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Minsk wrote: 20 Jul 2022, 17:05
No setups on my 3 charts, so no trades.
Capital preservation.
I'm getting bored.
I have to get used to that, I suspect more time on charts there is no usefull price action, than there is usefull price action.
You are getting better and better every day. As the setups start to come, you will gain even more experience.
Keep doing periodic and objective backtesting during your free time.
Start from a year back. once that is done per pair, go back another year and keep back testing.
Keep the records of your backtest and see what you see...
I treated myself to buying the Soft4FX tool. I find that easiest to use.
So there will be backtesting done. I will keep the records and post them when I have done a year.
1 - Trade Number: B4 -T12 2 - Pair Name: USD - JPY 3 - Signal Date: 21-7-2022 4 - Signal Chart Time: 13:00 5 - Signal Time Frame: 1H 6 - Signal Type and Number: #1 7 - Buy or Sell: Buy
8 - D1 Trend: Up 9 - H4 Trend: Up 10 - H1 Trend: it's in an uptrend although at moment of trade EMA's were flat, looked like break out of tight range
11 - Risk Percentage: 1%
Flowchart questions:
A - Is there an impulse move?
Looking in hindsight: 1 trend candle and 2 candles that had too much wick = wide range candles. No, this is not a good impulse.
So I can actually stop writing answers to the rest of the questions.
B - Is impulse move climactic?
C - Is there a pause or a pullback?
D - Is the pullback impulsieve?
12 - Post-Trade Comments: (Feelings, Analysis, What could have been differently, lessons)
How did I end up taking this trade when I now clearly see why it's crap.
Because I was focussed on the Box break that I missed. I was looking for a banana signal after that so I could enter. I did not pay attention to what this "impuls" looked like. I didn't assess the situation like I should have, and didn't go through the flowchart questions like I should have. So I paid the price for that. -1R.
13 - Discipline Score For this Trade: DS0 13.1- If applicable, what is the Reason for DS0: not paying enough attention to the sort of candles, this is not a good impulse.
14 - Discipline Score Running Total: 7/12 = 0,58
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Minsk wrote: 21 Jul 2022, 16:371 - Trade Number: B4 -T12 2 - Pair Name: USD - JPY 3 - Signal Date: 21-7-2022 4 - Signal Chart Time: 13:00 5 - Signal Time Frame: 1H 6 - Signal Type and Number: #1 7 - Buy or Sell: Buy
8 - D1 Trend: Up 9 - H4 Trend: Up 10 - H1 Trend: it's in an uptrend although at moment of trade EMA's were flat, looked like break out of tight range
11 - Risk Percentage: 1%
Flowchart questions:
A - Is there an impulse move?
Looking in hindsight: 1 trend candle and 2 candles that had too much wick = wide range candles. No, this is not a good impulse.
So I can actually stop writing answers to the rest of the questions.
B - Is impulse move climactic?
C - Is there a pause or a pullback?
D - Is the pullback impulsieve?
12 - Post-Trade Comments: (Feelings, Analysis, What could have been differently, lessons)
How did I end up taking this trade when I now clearly see why it's crap.
Because I was focussed on the Box break that I missed. I was looking for a banana signal after that so I could enter. I did not pay attention to what this "impuls" looked like. I didn't assess the situation like I should have, and didn't go through the flowchart questions like I should have. So I paid the price for that. -1R.
13 - Discipline Score For this Trade: DS0 13.1- If applicable, what is the Reason for DS0: not paying enough attention to the sort of candles, this is not a good impulse.
14 - Discipline Score Running Total: 7/12 = 0,58
I knew you'd take this signal but it was clearly NOT the best signal. Remember it was ECB rate decision day and all the focus on the euros.
The Dollar YEN did not have a CLEAN strong breakout
but this is how we learn and its just another trade. Keep going.
Two rules broken. 1. not the best setup 2. More importantly, NEWS TIME
For an individual stock what is the MOST important periodic News Event?
EARNINGS REPORT... that is what companies are made for .TO MAKE PROFIT.
for FOREX its, INTEREST RATES
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What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
Filtered a signal on USD-JPY.
Reasons: Signal was 33.10 pips, that's too big. Further at 16:00 there is red news on USD.
In hindsight, I could have taken it. It did 3R with the news driven big candle, and reached TZ1 at 61,8%. But one never knows that before it has happened.
So I still think this was the right decision.
No trades today.
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Again no trades today, no good setups on my 3 charts.
Red news on GPB at 16:00 produced huge news driven candle.
Wondering if August is the month off for most traders and not many setups in this month.
Minsk wrote: 05 Aug 2022, 09:13
Because of it being NFP day, no trading today.
Oh YES! Since I've moved to H1 permanently, NFP day is pretty much a day off for me. IN forex trading, one does not really need to work too too hard. Once you've got your method in place and you see some results, its pretty much a boring yet exciting job.
cheers have a good weekend.
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
