Start a Trading Journal - Start Posting Your T20 Trades Here.
Tips for First Post: Start with personal introduction, share your story, your future plans.
Use Template Prodvided for Recording Trades.
Trade Count : D3T1
Server Date/Time : 19-Nov-19 13:37
Pair : DAX30
Chart : M1
Dir : Buy
Size : 0.09
Price : 13365.8
SL : 13355.3
TZ1 : 13466.2
TZ2 : 13438.3
Exit Type : 13489
Notes : Setup1 potted after a long wave 3 and a flat wave 4. Whils this was technically a S1, it was a low probability S1 for reasons explained by Immy in the Chatroom - ie prices unlikely to continue higher after rising more than the ADR in one move
Entry Chart :
Exit Chart :
Status : Lost
Profit/Loss : -17
Post-mortem : 40-96 wave count rule breached
Trade Score : 0
Trade DS : 0
Trade Count : D4T1
Server Date/Time : 20/11/2019:10:32
Pair : DAX30
Chart : M1
Dir : Sell
Size : 1.1
Price : 13120.2
SL : 13140.4
TZ1 : 13099.6
TZ2 : 13075.6
Exit Type : N/A
Notes : LO brok out on down side and quickly developed into a w3. Red dot appeaared and AO was very closed to ZL but still red. Gator RG line closed and trade was taken.
Entry Chart :
Exit Chart :
Status : Deleted
Profit/Loss : 0
Post-mortem : Black dot appeared immediately after red dot and PO was cancelled
Trade Score : 1
DS : 100
Trade Count : B1T5
Server Date/Time : 20-Nov-19 7:56
Pair : GBPCAD
Chart : M15
Dir : Buy
Size : 0.12
Price : 1.71509
SL : 1.71332
TZ1 : 1.71792
TZ2 : 1.72102
Exit Type :
Notes : Wave 3 looked a bit untidy. On H1, it is in a w5 formation and so, this might be a lower probability trade. Nevertheless it is a valid S1 and the trade was taken
Entry Chart :
Exit Chart :
Status : BE
Profit/Loss : 3
Post-mortem : Prices reached 1R and retraced to cvlose at BE + 2 pips
Score : 1
DS : 100
Trade Count : B1T6
Server Date/Time : 20-Nov-19 9:56
Pair : AUDCAD
Chart : M15
Dir : Buy
Size : 0.21
Price : 0.90564
SL : 0.90466
TZ1 : 0.91014
TZ2 : 0.91357
Exit Type : SL
Notes : w4 looks nice flat and low with inner boxes. This will be the 2bnd CAD pair and so not feeling over exposed at the moment
Entry Chart :
Exit Chart :
Status : Lost
Profit/Loss : -23
Post-mortem : Price popped up, triggered and created outer box to take rent.
Score : 1
DS : 100
Trade Count : B1T7
Server Date/Time : 20-Nov-19 2:15
Pair : GBPUSD
Chart : M15
Dir : Sell
Size : 0.13
Price : 1.29198
SL : 1.29318
TZ1 : 1.2898
TZ2 : 1.28775
Exit Type : SL to BE
Notes : Nice w3 with 3 of 3 nd 5 of 3 showing. Tight sideways and red dot! Trade got triggered quite quickly, SL moved and then went sideways. All I can do is wait to see if anything will happen after LO
Entry Chart :
Exit Chart :
Status : BE
Profit/Loss : 4
Post-mortem : Prices retrace to close trade at BE + 2 pips and then went went bang to TZ1. No diff in end result if SL was moved to BE because prices spiked to just 0.2 pips above BE
Score : 1
DS : 100
Trade Count : B1T8
Server Date/Time : 20-Nov-19 2:00
Pair : EURGBP
Chart : M15
Dir : Buy
Size : 0.13
Price : 0.8575
SL : 0.85658
TZ1 : 0.8588
TZ2 : 0.86027
Exit Type : SL
Notes : 2nd GBP pair. Short w4 with M15 gator alread crossed over. Gator open on H1 with seed. So more confidence
Entry Chart :
Exit Chart :
Status : Lost
Profit/Loss : -23
Post-mortem : a weak 5 was created and prices did not recover to close at SL.
Score : 1
DS : 100
Some of my (unsorted) thoughts looking at your journal. I've sent you in slack but thought I'll post here too.
"I am impatient and like to see my trades move and therefore prefer shorter time frames even though
I know that higher timeframe patterns and signals tend to be more reliable. "
this should not be a definition of what sort of trader you are.
I'd put this in the Weakness Field. If you're impatient, no time frame will help you become a better trader. FACT.
and you'd be surprised to know the higher time frame requires 20x less patience. why? because you're not looking at the trades.
moreover, the "more reliable" argument is an old trading cliche' , it does not really mean anything. "define reliable"?
In weakness you've written
"Possibly too risk averse and passing up on valid trade entries "
yet , your trades today show you're definitely not risk averse. you're just scared of losing.
why do I say that?
so, understanding risk is Key. does your trade plan, put a cap on Max exposure during a session?
How many trades can you trade during a session, a week?
and what is total risk per day, per moment, per week?
so you went long on EUR/GBP at midnight. now the european banks are closed, that's where all the money is. by taking the trade, at those time,s you've taken a HIGHLY risky trade.
you went on and took another trade on GBP/USD that was short, that means you've doubled on your "pound" risk. 1 unit betting it will drop in value against dollar, another unit betting it will drop against the euro.
my 2 cents worth... I thought I'll share my thoughts
cheers and keep it up buddy
ps: the MAX pairs on M15 should be 6. 8 is stretching it too much. on H1 12... anything more than this is overlapping a nd increasing your risk.
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
Trade Count : D6T1
Server Date/Time : 22-Nov-19 12:21
Pair : DAX30
Chart : M1
Dir : Sell
Size : 1.3
Price : 13150.3
SL : 13163.8
TZ1 : 13112.7
TZ2 : 13075.2
Exit Type : N/A
Notes : Settled down after dinner. Spotted pink dot and the red dot in an inner box. All S1 boxes ticked and PO created
Entry Chart :
Exit Chart :
Status : Deleted
Profit/Loss : 0
Post-mortem : Black dot appeared immediately after red dot and PO was cancelled. Another red dot developed after this. It was not taken as bar count now 100 and box was close to 16 pips - a bit larger than I would have liked. Prices broke out and would probably have been a BE trade had this been taken.
Trade Score : 1
Trade DS: 1
Trade Count : B1T9
Server Date/Time : 19-Nov-19 8:29
Pair : AUDNZD
Chart : H1
Dir : Sell
Size : 0.09
Price : 1.06179
SL : 1.06461
TZ1 : 1.05464
TZ2 : 1.04723
Exit Type : Manual
Notes : A 2.5 day H1 w3 and with a 3 day w4 has developed. W4 has been in tight 20 pip range for 2.5 days. H4 shows a wave 3 developing and gator open. Entry based on reddot at 05:00
Entry Chart :
Exit Chart :
Status : Profit
Profit/Loss : 35
Post-mortem : This had turned out to be an incorrect wave count - already 110 bars when entered. In anycase, prices drifted lower without momentum for another 3 days. Trade closed manually at 1.5R profit.
Score : 0
DS : 89
