David's journal

[immy]

Saw a nice trend on gold this evening and took a few trades. I traded really poorly and missed big account growth but I thought I would share the picture as its a really nice clear pattern worth over 15% if rules were followed.

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looks nice there but Gold does not have as much volatility as DAX plus spread is much higher so statistically not a good combination on my brokers at least! good luck

[azadar]

caught 2 good winners but paid too many rents. 2 of those rents could have been filtered. Im still learning which seeds are higher probability and which should be avoided in order to only take the best of the best.

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[immy]

My Dear David...

The moment you find success you change! what the hell is that gold doing there? can't you just stick to one chart? hehe... Please listen to me. and stick one chart for at least 3 months. after that if you're not happy with 20% a month you can buy two more eyes, extra pair or hands and an additional brain and trade another pair... how about that?

btw: Great trading btw apart from the greedy trades... e.g. the 7% trade. It means the market moved quite handsomely and you got 7% out of it. ok leave it alone now for a bit .let the eWave start a new count...

[azadar]

Yes you are right I did that quite often in the past. I learned my lesson last week after changing too many things. I will stick to 1 chart at a time with 1% risk.

The gold trades are during asian session. I only have 1 chart open, nothing else. If I see a nice setup on a chart with enough volatility ill take it without hesitation.

Saw other great setups tonight (see first screenshot below) but I missed the first king pattern because I was writing this post

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As for the greedy trades, I will filter from now on. Once market has moved enough, I will wait for reset at zero line. Its great advice thank you Immy :)I looked over my stats for the week and my success rate is really low at 34%. I would prefer to be at or above 50% and the only way to do this is to learn to take only the best signals.

And here are the trades for the NEO session (decent trades. bad results. learned a lot which is the most important thing)

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[Tracker]

really nice gold trade there, David.

cheers, Tracker

[immy]

Yes nicely traded the setup was correct. however for me Gold is not worth trading on m1, its too spikey, too dangerously jumpy at times (could jump my stop 10 points without getting a chance to get out) and on top of that my broker gives me half a point spread... but anything above h1... oh yes.

[azadar]

On pepperstone spread is about 20-25 cents for gold so its tradable as long as the moves are big enough (anything above 4$ is enough and lately its well beyond that). Yes gold can be very jumpy but I havent had that much slippage on it yet. I get more slippage on dax.

Dax is still king, dont get me wrong but gold is convenient for me as I trade it at night so it gives me 2 trading sessions every day with a big break in between sessions.

I only trade it because I saw setups form at about the same time every night this week. Think theres a market open at 9pm EST because volatility instantly picks up at exactly that time. For the next hour or so, gold moves well enough to give good setups.

[immy]

Trade DAX ONLY!
Trade DAX ONLY!
Trade DAX ONLY!

2hrs daily. and then SWITCH off do something else. Hope you get it now otherwise you'll get this in 10 years time anyway.

[azadar]

Thanks for your feedback Immy. You are right, I dont get it. If it works dont change anything. Gold during asian session is working for me. Only takes an hour or 2, its very profitable (so far) and its fun so why not?

2 weeks ago I managed to do 15% in 3 days with seeds. I was lucky because the markets were trending and I just took every seed I saw. It works as long as market is trending. Last week I tried the same thing but with really bad results. I took almost every seed but markets were choppy and ended up loosing all the profits and then some (in part because I made the stupid decision to increase risk per trade to 2%).

This week was much MUCH better because I learned how to filter out the low probability setups and only take the best signals. I also went back to 1 chart at a time with 1% risk per trade. Closed the week at +29.6% by far my best week ever.

Learning about the king pattern was definitely a big light-bulb moment for me. I knew about it in the past but for some reason I didnt see it clearly until now.

I now feel much more confident about repeating what I did this week over and over again. I will need to focus on discipline and not get lost dreaming about the money i will be making if I keep this up for a few months. I missed many great trades this week due to lack of discipline (not taking a good signal for whatever reason, not paying attention or pulling SL to BE too soon and thereby breaking a rule). Disciplined trading is how I will turn this record week into a regular week.

Here are some notes I took today and thought I would share them in my journal hoping it might help someone.

SeedFilters_2015-07-24_1100.png

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[immy]

Thanks for your feedback Immy.

If it works dont change anything.

I also went back to 1 chart at a time with 1% risk per trade.

Closed the week at +29.6% by far my best week ever.

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