Eric's Journal

[immy]

hey Well done on creating your trading plan. You are extremely fast when it comes to stuff like this. For me, it took me about 3 weeks to answer the first question. Nice one any way

However there is still a HUGE mistake in the trade management section.

You have written Put SL at 2R... no. SL will ALWAYs BE 1r... tp AT 2r... AND MOVE to BE at plus 1R. No more exit strategies. It should either get -1R plus 2R or BE.. only 3 outcomes

You Write

"
Strategy

1. 2% risk for each trade
2. Set SL @ 2R
3. Move SL to Break-Even after achieving 1R
4. Stop Loss & Exit if Candle crosses and close on the other side of red line
"

Firstly the Heading should not be strategy .its Trade Management Plan.
Merged with Risk Management Plan.

Your Risk Management is 1R risk. it could be either 1% 1.5% or 2% per trade. Which ever you chose, you have to stick to it for LIFE.

Point 1. Risk 2% for Each Trade (that equals to 1 R) R = Reward or Return or Risk . so 2% is your 1 Unit of RR. in short R.

Point 2. Set SL at 1R that is 2% lot size based on distance between the two sides of the box. From Bxo high to low plus 1pip buffer each side and spread.

Point 3. That is right move SL to BE at profit +1R. that means you will be 2% in profit now. You don't want to give that back.

Point 4. Exit either if SL is triggered whether its at initial 2% loss, or moved to BE. Or Exit with profit at 4% profit that will be 2R TP.

Hope this helps.

[ericsoon]

Good Morning Immy,

Your reply is very helpful to me, setting my mind straight.

It was a typo error when I typed "Set SL @ 2R" but I actually meant "Set TP @ 2R".
Thanks for pointing out to me.

The detailed trading plan I posted online last night was completed a month ago, but just that I didn't post it online until now. The summarized version was something I extracted out from my detailed trading plan to post online, intending for you to review easier

I am really fortunate to have joined your Forum and received these incredible guidance, and when I'm lost pointing me back on track.
With your continued teachings, I am sure to improve my trading skill bit by bit each day.

Thank you.

[ericsoon]

1. Trade Number: B1-T8
2. Date/Time: 30.07.2018 / 10.00am
3. Symbol/TF: AUDCAD H1
4. Signal Type / Direction : Setup 1 Short
5. Comments and Feelings at the Time of Taking The Trade: I saw the signal during Asia Market. I didn't pay attention to any news. I'm feeling nervous as I have been losing and hope to start winning soon but I need to remind myself I am here to train for discipline. So I will try to be as objective as possible.

6.Comments and Feelings After Exiting the Trade: It was enjoyable to have my TP acheived

7. DS For this Trade: 1
8. DS Running Total: 4 / 8 (50% )

AUDCAD-H1.PNG

[ericsoon]

1. Trade Number: B1-T9
2. Date/Time: 03.08.2018 / 4.00am
3. Symbol/TF: GBPJPY H1
4. Signal Type / Direction : Setup 1 Short
5. Comments and Feelings at the Time of Taking The Trade: I saw the signal during Asia Market. I didn't pay attention to any news. Still feeling nervous as I have been losing and hope to start winning again soon but I need to remind myself I am here to train for discipline. So I will try to be as objective as possible.

6.Comments and Feelings After Exiting the Trade: It was enjoyable to see my TP acheived

7. DS For this Trade: 1
8. DS Running Total: 5 / 9 (55.6% )

GBPJPY - H1.PNG

[ericsoon]

1. Trade Number: B1-T10
2. Date/Time: 06.08.2018 / 7.20am (Jakarta Time)
3. Symbol/TF: EURUSD H1
4. Signal Type / Direction : Setup 1 Short
5. Comments and Feelings at the Time of Taking The Trade: Was a little skeptical because it has a long Wave 3 but decided to take the risk

6.Comments and Feelings After Exiting the Trade: It was rented but no regrets as I followed the plan.

7. DS For this Trade: 1
8. DS Running Total: 6 / 10 (60% )

EURUSD H1 - S1 Rented.PNG

[ericsoon]

1. Trade Number: B1-T11
2. Date/Time: 07.08.2018 / 3.15pm (Jakarta TimeZone)
3. Symbol/TF: GBPUSD H1
4. Signal Type / Direction : Setup 1 Short
5. Comments and Feelings at the Time of Taking The Trade: Was feeling confident as previous Wave was short and AO close to Zero. Expected Wave 3 down.

6.Comments and Feelings After Exiting the Trade: It was enjoyable to see my TP acheived

7. DS For this Trade: 1
8. DS Running Total: 7/11 (63.6% )

GBPUSD H1 - Won.jpg

[immy]

Trade 10 is not a trade. the trade was never triggered. Price below broke below box. and AO had not crossed ZL so NOT a Setup 1

[ericsoon]

1. Trade Number: B1-T1
2. Date/Time: 30.01.2019 / 14:06 (MT4 TimeZone)
3. Symbol/TF: EURUSD H1
4. Signal Type / Direction : Setup 1 Long
5. Comments and Feelings at the Time of Taking The Trade: Was feeling confident as the wave looks very a very nice S1.

6.Comments and Feelings After Exiting the Trade: I felt disappointing, especially after seeing the price rallies up again a few hours after hitting my SL.

7. DS For this Trade: 1
8. DS Running Total: 1/1 (100%)

EURUSD - H1 300119 (Lost - SL).JPG

[immy]

1. Trade Number: B1-T1
2. Date/Time: 30.01.2019 / 14:06 (MT4 TimeZone)
3. Symbol/TF: EURUSD H1
4. Signal Type / Direction : Setup 1 Long
5. Comments and Feelings at the Time of Taking The Trade: Was feeling confident as the wave looks very a very nice S1.

6.Comments and Feelings After Exiting the Trade: I felt disappointing, especially after seeing the price rallies up again a few hours after hitting my SL.

7. DS For this Trade: 1
8. DS Running Total: 1/1 (100%)EURUSD - H1 300119 (Lost - SL).JPG

There is a thing called "planning" ... This TRADE was NOT Planned. Why you ask?

You did not know that today was FOMC day. NFP and FOMC are THE MOSt important news. You gotta put them on your calendar for the year ahead. Trades on h1 won't make sense before it. So yes, we were there trading it after the spike.
2nd thing, NEVER be disappointed if the market comes to your SL and then moves. THAT IS NOT THE POINT.

This shows the lack of probabilistic mindset. Hence 5 Batches of T20 are required.

The Probability of the NEXT trade is 50% ... it can be either a winner or a loser. Read the Five Fundamental Truths. (Recommended book to understand The T20 Principle is Market Douglas' Trading in the Zone) There is a random distribution between wins and losses for any given Setup. However the probability of the next 20, 50 or 100 trades is 33% winners, 33% BE and 33% losers.

[immy]

And Today is NFP

Here is the schedule for 2019