Tom from Leeds's Journal

[tombacon89]

 Last night I started reading back through my journal from years ago. I noticed I was taking a lot of trades where the pending order was simply too far away because I was over cautious of the most recent fractals. This resulted in getting tagged in a lot of trades, to watch it reverse and either hit my full hard SL, or paying lots of rents. This is something I will look to address going forward.

I have had a frustrating morning battling with forex tester 5. It appears, the ex4 files are not compatible with FT5. So as it stands I cannot load the setup one and two indis and templates into that to back test it. I tried the FX Blue MT4 free version, but again found some flaws with that. Anyway I digress.

NFP day. I have observed to trades this afternoon below. Not sure about the first one GBPUSD. The entry... black dot, new fractal, took the break of that fractal and closed on the full close of the red line for a 4pip rent.

GBPUSD M1 LONG 3 12 21.png

EURUSD M1 SHORT 3 12 21.png

EURUSD M1 short. 0.9% growth. I trailed the candles by 2.5pips, and was stopped out close to the 1R mark. My intention was to trail fractals, however, when I looked at price action. The momentum, and the 4th candle to break was a bullish pinbar at that point I decided to trail fractals. As I write this the trade has just gone 40 pips in the opposite direction. STOP LOSSES!!!!

From my observations so far, I intend to only manually exit a trade on the full close of the red line. I intend to trail fractals, but will look at price action as that is valuable information.

From now i aim to keep my entries short and relevant. (have always felt the need to justify, not just in trading.)

[tombacon89]

REMINDER OF SL IMPORTANCE, AND FX CALENDER CHECKS.png

 REMINDER OF SL IMPORTANCE AND NEWS CALENDER CHECKS

[tombacon89]

BATCH ONE TRADE ONE.png

 Demo account Day 1. Still figuring out lot sizes etc. I thought I had, but the profit came in at £6 for a 10k account with 1% risk so clearly that isn't correct. Anyway. My first morning. Committing to LO and NYO when I can. 2 hour sessions. 

I set serval POs this morning, I missed GU long which would have done 1.5% on a manual exit; I was looking at EU for a pending order at the time. Never mind. I set 5 orders this morning, However, I cancelled all the orders based on changing market information, AO, dots, etc. I did take one trade near to the end of the session. 

BATCH ONE TRADE ONE
6PIPS RISK
+5.3 PIPS PROFIT
+ 0.88%
DS +1

Managed the trade well, nice and calm. Conscious it's at the end of the trading session and need to leave the house for something now. I intended to trail fractals, and did this initially reducing my risk to 2 pips from 6 quickly. The trade then took off, I had 5 bullish bars and trailed these by 1 pip. Stopped out for +5.3.

Happy. No excited during the trade. Happy with trade management plan. 

No trading this afternoon or tomorrow morning.

Good Luck all.

 
 

[immy]

 Last night I started reading back through my journal from years ago. I noticed I was taking a lot of trades where the pending order was simply too far away because I was over cautious of the most recent fractals. This resulted in getting tagged in a lot of trades, to watch it reverse and either hit my full hard SL, or paying lots of rents. This is something I will look to address going forward.

I have had a frustrating morning battling with forex tester 5. It appears, the ex4 files are not compatible with FT5. So as it stands I cannot load the setup one and two indis and templates into that to back test it. I tried the FX Blue MT4 free version, but again found some flaws with that. Anyway I digress.

NFP day. I have observed to trades this afternoon below. Not sure about the first one GBPUSD. The entry... black dot, new fractal, took the break of that fractal and closed on the full close of the red line for a 4pip rent.GBPUSD M1 LONG 3 12 21.pngEURUSD M1 SHORT 3 12 21.png
EURUSD M1 short. 0.9% growth. I trailed the candles by 2.5pips, and was stopped out close to the 1R mark. My intention was to trail fractals, however, when I looked at price action. The momentum, and the 4th candle to break was a bullish pinbar at that point I decided to trail fractals. As I write this the trade has just gone 40 pips in the opposite direction. STOP LOSSES!!!!

From my observations so far, I intend to only manually exit a trade on the full close of the red line. I intend to trail fractals, but will look at price action as that is valuable information.

From now i aim to keep my entries short and relevant. (have always felt the need to justify, not just in trading.)

 

Hey 
You can use the TradingView scripts and backtest there. The only thing missing is the dots. You can get the core of the setup 1 on your screen. 

cheers 

[tombacon89]

Tuesday 06.12.2021 LONDON OPEN
RED NEWS 3PM.

Waiting for price on EU and GU to commit to a direction. Rules kept me out of 3/4 pending orders this morning, I did take one trade near the end of the session.

BATCH 1 TRADE 2

Setup 2 - 1st break? Alligator awake, red dot

Away from purple? Yes

SL Exit point in pips: 9

RR ratio available: 1:2, if it broke recent low.

PO under M1 or M5 AIMS level? M1

PO price: 1.32457

Trade Management Rules and why: Fractal trail, manual close above red line, the trigger bar became part of 4 bearish bars, I was then waiting to trail 5 bearish bars given the recent swing low was close.

% Risk 1
Pip -/+ -7.1
% -/+ -0.78%
DS score -1 - although ao close, it wasn’t a FRESH cross. Entry too close to m5 low. However I closed manually on red line cross, as per the exit plan.

COMMENTS I sat tight all morning waiting for EU and GU to take direction. I thought it had, felt unsure as AO was close but wasn’t a fresh cross as per the rules it's best to have the fresh cross. Waiting for a fresh cross would have prevented this entry and the rent. A little frustrated as I sat tight all morning waiting for the perfect setup; and took a sloppy setup and paid for it. Walking away now.

BATCH 1 TRADE 2.png

 
 

[tombacon89]

BATCH 1 TRADE 3

Setup 2 - Alligator awake, red dot. Looking for add on...
Away from purple?Yes
SL Exit point in pips:12
RR ratio available:1:2
PO under M1 or M5 AIMS level?M1 and M5
PO price:1.12671
Trade Management Rulesand why:Fractal trail, manual close on red dot.
% Risk 1
Pip -/+-8.6
% -/+-0.71
%DS score-1 - although ao close, it wasn’t a fresh cross, AGAIN! However I closed manually on red line cross, as per the exit plan.

COMMENTS I saw this trade as an ‘add on’ after coming back to the screen just after the initial move. I’m a bit confused with myself here, I made the same mistake I identified this morning from my rent trade. I see ‘close or fresh ao’ in the rules. I also see some close ao trades that haven’t crossed that workout, others don’t. I Should have seen the AO divergence when I set my PO. That could have indicated the end of the overall move. Also, the trigger candle ended up been a pink dot. Not ideal. Don’t chase trades! 

BATCH 1 TRADE 3.png

 
 

[tombacon89]

  TRADE REF NUMBERBATCH 1 TRADE 4
Setup 1 asleep?YES
Setup 2 ?Green dot signal showed, but was trading setup 1 tight box breakout.
Away from purple?Yes
SL Exit point in pips:10.3
RR ratio available:1:2
PO under M1 or M5 AIMS level?M1
PO price:1.32007
Trade Management Rules and why: Trailed bullish candles by 1 pip. Aware of AO dark green when priced pushed higher.
% Risk1Pip -/+   +8.6
% -/+   +0.83%
DS score+1 - had POs set both sides for the breakout.

COMMENTSWaited patiently for the ao levels to be correct. Waited for the setup 1 to form. Straddled both sides of the box and had the green long signal. Price was so close to hitting the PO I decided not to wait for a fresh aims box. Looking for setup 1. Moved original 10.3 pip stop to the next aims level just prior to the trade entering. Reducing some risk before even getting in. Find it hard on m1 to cancel the trade and re-set the order in such quick time, so happy to reduce a bit of risk as a trade off for missing the new order. 

Happy with how I traded it. Yes I could have closed on dark green AO for more profit, and it was tempting following 2 rents today… but I want to be objective here with my exits every time. Trailing bullish bars here. 

BATCH 1 TRADE 4.png

 
 

[tombacon89]

BATCH 1 TRADE 5.png

NYO. Not a trade as per the strict rules of 'black dot no trade.' So DS-1 for that However, I have been looking at black dot reversals and can see how powerful they can be combined with what m5 is doing. I know they are traded by people in this forum historically, but not recommended for beginners.

I Saw EU M5 what I believed to be finishing W5 with divergence and a fresh AO cross to the upside. I Looked at M1, Also had divergence. 

7.8pip risk 
1% risk
BE
TM - didn't have 5 consecutive bullish bars to trail although we had good price and momentum to the upside. M1 showed bearish candles which formed an M5 bearish pin bar. SL to BE at that point. SL Hit as AO turned dark green. 

I did feel like I wanted to get to BE as quickly as possible given it wasn't a by the book aims trade. Felt a bit relieved to get to BE but I based my decision to move SL on information not gut. 

[tombacon89]

BATCH 1 TRADE 6.png

 BATCH 1 TRADE 6

EU SHORT

M5 red dot and fresh AO bearish after a failed reversal. M1 Red dot, fresh AO cross. 
8.8pips risk 1%
DS+1
BE
TM - trailed bearish candles, of which we had 11 from the start of the move.  Price moved sideways, my SL was to BE. I had my 'close order' ticket open ready to close manually. However, trailing fractals was the same SL point as trailing the bearish bars so I held off closing as I was at BE and risk free.

Could I have closed for a few pips profit when price moved sideways around the recent lows? Yes. We had a bullish reversal pin bar and a dark AO. However, whose to say price wasn't going to stall and then continue in my favour? On the last 2 trades I could have closed early based on a price stall/price action alone but I'm conscious that this isn't going to give me the 'running' trades when they do appear. Trying to stick to an exit plan on every trade which involves the market telling me I am out by hitting a SL or TP.

Felt calm throughout the trade. Happy to trade what I saw here having just traded EU long a few minutes earlier. 

[immy]

Tuesday 06.12.2021 LONDON OPEN
RED NEWS 3PM.

Waiting for price on EU and GU to commit to a direction. Rules kept me out of 3/4 pending orders this morning, I did take one trade near the end of the session.

BATCH 1 TRADE 2

Setup 2 - 1st break? Alligator awake, red dot

Away from purple? Yes

SL Exit point in pips: 9

RR ratio available: 1:2, if it broke recent low.

PO under M1 or M5 AIMS level? M1

PO price: 1.32457

Trade Management Rules and why: Fractal trail, manual close above red line, the trigger bar became part of 4 bearish bars, I was then waiting to trail 5 bearish bars given the recent swing low was close.

% Risk 1
Pip -/+ -7.1
% -/+ -0.78%
DS score -1 - although ao close, it wasn’t a FRESH cross. Entry too close to m5 low. However I closed manually on red line cross, as per the exit plan.

COMMENTS I sat tight all morning waiting for EU and GU to take direction. I thought it had, felt unsure as AO was close but wasn’t a fresh cross as per the rules it's best to have the fresh cross. Waiting for a fresh cross would have prevented this entry and the rent. A little frustrated as I sat tight all morning waiting for the perfect setup; and took a sloppy setup and paid for it. Walking away now.BATCH 1 TRADE 2.png
 
 

 

Hey

Simple comment ...

THIS IS NOT THE SETUP 1. 

That's the GOAL now. Trade ONLY setup 1s. 

That's the goal.