Dave from Sydney's Journal [Awarded Title: the Box-Trader]

[Mdock]

Well done Dave

[Topher]

Good trade Dave.

I actually watched this trade unfold but did not take it myself. Looking back I don't know why. Hindsight is a wonderful thing.

Have a great weekend.

Richard

[Dave]

Thursday 13 September

A nice S1 on EJ but I am a chicken and I didn’t hold the entry. It showed a couple pips in profit but price hesitated and came back to BE so I closed.

Screen Shot 2012-09-13 at 11.18.34 PM.jpg

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It’s a shame, second pic shows where it went, possible 10+ pips on offer without too much stress, and there were chances for add ons. I’m a bit annoyed as this is a trade that was managed with my old habits:

- Not giving the trade a chance in its infant stages;
- Exiting before valid close signal.

Dave

[Dave]

I feel like I've been neglecting my journal (probably because I have) so here's some nice pictures of the exact price action I want to program my mind to look for. While the AIMS DA indicators may have missed the initial setup this is textbook price action - break of range, pullback, continuation setup and a pattern I want to imprint on my retina!!! :-B

Screen Shot 2012-09-19 at 7.55.23 PM.jpg

Screen Shot 2012-09-19 at 7.55.13 PM.jpg

Fingers crossed someone got a few here! :YMPRAY:

Dave

[Tomi]

Hi Dave, just out of curiosity why you filtered the last DA out? I filtered it also at the time it was shown because of AO, but AO was ok couple of candles later.

[Dave]

Hi Tomi,
It's an easy answer really - I was eating dinner!

[Tomi]

Oh, well then

Speaking of food... I actually had roast beef in the oven during my trade. All my concentration went to the trade and the beef went a bit too well done. It was a good lunch still after the closed trade \:D/

[Dave]

Monday 24 September.

Hi everyone, took this entry on London open, blue dot setup and M5 alligator freshly opening long... didn't hold it for as long as I should have and there was no real reason for the exit. OLD HABITS (angry) . Annoyed as I had a limit order at 1.6238 (weekly central pivot) but I didn't show the patience to let price reach that level. Anyway, 0.48% (see below). I know it's against the arrows but it's a good old fashioned setup 1.

GU long for 4.8 pips (SL 12, 0.48%)

Screen Shot 2012-09-24 at 5.45.21 PM.jpg

I talked a little while back in my journal about deciding on an entry size for my add on trades. So without any real grounded research or hard data I've decided to proceed with my risk % (still 1%) always equal to 10 pips. This makes position size easily calculable for all entries as I have to trade with lots. This also means that even if I have a stop loss of 12 pips, my risk is calculated on a 10 pip stop, so I would be risking 1.2%. Similarly, if my stop is 7 pips, I'm only risking 0.7% This is not just for add on entries but for all entries. I don't trade longer time frames so it's not like I'd ever have a 50 pip stop and a risk of 5%.

Dave

[immy]

Hi Dave

This was a nice Classic Setup. S1 setup is my bread and butter. Although DA's could point to Higher Probability Setups this probability shifts depending on other factors. Here it was London Open and GU Was nicely setup fora breakout trade. Nicely traded. Gotta let it run Dave! Gotta let it run!

[Dave]

Tuesday 25 September

Another trade, another early close. The entry was another nice valid setup at market open time, but the exit was premature and I cost myself an excellent trade. I can't let go of the old adage, 'never let a winner become a loser', so when a trade shows me a few pips and comes back to BE I react and close, but I need to let go of that fear and want what the market wants and wait for the valid signals.

GU long for 0.8 pips (SL 15, 0.08%)

Screen Shot 2012-09-25 at 5.22.19 PM.jpg

The area I've highlighted on the M5 eWave is starting to become one of my favourite setups. Usually marks a Setup 2, and suggests the 1-2 before the impulse 3.

Anyway.... I WILL FOLLOW THE EXIT RULES I WILL FOLLOW THE EXIT RULES I WILL FOLLOW THE EXIT RULES I WILL FOLLOW THE EXIT RULES I WILL FOLLOW THE EXIT RULES I WILL FOLLOW THE EXIT RULES I WILL FOLLOW THE EXIT RULES I WILL FOLLOW THE EXIT RULES I WILL FOLLOW THE EXIT RULES I WILL FOLLOW THE EXIT RULES!

Screen Shot 2012-09-25 at 5.33.47 PM.jpg

Dave