Minsk T20 - Banana 1H

[immy]

Batch 2 - T20
31-3-2022
Banana 1H
USD-JPY LONG


The 7 questions answered:
1 - Is there a breakout with a higher high or lower low?
Yes,  there  is a 3 candle breakout, and that creates a new higher high.

2 - Is there a good pullback?
Yes. This the 1st pullback. Compared to the impulse candles, the pullback candles are  smaller.  It pulls back to 10 ema.

3 - Is the impulse move too climactic?
No, this looks like good impuls.

4 - Is the pullback impulsive?
No, this looks like a good pullback.

5 - Is this the 1st or 2nd pullback?
1st pullback. 

6 - Is there an S/R zone near entry level?
Not within 20 candles to the left. 

7 - What is the market phase on the current and higher time frame?
Current: right now going up. There is a W formation below the 50 ema, this is the big leg up. 
HTF: 4H uptrend.

Banana signal  marked with a pink dot. 
Target = 3R. 

Closed trade at about 1.35R.  It moved really slow, and markets close today. And I am of the charts the rest of today.

DS1
total DS: 10/20=0.50

 

DS0 because you did not allow it to hit your take profit level. Once you take the trade you only move SL to BE at +1R and you never change your take profit level. this is DS0 
 

[Minsk]

Batch 2 - T20
31-3-2022
Banana 1H
USD-JPY LONG


The 7 questions answered:
1 - Is there a breakout with a higher high or lower low?
Yes,  there  is a 3 candle breakout, and that creates a new higher high.

2 - Is there a good pullback?
Yes. This the 1st pullback. Compared to the impulse candles, the pullback candles are  smaller.  It pulls back to 10 ema.

3 - Is the impulse move too climactic?
No, this looks like good impuls.

4 - Is the pullback impulsive?
No, this looks like a good pullback.

5 - Is this the 1st or 2nd pullback?
1st pullback. 

6 - Is there an S/R zone near entry level?
Not within 20 candles to the left. 

7 - What is the market phase on the current and higher time frame?
Current: right now going up. There is a W formation below the 50 ema, this is the big leg up. 
HTF: 4H uptrend.

Banana signal  marked with a pink dot. 
Target = 3R. 

Closed trade at about 1.35R.  It moved really slow, and markets close today. And I am of the charts the rest of today.

DS1
total DS: 10/20=0.50


 

DS0 because you did not allow it to hit your take profit level. Once you take the trade you only move SL to BE at +1R and you never change your take profit level. this is DS0 
 

 

Clear. One more Bananapeel.
I did move SL to BE. After that I closed the trade, so indeed a DS0
Thanks for telling me. 
 

[tombacon89]

Evaluation of the first T20 Banana 1H batch.

The DS score is 0.50. That's pathetic. There is no need for such a low DS score if I just read the rules, answer the questions with proper attention and looking at the charts. There are things I don't know that will cause DS0, but not enough to get this low score. So I need to improve in discipline. Obvious.

If I wouldn't keep this journal I would not know what I effed up. So this is very useful.

Lots of things learned, and that added a new rule for me: only 1 trade a day for now. Because I find out some hours later what I have done wrong. I don't want the same mistake in more trades. So only 1 a day for now.

Started a demo account op Pepperstone. This trades via TradingView. I really like this because of the ease of use of TradingView.
Fixed the lot size thing so now it automatically calculates the right numbers without me doing the maths. That's nice,  so trading via TradingView works fine now.

I got MT4 set up on my laptop. Can't always look at that as works is in the way. That makes me wonder if 4H would be a better timeframe for me. 
Also bought the Trade Manager from Steve. I need to get this working in MT4. I have to look into that, and hoped I could do that this weekend, but I have a funeral. Besides al the things with house selling/relocating/building, etc, so it needs to wait a bit.

Next batch I'll go for 1H again.
For now 1 trade a day. And I have to look at the ForexFactory every morning to see what's happening.



 

 

Hey Minsk,

50% DS is not pathetic. It is 50% BETTER than what you were doing BEFORE you started this journal! 

it is your base line of natural understanding and implementation of the strategy. You have highlighted things you need to work on, that you did not know before. That is powerful. 

You don’t know what you don’t know…… 

my first batch was 35% DS…. 

don’t  forget, your still not on top of your admin. I mean, getting your platforms and charts set up exactly how you want them and understanding how to use atm, mt4, lot sizes etc etc so there is added stuff going on there that is using your brain power. Not just learning the strategy. 

if you feel like your head is in a washing machine, that’s completely natural for a little while. It will spin slower soon lol. 

I have recently properly realised there are 2 types of DS0. 1, you knowingly break the rules; or 2, you unknowingly break the rules. (You don’t know what you don’t know… yet!)

accept those unknowing DS0 trades with the desire to learn the strategy in more depth and grow.

the DS0 trades that are down to a lack of discipline, well, those only you can address and that taps into the physiological aspects of trading. But, journaling and knowing what type of DS0 it is will help you know….

it took me a while for that concept to click. 

Keep going

 

[immy]

 

I have recently properly realised there are 2 types of DS0. 1, you knowingly break the rules; or 2, you unknowingly break the rules. (You don’t know what you don’t know… yet!)

accept those unknowing DS0 trades with the desire to learn the strategy in more depth and grow.

the DS0 trades that are down to a lack of discipline, well, those only you can address and that taps into the physiological aspects of trading. But, journaling and knowing what type of DS0 it is will help you know….

it took me a while for that concept to click. 

Keep going

 

 

Tom, 
you've tapped into the 4 levels of consciousness. Not many people have actually understood this. This is why we have this process divided into 3 Stages. They are Arbitrary but they are a good model to assess our journey and progress. 

The State of Unconscious In-Competence: Noknowingng what you're doing wrong. IF this happens to be one of those technical things, you soon realise it, or if you're lucky and keep a journal where others can observe you, like this, then you get corrected even faster. 

The state of conscious In-Competence: As soon as you are corrected, you enter this state about that issue. Gradually you realise all your mistakes and you are in this state. Trying to get to the next state of Conscious competence. Stage 3 (Rather the end of it). 

cheers 

ps: Error is a DS0 , Mistake is a DS0, whether the reason was the involuntary loss of discipline, conscious loss of discipline or error. 

[Minsk]

 




 

Hey Minsk,

50% DS is not pathetic. It is 50% BETTER than what you were doing BEFORE you started this journal! 

it is your base line of natural understanding and implementation of the strategy. You have highlighted things you need to work on, that you did not know before. That is powerful. 

You don’t know what you don’t know…… 

my first batch was 35% DS…. 

don’t  forget, your still not on top of your admin. I mean, getting your platforms and charts set up exactly how you want them and understanding how to use atm, mt4, lot sizes etc etc so there is added stuff going on there that is using your brain power. Not just learning the strategy. 

if you feel like your head is in a washing machine, that’s completely natural for a little while. It will spin slower soon lol. 

I have recently properly realised there are 2 types of DS0. 1, you knowingly break the rules; or 2, you unknowingly break the rules. (You don’t know what you don’t know… yet!)

accept those unknowing DS0 trades with the desire to learn the strategy in more depth and grow.

the DS0 trades that are down to a lack of discipline, well, those only you can address and that taps into the physiological aspects of trading. But, journaling and knowing what type of DS0 it is will help you know….

it took me a while for that concept to click. 

Keep going

 



 

Thanks Tom, it's nice to know we all travel more or less the same roads.

 
 
 

[Minsk]

Start of batch 2 Banana 1H

Banana indicator is working again after getting a license for a different CID.
I just installed Snorms ATM on MT4. I'm not feeling very confident on MT4, I will try to get used to it in this batch using it next to Tradingview. I know I need to get proficient on this MT4 platform.


Today I didn't see a nice setup.

I pondered about USD-CAD but I filtered it. It did look nice, but I looked up ADR and that was 737 for this pair. I measured, and it had done 729. So not much room when you take that in consideration. I decided not to put a pending order. 
Right or wrong decision? 
Right or wrong understanding of the chart?
 
 
 
 

[immy]

Take this Course https://itradeaims.net/courses/forex-tr ... rs-stage1/

[Minsk]

Yes I will do that!

[Minsk]

Batch 3 - T20
8-4-2022
Banana 1H
AUD-USD SHORT


The 7 questions answered:
1 - Is there a breakout with a higher high or lower low?
Yes,  there  is a  breakout of the trading range, and that creates a new lower low. 

2 - Is there a good pullback?
Yes. This the 1st pullback. Compared to the impulse candle, the pullback candle is smaller. Ideally we'd want more pullback candles. 

3 - Is the impulse move too climactic?
No, this looks like good impuls.

4 - Is the pullback impulsive?
No, this looks like a good pullback.

5 - Is this the 1st or 2nd pullback?
1st pullback. 

6 - Is there an S/R zone near entry level?
Not within 20 candles to the left. 

7 - What is the market phase on the current and higher time frame?
Current: right now downtrend.  
HTF: 4H downtrend.

Target = 3R. 

SL got hit in the candle after I got in, -1R

DS1
total DS: 1/1 = 1

This chart is now removed, scaled back to 3 charts EUR-USD, GBP-USD, USD-JPY.

[Minsk]

Batch 3 - T20
8-4-2022
Banana 1H
NZD-USD SHORT


The 7 questions answered:
1 - Is there a breakout with a higher high or lower low?
Yes,  there  is a  breakout of the trading range, and that creates a new lower low. 

2 - Is there a good pullback?
Yes. This seed is the 1st pullback. Compared to the impulse candle, the pullback candle is smaller. Ideally we'd want more pullback candles. It's a seed signal that I missed. So I put a Limit Sell order in on the seed candle, and hoped it would get filled. Right now it's at 2nd pullback.

3 - Is the impulse move too climactic?
No, this looks like good impuls.

4 - Is the pullback impulsive?
No, this looks like a good pullback.

5 - Is this the 1st or 2nd pullback?
1st pullback for the seed, and 2nd for where it's now. 

6 - Is there an S/R zone near entry level?
Not within 20 candles to the left. 

7 - What is the market phase on the current and higher time frame?
Current: right now downtrend.  
HTF: 4H downtrend.

Target = 3R. 

Limit Sell order got hit, and in no time there's 3R.

DS1
total DS: 2/2 = 1

This chart is now removed.