H4 Setup 1 and Monarch Hunt

[SprayPlaster]

Now that I've sorted most of the clutter that's been happening in real life, I'm back to trading.

Timeframe: H4 (while checking D1 and H1 as confluence/direction/structure/etc, but trades are taken on the H4 timeframe only). Contemplated on trading H1 as that's what most of the skype members are trading, but I feel that H4 suits my future schedule the best so might as well ingrain the habit now. I will probably miss the 1 a.m. (my local time) candle but I should be able to check all the others most of the time.

Entry method: Monarch hunt and Setup 1 only. Objective entry method as per the flowchart and filter rules in the hunt section, but subjectively I want to catch the best and most obvious ones only. As Immy likes to say, "setups that are so obvious it's like picking money off the floor".

Markets being traded: EU, UJ, GU, AU, UCAD, UCHF, EG, EJ, GJ, NZDUSD, GOLD. As this is the first time I'm trading H4, I'm not sure if this is the right amount of pairs to trade, will probably adjust again for future batches depending on how it goes, but for the first two batches, I will stick with these pairs first.

Trade Management: 2R TP, move SL to BE at 1:1R. No addons. This will be handled by ATM, so it will just be a click and forget thing for me.

Money management: 1% risk per entry on a small account (pepperstone razor account). Maximum 3 running trades at a time. Weekly stop loss of -5R and monthly stop loss of -10R. Account stop loss of -30R.

[immy]

Good to have you back ... good luck ... will be reading and watching ...

[SprayPlaster]

Thanks Immy. Would've come back sooner but setting up broker, VPN etc took longer than expected.

[SprayPlaster]

A few nice signals the past few days on H4, but I either missed them or they weren't part of my plan.

[SprayPlaster]

Trade 1

Pair: USDCHF
Entry: Seed
Exit: TP at 2R and SL to BE at 1:1
Result: BE
Disciplinary Score : DS 1 (1/1)
Pre-trade comments: Valid hunt signal. Would prefer a bit more pullback, but going down to H1, I really like the look of the structure.
Post-trade comments: Missed TP by a couple of pips.

Ignore the double entry, I forgot to change stop loss to last bar during the first entry.

[immy]

I did not like the h4 picture but yes, the h1 picture was nicer... but the levels to the left would have made me "hesitant" to take this trade. but for Stage 1, this is an e xcellent trade and wins you a nice juicy DS1

[SprayPlaster]

You are right Immy, at this stage I should just try to be as objective as possible. The subjective reasonings/filters will come with experience as I go through the batches.

[SprayPlaster]

I feel like I should post setups that I DON'T take as well, so that you guys can tell me why I'm wrong for ignoring them

[SprayPlaster]

Trade I DID NOT take 1

Pair: GBPJPY H4
Entry : Setup 1
Comment: This was a picture perfect Setup 1 but the one thing that stopped me from taking it was that to me the box seemed too big. Or so I thought. I'm more of a numbers guy than a figures guy (I have a hard time comparing the boxes just using my Mark IV Eyeball) so I normally check if the box is too big by checking the pip size. Since I'm new to H4, I have no idea what pip size roughly I should look for. In this case it was around 120 pips which turned me off a bit.

[SprayPlaster]

Trade I DID NOT take 2

Pair: USDCHF H4
Entry : Monarch Hunt
Comment: While technically a valid signal according to my rules, I really dislike the shape of the wave, too "rubberbandy".