Hi Mike,
took that and paid rent, am currently -3 for the day, you must be missing the same things as me.... sigh
cheers
Grant
Mike's Journal MSK185
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Grant
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moty
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Re: Mike's Journal MSK185
Hi
I saw this trade but did not take it, because of the Purple Line, on the 5M.
I saw this trade but did not take it, because of the Purple Line, on the 5M.
Patience and Discipline is the key.
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msk185
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msk185
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Re: Mike's Journal MSK185
Hmm trade 2 of the day and I'm embarrassed to post this but a journal is a journal.
My rational was to enter on break of the 12725 support line that had been tested several times over the past 2-3 hours.
However the trade was not a good setup on 1 min and once in I fell foul to emotion , hope and well indecision so ended up taking a full 15 pip hit.
My mantra says I trade my plan and only my plan so why didn't I do that? Expensive lesson
This will be my last embarrassing journal post!
Mike
My rational was to enter on break of the 12725 support line that had been tested several times over the past 2-3 hours.
However the trade was not a good setup on 1 min and once in I fell foul to emotion , hope and well indecision so ended up taking a full 15 pip hit.
My mantra says I trade my plan and only my plan so why didn't I do that? Expensive lesson
This will be my last embarrassing journal post!
Mike
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immy
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Re: Mike's Journal MSK185
Hi Mike
Its best to share and admit and learn! We have all done this so there is nothing to be embarrassed about. But the most important thing is managing your trade properly!
You had a clear exit quite a few times before it hit your stop loss. There is no such thing as hoping and praying (though it works before and after a trading session) in trading. Hoping and praying = keeping a positive intention is good and it works, but when you have a plan and you dont follow it and you KNOW you have just ignored a trading signal, what are you praying for? your prayer was just answered in the form of an EXIT signal. It is time to take action. When its time to take action further prayers are not needed. !
Anyway, good you mentioned this, the most important thing is to trade your plan. We can never beat the market. But we can always identify our setup and trade it accordingly. This is the secret to trading success!
May the pips be with you!
cheers
ps: your exit was on 4th exit signal.
Its best to share and admit and learn! We have all done this so there is nothing to be embarrassed about. But the most important thing is managing your trade properly!
You had a clear exit quite a few times before it hit your stop loss. There is no such thing as hoping and praying (though it works before and after a trading session) in trading. Hoping and praying = keeping a positive intention is good and it works, but when you have a plan and you dont follow it and you KNOW you have just ignored a trading signal, what are you praying for? your prayer was just answered in the form of an EXIT signal. It is time to take action. When its time to take action further prayers are not needed. !
Anyway, good you mentioned this, the most important thing is to trade your plan. We can never beat the market. But we can always identify our setup and trade it accordingly. This is the secret to trading success!
May the pips be with you!
cheers
ps: your exit was on 4th exit signal.
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.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
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.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
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immy
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Re: Mike's Journal MSK185
moreover, we looked at it, all 5 of us and we all agreed it was not a setup for us. Because we had too many aims levels to the left. m1 was not a setup. we had to put an pending order below m5 and that was then close to M60 aims level (thanks to Steve's indicator) so we decided not to take it. Cheers... no worries NEXT
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.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
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.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
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msk185
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moty
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Re: Mike's Journal MSK185
Yes, I meant the gray line, I do not like to trade against him, I found it is sometimes used as resistance.
Patience and Discipline is the key.
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msk185
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msk185
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Re: Mike's Journal MSK185
Hi just for completeness, no trades today, I was out between 11.30am and 2pm UK time but I didn't see any triggered setups.
Hopefully tomorrow will bring more fruit, good thing about this site is I can see others have not seen much today either so I dont feel so alone, if you did see setups please share as I would like to see what you saw.
Many thanks
Mike
Hopefully tomorrow will bring more fruit, good thing about this site is I can see others have not seen much today either so I dont feel so alone, if you did see setups please share as I would like to see what you saw.
Many thanks
Mike