Mike's Journal MSK185

[msk185]

Hi
Took this setup just after NYO, I had orders placed for a long and a short straddling the M5 levels, price broke short so I was triggerred in at my order level 13058 (2.3 pips below M5 level), moved my stop to b/e when pa made a pinbar a couple of minutes before my stop was tagged so ended up as a b/e trade.

Mike

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[msk185]

GM All

Took this setup at 7.40 UK this morning, entry was at 13041 2 pips below M5 level, I moved my stop to b/e once in profit by 5 pips, a new aims level formed and black dot before my stop was hit so a b/e trade.

I'm getting a lot of b/e trades so maybe need to review my trade management as this trade is now near my original 10 pip target.

Still capital preserved always a good thing

Mike

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[Bettina]

Hi Mike,

great setup. I missed it because of the phone
But seing your entry I'm wondering why you enter so late. It's about 4 pips below the aims box. I enter just 1 pip below it. Then you might have a few pips mor than BE and lower risk.
Just an oberservation
Bettina

[msk185]

Hi Bettina
Thanks for your comments. I placed my entry 2 pips below M5 level so that the bid and ask prices would be clear of the level before triggering me in I felt that this was also just below the lows of the late US session last night, but as you say a tighter entry might have kept me in the trade or made a few pips

thanks
Mike

[Bettina]

I made the experience, that entering below M5 level doesn't give me any advantage - perhaps, if M5 level is just 1 pip below. If it's more and I'm afraid that it could stop at M5, than I let it do that and wait or ignore it and enter below M1 - just my thoughts !
Bettina

[msk185]

Only one trade for me today but wanted to post these two pictures on my journal as a reminder of what could have been achieved.

The two charts show M1 and M5 for this morning (M1 is from around 10am UK time. There were 3 good setups today which were setups on M5 that also had setups on M1. In total 60 to 70 pips were available with no more than 10 pips being risked so c6-7% account growth. Sadly I only took one of the entries and managed only a b/e trade but the pictures show what could have been done.

I hope they provide inspiration

Mike

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[msk185]

First trade this morning and I paid rent of 7 pips, I tried to give this trade more space that I have been doing but this time it didnt work.

Took the entry based on breakout of m15 level, which was also fresh cross of A0 on M1, but it wasnt to be

oh well see what happens next

Mike

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[immy]

Mike

Cutting the losers short is the KEY. giving room to a winner is ok, giving room to a loser so that it turns around is not the best way forward. I see you had 3 exit signals before you exited. IMHO

We must keep our rents as small as possible. I can safely recommend that we should aims for keeping an average loser of no more than 7 pips on m1. and Average winner of at least 10 pips. Without this it would be hard to remain profitable in the long run. to achieve that we ought not to take full -10 losers. In fact I don't remember when was the last time I had -10.

cheers

[immy]

But then, I just noticed, you did not pay full rent. I see now why you held on. It was still within the average rent range. still i'd say exiting earlier was better. IMHO>

[msk185]

Second trade today and this time its b/e, priced failed to break the previous low of the day chose to move my stop instead of taking profit at the low.

23 trades this month now and 8 b/e's

Hmm

Mike

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