ProchargedMopar's Trading Trilogy

[prochargedmopar]

Three must reads... Your weekend homework.

Psychology of trading.

http://www.tradingacademy.com/lessons/2 ... rticle.htm

http://www.tradingacademy.com/lessons/2 ... rticle.htm

And the Grail for a bonus.

http://www.tradingacademy.com/lessons/2 ... rticle.htm


Interesting...maybe add this as a filter to the "largest correction that does not return to the extreme" rule.

[Brookmyre]

Three must reads... Your weekend homework.

Psychology of trading.

http://www.tradingacademy.com/lessons/2 ... rticle.htm

http://www.tradingacademy.com/lessons/2 ... rticle.htm

And the Grail for a bonus.

http://www.tradingacademy.com/lessons/2 ... rticle.htm


Interesting...maybe add this as a filter to the "largest correction that does not return to the extreme" rule.

Hi Pro....could you please explain the 'largest correction' rule as I dont understand it. I've seen the posts, I've read the charts (mo charting 101) and I still don't get it....

Also the chart you posted. I remember that one (from an OTA newsletter i think)...but cant remember which one...do you know? Id like to re-read that..... thanks

[adaseb]

I keep reading this thread everyday and it puts a smile on my face that your having consistent profits.

Keep up the good work.

[foreman01]

Three must reads... Your weekend homework.

Psychology of trading.

http://www.tradingacademy.com/lessons/2 ... rticle.htm

http://www.tradingacademy.com/lessons/2 ... rticle.htm

And the Grail for a bonus.

http://www.tradingacademy.com/lessons/2 ... rticle.htm

Here is a CHM windows help file of all Sam's weekly columns through Nov 3, 2009
http://rapidshare.com/files/303650241/SamWeekly.chm
Easy to do keyword searching for things like "emotion" and "psychology"
It's Rapidshare, and that is starting to cause non-subscribers a pain - as they need to access the file during off hours (whenever that is)

[prochargedmopar]

Didn't post mon. because my nuts were in the vise.

Lost 80% of what I had made sun/mon Sessions.
Had a big drawdown but came out with 20% of daily profit or I'd still be out there.

Today made 4.4%.

I've got a new rule:

NEVER ADD TO A LOSING POSITION.

So here is the most recent "Trading Plan"

#1
Buy/Sell when you see an opportunity for price to move 30+ pips from your entry.
M1 entry/M5 Targets/M15 Direction

#2
Set stop at entry ALWAYS:
Goes something like this.
15pip catastrophic/30 pip minimum TP.
Exit 1/2 at -6, Exit Final at -12
Exit 1/2 at +6 Exit Final at TP.
Or any combination there of.


#3
Never add to a losing positon.

Here is Trading chart:



The largest correction that does not return to the extreme is not a correction it's a reversal.

Well, look at each time price pulled back. Where is it pulling back from? Must be a new high or Low. (extreme)
What happens when the pullback gets bigger and bigger each time?
At some point it makes a smaller push or none at all.
The none at all (failed attempt) is said correction which is usually preceded by one larger than the rest.

[Brookmyre]

Thank you

[prochargedmopar]

The agony of having a very good idea of what is going to happen and not being able to act upon it.
To see very high probability entries is like curse.

Trades from Asian/London/NY sessions.

#12
GBP/USD 1 S 1.66822 1.66759 6.3 0.63 0.00 12/2/2009 09:34 12/2/2009 09:37

#11
EUR/JPY 1 B 131.290 131.338 4.8 0.55 0.00 12/2/2009 08:22 12/2/2009 08:23
EUR/JPY 1 B 131.290 131.302 1.2 0.14 0.00 12/2/2009 08:22 12/2/2009 08:23

#9 and #10 (in 2 trades at once)
GBP/USD 1 S 1.66851 1.66844 0.7 0.07 0.00 12/2/2009 07:39 12/2/2009 07:46
EUR/JPY 1 B 131.475 131.494 1.9 0.22 0.00 12/2/2009 07:35 12/2/2009 07:44
GBP/USD 1 S 1.66851 1.66804 4.7 0.47 0.00 12/2/2009 07:39 12/2/2009 07:43
EUR/JPY 1 B 131.475 131.506 3.1 0.36 0.00 12/2/2009 07:35 12/2/2009 07:42

#8
EUR/JPY 1 S 131.897 131.760 13.7 1.57 0.00 12/2/2009 03:45 12/2/2009 03:50
EUR/JPY 1 S 131.897 131.845 5.2 0.60 0.00 12/2/2009 03:45 12/2/2009 03:49

#7
GBP/USD 1 B 1.65737 1.65754 1.7 0.17 0.00 12/2/2009 03:16 12/2/2009 03:26
GBP/USD 1 B 1.65737 1.65827 9 0.90 0.00 12/2/2009 03:16 12/2/2009 03:20

#6
EUR/JPY 1 B 131.413 131.584 17.1 1.96 0.00 12/2/2009 02:30 12/2/2009 03:06
EUR/JPY 1 B 131.413 131.490 7.7 0.88 0.00 12/2/2009 02:30 12/2/2009 02:34

#5
EUR/JPY 1 B 131.510 131.378 -13.2 -1.51 0.00 12/2/2009 02:16 12/2/2009 02:30
EUR/JPY 1 B 131.510 131.403 -10.7 -1.23 0.00 12/2/2009 02:16 12/2/2009 02:17

#4
EUR/JPY 1 B 131.464 131.515 5.1 0.58 0.00 12/2/2009 01:54 12/2/2009 01:56
EUR/JPY 1 B 131.464 131.547 8.3 0.95 0.00 12/2/2009 01:54 12/2/2009 01:54

#3
EUR/JPY 1 B 131.305 131.393 8.8 1.01 0.00 12/2/2009 00:26 12/2/2009 00:51
EUR/JPY 1 B 131.305 131.356 5.1 0.59 0.00 12/2/2009 00:26 12/2/2009 00:38

#2
EUR/JPY 1 S 131.183 131.302 -11.9 -1.37 0.00 12/1/2009 22:13 12/1/2009 22:25

#1
EUR/JPY 1 B 130.735 130.773 3.8 0.44 0.00 12/1/2009 19:03 12/1/2009 19:13
21 +72.4 7.98


The loss of possible pips due to early exits is killing me. It's a catch22.

In this pic I picked the top due to a supply zone area to the left on h4. (Red checkmark) I did set a limit order at 89...just left of the red price box the first time price entered the area....+5ish and +17.x
I had plenty of chances to short on a re-test but did nothing.
Then, after I got off work on the drive home I went long at the first green check.....ONLY took 4.x pips. (at least 20 available to supply) WTha.
After that I hit it long again off a demand bounce...for 6.x pips.
Very weak exit, could have easily had another 20ish.




And look at this, I was short g/u from the top (90ish). only took .7 and 4.7.
Mother......
I did get back in short at the green box when price came back to test the supply zone after the drop....well I;ll be jiggered, bet you wouldn't have guess I ONLY took 6.3 out of that one................



What a bunch of wasted time and pips!!!!!!!
Scared money will NEVER be BIG money. Hell, I'm only using 20 cent entries......

I've decided that I will fund my account with $50 a week. That means I've got between 250 and 500 pips to BURN.
My main focus is alleviating FEAR.

Believe it or not I almost followed my rules today, that is ALMOST.
At least I never added to a losing position and didn't freak out after having a couple losses.
Exiting half helped a little.

Back to work.

[dchappy]

Pro , are you using the cci as an exit signal ?

If you are , here's a simple exercise that may help .

Once you are in a trade , immediately scrunch-up your chart to ONLY show the cci . And then only exit when it crosses your trigger .

I'm pullin for ya man ..........Chappy

[adaseb]

Man ProchargedMopar you doing great.

Only 3 loses out of those and overall 72 pips.

I like seeing consistent profits. Keep up the good work.

Pretty soon you will be netting an average of 60-70 pips a day on 3 full lots and no loses.

[prochargedmopar]

dchappy,
No,
I'm not using cci for exits. Good idea though. I'm suppose to be using it as entry conformation but I only look at past events where it has worked.....I can't seem to look at anything but candles when trading.

I'm also suppose to watch the 8ma as my "trailing stop". I forget the thing is even on my chart, especially when in a trade. Looks good in hindsight though, eh?

Adaseb,

My entire goal at this point is to be free from fear when in the market. What ever I can find that works for me. On demo, no fear. On demo, 2-300 pips a day. Easy.

Today I took some $1 pip trades and lost my butt.. Funny thing is that when I went back to 10 and 20 cent pips I had no fear......Knew I could not really damage the account or something.....and I actually made back 8-10 $. Go figure.

As you can see final loss total was pretty big compared to account...No worries, I was up $17 already this week and I'm putting $50 a week into it for blowing pips.........

Here is pic and last 30 exits....Man, made a bunch back on news and then went to exit and hit the wrong buttons on both e/j and g/u....that cost me like 60 pips is one shot before I could exit(lost profit and loss from adding to receding positions.........doh.

GBP/USD 1 B 1.65931 1.66061 13 1.30 0.00 12/3/2009 08:55 12/3/2009 09:08
GBP/USD 1 S 1.65914 1.65933 -1.9 -0.19 0.00 12/3/2009 08:53 12/3/2009 08:55
GBP/USD 1 B 1.66094 1.66121 2.7 0.27 0.00 12/3/2009 08:44 12/3/2009 08:46
EUR/JPY 1 S 133.540 133.340 20 2.27 0.00 12/3/2009 08:38 12/3/2009 08:46
EUR/JPY 1 S 133.404 133.320 8.4 0.95 0.00 12/3/2009 08:37 12/3/2009 08:45
GBP/USD 1 B 1.66204 1.66132 -7.2 -0.72 0.00 12/3/2009 08:36 12/3/2009 08:45
GBP/USD 1 S 1.66016 1.66134 -11.8 -1.18 0.00 12/3/2009 08:35 12/3/2009 08:36
EUR/JPY 1 S 133.118 133.293 -17.5 -1.98 0.00 12/3/2009 08:35 12/3/2009 08:36
EUR/JPY 1 S 133.454 133.173 28.1 3.18 0.00 12/3/2009 08:32 12/3/2009 08:35
EUR/JPY 1 S 133.285 133.178 10.7 1.21 0.00 12/3/2009 08:23 12/3/2009 08:35
GBP/USD 1 B 1.66274 1.66120 -15.4 -1.54 0.00 12/3/2009 08:22 12/3/2009 08:35
EUR/JPY 1 B 133.340 133.285 -5.5 -0.62 0.00 12/3/2009 08:22 12/3/2009 08:23
GBP/USD 1 S 1.66299 1.66274 2.5 0.25 0.00 12/3/2009 07:46 12/3/2009 08:22
EUR/JPY 1 S 133.261 133.340 -7.9 -0.90 0.00 12/3/2009 08:17 12/3/2009 08:22
EUR/JPY 2 B 133.010 133.169 15.9 3.61 0.00 12/3/2009 08:07 12/3/2009 08:15
EUR/JPY 2 B 133.090 133.173 8.3 1.88 0.00 12/3/2009 08:04 12/3/2009 08:15
EUR/JPY 2 S 132.938 133.057 -11.9 -2.71 0.00 12/3/2009 07:51 12/3/2009 08:04
GBP/USD 1 B 1.66325 1.66299 -2.6 -0.26 0.00 12/3/2009 07:32 12/3/2009 07:46
GBP/USD 1 B 1.66325 1.66285 -4 -0.40 0.00 12/3/2009 07:32 12/3/2009 07:37
EUR/JPY 1 S 132.706 132.517 18.9 2.16 0.00 12/3/2009 02:34 12/3/2009 03:11
GBP/USD 1 S 1.66888 1.66894 -0.6 -0.06 0.00 12/3/2009 03:07 12/3/2009 03:10
GBP/USD 1 S 1.66888 1.66873 1.5 0.15 0.00 12/3/2009 03:07 12/3/2009 03:09
EUR/JPY 1 S 132.706 132.521 18.5 2.11 0.00 12/3/2009 02:34 12/3/2009 03:08
EUR/JPY 8 S 132.706 132.499 20.7 18.89 0.00 12/3/2009 02:34 12/3/2009 03:08
GBP/USD 2 B 1.66819 1.66834 1.5 0.30 0.00 12/3/2009 03:05 12/3/2009 03:05
GBP/USD 2 B 1.67171 1.67051 -12 -2.40 0.00 12/3/2009 02:52 12/3/2009 02:56
EUR/JPY 10 B 132.777 132.706 -7.1 -8.09 0.00 12/3/2009 02:31 12/3/2009 02:34
EUR/JPY 10 S 132.743 132.777 -3.4 -3.87 0.00 12/3/2009 02:25 12/3/2009 02:31
EUR/JPY 10 B 132.780 132.743 -3.7 -4.21 0.00 12/3/2009 02:25 12/3/2009 02:25
EUR/JPY 10 S 132.713 132.780 -6.7 -7.63 0.00 12/3/2009 02:23 12/3/2009 02:25
78 +51.5 1.77





And here is the profit that I closed the above trade at......