HannesJoubert » Mon Feb 03, 2014 11:41 am wrote:Hi there guys...trust everyone is well?
I tried to experiment today with the pin bars etc I say "etc" because I was originally looking for the M & W on 15mins (again, experimenting here to get a feel for how it is done) and before I knew it I was trading solely on pins.
Ai Ai, haste makes waste...
Today I was lucky in that I managed to close out all trades in aggregate profit (i.e. entered to early and had to re-enter to get a better average price and to allow me to get out earlier)
My haste to trade also meant that whilst I was correct to trade the pins, I completely missed the M formation on EU (only traded one instrument so that I could focus) by entering far to early (i.e. not waiting for the second leg) which meant that my trades ended up being scalps rather than riding for 25 - 50 pips. Also in my favour, I was in the direction of the news spike when it happened and then also caught a portion of the move back down. What I did notice is that my confidence is so shattered that when I get a move in my favour, I am so afraid of losing the green that I close the position far to early. I left a lot of pips on the table, but I am not disappointed with this, I am just happy to have made some profit
So, I made 9 deals for a total of 57 pipsbut I used CJ's recommendation of trading larger lots with tighter SL (mental).
Attached is the history for today, a total of 25% return for the dayStarting equity was only US$ 80
Tomorrow is another day...
One more question though. I have been taught (not on this forum, do not worry) to not trade on Mondays and Fridays, to avoid trading around news times, or better, avoid trading the day before and after a major news announcement, to not trade on the last day of the month ad nauseum, which meant that I could only trade at 2am on the 3rd Thursday morning of the month(not that bad, but I am sure that you get the point.) The question that I am working towards, with this form of naked trading, because we are looking at the tracks of and trying to pin our trades to the Fox, we should not be afraid of trading at any specific time or date, but that we should rather welcome it?
Cheers
H
PS, answers and comments are welcome, that is why I'm posting, I am looking for constructive criticism please.
Nice trading, but the idea is to combine the "M" and "W"'s with all of the other stuff...You want the M or W at the Peak top or the Peak bottom....Not saying you can't just trade railroad tracks and M and W's but it needs to be done of a H4, D1 or W time frame as there is too much noise in the lower time frames. Know that an M or W on the lower time frame combines to form a railroad track on the higher time frame.
As for not trading a day....all the pairs trade on different paths. If they all followed the same path on the same days, it would be too easy. Some take Monday off while others begin to move. It's up to you to scan the charts everyday and look for the trade setups. You will find them every day of the week.
As for news events....they are changing up the pattern for these events. They used to have a well known and followed "stop hunt pattern". They seem to have changed from this pattern to one that last one or 2 candles now...either a head fake to start and then a run, or a straight run...you must adapt to the changes.
These changes are why the mechanical systems always fail. They are all programed for a set of conditions and when those conditions are met, they produce. When patterns change, the conditions for success are no longer there and the mechanical system always fails.
Each and everyone one of us has the most powerful neural net computer ever assembled. It sits on our shoulders and it's up to us to train it.
CJ
