Joel's Journal

[immy]

Trade: B3-T16
Date: 1/3/2019
Pair / TF: DOW M1
Signal Type: S1 LONG

Thoughts and Feelings: A typical Setup 1 trade that didn't work out. NEXT.


DS1
Total DS: 11/16 (68.7%)
R:R – 1:2 with BE at 1R
Trade Outcome: SL -1R.

R result to date for this batch: -5R

Overall R result: +2R

You're giving back all the R's with the M1 adventures.
What is going on?

Box was BIG.

[raklian]

You're giving back all the R's with the M1 adventures.
What is going on?

Box was BIG.

Not exactly sure. Probably something to do with the fact M1 is a different animal than higher timeframes. I'm still learning about it.

When you say box is big, you mean its size relative to Wave 3 peak?

[immy]

You're giving back all the R's with the M1 adventures.
What is going on?

Box was BIG.

Not exactly sure. Probably something to do with the fact M1 is a different animal than higher timeframes. I'm still learning about it.

When you say box is big, you mean its size relative to Wave 3 peak?

Trading m1 is not like trading H1.

You can't just go on start taking entries left right up and down.

E.g. the H1/M1 DOES NOT apply to HIGH BETA markets. The ones with a high volatility. These markets like the Dow , actually have even a higher range for m1 these days.

Moreover, these are suitable markets for m1. but for you to find success with it , you will have to then trade a complete session. you gotta get into to the feel of the session etc etc. you can't just sit down, look at h1, drop to m1. nope not for dax not for dow.

The H1/M1 ONLY applies to HIGH volatility Events that happen on currencies, These days.
Infact, the H1/M1 is very tricky method. What I meant by the 10X pattern is more in line with H1/M5.

Sure you could trade m1 on NFP days , after the event. But you have to choose "a" market or two. with 10 years of trading the m1 experience I cannot. for the life of me, trade two m1 charts. you might be better than me, (not being sarcastic) give it a go by all means, but I doubt it.

So lets have a solid plan. Lets set boundaries and set parameters. Which markets will I traded on M1? Define it. When will I trade m1., DEFINE it, which markets should I NEVER trade on M1, (almost all of them except EU GU UJ)

etc etc.

my advice would be, that if you really want to trade M1, then trade the markets that are BEST for M1. and that is Dow for you since you're in the US. its still busy after london close. But if you go for that. then that is the market you trad.e Their is this kid on youtube, ricky, he trades DGAZ every US morning and makes 500 dollar a day. I am sure you can do the smae.

[raklian]

Trade: B3-T17
Date: 1/4/2019
Pair / TF: GBPUSD M1
Signal Type: S2 LONG with 10x Method

Thoughts and Feelings: GBPUSD H1 created a big candle due to Fed Chair Powell's speech. I waited until the close of the candle before hunting for a Setup 1 or 2 at M1/M5. I entered at the breakout of the box after the S2 signal. Trade stalled into BE.


DS1
Total DS: 11/17 (64.7%)
R:R – 1:2 with BE at 1R
Trade Outcome: BE 0R.

R result to date for this batch: -5R

Overall R result: +2R

[raklian]

Trade: B3-T18
Date: 1/4/2019
Pair / TF: GBPUSD M1
Signal Type: S2 LONG (continuing from previous trade)

Thoughts and Feelings: It looked like this pair is making another attempt at reaching TZ1. With room to spare to TZ1 for at least 1:2, I entered at the breakout of the box after the blue dot signal. Apparently there is no vigor in the upward movement as it stalled and then hit SL.

EDIT: Changed to DS0 due to Immy's feedback.

DS0
Total DS: 11/18 (61.1%)
R:R – 1:2 with BE at 1R
Trade Outcome: SL -1R.

R result to date for this batch: -6R

Overall R result: +1R

[raklian]

Trade: B3-T19
Date: 1/4/2019
Pair / TF: AUDUSD M1
Signal Type: S1 LONG with 10x Method

Thoughts and Feelings: Like the GBPUSD earlier, AUDUSD created a big candle due to Fed Chair Powell's speech. I waited until the close of the candle to make sure it wasn't a spike with a big wick. I entered at the box breakout after the S1 signal. The trade was going well, breaking even quite early, but only then to stall and hit the BE level.


DS1
Total DS: 12/19 (63.1%)
R:R – 1:2 with BE at 1R
Trade Outcome: BE 0R.

R result to date for this batch: -6R

Overall R result: +1R

[raklian]

Trade: B3-T20
Date: 1/4/2019
Pair / TF: AUDUSD M1
Signal Type: S2 LONG (continuing from previous trade)

Thoughts and Feelings: I gave this another stab at TZ1. It created another S2 signal after it pulled back from the new high. With lots of room to TZ1 to allow for 1:2 R, I entered at breakout of the new box after the S2 signal (as well as the blue dot). It went up, moving the SL to BE, but it stalled and hit BE level. AGAIN.

It seems like I've been hit by the curse of pairs stalling on me.

This is the end of my 3rd batch.


DS1
Total DS: 13/20 (65%)
R:R – 1:2 with BE at 1R
Trade Outcome: BE 0R.

R result to date for this batch: -6R

Overall R result: +1R

[raklian]

Trading m1 is not like trading H1.

You can't just go on start taking entries left right up and down.

E.g. the H1/M1 DOES NOT apply to HIGH BETA markets. The ones with a high volatility. These markets like the Dow , actually have even a higher range for m1 these days.

Moreover, these are suitable markets for m1. but for you to find success with it , you will have to then trade a complete session. you gotta get into to the feel of the session etc etc. you can't just sit down, look at h1, drop to m1. nope not for dax not for dow.

The H1/M1 ONLY applies to HIGH volatility Events that happen on currencies, These days.
Infact, the H1/M1 is very tricky method. What I meant by the 10X pattern is more in line with H1/M5.

Sure you could trade m1 on NFP days , after the event. But you have to choose "a" market or two. with 10 years of trading the m1 experience I cannot. for the life of me, trade two m1 charts. you might be better than me, (not being sarcastic) give it a go by all means, but I doubt it.

So lets have a solid plan. Lets set boundaries and set parameters. Which markets will I traded on M1? Define it. When will I trade m1., DEFINE it, which markets should I NEVER trade on M1, (almost all of them except EU GU UJ)

etc etc.

my advice would be, that if you really want to trade M1, then trade the markets that are BEST for M1. and that is Dow for you since you're in the US. its still busy after london close. But if you go for that. then that is the market you trad.e Their is this kid on youtube, ricky, he trades DGAZ every US morning and makes 500 dollar a day. I am sure you can do the smae.

Alright, I just completed my third batch.

What did I learn? Quite bit, but here's the most important lesson: on very fast timeframes especially on M1, you CAN only trade with an instrument that predictably has a high range each day and is very volatile with very low spread.

I had been trading various currency pairs that had none of those things except for perhaps the tight spread. I had been trading relatively well on the H1/H4 timeframe but struggled mightily with the M1. I see what Immy meant M1 being a totally different ballgame compared to longer TFs. It's just the way the market is, I suppose.

My third batch had a 65% rate for DS. In light what I've learned, I suspect the rate is far lower because when I scored myself, I didn't take into account that I've been trading non-volatile, low range instruments. I should've scored myself DS0 for most setups except for those I properly utilized the 10x method which didn’t happen often.

Still, I want to continue trading the M1. I'm a lot like Immy who likes to trade several times in one day. I do not have the patience for higher TFs, and moreover, I just don't like overnight swaps eating into my profits or adding to my losses. It also messes up with my circadian rhythm.

Here’s my plan for the next few batches.

1. For M1, trade only highly volatile instruments such as DAX and DOW, with M5 as a reference TF to inform me it’s time to look for setups 1 and 2
2. Trade only during active sessions which is 9:00 AM – 4:00 PM EST
3. Look for multiple levels to the left which is easily outlined on the higher TF (M5) in the form of a box level and wait for a breakout before trading
4. Take two or maximum of three attempts at trading into TZ1 as long as the rules still line up and there is room for 1:2 R

[immy]

Trade: B3-T18
Date: 1/4/2019
Pair / TF: GBPUSD M1
Signal Type: S2 LONG (continuing from previous trade)

Thoughts and Feelings: It looked like this pair is making another attempt at reaching TZ1. With room to spare to TZ1 for at least 1:2, I entered at the breakout of the box after the blue dot signal. Apparently there is no vigor in the upward movement as it stalled and then hit SL.


DS1
Total DS: 12/18 (66.7%)
R:R – 1:2 with BE at 1R
Trade Outcome: SL -1R.

R result to date for this batch: -6R

Overall R result: +1R

This Trade is DS0. Its not a Setup 1. The box is big. And the idea is incorrect. If you were in STage 3, it would be ok but then your exit strategy will be different and you won't have given 1R to the market after making 2R.

Once you catch some bits of the trend. specially a 2R. just close the chart. you've done that sessions work.

[immy]

It seems like I've been hit by the curse of pairs stalling on me.

You're forgetting the objective of this Batch of batches. Your objective is to learn to remain disciplined no matter what your creative brain suggests otherwise.

cheers