A fresh start! Doji's Trading Journal

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Mira
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Re: A fresh start! Doji's Trading Journal

Postby Mira » Wed May 17, 2017 5:44 pm

Hi Phil!

Nice charts :D
Is better to wait for a Doji confirmation but I was struggling on Stop&Reverse too so I share my view (not that it's right lol)

Looking at your 15m chart I would have waited for a BO of the bearish white line WITH bullish momentum (or a bullish momo above the bearish one) before looking for longs.. btw i noticed that price was at a 50% of a bigger bearish momentum (CC), I'm still doing this mistake but Big Pic/Scenario is important.

About the Reversal Strategy i decided to look for a fail on the same tf of my previous opposite entry (15 min in this situation).


Phil wrote:Attached a scenario i find myself in quite often. Probably im not as used to this as you all are so i need to 'learn' how to avoid those
if that is possible.

When you look at the M15 chart first, you will see we have a sema #3 at the bottom. This is a good time to start marking right.
As you can see i've marked the last m15 down momo with a line, white, and the 1st m15 up momo after the sema #3 formed. This line i marked in blue.

GBPJPYM15 momo zone.png

Now i also placed a vertical line to see where the last m15 closed when the momo up zone had formed and it closed above the box. This is a signal to go long. To avoid to much drawdown we're supposed to wait for a retrace. (another thing i need to force myself to)
When you have a look now at the M5 chart below, you will see i have for this excersise put on the M15 as an overlay on the M5 candles.
Price comes back within our momentum box and we could go long.
What happens next is that it closes below our box as well as on the M5 as on the M15. First question and probably a dumb question but i rather ask to clear the fog> when i mark my momo box on the m15, shouldnt we wait for a close below the box on the m15 too or do you prefer to close in loss once it closes on the m5 below your box?

Next one, it closed below we have exited our long. It closed WITH momo on below our drawn box. Are we supposed to jump in right away and double to make advantage of the stats or is it better to wait for a retrace first before going short with double size?

GBPJPYM5 entry and possible reverse.png

I hope its not disturbing you guys those questions, just want to improve. It just happened to be that i was looking at this after i posted the chart before. So i didnt trade this one.

Thanks,
Phil

edit> Just looked at the chart, and the Reverse and double up would've worked out like a charm! I just lack confidence...
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Re: A fresh start! Doji's Trading Journal

Postby Mira » Wed May 17, 2017 5:55 pm

Phil

I know that datas are different from broker to broker but look at this

IMG_0218.PNG
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Re: A fresh start! Doji's Trading Journal

Postby Phil » Wed May 17, 2017 11:03 pm

Mira wrote:Phil

I know that datas are different from broker to broker but look at this

IMG_0218.PNG


Awesome Mira,
You can clearly see the ''body in direction of profit, wick in direction of loss'' on that one.. It jumps almost out to you.

Yes, you were right about the other post you wrote. It was near the 50% of the down H1. I was just wondering whether
Doji also keeps an eye to this or strictly following the setup once it shows up. The setup occurred and it gave a long signal.

Thanks

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Re: A fresh start! Doji's Trading Journal

Postby dojirock » Thu May 18, 2017 2:59 am

Hi guys, im in Chicago today and tomorrow so I cant post charts.
I would have taken that long...and then reversed.
Your comment about 3 reversals... I dont see that. Once you enter and are wrong, look for Momentum breaking Momentum on the reversal and then enter.
On a reversal your stop now becomes the high of the initial entry...not the momentum zone. By doing this you almost eliminate all 3x reversals.
The longer I trade this simple setup the more experience sets in and makes it more difficult to explain my thought process. Because I trust the stats on the reversals, no I dont wait for a pullback.. if the range is that big where its making you question it, then skip it...

doji
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Re: A fresh start! Doji's Trading Journal

Postby dojirock » Thu May 18, 2017 3:01 am

Phil wrote:Attached a scenario i find myself in quite often. Probably im not as used to this as you all are so i need to 'learn' how to avoid those
if that is possible.

When you look at the M15 chart first, you will see we have a sema #3 at the bottom. This is a good time to start marking right.
As you can see i've marked the last m15 down momo with a line, white, and the 1st m15 up momo after the sema #3 formed. This line i marked in blue.

GBPJPYM15 momo zone.png

Now i also placed a vertical line to see where the last m15 closed when the momo up zone had formed and it closed above the box. This is a signal to go long. To avoid to much drawdown we're supposed to wait for a retrace. (another thing i need to force myself to)
When you have a look now at the M5 chart below, you will see i have for this excersise put on the M15 as an overlay on the M5 candles.
Price comes back within our momentum box and we could go long.
What happens next is that it closes below our box as well as on the M5 as on the M15. First question and probably a dumb question but i rather ask to clear the fog> when i mark my momo box on the m15, shouldnt we wait for a close below the box on the m15 too or do you prefer to close in loss once it closes on the m5 below your box?

Next one, it closed below we have exited our long. It closed WITH momo on below our drawn box. Are we supposed to jump in right away and double to make advantage of the stats or is it better to wait for a retrace first before going short with double size?

GBPJPYM5 entry and possible reverse.png

I hope its not disturbing you guys those questions, just want to improve. It just happened to be that i was looking at this after i posted the chart before. So i didnt trade this one.

Thanks,
Phil

edit> Just looked at the chart, and the Reverse and double up would've worked out like a charm! I just lack confidence...


When i get back I will mark up your chart to explain why I would take the reversal, no questions asked.... great chart....

doji
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Re: A fresh start! Doji's Trading Journal

Postby Phil » Thu May 18, 2017 5:57 am

Thanks, have a good stay in Chicago!

Looking forward to the mark up when you get back and got some time.


...
When i get back I will mark up your chart to explain why I would take the reversal, no questions asked.... great chart....

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Re: A fresh start! Doji's Trading Journal

Postby Phil » Thu May 18, 2017 7:38 am

Got no more time today, so only got those.
Lowest lotsize on those.

Especially the last were nice in my opinion. But perhaps im just excited on my own :lol:

What excited me was that i drew the m15 momentum zone which was being retested. This is where i entered first, marked with #1.
Now after entry price came down and made an M3 momentum zone and closed below too. Double confirmation, so i took another one, see #2.

My thinking was when price would close above the M15 zone on the M3 chart, i would reverse. Came close but never happened.
Got out at previous swing low.

Thanks!
20170518.0933 - GBPJPY - 3 mins.png
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Re: A fresh start! Doji's Trading Journal

Postby Dan » Thu May 18, 2017 11:00 am

Great questions, eager to see your chart Doji as I'm on the same page as Phil.

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Re: A fresh start! Doji's Trading Journal

Postby Phil » Fri May 19, 2017 11:44 pm

Trying to find my best personal style. Since im a scalper by nature, though i have at times a hard time accepting it, i have begun
to look at the M5 solely.
First i need to walk before i can run, so i think i will stick to one frame for now, but TRYING to keep an eye on the H1 for levels of interest like
50%'s, zlines etc and of course momo zones.

Have a look at the attached two M5 charts. Sure this is hindsight but it seems not one non-valid momentum setup trade... If one can be comfortable with taking stabs of 5-8 pips each trade...
Now fine tune it, to only select the highest prob setups, if any of that is possible... sema 2/3? or at said 50% H1..

Well more or less thinking out loud.. Have a great weekend all.

GBPJPYM5MomoZones-5pipsMinimum.png
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GBPJPYM5MomoZones-5pipsMinimum 2.png
GBPJPYM5MomoZones-5pipsMinimum 2.png (46.24 KiB) Viewed 695 times

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Re: A fresh start! Doji's Trading Journal

Postby Mira » Sat May 20, 2017 1:52 pm

Phil wrote:Trying to find my best personal style. Since im a scalper by nature, though i have at times a hard time accepting it, i have begun
to look at the M5 solely.
First i need to walk before i can run, so i think i will stick to one frame for now, but TRYING to keep an eye on the H1 for levels of interest like
50%'s, zlines etc and of course momo zones.

Have a look at the attached two M5 charts. Sure this is hindsight but it seems not one non-valid momentum setup trade... If one can be comfortable with taking stabs of 5-8 pips each trade...
Now fine tune it, to only select the highest prob setups, if any of that is possible... sema 2/3? or at said 50% H1..

Well more or less thinking out loud.. Have a great weekend all.

GBPJPYM5MomoZones-5pipsMinimum.png
GBPJPYM5MomoZones-5pipsMinimum 2.png


Not a scalper but I'm doing the same of ya, just trust the "method"!

Have a great weekend you too Phil! :D
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