Tom's T20 Journal

[tombacon89]

BATCH 2 TRADE 8 AND 9.png

 I am happy with pre-planned decisions to go to break even at highs or support/res. I felt in tune today.

[tombacon89]

LO
01 june 2022

DAX  M1

Pre Session Questions: Have you done your pre-session routine and read the rules? I visualised them through them in my head. 
A)Is there any red news to be aware of?

No 
B) Have you identified and plotted the relevant range levels from H1 down? 

Yes I know where we are at from m1 to h1 but will be focusing on m1 and importance sits with the impulse moves.    

TRADE / SESSION SUMMARY: 

Sit down this morning and say to myself…. don’t mess about with anything else unless it is THE BANNANA SETUP. That’s all I need to trade. 

Did you trade the plan? Yes 

Did the charts look and feel clear to you during this session? 

They were tough charts this morning. Very choppy. But i knew what i wanted to see break or happen before i was interested. EG. RULE ONE. 


Questions arising from this session? no 

How did you feel? 

A little frustrated but that’s how it goes. It would have been a BE anyway. I’m done now. Don’t need to worry about one rent.

Calling it a day. got a lot going on outside of trading at the mo which I have to get done. So walking away and keeping the session short whilst it's naff.  


POSITIVE THOUGHTS ETC 

I am enjoying trading with less distraction.  I am having a very similar thought process to emma, the m1 queen . 
 

batch 2 trade 10.png

 
 

[tombacon89]

BATCH 2 12 13 14 15.png

 

missed dax.png

I need to fully reset myself.

Stage 1 of the reset, is simply NOT trading trend candles. Did I want to? YES. Did i see lots of micro pull backs on m1 that i looked at and said, that's a lovely mpb. YES. Did I trade them? NO - well done. good restraint. 

Has the one week of going rogue pushed my discipline 10 steps back.. YES. Absolutely. 

I need to shake off the trend candle thoughts, which I have done today. They were there, but I did not cave in to them. So I am pleased with myself for that. I DO NOT NEED THEM. I just need patience for the bannana setups. 

I need to get BACK ON IT with trading the system. I KNOW what a bannana setup is now. I feel confident I know what the setup is. What I need to work on now is my trade management discipline. The difficulty I am finding is, there are times when 'intuition / logic / price action' screams at me to go to break even, close manually for a loss or lock in some profits. 

I will say this about price action... we enter, using price action. Trend candles, then smaller pull back candles; we pay attention to the makeup of those candles. So, in my head, this is price action trading... therefore, when in a trade; and I see a candle that suggests the total opposite direction of the trend; it makes me think about how can I minimise the risk in this trade. Or if price stalls of fails at or around the recent high or low, I start thinking well clearly the market is struggling now, is this the first stage of lack of momentum or a reversal?

Or, Whether that the idea of my entry and my trade has now changed based on new information. It makes me think about minimising or protecting a loss, or protecting a profit. The funny thing is... I don't really care about trades that fly without me; I can honestly say that I have never been affected by the one's that flew. Because I know I was only in it for 2/3Rs anyway. 

My fear is not leaving money on the table; it is more about giving back UNREALISED PROFITS. I think this is why i find 3r much harder than 2r; when I know from tracking that 3r is only marginally more profitable over the long run.

eg, todays trade 15 I locked in 2r based on; rule 3 price has gone too far too fast in my favour so I am expecting it now to reverse and take me out. One thing is good with this... I understand and am aware of the setup rules and how these can go with or against me... however, it does not make it easier when it comes to trade management. 

My best trading days were when I traded 2r targets. I feel since going to 3r targets I have gone to rat sh!t. I have not been tracking my results as strict as previously. So This needs to happen again.

rant over



 

[immy]

Oh yes

The banana method is PURE price action trading. No argument there.

The Indicator itself is based on the PRICE only. 

We trade Price action. Plain and simple - and also VERY HARD lol 
 

[tombacon89]

LO on DAX. 8th June 2022


ok so where have I grown in the past few weeks..... for sure, I am LESS BOTHERED about range and support and resistance for entries and I definitely feel my focus and priority of the trade is around IS THERE AN IMPULSE MOVE. That is becoming the number one for me now which before it was 'where is the levels... i see the benefits now of focusing on the impulse move. that has to be the number one starting point.' 

What causes me to want to get to break even... is where those entries that are perhaps closer than I like to the range highs or lows. or, support or resistance levels... then my brain tells me to tread careful in these areas and if there is a pre-warning sign that the trade could fail then to listen to the market and protect the trade by making the move to BE. 

When the trade is going my way; I am also watching and paying attention. I feel that because I am understanding market cycle a lot more, and trying to pay attention to price action and momentum. I am making decision based on INFORMATION in order to protect my investment or minimise leaving money on the table. One thing is for sure though, I will only make a move based on information that the trade is not going my way or is starting to fail. 

This leads to this next thought... Sometimes logic and discretionary exits will protect me or work for me, sometimes it will not. It is not that this is right or wrong, but I have to develop the PROBABLISTIC MINDSET OF LOGICAL TRADE MANAGEMENT if this is the route I wish to take. OR, train myself back to NOT GIVING A SH!T about the outcome and then taking the set and forget style of trade management. 

One thing is for sure.... I am HAPPY WITH ENTRIES. I MUST work on my TRADE MANAGEMENT STYLE now. 

ps. i didn't get sucked into trend candles today. whoop

THE ultimate question.png

 

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[immy]

I see some bad trading there

Too many trades

Trades taken against trend

Trades taken without signals 

Trades taken against support 

[immy]

I see some bad trading there

Too many trades

Trades taken against trend

Trades taken without signals 

Trades taken against support 

 

One more point

Understand the Market Cycle True.... Fact. 

But remember, we DONT TRADE the Market Cycle. 

We trade the SETUP .... Just like we don't trade the Elliott Wave, but we understand it. We trade the SETUP. 
 
 

[tombacon89]

TRADE / SESSION SUMMARY:  

Did you trade the plan? yes - now 1:2r, sl to BE only at 1r. that is it now. I have made the decision. too much change recently. I have thought about this and I am going back to basics now as I first started out.  

Did the charts look and feel clear to you during this session?

Yes 

Questions arising from this session? 

No

 How did you feel?

I thought about immy's feedback, i thought about my chat with emma this morning. I know what I am capable of. I know I do not need to outsmart the markets. All I need to do is trade the setups and let them play out. I am not afraid to say I have experienced this now, the grass is not always greener. I want CALM 'STRESS FREE TRADING' as per the aims name. And this afternoon, when in a trade, i did feel like that. I now KNOW all i need to do is trust the process like i did in the begging at that is it. I smashed it in the beginning; and that is what i will return to.

 POSITIVE THOUGHTS ETC

I have reset my account. I have reset my stats tracker. I am now ready to commit to the process and stop making stuff up. First batch will be 0.5% risk. So max exposure is 1r of account. DAX only at LO, both Nas and Dax at NEO.  

I AM CAPABLE. IF MY STATE OF MIND IS CORRECT.


DS 3/3

BATCH 1 TRADE 1 AND 3.png

 

BATCH 1 TRADE 2.png

 
 

[tombacon89]

9TH JUNE 2022 LO - DAXDAX M1

Pre Session Questions: Have you done your pre-session routine and read the rules? I visualised them through them in my head. 

A)Is there any red news to be aware of?

Not this morning. 

B) Have you identified and plotted the relevant range levels from H1 down? Yes - H1 LO candle is a bullish trend candle. H1 is short bias but losing momentum into a bear channel. Approaching support zone. So, could see support and m1 long setups, it may be messy sideways, or it may continue short with the bias. Who knows…. trade the setup!


 

9TH JUNE DAX LO FILTER.png

9th june dax filtered seeds.png

Immy, please could you advise the screenshot below on 'what is counter trend etc' I think once I properly understand this, then I will be able to confidently filter and not over trade these types of setups. 

My thoughts are:

1, does HTF say direction of h1 or m5 have any bias?
2, is there any specific rule, ie must break a higher high or lower low to qualify etc.

help please immy counter trend rules.png

 
 ok so trade 4, i'm seeing as this... micro channel, breakout long. (no signal which would have been a nice trade), then i see the pullback. no POs trigger, a 2legged occurs, and see a pin bar hammer whaterver you want to call it cc off support. So i take it long. The question i have is..... is that counter trend, or is it new trend?

BATCH 1 TRADE 4 AND 5.png

 Trade 5, followed after a cute waltz seed. shame i am not trading those. It was beaut. 

Trade 5 one could argue it was an impulsive pullback given the trend candle, no PO set on the 1. Then we had the seed. (seeing this as tight box) Overall, pullback was relative to the impulse move short.

2 trades and -1r for the session. BUT HOPEFULLY LOTS OF LEARNING.

LETS CONCLUDE WITH THIS FOR TODAY....

It is not clear to me yet what counter trend trading is... I need a bit more understanding around it.

Emma pointed out one thing to me this morning... in the beginning, when i had no idea about market cycle... i traded RANGE BREAKOUTS... not channel breakouts, not wedge breakouts, I was not concerned overly about counter trend... i marked m1 range's, i waited for the breakouts and i took the trades. 

is my niche... simply, m1 range breakouts... will that naturally put me in the patient zone again where I have to just WAIT for the breakout to happen.... because by waiting for a range to form... i HAVE to wait for the higher highs or lower lows to be broken.


 
 
 
 
 
 
 
 
 

[immy]

9TH JUNE 2022 LO - DAXDAX M1

Pre Session Questions: Have you done your pre-session routine and read the rules? I visualised them through them in my head. 

A)Is there any red news to be aware of?

Not this morning. 

B) Have you identified and plotted the relevant range levels from H1 down? Yes - H1 LO candle is a bullish trend candle. H1 is short bias but losing momentum into a bear channel. Approaching support zone. So, could see support and m1 long setups, it may be messy sideways, or it may continue short with the bias. Who knows…. trade the setup!


 9TH JUNE DAX LO FILTER.png9th june dax filtered seeds.png
Immy, please could you advise the screenshot below on 'what is counter trend etc' I think once I properly understand this, then I will be able to confidently filter and not over trade these types of setups. 

My thoughts are:

1, does HTF say direction of h1 or m5 have any bias?
2, is there any specific rule, ie must break a higher high or lower low to qualify etc.help please immy counter trend rules.png
 
 
 more to follow....
 
 
 
 
 
 


 

Very simple

Is there an impulse move? What is the direction of the impulse move? that is what you should follow. Are you considering the pullback an impulse ? hmmmm 

If you see an impulse wave for your signal but there is a larger impulse against it... which one do you trust?