Chris's Journal - Step 1 (Setup 1)

[acceleratum]

now those are good setups! UJ and Gold, Hope you took them on time.

[immy]

EURJPY

Looking at the last blue dot as an S1. We have the 3 long, topped with the green number 3, followed by that pullback to the purple line. My only doubt on this S1 is that the box is too wide. There is however plenty of space to the next marked TZ1.

Question? With a trade like this is it ok to restate your stop based on the new tighter box formed a couple of bars after the actual signal, given that the order hasnt triggered before it was formed??

RESULT: -1R The Correct way to record result is: DS1 or DS0 ...

Yes we adjust or SL and PO levels to the next available box if its tighter, depending on the situation.

However, I found a nice picture in my recent post that is directly relative to this cahrt pattern on this EJ chart you've posted.

[Boad]

now those are good setups! UJ and Gold, Hope you took them on time.

Was able to get my orders in on in the morning before work. While I am working a day, unfortunately I cant update my journal to the afternoon, so there will be time lags for these morning trades.

[Boad]

Immy Do I record DS1 when it is a correct signal/trigger and DS0 when its not?

[immy]

You obviously have no idea what DS1 is.

This is part of the T20 Challenge. The traders biggest problem that we have recognised in the last decade of trading is first and foremost the lack of discipline. They don't ever bother with creating a proper trading plan, they assume they are good at it, they think rules applies to others but not to them, its ok they remember everything no need to write it down etc etc. (I am the centre of the universe complex etc) So mark douglas gave us a gift that we applied and found that it has other benefits too. Mark Douglas suggested this to gain "probabilistic mindset" but we learned that its an excellent tool for "training for discipline".

The Marking of DS 1 (discipline score) is based on a traders ability to a. recognise rules b. follow rules. Rules = Entry , Exit , in-trade , (trade management, and risk management rules. e.g. T20 Stage 1 rules are VERY simple and 100% objective. You see signal you take trade. (demo or small nano account, don't take it for granted, that is what is required). and you manage it according to the simplest TM. SL at -1R TP at 2R and move SL to BE at 1R. nothing more nothing else.

IT does not matter you win all 20 trades, it does not matter you lose all 20 trades... If you break even on of hte steps, e.g. move SL before 1R. Move tp, or exited before TP hit. = rules broken = DS0.

That is because the Objective of Stage 1 (skill isolation training) is to learn to become a disciplined trader. So we have to focus on what our goal is. that is Discipline. So our goal is at least 80% average discipline score for all 5 batches of t20 combined. Basically you're trading 100 trades in bathes of 20.

The result of a trade is random but the result of 20 < 40 < 60 < 80 < 100 is rather predictable.

hope it makes sense.

[Boad]

You are right - I am not fully aware of your terminology, which is why I asked the question. Words are a clumsy tool, but you have confirmed that DS1 is pretty much what I assumed it was. However you also have the term Signal 1 which is quite similar, so I thought it better to ask than assume. The use of acronyms is always tricky when you are new to an area

Thanks
Chris

[immy]

yep, the "jargon" ... But it helps reduce a few clicks. I do change keyboards every year due to the amount of typing I do on a daily basis.

[Boad]

Famous Setup Notes:

[Boad]

Great Wave Description by Pedro:

http://itradeaims.net/forum/viewtopic.p ... =10#p26986

[Boad]

Famous is time sensitive: