Martinius' Journal

[Martinius]

Two trades so far today. One at breakeven and another good for 4 PIPs. Not a great day, but I still need to refine different things along with trade psychology. Emotions are often in the way!

[Martinius]

Here is the only trade I made today and the last for this week! Have a look and a good weekend to you all guys! Take care!

[John Wimberley]

Well done. Patience and discipline will always fill your pockets in this game.

[Martinius]

Here the one trade I made today during the US session.
Pretty straight forward trade based on Setup 1. After having identified a Wave 4 I let it unfold slowly and when I thought it had gone far enough I started to focus on an ideal entry point. A narrow AIMS level was found alongside with an AO close to zero. A pending order was set as per the rules and price broke to the upside. Price action was very slow and this seems to be one of my achilles heels as it shakes my nerves. Anyway, the trade netted 11,2 PIPs and I am satisified for today. Have a look at it and, as always, feel free to comment and give input! Green PIPs to you all!

[immy]

Hi Martinius

Very well done. A very good trade indeed

Many more to you buddy!

Immy

[Martinius]

What a slaughter house it has been today. At least in my case. Todays trades except one proves how disastrous a wrong perceived Wave 4 can be and how frustration can ruin a +20 PIPs trade and turn it to a looser. I have posted a 5min chart that gives you an overview of all 4 trades today along with the single trades in detail. Results for today: -14.7, -10, -6.2 and +20
The worst trade today is number 3 since it was kept going believing it was the move I was waiting for. It turned on me after being as good as +20. Since I was expecting more out of it I kept it going also due to frustration and this made it a loser in the end... Sigh! Anyway, the day was saved a bit by my fourth trade that netted +20 PIPs. Have a look!

[immy]

A classic example of not getting too stuck with the wave count. Trying to get into the 5th could be a problem specifically after price moves in one direction like it did in your example. I hope you are aware that both of your first two short trades were based on "your opinion" of the market rather the setup. the first short was anticipation trade which should have been closed immediately on the fourth candle. the second trade definitely incorrect. note that you traded inside the alligators mouth not only on m1 but m5 as well. also note that at the time of taking the trades m5 was inside very tall aims. it was time to let the market go sideways. (the lovely benefits of hindsight). Its ok to have 2-3 losers but its NOT ok to let a 20pipper turn into a -6, do that on m1 and you have a recipe for disaster.
on a more positive note its good that you are "consciously aware of it" now its time to learn from this mistake and then the next thing, which is even more important, is to forget about it . which means "focus" on creating profits rather than "focusing" on "Not Doing it Again". Everything is energy and our energy flows to where we direct our thoughts.

Many pips to you!

[Martinius]

Thank you for your input Immy! Really appreciated!
I see the mistakes now. Above all it was not the right context to trade in either with all the EU summit thingy stirring the markets.
Also trade 4 was activated inside the Alligator... Got to keep my head cool next time.

[immy]

Warm Solar Plexus and Cool Forehead is the key to activating the Correct Mind Set required for successful trading. More on this in The Mind eBoook..

[Martinius]

Hey there guys! Glad to be back up again! I will resume trading in a short while from being away from trading some time due to relocation. I have recently moved back to Norway so I have had little time in front of the screens. Hopefully I'll be back more eager than ever!