Moty`s Journal [Awarded Title: Samurai Sword Fruit Chopper]

[moty]

This is the kind of set ups I'm looking for.
m5 break out, retracing to the green line, and set up on m1.
Closed on BE, but happy with the identification and management.
the next on will be a home run. )

[moty]

Back to business After 10 days of vacation.
The only trade, ended BE.

[moty]

1.I tried to catch the first break down under the m15 low,after LO opened, finished with 8 pips rent.
2.Second trade ended +7 pips.

.... Went for lunch, and the EURO fly to the sky... ~x(

[moty]

Two trades this morning, 1)-5p 2)-8p.

[moty]

The 3rd trade (and the last) for today -5pips
daily total -18 pips
:ymtongue:

[Herbert]

Hey Moty. Pity for the losers today. On the last trade, did u look for a w5 sequence down as part of the w4?

Do u use fibs at all? I know it is an un-grounded tool but in my quest to define w4's successfully i always watch the extent of the w4 reversal to an ideal 38.2 fib or 50%.
This one looks to have tapped 38.2 to the pip.

Herbert

[moty]

Hi herbert,Thanks for the response, and no, I'm not using Fibonacci numbers. As it is hard enough for me to decide on the trade entries, and I try to keep it as simple as possible. In most cases I try to trade only DA`s,the last trade was exception.

[immy]

Losing trades are not your problem Moty!

Creating Profits is the problem here. As pointed out in my message earlier your average losing trade is spot on but your average winner is way too small. So Creating Profits (Keeping your Mind's Focus on Creating) is the problem here. I truly believe you're on the right track. With patience + Time + your trading psychology you will get there soon.

cheers

all IMHO

[nickderby]

Moty
In my opinion, your two trades on the pic for -5 and -8...your entries are too far from the Fractal...you are cutting down your odds of success and profit potential by entering so far away.
For the trade that ended -5....you should draw a trendline from the highs to the current price action and enter on the trendline break, which coincides with the fractal break.
This would have resulted in a successful trade or at worst some small pips locked in as the next spike proved.
Instead, you had a -5 and then took another trade ( to far away ) and ended -8.
Also, on your second trade for -5...you have a large w3 behind you so there no point in traidng against the HTF trend when price has been recently so strong.
It's all very well saying your losses are too big but unless you know how to keep them smaller then that statement is vague.

Hope this helps. If not, I'm in the forum room.

Nick

[moty]

This morning ended with two trades, both BE.
On the first one, I took the m5 breakout, and tried to manage it on m1.