:45/107.21 with my stop behind BRN & session low, I held the trade until 12:07 as price approached R1, not wanting to risk my pips I took my leave with +61.

 

[HiArt99]

GJ opened a a BUY signal by rule this morning, but I did think there may be an initial test of Daily Pivot. There was an initial move down, but DP was never threatened and I bought just after 8 as there was a second confirmation of the session low. Closed +46 pip later.

Also bought crude when it struggled to get below 107.50 and also exited +45 pips up.

 

[KCTiger]

My morning trades :-

DOW sell (trade taken during session last night)

After multiple failures of 13264 around 17:54 yesterday, supported by lots of LH's, I entered a sell with a short stop at 18:22/13255. Although price was above MP and pivot it appeared only a matter of time before both would break due to the mounting pressure from above. At 18:55 price sliced through MP, and, as I was about to turn my charts off for the day, I pulled my stop to break even therefore negating any potential loss, I also set my take profit (tp) at 13212.

On opening my charts this morning I saw that price had, frustratingly, missed my tp by the width of my spread, coming down to 13211 at 02:57, by this point it was 06:45 and price was approaching MP supported by HL's so I decided to close at 06:51/13229 for 26 pips.

GJ buy

GJ had opened as a rule 5 buy, and appeared to confirm this at 07:27 with a new session high supported by HL's. My entry, which was probably slightly too early due to the proximity of MP, came at 07:30/132.49, similar to the DOW trade I felt that there was a good chance that MP would go based on the mounting pressure of the HL's. My stop was 31 pips which left me precariously exposed just above BRN, so when price then started to go against me it was slightly worrying, at that point I shortened my stop to 132.25 which was below what I perceived as being the floor, if that area went there would be little point in seeing more pips disappear with a potential move down to BRN.

At 08:13 price began to rally and eventually broke MP to move towards R1, at this point, due to upcoming red news I decided to take my leave at 09:11/132.86 with 37 pips secured.

WTI buy

This was a slightly nervous trade as I was using my interpretation of advice that Julie gave me a few days ago, if I interpreted it incorrectly I apologise Julie.

Crude had opened as a rule 5 buy however, after initially breaching 108, price headed south. It was the initial breach of BRN that interested me, I felt that, as that area had shown weakness that MP may, in turn, show strength/support. So as price appeared to stall at MP at 08:11 I was watching closely, at 08:16/107.63 I entered my buy with a very short stop just behind MP, again due to impending news I exited the trade at 09:11/107.93 with 30 pips.

EU buy

This was another opening rule 5 buy, and similar to WTI it showed initial weakness, I decided to wait and see what would happen at pivot and BRN. At 08:20 price appeared to find support at BRN with a HL at 08:25, after seeing pivot breached on the back of progressive HL's at 08:28 I entered my buy at 08:31/1.3216, as with my other trades, due to imminent red news, I exited my trade at 09:11 with 11 pips.

So a total of 104 pips and 9.9% growth on my account is a very satisfactory mornings work, massive thanks, as always, goes to Julie!

 

[ratmpower]

I understand all about Price-Action trading but the only thing that I cannot get my head around is
- Who is Julie?

 

[KCTiger]

I understand all about Price-Action trading but the only thing that I cannot get my head around is
- Who is Julie?

If you'd read the first post on this thread you'd not be asking that question!

 

[The Leopard]

You don't seem to get many losses - what's your strike rate?

And are you still making 500 / 800 / etc pips per week?

 

[HiArt99]

Yesterday hit the 2 loses rule because I attempted to predict what Price Action was going to do rather than wait for price action to show me. A backslide to a habit I had a few weeks ago, of jumping in to the markets too early. At least this is happening less frequently and I held discipline and did not trade the rest of the day.

Actually though, Julie did not trade Budget day and neither should I, but I thought I could nick a few pips in the morning. I have added this rule to my Trading Plan.

GJ Trade today for my 50 pip target.

Opened closer to S1 than Pivot so a Rule 3 sell for me. We have to expect an initial move upwards, and whilst this did happen it was very weak, never getting back to the high made during the first 30 minutes (I am currently using 6:30 to 7:00), but even if you took 7:00 to 7:30 132.500 was never threatened. Lower Highs developed from this point and provided my entry signal.

I closed once my daily target was reached, but more pips were available.

Leopard - I have adjusted my daily target downwards to 50 pips per day, so the answer is No. Do I make my target? Often, but not always as stated above. I had a howler on Monday too, but I only admitted to that on Julie's Facebook wall and not in here, I have admitted to it though. Could not read the charts at all Monday and did not follow PATe rules, so I didn't post here as my failure to obey the rules and being completely off my game does not improve anyone's education.

 

[HiArt99]

And I find myself causing confusion yet again.

Julie has reiterated that "Price action is considered this week during 6.00 to 6.30 GMT opening sequence". I was using 6-30 due to a misunderstanding on my part.

 

[HiArt99]

Two trades this morning.

I will start with a failure to obey PATe rules and therefore a loss. At 7:13 gmt I took an oil sell as I saw a Lower High below the session high. There are several errors I made with this trade: 1) pivot was providing support, and really needed some confirmation that this support was going to fail with some price action below it; 2) Session high is not a PATe level so how can this be used to provide an entry?; 3) my 31 pip stop loss could not cover BRN at 106 so a very poor point to enter a trade. These errors resulted in an entry long before Price Action had confirmed its intent.

However, I spotted very quickly a Higher High and the Higher Low off pivot and closed the trade for a loss of only 12 pips.

The other trade was much better and was also taken at 7:13 gmt after EU broke through the 1.3200 BRN and made a Higher Low above it. I ran this trade up to 1.3250 MP and exited as MP and R1 are close together with a view of entering a buy again if Price Action broke through these levels and made a Higher Low again.

So -12 oil and +36.8 on EU over these 2 trades.

 

[HiArt99]

Following news spike EU could not make a new session high, sold this at about 9:10 and exited the trade at S1.

Also oil made a move on the 9:00 news, but failed to tackle mid-point, so at the time I sold EU I sold Oil too, but there appeared to be several failed attempts to make new session lows at around 10:30, so I took my leave there.

 

[HiArt99]

Due to a personal issue there won't be an update from me today.

 

[HiArt99]

Exercised some patience today! I took a Crude Oil sell just before 11 (bst) with Lower Highs under S1 continuing with Lower Highs under 106.50 mid-point. I took my leave just before the Red News at 13:30 (bst) and also because 106 BRN/S2 was likely to be support just prior to US Open. +37 pips.

I have to take my Mummy to the Doctors tomorrow morning, so I may not be trading.