Exited the trade in minutes with +10. (Wanted to get out since I realized I went against the H1 candle color)
-West
West's Trading Journey
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- westcountry
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Re: West's Trading Journey
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- westcountry
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Re: West's Trading Journey
First trade of the morning (and done trading for the day)... a quick +20. (I sold at the bottom of the previous day's wick zone. This moved very fast...)
The hard part will be not trading the rest of the day
-West
The hard part will be not trading the rest of the day
-West
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Re: West's Trading Journey
It is rare for me to outright tell someone not to do something
DO NOT trade pairs that have flatlined!
At the very least you have to move to a higher period where you can see some tradable movement & if that chart doesn't fit into your trading plan then you should pass on the trade.
Why do you have to move to a higher chart? Because if you are waiting HOURS for price to do something then you are not trading a small chart, are you.
It doesn't matter what chart you are looking at, your time frame depends on two things:
1) the average time that you spend waiting
2) the largest period in which your stop loss is positioned at the extreme
DO NOT trade pairs that have flatlined!
At the very least you have to move to a higher period where you can see some tradable movement & if that chart doesn't fit into your trading plan then you should pass on the trade.
Why do you have to move to a higher chart? Because if you are waiting HOURS for price to do something then you are not trading a small chart, are you.
It doesn't matter what chart you are looking at, your time frame depends on two things:
1) the average time that you spend waiting
2) the largest period in which your stop loss is positioned at the extreme
- westcountry
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Re: West's Trading Journey
Thanks MO,
Absorbing your feedback here. Yeah - I think I see what you mean, if that pair is sideways flatlining, then I am waiting for who knows how long (minutes, hours!), and there is more of a chance for some slight move grabbing my stop loss. So I need to develop eyes and awareness for watching for that. Thanks again, will read this over a few more dozen times to absorb into my Yalie brain.
All the best,
-West
Absorbing your feedback here. Yeah - I think I see what you mean, if that pair is sideways flatlining, then I am waiting for who knows how long (minutes, hours!), and there is more of a chance for some slight move grabbing my stop loss. So I need to develop eyes and awareness for watching for that. Thanks again, will read this over a few more dozen times to absorb into my Yalie brain.
All the best,
-West
- westcountry
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Re: West's Trading Journey
Update:
Did a little better Thursday and Friday, still learning. Here are the results from last few days.
TUE: -25 pips
WED: -54 pips
WED: +21 pips (evening session)
THUR: +20 pips
FRI: +1 pip
Weekly Total: -37 pips
Self Reflections:
+ Worked on just taking profit and not moving stop to B/E, in some cases above it paid off as price came back soon after taking profit.
+ Worked on sticking with the Hourly and Daily candle color directions.
+ Still absorbing some ideas for position/size per MO feedback. I can do more of that when I am able to trade with multiple units.
+ Watching other related pairs for hints of movement & momentum helped.
+ Push (wait) for bigger returns. Keep the losses small.
+ Logging results and looking back at trades helps me to glean what I can from the experience vs. just letting it go and not trying to learn something from it. I need to keep doing this. (Plus the folks here in the forum adding their wisdom - Thank you for that!)
More learning and trading next week,
All the best,
-West
Did a little better Thursday and Friday, still learning. Here are the results from last few days.
TUE: -25 pips
WED: -54 pips
WED: +21 pips (evening session)
THUR: +20 pips
FRI: +1 pip
Weekly Total: -37 pips
Self Reflections:
+ Worked on just taking profit and not moving stop to B/E, in some cases above it paid off as price came back soon after taking profit.
+ Worked on sticking with the Hourly and Daily candle color directions.
+ Still absorbing some ideas for position/size per MO feedback. I can do more of that when I am able to trade with multiple units.
+ Watching other related pairs for hints of movement & momentum helped.
+ Push (wait) for bigger returns. Keep the losses small.
+ Logging results and looking back at trades helps me to glean what I can from the experience vs. just letting it go and not trying to learn something from it. I need to keep doing this. (Plus the folks here in the forum adding their wisdom - Thank you for that!)
More learning and trading next week,
All the best,
-West
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Re: West's Trading Journey
[quote="MightyOne"]It is rare for me to outright tell someone not to do something
lmao.....yeah, right.
lmao.....yeah, right.
- westcountry
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Re: West's Trading Journey
First trade of the week:
I just sold at bottom of Friday's wick zone...
-West
I just sold at bottom of Friday's wick zone...
-West
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- westcountry
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Re: West's Trading Journey
Finally it broke through with some follow through, Exited +24.
I need to stop trading for today.
-West
I need to stop trading for today.
-West
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- westcountry
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Re: West's Trading Journey
Update:
+ Traded last night in Asian session (several trades), did not do too well. Ended up -5 pips for Monday overall.
+ Traded one trade this morning. Just exited +25. I need to stop trading for today while I am ahead and not trade Asian session.
-West
+ Traded last night in Asian session (several trades), did not do too well. Ended up -5 pips for Monday overall.
+ Traded one trade this morning. Just exited +25. I need to stop trading for today while I am ahead and not trade Asian session.
-West
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- westcountry
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Re: West's Trading Journey
Took some time-off from trading, and now getting back to it.
Inspired by dchappy's posts lately on "1, 2, 3" - I saw a nice 1,2,3 setup this morning. Missed entry on the first red arrow, but caught the second one (Ross hook?) for almost 20 pips. Good to be back.
-West
Inspired by dchappy's posts lately on "1, 2, 3" - I saw a nice 1,2,3 setup this morning. Missed entry on the first red arrow, but caught the second one (Ross hook?) for almost 20 pips. Good to be back.
-West
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