Aliassmith Psychology 101 and other stuff

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Brookmyre
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Postby Brookmyre » Wed Mar 17, 2010 12:23 am

Aliassmith, can you tell me please, are you simply looking to get wicked in at your s/r lines or waiting for some kind of confirmation?

Thanks
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aliassmith
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Postby aliassmith » Wed Mar 17, 2010 12:54 pm

gfg1 wrote:
aliassmith wrote:The first +15 trade is one I was feeling greedy, fear of missing out,
stubborn. I should have took the +15 instead of being mental which
would have allowed me to take the trade marked +20. I did eventually
take +15 from the first entry point.



Alias, do you filter those trades based on hour, daily, etc. or take them as they come? TIA


I base them off off M5 and a lot of studying. I am still practicing, but as
you may be able to see, if I can be right only 50% it is very profitable.
Trade Your Way as Long as It Makes Money!

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aliassmith
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Postby aliassmith » Wed Mar 17, 2010 12:58 pm

Brookmyre wrote:Aliassmith, can you tell me please, are you simply looking to get wicked in at your s/r lines or waiting for some kind of confirmation?

Thanks


Well my first study had to do with confirmation. Now I am studying less
risk entry points where I can get wicked in. Typically if it is a S/R point
I will only need about 5 pips risk to test the place. If it closes against me
I am out of there.

After about 10 pips move I move my SL to BE and look for my target area.

From the chart #1 in my mind was the only spot to test s/r on that swing.

#2 was the first spot to test and if that failed #3 would have been my second attempt.
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aliassmith
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Postby aliassmith » Wed Mar 17, 2010 3:45 pm

Trading according to my plan has a better expectancy than being
emotional.

Little arrows are entry and direction

Grey box are profit targets based on MightOne's Ruler of Six
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newschool
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Postby newschool » Wed Mar 17, 2010 7:39 pm

Breakeven is the best strategy ever invented since Napoleon.

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scratty
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Postby scratty » Thu Mar 18, 2010 7:18 am

Breakeven is a strategy? What Strategy? Are you taking about taking your SL to BE after some profit?

newschool wrote:Breakeven is the best strategy ever invented since Napoleon.
Lose professionally!

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newschool
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Postby newschool » Thu Mar 18, 2010 12:06 pm

scratty wrote:Breakeven is a strategy? What Strategy? Are you taking about taking your SL to BE after some profit?

newschool wrote:Breakeven is the best strategy ever invented since Napoleon.


Yeah

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aliassmith
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Postby aliassmith » Thu Mar 18, 2010 12:56 pm

newschool wrote:Breakeven is the best strategy ever invented since Napoleon.


I find that if I had my entry to within a pip or so of where I want it, that price rarely comes back to that point. I move my SL to BreakEven after
a few candles and/or about 10 pips.

At that point it either goes to my TP or SL, I am all in.
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aliassmith
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Postby aliassmith » Thu Mar 18, 2010 3:13 pm

I managed to not make any emotional entries today, BIG victory.

Exit Targets:
*** initial SL of -5
*** candle closes against S/R smaller loss
*** adjusted SL of BE after price moves away 6 to 10 pips
*** range of +13 to +20 depending on situation

15 pips average will be 25% accuracy or better to Break Even.

50% accuracy and 50 trades a month get me to my 250 pips destination.

Follow the PLAN, Follow the PLAN, Follow the Plan

Practice, practice, practice!
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es/pip
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Postby es/pip » Thu Mar 18, 2010 3:21 pm

aliassmith wrote:I managed to not make any emotional entries today, BIG victory.

Exit Targets:
*** initial SL of -5
*** candle closes against S/R smaller loss
*** adjusted SL of BE after price moves away 6 to 10 pips
*** range of +13 to +20 depending on situation

15 pips average will be 25% accuracy or better to Break Even.

50% accuracy and 50 trades a month get me to my 250 pips destination.

Follow the PLAN, Follow the PLAN, Follow the Plan

Practice, practice, practice!



lol

almost looks like my m5 scalp chart-------- :D

made most of those same trades--- in those areas----

u catch this last move ----- not sure what happened but they are whacking it---- m5 came ack into a little resistance line on the m5 right before it started tanking
Bend over and assume the position for another 4 years of hope and change.

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