Should of took the +$100 area, which was on offer, SL just hit -$61. -$121 on the day, = Nothing really. I think I should STOP here, there has been some good trades, some aweful trades and some just plain bad random chance trades. I've got some more learning to do, Which is fine and expected I have discovered, my 6sma 0.03% range, is a tad to big, 0.025% I'm removing the 24sma based range, don't need the complexity ( not that it's very complex ) What am I doing wrong........................ 1. obviously moving SL earlier on EJ long was stupid
I said I wouldn't change it, but I am........................ ofcourse. Envelope 6sma 0.025% is looking better, I've been NOT quite getting entries all day with limits, atleast 6 trades which all went 10pips area, been 1 of those days. Deleting the 24 based Envelope. Slowing the 12 based to a 16 bases, still 0.05%. Keeping it simpler. If direction of 16 is down, look to short near high of 6. If flat, look to play the range, but you want to wait till the 6 is pretty flat then get in towards the low, which isn't as low. New plan, needed minor tweaks, expected. Example, GU at the low of the 16 but 6 is DOWN hard, until 6 slows you don't trade a long, you can trade a short near the 6 highs though,. Arseee GA, 16 and 6 Downtrend doh! My SL was taken out yet again with surgical precision. Back on it tomorrow, screw it today, can't risk more screw ups, back to watching and working
Doesn't matter what value I use for the 16 the outter range, there is no way to know if the range will hold and reverse or creep against me. It's quite a strong range, odds are in favour of holding if it's flat. GA would be +20 here, damn tight SL, bugger!!
BAD DAY, GA's moved 30pips, be nicely in profit here, tidy move down though, 0.025% calls the tops much nicely, 1.9770 area, which I was still trading No real worries, bad run!!
Looking cleaner!! Putting the old Fav 120ema back in. Main issue still haven't fully solved is getting spikes. Market moves slowly, it'll keep moving, it's got volume, Spikes are cause by a quick lack of volume, spikes are what I need to be entering on, got to get my head around this live and set my limits, no point after the fact. It's getting better, I think, which is what counts! -$120 is nothing, still +$150 area on the week ( Nothing arrgghhh )
LOGIC, lets get these entries locked down. 16 Sideways, take trades top and bottom, avoid slow price as it'll keep going, so spikes which reverse, SL 7 - 8 then under Prev Low asap. Lets focus on the 6, this is to tricky, to many damn variables as always. GA currently, is trending down on the 6, when is the trend likely over, better to be a tad late than early here ofocurse. The 6 started to go flat and price found support at the 6's low, seen this 1000's of times. It will chop around withing the range fora while, then break out likely up. 6 was slowing down, not pausing, the high 6's it hit, where sold, direction is still down. 4 pips lower, ( annoying ) then back in range, too soon on the first call. EJ actually turned perfectly, but after the event, hard to see live. GA going lower still, just dropped 40pips in 5 seconds LOL So upward track or flat for a while, before I play a reversal, near the low's for tight SL. EJ should be a short here, 134.77, could of made a few pips, not great though.
Been running the numbers on the 16 setup, it's too slow and too wide. Back to 12 based, reducing the range to 0.04%, more entries near and tighter SL's, look to be key. The 12 is a backup for the 6, to give the 6 some wiggle room on the direction. Aim of this is to get to a market is going down, on the 6 and 12, join it, near the high of the 6 if possible, SL trailng above the high of the 12. 120ema is there to keep me on the right side of the over all momentum, basically a booster, if the 12's/6 is just starting to turn down, market at the lows of both, but over 120ema then good odds it'll continue higher. My main issue is................. I get in too early, although setup was right at the time, market drifts against me, got to loosen the SL, or SL'd for likely no reason, just bad timing before it goes 20pips my way. Ofcourse these losses are less of an issue, IF I can improve my entries to start getting 15-20pip moves, then don't mind being 15 in the red, especially if I can get some of the 30 - 40pip moves which are going.
Impressive, how I watch 15-20pip moves happen in no time all day long, but the trades I take, stall and barely move pretty much always. despite my method is calling the entries just the same. Another decision, not going to trade EU and GU, there too slow, not actively anyway, charts are there small, maybe if there trending well I'll open them up and jump in, but not the plan. EJ and GA work best Momo wise and DAX. Last 2 days, DAX +9, GA+8.8, EU 7.3 ( 1 trade ), GU 7.1 (1), EJ -6 Interesting!
It seems like u keep tweaking your MA and band settings looking for the "perfect" chart setup for all markets but as soon as you tweak for today's market condition, tomorrow's different trading action calls for a new tweak. It feels like your chasing a carrot on a stick your never gonna find. Not meant to offend just an observation.
Pretty much, no offence taken, but there is method to my madness believe it or not, the end is near of the method or before my padded cell, we shall see. Its more about reprogramming myself, which is coming along nicely, functioning much better as a trader, i can and am taking trades that I had weird mental blocks on finally. I need a complicated method to trust and trade live, but they don't work long term, so I'm pushing myself to trade live with ever simpler setups, sometimes I can't place the trade and need to go back a step, hence the tweaks back and forth. I think the current setup, is very very close to my goal, the setups look so damn flimsy, its really hard to put real money at risk, in my watching phase wussed all entries so far, force myself later, hopefully get profits early on boost confidence ( not 1st trade thats always stupid trade, working on that to, trying to keep is smaller, then i kick my own ass and trade right). Too many years, trading like a twat as a hobby, to erase. Hope this makes more sense, I'm not actually mad yet, just, kinda, maybe lol Uncertainty principal is a bitch!