Mike's Journal MSK185

[msk185]

Trade 2 today ended up a break even.

Set the entry below the day low at 13132 and risk to 0.5% as the AO as bit old for my liking but the clear space below this level looked good for a potential move. Moved my stop to b/e after 5 red bars, and my stop got tagged.

Hmmm...

Next one please

Mike

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[msk185]

I have now taken 4 sets of 20 trades, my last batch yielded just 0.5 pips.

Over all 80 trades I have lost just 12 pips - this is better than any other system I have tried - on average I have a 35% win rate, 45% loss and 25% b/e.
Better exit discipline could have delivered better results, for example a 10pip tgt or reverse dot exit would have had a 59pip gain over the same set of trades and a 42% win rate, 52% loss and 6% b/e

So work to be done but all in all good basic training.

As no profit was made from the last 20 trades I will retain my current cash risk levels.

Time to raise my game now

Thanks for all the help ^:)^

Mike

[Herbert]

Hey Mike. Good going.
Pity on last trade, just for price to get stopped by previous day low... :-B

I know you follow Grant closely. Do you not use the 1min 200sma as he also shows? I always see nice reaction of price to it, frequently kicking price away in fractal fashion. It is just a matter of where in the move one takes the trade/ find the setup. (previous pink dot) Have a look with it on your eurusd trade chart.

Herbert

[msk185]

Ok thats my 3 strikes for today.

A full hit on this one. Set entry below the 5min low at 13125 but price tagged my entry and then my stop.

Think I'm trying too hard today.

Will try again tomorrow

Cheers

Mike

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[msk185]

Lost my Nerve!

Took this trade entry at 13178, above the 5 min but lost my nerve after it triggerred and then seemed to lose momentum, closed for a smidgen over break even. Loss of discipline and an emotional decision driven from my losses yesterday. Time to take a deep breath and refocus.

other observations welcome

Mike

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[Herbert]

Hey Mike. I am myself a bit "control sensitive" today after yesterday's post London open choppy PA.
Do not take the losses of yesterday too serious as the market was in severe choppy state for most.

Regards
Herbert

[msk185]

Rent trade for -8 pips, setup looked good sleeping alligator, room to next level, break of 5 and 1 min levels, got triggered in by a micro pip to then watch price fall to close on reverse dot.

Ah well next

Mike

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[msk185]

spent the morning watching the charts, but no clear setups for me on EURUSD M1, not sure if anyone else managed a trade that I missed.

Break time and wait for US session

Mike

[Grant]

Hi Mike,

no trades either for me, i havent even set a PO.

the up dot about 3/4 minutes before LO could have been traded above the m5 level (1.3203 ish entry) but iwas still parking ships....

heres to a better NY session

Grant

[msk185]

Thanks Grant, I thought the alligator was still pointing short for the blue dot and then I got a green dot but alligator was still dubious so opted against, but always good to hear your view.

Cheers
Mike