Joel's Journal

[immy]

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

I really liked your end of batch review post. Though it could have been a lot more detailed and specific which is the way to grow. May be next batch will have that. Trading requires hard work, "off the chart" .this IS that hard work.

I do have issue with point 4. You should not take more than 2 attempts on a single setup.
In stage 3 you will have , by then, if you continue to scrutinise and analyse your trades and batches, a detailed and personalized strategy of attack.
We will be talking about how to add on to trades and how to scale in using appropriate lot sizes. For now, explore the world of m1.

looking forward to your trade.s I'm prepared to reply to everyone's trades like this, but nobody puts the effort so I don't need to stress for people who don't care about their progress.

lets GROW and become a the BEST traders that we can be.

[raklian]

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.

Changed that trade to DS0. Thanks for the feedback.

That brings my DS to 65% overall. It's funny because this rate is the same as the previous batches. My discipline hasn't changed at all! Ha! Who knew staying disciplined while trading was this hard... I guess the brain doesn't like get out of its comfort zone.

Immy, I know you've been reiterating that my box sizes are too big. Is there an objective way to determine the box is too big, like if the box height is greater than the distance between the upper level of the box to the peak of Wave 3, it's too big?

Also, can you elaborate a bit about the idea being incorrect? You mean, as a stage 1, it's not correct for me to enter when there is already a Wave 5 in the eWave indicator, or it's already passed the Wave 3 peak?

[immy]

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.

Changed that trade to DS0. Thanks for the feedback.

That brings my DS to 65% overall. It's funny because this rate is the same as the previous batches. My discipline hasn't changed at all! Ha! Who knew staying disciplined while trading was this hard... I guess the brain doesn't like get out of its comfort zone.

Immy, I know you've been reiterating that my box sizes are too big. Is there an objective way to determine the box is too big, like if the box height is greater than the distance between the upper level of the box to the peak of Wave 3, it's too big?

Also, can you elaborate a bit about the idea being incorrect? You mean, as a stage 1, it's not correct for me to enter when there is already a Wave 5 in the eWave indicator, or it's already passed the Wave 3 peak?

here is why the idea was incorrect. Hope it makes sense



Moreover, this would be a good add on spot, if market was not towards its "end of the day" end of the WEEK scenario. Remember the European Banks and the British banks QUOTE these prices, and they CLOSE at 4 and 5 pm uk. I don't think I'll start a trading campaign from that spot. you already had an attempt with good entry timing. But you gave away that advantage by trading it again for no obvious reasons.

[immy]

Remember You are supposed to drop to M1 to take advantage of sudden volatility introduced, mostly its some News Catalyst already listed on forefactory.com or sometimes some sudden event. But while it warrants that M! be traded, it does not make that pair tradeable for the rest of the day or session. usually the effect lasts just an hr. You siting their trading 95 minutes after the Fed speaker who created this "change of opinion" in the market. Are you expecting the effect to continue all the way till the close? 30-60 is MORE than enough time. For me the news catalysts is just the next 20-30 min. Basically by the time you made that last entry, the News Effect wa LONg gone.

[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

One more time this comment of yours has a message for you. What is this curse? Think... Are expecting the market to continue to react to "old news" e..g in the GU trade 95 minutes after the news?

[immy]

And before I forget. This important point , which if @Tomi saw this post , I am sure he will comment on it.

[raklian]

Moreover, this would be a good add on spot, if market was not towards its "end of the day" end of the WEEK scenario. Remember the European Banks and the British banks QUOTE these prices, and they CLOSE at 4 and 5 pm uk. I don't think I'll start a trading campaign from that spot. you already had an attempt with good entry timing. But you gave away that advantage by trading it again for no obvious reasons.

I think I got the gist. I'll have to put this into practice and stay disciplined.

Thanks.

[Tomi]

And before I forget. This important point , which if @Tomi saw this post , I am sure he will comment on it.

Pleased to comment. In general only the first box breaks are interesting for initial entries. Maybe 1-3 first breaks. Anything later than that would be only add-ons, maybe 2-5 breaks. After that the wave is gone.

Also if W5 is confirmed, not much entries anymore at that point, more like setting trade to break-even, or start looking for exit points.

For this particular image, first blue break and first/second red breaks are interesting. Otherwise the wave is gone.