forexjpn's trade journal

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forexjpn
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Postby forexjpn » Fri Feb 15, 2013 2:06 pm

Hi Tex,

If you notice, on MT4 the MOMO doesn't close over the pivot point, marked with the circle........on Trade Interceptor it does.
I consider all pivot points a type of S/D area, so if price doesn't close over it, I feel price hasn't 'proven itself' to be strong enough to continue.
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forexjpn
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Postby forexjpn » Tue Feb 19, 2013 9:19 am

Here's a trade from today......in and out for 15pips
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forexjpn
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Postby forexjpn » Tue Mar 05, 2013 9:17 am

Sorry havent been posting........did a lot of fine tuning the last two weeks.
It's important for my trading to be kept extremely simple cuz I do it on the go and I'm still working. But.....checking every hour is not as easy as it may seem, there are many unavoidable distractions that may cause me to miss checking an hour or even two. If the candles I miss happen to be entry candles for me, it really hurts.....especially if I already had a loss that day.

When I read Dojirock mention he was going to concentrate on just a few hours between London and NY, I thought maybe it was the way to go. Then when Shinobi-X introduced me to EJ (on his thread, not personally) and I saw the volatility it had basically all day, it sealed the deal.
On the 5/15min charts I can recover any losses often within an hour and 'make sure' I rake in my minimum amount of pips per day on top of that.
My trading style hasn't really changed, just the TF.

I used to think the LTFs had too much noise.......but trading it the last few days has changed my mind completely.
So, a BIG thank-you to Dojirock again and Shinobi-X for opening my eyes.

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Postby dojirock » Wed Mar 13, 2013 2:28 am

I like how your taking what you have learned and adapting it to what works for you. That in it self will make you successful. Your not reinventing the wheel per say, just altering it so it makes you a profitable proficient trader. If you pinpoint an area of your trading style that doesnt work, change it. I have friends that have been trading for 20 years and never made a penny. Yet they wont change what they are doing.

I guess thats how I make MY money....lol
Keep up the good work!
"A small loss is just as satisfying as a large gain" -MO
"Sometimes we need to stop learning and start thinking...."
"Once you stack, you'll never go back!"

forexjpn
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Postby forexjpn » Wed Mar 13, 2013 3:18 pm

dojirock wrote:I like how your taking what you have learned and adapting it to what works for you. That in it self will make you successful. Your not reinventing the wheel per say, just altering it so it makes you a profitable proficient trader. If you pinpoint an area of your trading style that doesnt work, change it. I have friends that have been trading for 20 years and never made a penny. Yet they wont change what they are doing.

I guess thats how I make MY money....lol
Keep up the good work!


Thanks Dojirock! Your thread helped me in so many ways.

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forexjpn
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Postby forexjpn » Wed Mar 19, 2014 3:06 am

After years and years of trying to perfect my pinpoint entry for a quick scalp, (and I guess you could say I have successfully found some very good/consistent ones), I have basically decided to throw them out. This type of trading is very stressful in many ways; waiting hours in front of the screen for the right entry, watching your positions like a hawk and often getting out way too early, second guessing your entries and having paralysis by analysis.... the list goes on and on.
I never quite understood the concept of trading off a higher time frame. I always thought of it as missing so many possible opportunities available on the lower time frames, but now, I finally see it. The confidence you have in your trades when trading off the higher time frame extreme is so reassuring/calming. You can still scalp when price goes back in the opposite direction, as it most often will when trading off H4+.
I think what threw me off was that I felt, I needed to be sure I was right on every trade. However, giving yourself an ultimate limit as to when you are 100% wrong gives you the confidence and leeway to stay in when price goes against you and simply scalp in the opposite direction. The key factor being: no more second guessing and no more panic closing of positions. You will still be wrong sometimes but everything is handled in a controlled manner and movement of price becomes more understood.
The biggest lesson for me and my number one rule now is: 'It's not over till it's over'. When you trade off a HTF extreme, that extreme is 'right' until price tells you it's wrong.
I know many of you are thinking 'No s**t!' but if you are, perhaps you don't fully understand, what that means. And I don't, in any way, mean this in a condescending way, I am simply stating this from my own experience. No matter how many times it has been said here, I didn't really understand it until now.
Trust that HTF extreme as if it's THE TRUTH, and trade off that HTF extreme as if it's THE TRUTH until you are told by price it isn't. But by then, you should have already made decent pips in both directions. HTH

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Postby forexjpn » Wed Mar 19, 2014 3:27 am

The other thing which bothered me my whole learning curve was, 'your exit is more important than your entry'...... Although I understood the concept of ZL's I mostly traded for only a few bars so, the ZL was usually some distant line of legends until now...... If that makes any sense.
Anyway, my point being in addition to the above post, it would help significantly to 'know' where the ZL is and to know where the other potential reversal levels are. Very likely ones, in my opinion, would be the 0,50,100% lines on a MOMO and/or S/D zones. HTH

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Postby Dan » Wed Mar 26, 2014 11:25 am

"Trust that HTF extreme as if it's THE TRUTH". Once I figured this out I started trading well, sometimes it disappears from my mind and I start losing again. Thanks for reminding me in simplest words.

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Postby forexjpn » Thu Mar 27, 2014 9:41 am

Thanks for the post Dan.... Yeah, I need to remind myself sometimes.....
I think what happens is there are periods of time when the market moves very 'logically' and a lot of simple entries work very well and I think, wait a minute, I found an easier way to trade, but once the market changes, those simple entries don't work as well..... But trading the extreme is something that will always work no matter what......

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Re: forexjpn's trade journal

Postby forexjpn » Wed Jul 08, 2015 4:40 am

Every trade I make is some form of ABC.
The trick is the form in which B comes.
I'd say 80% of the time B < A and leads to a picture perfect ABC trade. 15% of the time B > A and if that is where your stop is, it will of course take you out. 5% of the time, price will extend so far beyond A that, you will think that you were an idiot for thinking price would reverse there, but in fact your call often ends up 'right' (after price makes you look like an ass). Looking at MO's cones, which he says are defined by the BO's of the cones, in my observations these BO's often correspond to the far reaching B's that extend way past A. I don't fully understand cones, so I usually get stopped out at A and work with the odds that are strongly in my favor. The key is to use space and to make sure the far reaching B's don't prevent me (psychologically) from taking the next entry which in most cases will be a large move.

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