Siegrid's Journal

[rcrglmd]

Hi Immy,

Thank you for taking the time to have a look again.

"Also notice that the wave 4 up broke out of the box , before this break. and its at that first or 2nd break, that ends the W4 is where we want the gator to be tightly sleeping inside the box and purple outside of it."

Looking back at that trade I can see exactly what you mean. That makes sense. Thank you for pointing it out for me. I hadn’t realised that was how to read the chart and now that you’ve told me I can see what you are talking about and it makes perfect sense.

[rcrglmd]

DAX M1 – Batch 5 - 6/20
20180711 – Trade 1 (box 101 points)
DS 1 I think, not sure. There was a red dot and then the box kept getting smaller, so I kept moving the stops to match the decreasing box size. Not sure if this is okay for a DS 1 or if this means it was a DS 0.

20170711 - t1 open.JPG

DAX M1 – Batch 5 - 7/20
20180711 – Trade 2 (box 118 points)
DS 1 I think, not sure because of taking Trade 1.

DAX M1 – Batch 5 - 8/20
20180711 – Trade 3 (box 75 points, box formed just prior to appearance of the pink dot)
DS 0. Trade taken after a pink dot.

DAX M1 – Batch 5 - 9/20
20180711 – Trade 4 (box 89 points, but placed po a bit lower to get below the lower edge of most of the M1 box levels)
DS 0. Purple line in the box.

[rcrglmd]

DAX M1 – Batch 5 - 10/20

20180712 – Trade 1 (box 195 points)

DS 0. Silly, impatient. While it didn’t look too bad on M1, looking at M5 now it looks like the trend was definitely heading down.

[rcrglmd]

DAX M1 – Batch 5 - 11/20

20180712 – Trade 2 (box 84 points, is smaller in picture, box size changed)

DS 0. Could maybe be a DS 1 but didn’t give it a DS 1 because not all three gator lines were crossing, and there was not a cross of the zl.

[rcrglmd]

DAX M1 – Batch 5 - 12/20

20180712 – Trade 3 (box 142 points)

DS 0. Knew was a DS 0. Rationale for taking: I thought M5 had done a w3 down, 4 up and was maybe heading into a 5 down. M1 looked similar, w3 down, w4 up and maybe heading into a w5 down. Purple was in the box, so DS 0, but there was a cross of the zl. Shouldn’t have taken it, it went sideways for ages, I was so relieved when it hit be.

[rcrglmd]

DAX M1 – Batch 5 - 13/20

20180712 – Trade 4 (box 80 points)

DS 0. No cross of zl and gator was not really closed. If had waited for next blue dot there would have been a cross of zl (better set up) and my entry would not have triggered due to the box size.

[immy]

Hi

You're missing important points in your the Trading Plan.

1. You must have behavioural consequence attached to DS0. When you take a DS0 trade. E.g. for me DS0 = No more trades for that session. If I trade again and even that is DS0. I won't trade the NEXT session. Your mind will go crazy if you "disciplined" yourself that way. And the number of DS0 will drop dramatically. You need to have this questions answers in your trade plan. What will I do if I take a DS0 trade in a session? ref: my sample trading plan

2. MAX 3 Trades Per Session of 2Hrs (it does not matter what the result is, MAX 3 trades is what I have for me for DAX m1 2Hr session)
3. Although Max 3 takes care of this, I have a Daily Stop Loss of -3R or 1xDS0 Trades (DS0 stop is regardless of outcome positive or negative R's). No 3 is there because sometimes I take executive decision and might take a 4th trade.

Hope it makes sense. Today I won't have traded and have not traded even ONCE... neither did Kevin. (I did take Seed trade where you took your Red Dot trade with positive outcome. That was a good setup one, however w3 was not clear, and as you mentioned no cross of CL. but still good. (best keep these ones for stage 3.

[rcrglmd]

I know Immy, I know. My discipline is really lacking. I experience a real sense of feeling like I’m going to miss out unless I take this trade NOW. Then it triggers and I’m in, and I know I shouldn’t be. Most of the time I know it’s a DS 0 but I take it anyway. I do have those points in my plan, but haven’t followed them – again, lack of discipline. I will follow them from now on (I would like to extend the hours a bit to 3, only because if there is something forming I would like to be able to take it and a few I have take that have done well are setting up about 2/2.5 hours after LO).

I really do want to improve and move up through the stages, so okay, only DS 1’s from now on. This is going to be hard for me (!), but worth it.

[rcrglmd]

DAX M1 – Batch 5 - 14/20
20180713 – Trade 1 (box 111 points)
DS 1 I’m pretty sure (gator could have been closed a little tighter, but I think everything else looked good, except M5 level was maybe too close too). Closer to a S1 than I have been in a while though I think. Hooray!

Double hooray!!

[immy]

You've probably summed up an epitome of the problems of trading the M1 chart in your first sentence.

Thank you for that and thank you for your reply.

My suggestion is that you probably have found out that Trading the M1 time frame does not suit your personality. In order for you to trader the m1 chart , You would need to first train on the higher time frame. Instill the idea of trading the Correct Setup. Have a strong and clear conviction t hat your job as a trader , pattern based trader, is not to predict the market but to identify a pattern that forms in THE NOW on your screen within the last 100 bars. Whether you miss the "move" or not does not matter.

Understand this: You are not trading to CATCH THE MOVES per se.
You are trading to catch the SETUPS that may or may not CATCH THE MOVE. there is a difference. IF a move happens but without a signal. It does not matter. IT does not break your "edge" or "affect" your profitability. [However in order to catch most of the good moves, is a problem for a system designer not YOU. ] We know that setup 1 will help you catch 33% winners, 33% BE 33% Losers. That is if you trade Setup 1... I hope this helps... M1 however is a trading time frame for THE MASTERS.