A fresh start! Doji's Trading Journal

[westcountry]

Hi Phil,
Thanks for the recent charts, really good stuff and helpful to me. Was researching and absorbing how you approach this above, so took a shot here on my own with this to see if I could make some sense of it.

+ For the below chart on the 15 minute, I could not see any bullish Momentum (it was getting kinda close, but still none).
+ I looked at the 5 minute chart, and drew two Momentum zones in blue. I sold short at the second red arrow near the second blue box as price slid down, as I could not see it making any new Bullish momentum on the 15 minute. It worked out for easy 6+ pip scalp.

Thanks to Doji and All posting on this topic,
-West

[dojirock]

Here is a chart in reference of what I spoke of a few post back to Phil.
I have forgotten how rare these are...

doji

2017-05-23_2351.png (74.99 KiB) Viewed 3669 times

[Phil]

Here is a chart in reference of what I spoke of a few post back to Phil.
I have forgotten how rare these are...

doji2017-05-23_2351.png

Thanks Doji, going to print it and study it.
I will get back to you when anything is ear if thats ok.

Another thing, i remembered yesterday i created a small EA some while ago which allows you to 'trade' on the history by using
this EA in the strategy tester environment.
Its a real simple EA, im sure there are more and better ones, but it only contains a sell/buy and close all button.
I think its really powerful to use this EA on the charts to sharpen the pattern and practice.

Started yesterday using it, works nice.

Later i can add functions like BE/trail if wanted. I hope you all can use it to sharpen this pattern in your mind and become better, same for me

Thanks again Doji, going over your chart.

Phil

GBPJPYM5 - training.png (35.94 KiB) Viewed 3659 times

[Mira]

Here is a chart in reference of what I spoke of a few post back to Phil.
I have forgotten how rare these are...

doji2017-05-23_2351.png

Thank you Doji!
Very clear!

[Phil]

Here is a chart in reference of what I spoke of a few post back to Phil.
I have forgotten how rare these are...

doji2017-05-23_2351.png

I understand it Doji, thank you, but have some additional questions>
You are starting to monitor when a sema occurs right? That is, around a sema when you have a momo setup you go for it.
Say this is one of the 10 percent trades and the first up doesnt work out, you double up on the sell when it breaks the low of the up zone
with momentum. Ok, get that. But now the stoploss for the 2nd round of the cycle (1st long didnt work out) becomes the sema high.
When this stoploss would have been hit, suppose it did, do you abort the trading cycle and wait for the next setup to form?
If this short had gone against you, the sl was hit at the sema high, we stop this cycle? I thought we we're supposed to sit and end the cycle in profit
no matter what... thats where my confusion about reversing comes from...

I assume when you end a cycle in loss, you enter the next setup with 2 times doubled up lotsize to make the others up?

Im sorry if i dont get this completely yet, feels like the last hurdle the reversing...

[Phil]

Here is a chart in reference of what I spoke of a few post back to Phil.
I have forgotten how rare these are...

doji2017-05-23_2351.png

This is a chart to make sure i understand what your pointing at.
It shows an momentum zone and the numbers mark where i would have gotten in the trade if im correct.
#1 - initial entry short since price closed with momo below the zone.
#2 - price came back up and closed above, exit short and open new long
#3 - now price goes down again, closes below the box. exit long and open new short

i've placed the price arrows to show what the pl was. As you can see, had we doubled up on each reverse, we only needed to make
like 6.5 pips on the #3 short...

However, since you said that once you reverse you place the stoploss at the sema high/low (yellow lines) wouldnt you have taken the 2nd reverse (#3)?

Thanks

GBPJPYM5 reversal.png (32.26 KiB) Viewed 3568 times

[dojirock]

Here is a chart in reference of what I spoke of a few post back to Phil.
I have forgotten how rare these are...

doji2017-05-23_2351.png

I understand it Doji, thank you, but have some additional questions>
You are starting to monitor when a sema occurs right? That is, around a sema when you have a momo setup you go for it.
Say this is one of the 10 percent trades and the first up doesnt work out, you double up on the sell when it breaks the low of the up zone
with momentum. Ok, get that. But now the stoploss for the 2nd round of the cycle (1st long didnt work out) becomes the sema high.
When this stoploss would have been hit, suppose it did, do you abort the trading cycle and wait for the next setup to form?
If this short had gone against you, the sl was hit at the sema high, we stop this cycle? I thought we we're supposed to sit and end the cycle in profit
no matter what... thats where my confusion about reversing comes from...

I assume when you end a cycle in loss, you enter the next setup with 2 times doubled up lotsize to make the others up?

Im sorry if i dont get this completely yet, feels like the last hurdle the reversing...

Great questions Phil,

I do trade from 2 and 3 sema's for 2 reasons, 1 keeps me from overtrading and 2, it gives me the range I need to make my goal of 20 pips per session.

Yes I do double up and take the reversal which gives me my high success rate. I only look to cover the loss with the reversal then I protect it very closely.
I treat it like a 2 trade cycle. IF it does go to the stop loss, remember it has to close beyond the stoploss level...not just wick it. Thats why I use that script you wrote to close the trade if price closes above or below a certain price...then there is no reason for me to watch it. I also get some big runs that way due to im not interferring with the trade.

just to be clear, I take a trade and win or I follow it with a reversal and B/E, win or lose...thats the end of the cycle.
Rinse and repeat.

Also im going to post the Momentum indi that you wrote originally for me of the 2x body size, that I modified to my new findings for others to use.

great questions Phil, keep pippin....

doji

[dojirock]

PM_Momo_Bars.ex4

(14.64 KiB) Downloaded 261 times

Momentum Indi attached.

doji

[dojirock]

Here is a chart in reference of what I spoke of a few post back to Phil.
I have forgotten how rare these are...

doji2017-05-23_2351.png

This is a chart to make sure i understand what your pointing at.
It shows an momentum zone and the numbers mark where i would have gotten in the trade if im correct.
#1 - initial entry short since price closed with momo below the zone.
#2 - price came back up and closed above, exit short and open new long
#3 - now price goes down again, closes below the box. exit long and open new short

i've placed the price arrows to show what the pl was. As you can see, had we doubled up on each reverse, we only needed to make
like 6.5 pips on the #3 short...

However, since you said that once you reverse you place the stoploss at the sema high/low (yellow lines) wouldnt you have taken the 2nd reverse (#3)?

ThanksGBPJPYM5 reversal.png

2 points here on this chart.... Up mo, down mo (#1) form the setup, not the trigger. Dont be in a hurry, once you have the zone, price can only break away one way or the other. So in this case, waiting just a bit, will show you up mo for the long as the 1st trade, then the reversal would be the short.

Im not saying i have not jumped in like this..but there is more risk for the 3rd trade as you have drawn.

Also, I forgot to answer the previous question. When I say i dont stop till im positive or hit my goal means for the session, not to keep reversing a 3rd, 4th and or 5th time. One trade, one reversal then i move on till i get my 20 pips.

doji

[dojirock]

Last thought, thats a M5 chart above.... you have time.... I take 15 min setups.....so a 5 min chart will give you more time to see the pullback into or try to get into the 15 min d zone that has formed. 5 min charts will give 5-10 pips.... 15 min give 10-40, which makes it easy to hit my session goal.

doji