Joel's Journal

[immy]

So you see, there is a way round for everybody.

In fact those that moved to H4 or above have NOT complained and to date I have not seen anyone who's losing. What's more interesting is that they usually get more setups than they thought they would...

[raklian]

Trade: B1-T12
Date: 10/5/2018
Pair / TF: GBPJPY H4
Signal Type: S1 LONG

Thoughts and Feelings: Aww, what sh*tty luck! It was going well until it reversed just a few pips short of the TP. *sighs* That's trading the wily market for ya! NEXT!

I just realized that this pair reversed from the resistance zone twice already. Mental note for my future self: in those kinds of situations, place TP under those resistance/support zones if possible; otherwise, just filter the trade.

DS1
Total DS: 8/12 (66.7%)
R:R – 1:1 with no BE
Trade Outcome: SL -1R

R result to date for this batch: +6R

Immy, I'm putting this down as a DS1, but looking at how the Wave 4 AO has been wavering around the ZL rather than just a single peak, should it have been an DS0 since we trade the best setups that only have a single, shallow Wave 4 AO peak? Let me know and I'll change the score.

[immy]

Thoughts and Feelings: Aww, what sh*tty luck! It was going well until it reversed just a few pips short of the TP. *sighs* That's trading the wily market for ya! NEXT!

I just realized that this pair reversed from the resistance zone twice already. Mental note for my future self: in those kinds of situations, place TP under those resistance/support zones if possible; otherwise, just filter the trade.

The Objective of T20 is simply this. Omit the above thoughts. Its good to record them, else I would never have read them.

You have to divert your focus from "result of the trade" to "Did I take the trade according to my plan, Was I disciplined?" yes or no. = Ds 1 or Ds 0.

Its NOT your job to "work hard" or "really really make a great decision" ... its your job to SEE if its a Setup 1... TAKE IT.... it does not matter if it is a "shitty lucky" or "golden opportunity" ... it does not matter if it goes 0.000001 pip close to your TP and turns around...

Relax and pat yourself on the back. you traded Setu p1... you are WINNER...

[raklian]

Trade: B1-T13
Date: 10/9/2018
Pair / TF: EURCAD H4
Signal Type: S1 SHORT

Thoughts and Feelings: It was a good Wave 3 and a steady pullback into Wave 4. HTF showed dark bars in Wave 5. At the time I took this trade, TZ1 zone was quite ways away. At the HTF, it was the same until after I took the trade when eWave indicator adjusted the TZ1 much closer. That's fine, I was comfortable with this trade. It just didn't work out as I was B-trapped. Immy told me that trading this way gives you 50% chance it'll go in your way. NEXT!


DS1
Total DS: 9/13 (69.2%)
R:R – 1:1 with no BE
Trade Outcome: SL -1R

R result to date for this batch: +5R

[raklian]

Trade: B1-T14
Date: 10/10/2018
Pair / TF: GBPJPY H4
Signal Type: S2 LONG

Thoughts and Feelings: That was.... simply AWFUL. I betrayed myself several ways when I made this trade. Number 1 - AO was peaking at HTF and what's worse, I knew it beforehand and basically tried to push my luck. In trading, pushing one's luck is same as trading without following rules. Number 2 - GBPJPY was wavering in a consolidation channel and, for the life of me, I put in that trade with the TP outside of that channel. Didn't I scold myself in the other post not to place the TP outside of an obvious resistance zone? Just hot-ironed a mental note into my feeble brain NOT to make this amateurish mistake AGAIN.

I am unequivocally giving myself a DS0 for this one.

DS0
Total DS: 9/14 (64.2%)
R:R – 1:1 with no BE
Trade Outcome: SL -1R

R result to date for this batch: +4R

[immy]

Trade: B1-T14
Date: 10/10/2018
Pair / TF: GBPJPY H4
Signal Type: S2 LONG

Thoughts and Feelings: That was.... simply AWFUL. I betrayed myself several ways when I made this trade. Number 1 - AO was peaking at HTF and what's worse, I knew it beforehand and basically tried to push my luck. In trading, pushing one's luck is same as trading without following rules. Number 2 - GBPJPY was wavering in a consolidation channel and, for the life of me, I put in that trade with the TP outside of that channel. Didn't I scold myself in the other post not to place the TP outside of an obvious resistance zone? Just hot-ironed a mental note into my feeble brain NOT to make this amateurish mistake AGAIN.

I am unequivocally giving myself a DS0 for this one.

DS0
Total DS: 9/14 (64.2%)
R:R – 1:1 with no BE
Trade Outcome: SL -1R

R result to date for this batch: +4R

I can't really add to the scolding... perhaps I shoudl actually say, don't be too hard on yourself. Just "try" to enjoy the process even if its a mistake. Enjoy it , learn from it.

How would I have traded it differently? well perhaps there were two rules that could have stopped you from taking this. 1. Flow chart asks , "is level to the left too close" ... that rule basically means, check if the price action is boxed. as you've righlty noticed, it was a horizontal / boxed market. 2. when that happens often you'll see Purple inside the box. So basically its was a setup 0.

lets get better at thsi game.. Rule number 1. DONT LOSE 2. See rule 1. How does this Buffett quote apply to us traders.? its simple, we don't lose by using correct risk management and have an overall stop loss for the account as well us monthly and "performance" level stop losses. You took the trae, but it hit your stop loss and you did not lose more than simply 1R. Risk management will help you protect your capital from market swings and your unwanted actions / mistakes.

see you tomorrow...

[raklian]

I can't really add to the scolding... perhaps I shoudl actually say, don't be too hard on yourself. Just "try" to enjoy the process even if its a mistake. Enjoy it , learn from it.

How would I have traded it differently? well perhaps there were two rules that could have stopped you from taking this. 1. Flow chart asks , "is level to the left too close" ... that rule basically means, check if the price action is boxed. as you've righlty noticed, it was a horizontal / boxed market. 2. when that happens often you'll see Purple inside the box. So basically its was a setup 0.

lets get better at thsi game.. Rule number 1. DONT LOSE 2. See rule 1. How does this Buffett quote apply to us traders.? its simple, we don't lose by using correct risk management and have an overall stop loss for the account as well us monthly and "performance" level stop losses. You took the trae, but it hit your stop loss and you did not lose more than simply 1R. Risk management will help you protect your capital from market swings and your unwanted actions / mistakes.

see you tomorrow...

I appreciate your advice. I'll keep it mind as I trade henceforth.

Thanks.

[vickyp]

Hi Joel

I thought I would check in on your journal. You are nearly at the end of the first batch, and in +R so well done, keep going.

Vicky

[raklian]

Trade: B1-T15
Date: 10/10/2018
Pair / TF: EURAUD H4
Signal Type: S1 LONG

Thoughts and Feelings: It was a trade I thought was ok to take but in hindsight, after getting feedback from Immy for a different trade, I shouldn't have taken this trade because the R:R distance to TZ1 wasn't at least two, thus the chances weren't as good as it could have been. I want to strive to take only the best trades, and I'm working on it.

DS0
Total DS: 9/15 (60%)
R:R – 1:1 with no BE
Trade Outcome: SL -1R

R result to date for this batch: +3R

[raklian]

Trade: B1-T16
Date: 10/17/2018
Pair / TF: USDCHF H4
Signal Type: S1 LONG

Thoughts and Feelings: I felt pretty good about this trade, no feelings of doubt. HTF showed a strong move up after completing a wave cycle down and pulled back to create dark bars. CTF price went nearly all the way back to the purple line and bounced off into Wave 5. TZ1 was at least 2R away. Very clean.


DS1
Total DS: 10/16 (62.5%)
R:R – 1:1 with no BE
Trade Outcome: TP +1R

R result to date for this batch: +4R