Aliassmith Beats a "Dead Horse"

[Yirbu]

Since I'm also attempting the dead horse, can I ask you your entry criteria or how you're entering your trades? I think I'm having difficulties with the entries

Good question...

Ideally I look for;
- Price breaks the SMA to the other side,
- SMA starts to slope
- Price retraces a bit towards the sma (the closer the better)
- Price continues it's path with a momo candle (away from the sma)
Basically you have a abcd pattern

I open the trade immediately or wait for a small retracement.

Once trending I use some variations;
If price retraces towards the sma and prints an inside candle I trade the breakout of that inside candle.(like my third trade today)
If price prints a pinbar pointing in the direction of the sma (like my second trade) I take it.
If price prints a doji during the retracement I trade the breakout of the doji. (This was my first trade today only at the time I did not recognize it)

For me most important is a good trending sma and being relatively close to the sma.
By answering your question I see that my 3 trades today were according my criteria...I instantly feel better about today

We will get there

[aliassmith]

Today I started trading a bit more enthusiastic as usual because of my new rules. (only trade EU, go for 1R and don't interfere)
Price wasn't that enthusiastic and was not moving predictable no setups came by where I felt comfortable enough to trade.
I decided to try again after lunch.

In the mean time there were 2 setups (1st two red arrows) that I probably would have taken, resulting in one win and one cost trade.

220707 - EURUSDiM5.png

When I was back I took my first trade and immediately regretted taking that trade. I guess I was too eager to trade.
Due to my new rules (I can close mistakes but I'll have to live with stupid trades) I was watching the trade unfold.
Suddenly price turned and rushed towards my TP near the daily open (blue line). 1R in the bag.

When price came back up (Z-line) and formed a petite pin bar I shorted it again.
I actually wanted to lower my TP at the z-line of the previous big green bar but price was faster and I got my 2nd TP for 1R.

I have some mixed feelings because I don't think normally I would have taken these two trades. They were a bit messy and risky.
Not to long after that there was an inside bar, SMA sloping nicely and I jumped in aiming for yesterday's low (red dotted line)
Got another 1R.

In the end I got 3R...it doesn't feel like I was completely in control but the result is good and my last two trades went how I pictured them to go.
Note that all these trades would have given me 1.5R very easy.
In the end I should be happy with 3R

Your first trade was not clean. It wasn't one that jumped out at me. However, you set it up nice to give it a chance.

Your second trade is what I would take with a bigger gain about 12 pips.

***There was a pinbar that came up next that I would take for about 10 pips.

***There was a zline trade after price dipped below the 20 SMA for about 12 pips

Your next trade was decent I would take one similar in that area for about 10 pips.

[aliassmith]

Since I'm also attempting the dead horse, can I ask you your entry criteria or how you're entering your trades? I think I'm having difficulties with the entries

Good question...

Ideally I look for;
- Price breaks the SMA to the other side,
- SMA starts to slope
- Price retraces a bit towards the sma (the closer the better)
- Price continues it's path with a momo candle (away from the sma)
Basically you have a abcd pattern

I open the trade immediately or wait for a small retracement.

Once trending I use some variations;
If price retraces towards the sma and prints an inside candle I trade the breakout of that inside candle.(like my third trade today)
If price prints a pinbar pointing in the direction of the sma (like my second trade) I take it.
If price prints a doji during the retracement I trade the breakout of the doji. (This was my first trade today only at the time I did not recognize it)

For me most important is a good trending sma and being relatively close to the sma.
By answering your question I see that my 3 trades today were according my criteria...I instantly feel better about today

We will get there

There you go reflecting on your trade performance. You will be able to make corrections if you have a performance problem or the market is acting different. People that just "wing it" will struggle because they have no data to work with.

It's not important to make yourself win everytime. Its more about playing your best game against to market. Sometimes the market wins and changes "strategies". Then there are days when the market telegraphs its moves all day long and you destroy it.

[Yirbu]

Today I started trading a bit more enthusiastic as usual because of my new rules. (only trade EU, go for 1R and don't interfere)
Price wasn't that enthusiastic and was not moving predictable no setups came by where I felt comfortable enough to trade.
I decided to try again after lunch.

In the mean time there were 2 setups (1st two red arrows) that I probably would have taken, resulting in one win and one cost trade.

220707 - EURUSDiM5.png

When I was back I took my first trade and immediately regretted taking that trade. I guess I was too eager to trade.
Due to my new rules (I can close mistakes but I'll have to live with stupid trades) I was watching the trade unfold.
Suddenly price turned and rushed towards my TP near the daily open (blue line). 1R in the bag.

When price came back up (Z-line) and formed a petite pin bar I shorted it again.
I actually wanted to lower my TP at the z-line of the previous big green bar but price was faster and I got my 2nd TP for 1R.

I have some mixed feelings because I don't think normally I would have taken these two trades. They were a bit messy and risky.
Not to long after that there was an inside bar, SMA sloping nicely and I jumped in aiming for yesterday's low (red dotted line)
Got another 1R.

In the end I got 3R...it doesn't feel like I was completely in control but the result is good and my last two trades went how I pictured them to go.
Note that all these trades would have given me 1.5R very easy.
In the end I should be happy with 3R

Your first trade was not clean. It wasn't one that jumped out at me. However, you set it up nice to give it a chance.

Your second trade is what I would take with a bigger gain about 12 pips.

***There was a pinbar that came up next that I would take for about 10 pips.

***There was a zline trade after price dipped below the 20 SMA for about 12 pips

Your next trade was decent I would take one similar in that area for about 10 pips.

Thx for your feedback!
I felt today was a bit of a mess. Maybe because I was focused on the 1R I forgot I can always take more if the opportunity presents itself.
Tomorrow is another day.

[aliassmith]

I was testing "The Prop Trading" I had this account for 3 days.

They seem usable. The spread + commission is a bit higher than FTMO.
2 test phases:
First is 8% in 30 days
Second is 5% in 60 days
1:100 leverage
80% split up to a max $500,000 from evaluations (Looks like you can get several $500,000 as long as you make different trades on them)
The scaling plan goes up every 3 months by 25%

They were a no for me before because when you pass, they put a limit on your trade size for the first 3 or 4 months. They recently lifted that limit and let you trade like normal.

It is possible to make cash. This is from 1 hour of Asian session to top off my required percents needed.

[aliassmith]

EURUSD M5
Money can be made in Asia session.
5x is good enough

[dojirock]

Asian session is my fav
-doji

[aliassmith]

Asian session is my fav
-doji

When?

7pm to 10pm central time?

[dojirock]

6pm to 10pm central

[Yirbu]

So...today I didn't really trade. I wanted to but when EU started falling after London open I did not know how to profit from that move. Because it was NFP day I'm always a bit extra careful.
After price cratered and bounced of the daily low ADR I wanted to short it but price was too far from the sma for my liking so I decided to switch to the m1 and found my trade over there. I took a sneaky 2R. I felt a bit like a thief in the night, ha ha

Sneaky 2R trade

220708 - EURUSDiM1.png (119.85 KiB) Viewed 1065 times

After that I took one more trade and went out to enjoy the sun.
This wasn't the best setup but I took 1.5R

220708 - EURUSDiM5.jpg (239.42 KiB) Viewed 1065 times

Next week I am going to continue doing what I have been doing and see where I end up.
Goal will be to see if I can hold trades a bit longer (TP is a suggestion, ha, ha) because with my second trade I had a feeling the down move was going to be zeroed out.

This week wasn't bad at all mainly because I learned a lot.
So thanks for looking at my trades. I appreciate it a lot.

My plan is to try and see if I can take at least 1R out of the market every day on average. So 5R for the week.
I know for you guys it can be a single trade but for me it'll be a huge achievement.
If I am able to do that I can learn more and different ways to trade, but I can't learn to run before I can walk in a straight line.

Today I found the threads of Don_xyZ and IgazI. I thought I had read all the threads on Kreslik...Guess not.
Nice...stuff to read.

- Btw; Don't know why my m1 chart prints so big. It's huge