Emmas Forex H1 Hunt Journal

[eaxh]

I have now grown in my trading and i have now also accepted the fact that i dont have time to sit infront of the charts all day. 
And as i get older i might not want to trade M1
 
I currently trade DAX at LO so i have time to do this to

It is going to be very intresting to see if this or Dax gives most growth. I am guessing this one. 

Here are my very short but very clear tradingplan. 

What pairs to monitor  – EURUSD,GBPUSD,AUDUSD,USDJPY,USDCAD and USDCHF
Update- Forgot the indices.

What to do in the morning.

Before FO
Check news.
See if there is a famous setup – Trade (And that means that H1 can not be in a range)
See if H1 is trending or in a range.
If in a range, dont look for trades until range is broken
If in a trend, wait for a pullback to trade.

Watch the pairs .55 each hour.
If there is a setup, set the order and leave.
This strategy does not need to be monitored.

Indicators – Setup 1 template with banana.

Trade managing – SL on the other side of the box( 1% ) SL to BE at 1 R. Target = TZ1

Flowchart
1. Is H1 having a Waltz, 2-3 candle pullback or up to 6 candles? Or complex pullback. NOT SH***Y LOOKING ONES.
2. Drop to the timeframe that has the setup 1 and place a PO with the above settings. And LEAVE!

I am dropping down to get a better visual picture of the setup and to train myself so i can ONLY look at H1 in a few months.

Filters – To big box (Which means to big entrycandle on H1), not symetric setup (climatic move and a mini pullback)

Risk management. Up to 6 losers in a row is okey in the strategy byt should happen RARELY.
If that happens i will go through the trades and see if i did wrong or if its a normal drawdown.

I can only risk 1 % at a time. If i am in a trade and want to take a new one the first one need to have the SL at BE.
I have to be careful with the correlation. If i want to take 2 trades i take them with 0,5% each.



I am going to record the trades here daily with a picture of H1 and the underlying Setup 1. With a comment.
At the end of the month i will make a post with the statistics and my thought. 
What i have done well and what i need to work on. 

My goal is to Have a S1 Statistics. Around 70% winrate and at least 80 Ds score. 
 
 
 

[eaxh]

The first trade.
The entry was a little late and messed up the trade. I got out at be. 
Tz1 was hit later in the day. NEXT.

Really cute one and a Ds1 when it comes to the setup.

Trade 1 M5 2021-09-09 145047.png

 

Trade 1 H1 2021-09-09 145107.png

 

[immy]

Hi Emma

Great work there. I like your trade plan.

Make sure you spend an hour or more a day to backtest the above plan starting at least 3 years in the past. Best way to do that is through tradingview bar reply or if you have mt4 script. Else, simply use the F12 key. Really do it slowly and steady. Allow yourself time to think and make decisions and keep taking notes. Also record your trades in a spreadsheet so that you can count the numbers. And it would be awesome if you share the journey here.

Cheers

Lets Trade FX properly!

[eaxh]

Hi Emma

Great work there. I like your trade plan.

Make sure you spend an hour or more a day to backtest the above plan starting at least 3 years in the past. Best way to do that is through tradingview bar reply or if you have mt4 script. Else, simply use the F12 key. Really do it slowly and steady. Allow yourself time to think and make decisions and keep taking notes. Also record your trades in a spreadsheet so that you can count the numbers. And it would be awesome if you share the journey here.

Cheers

Lets Trade FX properly!

 

Hi! 
To maintain a journal in the forum is one of the best thing to do to learn
Thank you, i will definetley do the backtesting to gain confidence.

I have a spreadsheet. Will post it at the end of the month with the statistics.

Let the Forex tradig begin 
 
 

[eaxh]

S2 (Famous) on Swissy to the downside. Po in with 0,5% risk.

I did  a little misstake here. i missed the new box. so got kicked out.  Ds1 and everything according to plan. 

Skärmbild 2021-09-10 082725 Po set USDCHF Famous.png

 

Trade 2 .png

 

GU did not take 

Skärmbild 2021-09-10 095919 missad trejd.png

 
 
 
 

[immy]

Famous Setup's will have half the Wave 3 created on Day 1. and the rest of it will be on day 2. on M15 , you will see wave 3 on day 1 and Wave 5 on Trading day.

[eaxh]

I am enjoying trading on H1 very much. 
A very good complement to Dax. 
I sometimes feel a little stress about just trading the London Session and therefore place some fomo trades here and there.
I know that trading more is not a solutioun itself but i can lower the stress. 
 

Placed these trades as well. 
AU was all good. 
GU - One can argue that the entry was a little far up. But it had not reached TZ1 for the famous in the morning. I defined this as valid, but not the best one.

Skärmbild 2021-09-10 152238 AUDUSD.png

 

Skärmbild 2021-09-1 131332 Trade 3 GU.png

 


The one on Us30 was just perfect. a very high probability one.

Skärmbild 2021-09-10 Trade 5 US30.png

 
 Ended the week just over BE
 

[immy]

Hi Emma

You make a good point there.

Although its great to trade only one market, but at your experience level and others like us, it becomes a bit boring.

Now boring is not a problem but if you do get bored, it can lead to those FOMO's and impulsive trading.

Your point is valid, I agree 100%. When you know this is the only market, you end up forcing trades on a day when the market i.e. DAX is not in the best mode. The only solution you have under such conditions is to walk away. But that could be the Anti of FUn right?

We are traders and we like to trade. So why not utilise our time, energy and SKILL. So, if you have 3--6 H1 charts up, you will know that, "hey, if dax is not moving, its ok, I might find some forex markets that are moving." ... If they are all not moving, then you have no option but to go dig some soil and water some plants....

cheers


ps: due to volatility and density differences FX and Stock Indices are QUITE different markets. H1/M5 works great for FX but h1/m5 on Indices is not that close. 

Suppose ATR is the Currency of this world and Time frame is the status of wealth. Then in the FX world, the H1 and M5 can probably liive in the same neighbourhood but in the Stock Indices world, the H1 might be far richer than the M5 neighbourhood. 

Here is a more objective way to understand this relationship. 

ATR (60) of... 
DAX H1 = 45 
US30 H1 = 78
EUR/USD H1 = 9 (pips lol)
GBP/USD   H1 = 14 

Now there is nothing to laugh about, because its different markets, but I just laugh when I compare the two and realise how people don't understand the difference. 

Now ATR (60) of the above on M5 chart, lets see 

DAX M5 = 8 (so volatility wise EU h1 is equal to DAX m5 hmmm) 
US30 M5 = 21
EUR/USD M5 = 1.9 (pips lol)
GBP/USD = 2.8 (pips) or you could say 28 which will make it equal. 

Now lets find the ratio: 

DAX (h1 /  M5) =  45/8 = 5.6 (5x) 
US30 (H1/ M5) =  78/21) 3.7 (hmmm)
EU (H1/M5) = 9/1.9  = 4.7
GBP/USD = 14/2.8 =  5 

Hmmm 

What this tells us that US30 by its nature is MORE volatile on the M5 ... 
It also shows that since Indices have bigger numbers ... more volatile, more pips/points between its candles, that makes them more feasible for lower time frame. 

more on this later.... 

[eaxh]

USDCAD Entry Pc – 09:00 risk 0,5%
Little iffy on the context, but consider it valid.

GU -Going to take a setup short H1/M5 setup. At 12:00 – did not

UJ setup long H1/M5 – Not triggered ( Hindsigt- H1 in a wide range) Should not be looking to trade those.


Catch myself starring at the charts for no reason at all….
Going to take some time to go away ones the PO is set.
 

Skärmbild 2021-09-13 Trade 6 USDCAD.png

 

Skärmbild 2021-09-13 140905 Monday PO LONG.png

 
 

[immy]

Catch myself starring at the charts for no reason at all….

 

 

The CURSE of M1... H1 means, XX.55 you check, then nothing to do for the next 55 minutes.