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

[Tomi]

Perfect Dave. Just perfect. You were really in the now and took the reversal on EJ. Your charts showed PC also. I had a PC but for some reason didn't popup to my brains Anyway, nice trade and DAX looked good also.

[Dave]

The time has arrived and my place of work has moved again, as well as a change to my work hours. In short, from Tuesday, I have trading time back again. So ill be back into my journal and look forward to continuing the chatzy discussions.
Hope you're all enjoying the long weekend!
Dave

[Dave]

Hi everyone,
Found a spare 20 mins at work today (yes, I know, it IS Easter Sunday, but anyway....)
Here's something I knocked up from NTD, do with it what you like.

eWave signals text.pdf

Dave

[mirgi]

Hi Dave,

thank you very much )

[Darren]

Nice one Dave - thanks \m/

[Dave]

Back at the charts and looking forward to the regularity that my new work hours will allow. Yes, I'll miss LO sometimes with the daylight savings shift but so be it. Time to resurrect the good old habits too, journal keeping, weekly summaries etc.
Best of luck (management) for all!

P.s. I don't give a shit about rents, so long as I'm happy with the entry setup.

[Dave]

Forgot to mention, my trading plan has been slightly amended. I am such a firm believer in adding to winners, that I know by default set an entry and also set another entry at + 5 pips. Using Grant's trade management plan the SL of the initial entry is moved to - 4 at + 5, so the initial SL of the add-on is - 9 pips, and the maximum loss that can be incurred is - 13 pips (1.3%). Let's see how it fairs.... but research shows it's profitable, so long as on those rare occasions that I take the full 13 pip hit I keep my wits!

[immy]

Forgot to mention, my trading plan has been slightly amended. I am such a firm believer in adding to winners, that I know by default set an entry and also set another entry at + 5 pips. Using Grant's trade management plan the SL of the initial entry is moved to - 4 at + 5, so the initial SL of the add-on is - 9 pips, and the maximum loss that can be incurred is - 13 pips (1.3%). Let's see how it fairs.... but research shows it's profitable, so long as on those rare occasions that I take the full 13 pip hit I keep my wits!

Hi Dave

I just noticed something and thought I'll mention my 2 cents worth!

If you're using Grants TM, you'd be better off not adding. Or if you are adding on and using grants trade management then the add on has to a Grant Setup as well. e.g. if you take S1 and add on to it on S2 verifying the setup using the right side of the flow chart then I suggest, it would be best to treat each entry as individual entries and use Grants TM separately for both entries. A double barrel shot!

I hope it makes sense.. to you and others... just my thoughts...

[Dave]

Tues 2 April

Log (UK):

- Start 07:45
- Finish 11:30 UK

1. Did you perform your pre-trading routine?

No. Only just got home in time for the LO. Not a good enough excuse though, maybe I can sneak it in at the end of the work day before heading home.

2. Did you trade today? If yes, detail your entries including reasons for entry and exit and trade results.

Yes. See pics.

Screen Shot 2013-04-02 at 6.30.54 PM.jpg

Screen Shot 2013-04-02 at 7.00.22 PM.jpg

3. Were your entries in line with your trading plan? Discuss.

Yep, happy with the entry setups. EURJPY might look ugly now but it was very low risk and at the time M5 alli was open up.

4. Was your trade management in line with your trading plan? Discuss.

Should have closed EURJPY at first signal, can’t just let SL get taken out.

5. Were your exits in line with your trading plan? Discuss.

As above. DAX was closed on a limit.

6. Was your money management in line with your trading plan? Discuss.

Yes. Position sizes calculated in line with account balance and desired risk %.

7. If you had a losing trade were you patient in waiting for the next setup? NEVER SEEK REVENGE.

Nice clear head, having chart time again helps keep me relaxed and patient. A setup is a setup, and the DAX (I felt) was a good entry.

8. If you had a winning trade were you patient in waiting for the next setup? NEVER GET CARRIED AWAY.

I’m happy to stop my trading for the day if I reach my daily target. This was one of those occasions. Sure I might miss some more entries but balancing trading with a job means it’s best to be this way for now. I did watch for a bit longer but didn’t get into anything, still good to have the chart time.

9. Other points for discussion and general feeling of days trading (include results summary).

Nice to have some chart time! Cya tomorrow (although will miss LO)

Results summary:

1. -10
2. +25 (+15 & +10)

Total: +15 pips

[Dave]

Thanks for your thoughts, Immy. I would initially manage both entries individually, but as per trade management the 2nd entry has it's SL moved to below the trigger candle after that candle closes. In the case of the above trade on the DAX that meant that after just 1 candle both the initial and the add-on were managed together as they were triggered by the same candle. Otherwise, if it's a little slower to bring in the add-on at + 5 then the SL will be in the same place for both entries, i.e. above/below a recent little swing/AIMS level. I'll continue to post my results and I'll detail how I manage the SL in each.
Thanks, Dave