Kyle's Journal Mk2

[Kyle]

Wow, long time, no post. No excuses for the lack of posts, but will be returning to regular trading of the LO sessions and posting my results (as well as the comments on Skype).
Welcome to the new year everyone.

First session of the year for me and no valid trades, however, there were a number of possible setups. Chart and analysis spreadsheet below.

2015-01-05_LO_Session.png

2015-01-05_Journal.png

NY Equities will be a bit late for me while Daylight Savings is on (01.30), so will be back for LO tomorrow.


Three Simple Rules in Life
1. You will never have what you do not GO FOR
2. The answer will always be no, unless you ASK
3. You will remain in the same place, unless you step FORWARD

[Kyle]

Good morning. Well it is here (0230).

A topsy turvey day's trading for me today. A few honest observations to help me get better and prove mostly to myself that I am not simply writing good stuff here, but also some challenges for me as well.
I traded both LO for 2hrs and then also NY Equities open for an hour. Three trades were taken, although there was a fourth that I should have entered, but didn't.

1st trade in LO cancelled itself before being triggered. Nothing much to say. It was valid, and I selected well in my opinion.
2nd trade was made in choppy conditions and less than ideal, but the setup was there. Following the rules, it passed through 5 pips profit, so moved S/L to -4 Pips and before long, that stop was taken out for a minor 0.16% rent
3rd opportunity should have been taken soon after. On initial analysis, I thought w5 was completed and we were moving into an a-b-c retrace, but I was wrong and it would have netted a 0.5% win. Lesson learned in not predicting what it is going to do and concentrate on the now with the analysis.
4th opportunity and trade was just after New York Equities Open. Absolute textbook setup with m5 and m1 ideal, which I shared in the Skype group as well as the confirmation at the time that a valid S1 had set up. I traded it as per the trade management document and trailed candles after 5 consecutive green candles. It was also moving a fair bit away from the Alli. Unfortunately (in some aspects), it stopped on the trailing candles for a 0.41% profit, however, since then, it had run from that 8.42 pips profit to an unrealised 83 pip profit!! Unfortunately, there was no second opportunity to get in to the trade.

I could harp on about the fact (I probably am actually), but in reality, it was not unrealised profit. I selected the trade via the trading rules and executed the trading plan to the letter, so the trade just happened to close out when it did. There will be many more times when it runs for me, and other times such as my first trade today where the management plan saved the account from losses.

Anyway, I am keen and happy for any comments as these are my first trades of the year so far and they have motivated me. As mentioned int he Skype chat, I got a 50% strike rate, yet made some reasonable profit, so it shows the method and trading plan together do a great job at selecting the trades and protecting your account.

Charts below, separate for LO and NY sessions.
LO

2015-01-08_LO_Session.png

NY Equities

2015-01-08_NYE_Session.png

Journal

2015-01-08_Journal.png

[Grant]

Hey Kyle,

Trust your weekend is going well. Just wanted to throw a comment/observation to you and suggest a slight change to your trade management rules. The NYO trade you took highlights the slight change perfectly...

Firstly i am assuming you use the trade management rules as posted in my journal, if you don't then just ignore the rest of this. If you do then read on...... (rofl) (rofl)

The rules you follow were written many many moons ago and were designed to help complete AIMS beginners. New traders had sooo much information thrown at them with the entry rules it was easier to set out a defined exit strategy for them..

Now having read through the chat room i can see that you are past the complete beginner stage as you can quite easily spot the entries, so now we have to get you to the next level of consistantly profitable. Which brings me to the slight change i want to suggest..

When you have a trade that has got to the +5 to -4 SL stage then only trail the 5 candles or AIMS levels or greenline or fruit candles IF you can lock in at least 1:1. If you can't get to 1:1 then move the SL to BE and leave it there until the next exit signal and repeat the process... So only move past BE if its more then 1:1 to be locked in.

I hope i explained that correctly and using your NYO trade as an example then instead of trailing the candles so close, you would have been at BE and that SL would have survived and you would have stayed in until the next 5 same colour candles which would have been hit around 9725 ish....

Looking forward to a profitable week in the skype room..

cheers
Grant

[Kyle]

Hi Grant,
Thanks for the suggestion. I'll happily take it on board and start using it from tonight

[Kyle]

Made the LO session today - or most of it.

Took just the one trade, but it was a good one in my opinion. Called it in the Skype room and at least one other person took the same trade (one actually put his hand up and said thanks for the heads up and profit he made )

We had a W3 form after LO and a nice retrace back towards the purple. Ideally, we might have made it closer, but we had four DA's come up. The first was not valid for me as the A0 was too old, but it soon crossed over and became valid by the second one. The fourth was the first one to break, and took off nicely. Almost no time in Drawdown. After my previous trade got closed out a bit early and missed profits, I held back on moving the Stop until I was at 1:1 profit, then in the end trailed the AIMS minus a pip and that is what got me out in the end.

Later analysis showed that I might have been able to further profits by closing the trade on the fruit signal 10 pips further in profit, but I traded the plan and am happy with that. When you look at it closely, both the trailing AIMS and close below green was about the same level, so I believe it was a healthy place to close the trade, with also giving space for the trade to breathe a bit in case it went further north for me.

In all, a 1.9:1 reward:risk trade with no drawdown. I think it was pretty straightforward and stress free. Get one of these a day and I think we would all be very happy. No need to always be in a trade, just trade the plan and let the charts do the talking.

2015-01-26_LO_Session.png

2015-01-26_Journal.png

[Kyle]

Oh yes, it's Australia Day today, so here is a clip of our "New National Anthem" for you all to enjoy

[Kyle]

A new month and a new week.
After studying the Fruit e-book, I have decided to add the Fruits to my trading, which started today. I am quite slow still making the entries and missed a few, but in all, one would have lost and one would have made just over 1:1 profit, so that was squared away.

I did take one trade, which was a correct one. Unfortunately, I missed the add-on entry, which would have helped profits a bit more. Another issue was that I was also late on closing the trade. Should have closed on the fruit long signal, but instead closed on close above green - 9 pips off profit. Happy overall even though I made the errors as I have identified them emotionlessly and will make things right next time around. Could have netted about 1.6% overall, but will happily take 0.8% with errors in my management.

Happy for any comments

2015-02-02_LO_Session.png

2015-02-02_Journal.png

[Kyle]

A bit of an interrupted day's trading today. My son was here, so I looked at the charts after he was settled in bed. Did not look like much was missed earlier. There was a fruit on m5 25 and 35 minutes into LO, however, they had same angulation as gator line so not valid for me.
Not long after I got back to the charts, I got a good m1 setup on m1, which turned into a small rent. Quite soon after, my second trade for the day came up, but also finished as a rent. Both closed out after the candle closed below the green. Worth noting for new people that read this, the trades were both 1% risk trades, however, the rents paid were 0.24% and 0.36%. So two losing trades at 1% max risk each, and total rent paid over the 2% max risk was just 0.6%. This is a real big reason why trade management and money management is so important. Tie that in with a 60% long term probability for winning trades, and it will be seen that this method is truly a long term profitable one.

m1 Chart for the day - If there is anything unclear, just ask and I'll try to explain or show closer up pic.

2015-02-03_LO_Session.png

And journal for the day

2015-02-03_Journal.png

Overall, 0.6% rent on the day. No issue, no stress. Ready again for tomorrow

[Kyle]

Another trading day come and gone. A little disappointing today. Filtered an amount of trades. Took one genuine trade, an S2 short, but ended up a small rent (-0.25%) which was not of any concern at all. Soon after that though, nature called and while I was away from the screen for just 3 minutes, and an S1 setup occured and would have been filled before I got back to the screen. That would have turned out to be a 16 Pip trade for a 17.5 Pip S/L.
I watched both the m1 and m5 DAX charts. M5 for fruits, and m1 for fruits and S1/S2 setups.

In all, the day should have ended in close to 0.75% profit, however, I'll take the 0.25% rent on the day and re-load again tomorrow. I will be trading both LO and NYE tomorrow. Long weekend here in Tasmania for us (party).

That all being said, I might have been a bit cross with myself when I missed the trade, but quickly calmed and returned to emotionless trading. Aside from that moment, the rest was fine and simply did not catch a trade. Will grab some good ones tomorrow - when they show themselves to me :-B

Charts and journal attached. m1 chart has a circle where I took the trade.
m1 Chart

2015-02-04_LO m1_Session.png

m5 Chart

2015-02-04_LO_m5_Session.png

Journal

2015-02-04_Journal.png

[wiseambitions]

I often miss a trade or a good exit for being away from the screen 2 minutes as well..........

the inevitable phone call, postman, salesman at the door, etc.

I don't swear but I do believe in Sod's law.................

there's always another day.....