The story of Yirbu

[Yirbu]

First trade, Deadhorse, inside bar.
Unfortunately I decided to take partials with the majority of my position after 7 pips and just leave a small portion open.
Usually I do I take partials with just a small part and let the bigger part run.
Closed when price came back down to the daily adr (red line)

Still...I'm happy.

230810 - EURUSDM5.png

"Do I have to sell?" is a stronger mindset than "should I sell?"

Yes, spot on. This is one of my weak spots. As I am getting better at spotting and taking right entries, my exit strategy is underdeveloped. (Often it's completely absent).
I'll make this prio #1.

Never thought of using degrees of the slope (quite sure this is not proper English)

Thx. IgazI

[Yirbu]

Imitating Alias entry.
Just saw the potential entry, marked it and took it.
When refining it on the m1, price went against me for a couple of bars and when it came down used bullet #2

Always nice when a plan comes together.

PS: who knows what those "time markers...news??" at the bottom are?
Sometimes they pop up on my charts and I can't find what they are and how to get rid of them.

230816 - EURUSDM5.png (204.19 KiB) Viewed 8166 times

[kiwiarian]

Imitating Alias entry.
Just saw the potential entry, marked it and took it.
When refining it on the m1, price went against me for a couple of bars and when it came down used bullet #2

Always nice when a plan comes together.

PS: who knows what those "time markers...news??" at the bottom are?
Sometimes they pop up on my charts and I can't find what they are and how to get rid of them.

230816 - EURUSDM5.png

Nice catch, those up/down are quite cool.
I'm removing a few squiggles from my chart so I can spot them easier too.

[Yirbu]

Imitating Alias entry.
Just saw the potential entry, marked it and took it.
When refining it on the m1, price went against me for a couple of bars and when it came down used bullet #2

Always nice when a plan comes together.

PS: who knows what those "time markers...news??" at the bottom are?
Sometimes they pop up on my charts and I can't find what they are and how to get rid of them.

230816 - EURUSDM5.png

Nice catch, those up/down are quite cool.
I'm removing a few squiggles from my chart so I can spot them easier too.

Good! Have you decided on the trading method/approach you want to use?

[kiwiarian]

Imitating Alias entry.
Just saw the potential entry, marked it and took it.
When refining it on the m1, price went against me for a couple of bars and when it came down used bullet #2

Always nice when a plan comes together.

PS: who knows what those "time markers...news??" at the bottom are?
Sometimes they pop up on my charts and I can't find what they are and how to get rid of them.

230816 - EURUSDM5.png

Nice catch, those up/down are quite cool.
I'm removing a few squiggles from my chart so I can spot them easier too.

Good! Have you decided on the trading method/approach you want to use?

I have the 20MA on the 5m, with some bands tuned for the currency to show me extreme areas, my trainer wheels.
Now I'm being a copycat and kind of just using consolidation areas as zones hoping to imitate Alias and Pro's adaptations of Dave videos . I have zigzag indicator to do structure for me.

mystyle.png (69.71 KiB) Viewed 7971 times

Alias mentioned as well doing a small target each day and then use a trade copier on bigger accounts which I like the idea of.

advice1.JPG (43.51 KiB) Viewed 7971 times

[Yirbu]

Nice catch, those up/down are quite cool.
I'm removing a few squiggles from my chart so I can spot them easier too.

Good! Have you decided on the trading method/approach you want to use?

I have the 20MA on the 5m, with some bands tuned for the currency to show me extreme areas, my trainer wheels.
Now I'm being a copycat and kind of just using consolidation areas as zones hoping to imitate Alias and Pro's adaptations of Dave videos . I have zigzag indicator to do structure for me.
mystyle.png
Alias mentioned as well doing a small target each day and then use a trade copier on bigger accounts which I like the idea of.
advice1.JPG

Nothing wrong being a copy cat.
Unlike popular belief, humans are incapable of coming up with something completely new. It's always inspired by someone or something else.
Copy, master and adapt.

[Yirbu]

This week was an ok-ish week but eventually it nearly ended in disaster.
All the events of this week have led to TWO important learnings;

1: The exits are just as important as the entries
2: Entering a trade like a superstar trader is difficult

At the start of the week I promised myself to focus on my exits religiously.
IgazI's words: "Do I have to sell?" is a stronger mindset than "should I sell?" were printed in my memory (thanks IgazI)

It's these remarks and little helps that make me learn best.
So...my aim was to focus on my exits...this made me experience the markets in a different rhythm.
It paid off...I held some trades way longer as I would have done before. (at the good side of the trade)

Sure...I'll have to figure out how this fits with my existing exit triggers but I believe half of the work is already done now I have a focus on it.
(I do have some fixed exits but these are all with scalps where I know a low, the daily open or the adr is reached. Often it's better to exit at these levels)

Still...while profits were growing, at the end of the week I experienced a terrible loosing streak.
The biggest chunk of my profits evaporated.
This all happened because I was doing something new without properly testing it.
"New" with me means that I have been studying it for quite some time but didn't paper trade it or trade it with small positions yet.
Without going into details, those were mainly entries, you can see them on the forum quite often but I was too aggressive placing my stops.
With reversals this is kind of a problem because I got stopped out a lot of times. And for the trades where I re-entered, offcourse the trade reversed and took my out again.

This made me realize that there are a lot of great things to learn on Kreslik but I still have to be aware of the fact that there is a difference in someone who is an experienced and veteran trader entering or a newbie entering the same trade.
There is a difference.
So...I need to be a bit less aggressive in my stops, and less aggressive on my exits...

I guess I just have to be more zenn...

[IgazI]

This week was an ok-ish week but eventually it nearly ended in disaster.
All the events of this week have led to TWO important learnings;

1: The exits are just as important as the entries
2: Entering a trade like a superstar trader is difficult

At the start of the week I promised myself to focus on my exits religiously.
IgazI's words: "Do I have to sell?" is a stronger mindset than "should I sell?" were printed in my memory (thanks IgazI)

It's these remarks and little helps that make me learn best.
So...my aim was to focus on my exits...this made me experience the markets in a different rhythm.
It paid off...I held some trades way longer as I would have done before. (at the good side of the trade)

Sure...I'll have to figure out how this fits with my existing exit triggers but I believe half of the work is already done now I have a focus on it.
(I do have some fixed exits but these are all with scalps where I know a low, the daily open or the adr is reached. Often it's better to exit at these levels)

Still...while profits were growing, at the end of the week I experienced a terrible losing streak.
The biggest chunk of my profits evaporated.
This all happened because I was doing something new without properly testing it.
"New" with me means that I have been studying it for quite some time but didn't paper trade it or trade it with small positions yet.
Without going into details, those were mainly entries, you can see them on the forum quite often but I was too aggressive placing my stops.
With reversals this is kind of a problem because I got stopped out a lot of times. And for the trades where I re-entered, offcourse the trade reversed and took my out again.

This made me realize that there are a lot of great things to learn on Kreslik but I still have to be aware of the fact that there is a difference in someone who is an experienced and veteran trader entering or a newbie entering the same trade.
There is a difference.
So...I need to be a bit less aggressive in my stops, and less aggressive on my exits...

I guess I just have to be more zenn...

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The best thing that you can do is take a snapshot of your charts, set the size to 1040 x 600, and print it off:
when you mark a paper chart, it becomes a pictographic journal that remains with you until you throw it away.

Write your thoughts on post-it notes, slap it on the chart, file it away, and go through your 'journals' when the market is closed.

Create a book of weekly charts for all of the markets that you are interested in so that you never miss a golden opportunity.
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There are around 250 bars on this M1 chart, about 4 hours, so the time to start thinking about a stop loss would be when price moves through the top of the chart; there is going to be more to your exit strategy than this, but it's a good start.
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Think about less, do less, achieve more.

EURUSDM1.png (14.41 KiB) Viewed 7803 times

[Yirbu]

--------------------------------------------------------------------------------------------------------------------------------------------------------------------
The best thing that you can do is take a snapshot of your charts, set the size to 1040 x 600, and print it off:
when you mark a paper chart, it becomes a pictographic journal that remains with you until you throw it away.

Write your thoughts on post-it notes, slap it on the chart, file it away, and go through your 'journals' when the market is closed.

Create a book of weekly charts for all of the markets that you are interested in so that you never miss a golden opportunity.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------

There are around 250 bars on this M1 chart, about 4 hours, so the time to start thinking about a stop loss would be when price moves through the top of the chart; there is going to be more to your exit strategy than this, but it's a good start.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------

Think about less, do less, achieve more.
EURUSDM1.png

Yes, I used to print my charts, make notes but somehow the printing stopped and I only make notes in my notebook and store charts digitally. Time to start printing again because it does help and my drive of digitally stored charts grows but I rarely walk through it.

It took me some time to find your example chart on my charts...it looked very different (obviously I could read the date but PA seemed very different) When I settled on finding the exact same chart it stood out to me...something that has been written many times on Kreslik but apparently just did not enter my head....

It's a bit like this trade I did today.
It was a bumpy ride and I was in doubt if I should close the trade or keep it overnight.
I choose to close it.

When I started, my first try was short. My SL was at the top red line (I cheated a bit lowering my stop)
The trade went wrong fast and I reversed the trade, trading of an m15 IB. My stop was at the bottom line, at a bigger charts low. (This is what you meant not so?) I took partials and watched it go up again. To be honest I missed a part if that downmove (luckily because I would have closed it after that big downcandle) but when I was at my charts again I figured I could see if it would take liquidity running that low. It payed out and I held but didn't want to leave it open during the night.
Thx IgazI

smaller chart-bigger chart.jpg (214.06 KiB) Viewed 7718 times

[Yirbu]

Another two trades, now using deadhorse
There were a lot of possible trades on this chart. Just took these.

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