West's Trading Journey

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aliassmith
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Re: West's Trading Journey

Postby aliassmith » Thu Nov 17, 2016 7:19 pm

westcountry wrote:Wednesday morning in NY open:

My focus was on two simple areas:
a) 1-2-3
b) simple breakouts over a line

1. EU: Was stalking a potential 1-2-3, and it never materialized to the upside. (screen 1) ...so no trade.
2. EU: Finally price broke #1 point to the downside, so traded away from the 1-2-3, and I took a short as a breakout trade (screen 2)
3. AJ: Loss of -10 (screen 3)
4. EC: Breakout short (screen 4)
5. EC: Re-entered on pullback for another short (screen 4)


Looks like you have some good ideas there and you took a small loss so that is good also. Net 50+ pips a week (200+/month) with this and you will be gtg.

Keep practicing and when you are comfortable and skilled enough you'll be risking 10 pips = 1% after you have OPM. Who wouldn't want 21%+ a month. If you compound monthly that can be +0 for the year.
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Re: West's Trading Journey

Postby Mr. Hyde » Fri Nov 18, 2016 7:55 am

Nice thread and good trading west. You already have a good base from which you can build upon, plus with you consistently executing your trading plan you will build up your confidence.

Here is a chart of how I played a 123 setup this year

usdjpy-w1-tallinex-limited-3.png
usdjpy-w1-tallinex-limited-3.png (59.07 KiB) Viewed 3651 times


Its kind of cluttered but I wanted to show you 99% of what I was looking at.

The blue box repesnts a 1,500 pip range for the uptrend from a swing low to swing high. Then you have price break past the 50% retrace line and you can see if it acts like a support/resistance line. It does act as Res, so then you can take another 1,500 pip box. Put the top of it at the 50 line and use the bottom as a target (which was exactly at a support level). Price then made a triple bottom at that level, along with a descending tri (we played the failure). You then had a big weeklymomo bar 7/10 followed by another smaller one 8/21, there was my 1st position. You then had the the break of the tri and the break of the neckline for the triple bottom, added another position. Then the breakout of the #2, third position.

Now the easy stuff, targets. Notice how when I extended the fib retrace lines (blue broken lines) how they would make great zlines! Then those lines also line up perfectly when I threw some fib extensions on it. Its not magic or luck. Its just how simple and easy the markets are to map (when you have confluence of different idea's your golden). Also with a descending tri you can always target the depth from the high to the neckline (which is super easy to do when one fails).

Price has already hit the first 2 targets. Which means I can take off a position at every next target if I want. Its a potential 2,500 pip move total. Depending on where a trader got in/exits/sl size/risk it has the potential of 10-50% gain risking 2% or less with a properly sized sl for trading a weekly chart. That's if we don't add anymore positions to it. I know the idea of OPM is popular here so you could easily hit 100%.

But keep up the good trading man.

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Re: West's Trading Journey

Postby westcountry » Mon Nov 21, 2016 7:23 pm

Alias:
Thanks for the encouragement and support. Yeah, I am going to keep practicing, and then at some point here start bringing up the heat more on my trades with bigger contract size.

My Hyde:
Thanks for your feedback and encouragement as well. I have been absorbing that 1-2-3 on that high timeframe chart over the long term. Great job in how you worked that out. I am going to keep studying that. It is nice how the 1-2-3 translates into the other timeframes as well. I like how you did the targets too, they are very clear to me, and where I would put my targets- so it is encouragement for me that me maybe my trading "eyes" are starting to make some sense.

All the best to everyone, hope you all have a really nice holiday week.
-West

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Re: West's Trading Journey

Postby aliassmith » Tue Nov 22, 2016 1:09 pm

westcountry wrote:Alias:
Thanks for the encouragement and support. Yeah, I am going to keep practicing, and then at some point here start bringing up the heat more on my trades with bigger contract size.

All the best to everyone, hope you all have a really nice holiday week.
-West


My advice would to be to increase slowly. Increase a little then get comfortable with that level. Continue with the process until you reach an acceptable level for you!
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Re: West's Trading Journey

Postby westcountry » Wed Nov 23, 2016 4:12 pm

Yeah thanks Alias, good idea to take it slow and not rush it. I tend to rush things and have paid the price.

Few trades of recent:
NU: Yesterday NY late afternoon 1-2-3 trade.
EC: NY open 1-2-3 trade
GU: NY open 1-2-3 trade (swings were way too big - that one was too risky, but took it and lost)

-West
Attachments
NZDUSDproM15 22nov2016.png
NZDUSDproM15 22nov2016.png (40.33 KiB) Viewed 3474 times
EURCADproM15 23nov2016 - Copy.png
EURCADproM15 23nov2016 - Copy.png (50.47 KiB) Viewed 3474 times
GBPUSDproM15 Loss.png
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Re: West's Trading Journey

Postby aliassmith » Wed Nov 23, 2016 5:36 pm

westcountry wrote:Yeah thanks Alias, good idea to take it slow and not rush it. I tend to rush things and have paid the price.

Few trades of recent:
NU: Yesterday NY late afternoon 1-2-3 trade.
EC: NY open 1-2-3 trade
GU: NY open 1-2-3 trade (swings were way too big - that one was too risky, but took it and lost)

-West


If those are your only trades then they look good. Netting 28 pips in a session is decent. On a daily basis that will make you wealthy.
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Re: West's Trading Journey

Postby Mr. Hyde » Fri Nov 25, 2016 9:25 am

MightyOne wrote:If it looks like a breakout of a breakout then it is not a #2 point...

Maybe there is a better way to say it #-o

Just take a look at the picture:


2_isNOT_BO_Pivot.png


Lets say price formed like this in the future. Is this what you are referring to?
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usdjpy-w1-tallinex-limited-2.png
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Re: West's Trading Journey

Postby MightyOne » Fri Nov 25, 2016 5:19 pm

Mr. Hyde wrote:
Lets say price formed like this in the future. Is this what you are referring to?


A 1-2-3 is a pattern & patterns are not breakouts:

The exact dividing line is not important, but the #2 is most definitely not at the top of a pillar.

pattern.png
pattern.png (22.56 KiB) Viewed 3347 times

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Re: West's Trading Journey

Postby westcountry » Tue Nov 29, 2016 3:38 am

Alias: Thanks for the feedback; yeah, when I get just a little more consistent I will be in good shape.

Mr. Hyde and MO: Good question & answers, thanks for some more perspective on 1-2-3 strategy!

- - - -

Here are some trades to share from NY & Asian session.

NY:
AJ: This was a breakout trade to the Long side, but it went against me for -14.
UJ: Just went short with Momentum, I took about +10 pips on each of two entries.

Asia:
NU: 1-2-3 trade, entered early at the #3 point, +7
UJ: 1-2-3 trade, +15.
Attachments
AUDJPYproM1528Nov2016.png
AUDJPYproM1528Nov2016.png (44.7 KiB) Viewed 3159 times
USDJPYproM15 Short on Momo.png
USDJPYproM15 Short on Momo.png (39.59 KiB) Viewed 3159 times
NZDUSDproM15 28nov.png
NZDUSDproM15 28nov.png (39.67 KiB) Viewed 3159 times
USDJPYproM15 28nov.png
USDJPYproM15 28nov.png (43.06 KiB) Viewed 3159 times

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Re: West's Trading Journey

Postby aliassmith » Tue Nov 29, 2016 4:30 am

westcountry wrote:Alias: Thanks for the feedback; yeah, when I get just a little more consistent I will be in good shape.

Mr. Hyde and MO: Good question & answers, thanks for some more perspective on 1-2-3 strategy!

- - - -

Here are some trades to share from NY & Asian session.

NY:
AJ: This was a breakout trade to the Long side, but it went against me for -14.
UJ: Just went short with Momentum, I took about +10 pips on each of two entries.

Asia:
NU: 1-2-3 trade, entered early at the #3 point, +7
UJ: 1-2-3 trade, +15.


So another 28 pips, it looks good. 1%+ a day is the golden goose. Try to master 1 to 2 ideas to achieve this.
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