Went Live And Broke Every Rule In The Book!

[mytwopips]

daedalus,
Did you have a better day?

I followed the rules today.
4 winners, 1 loser

No sweaty palms, panic, greed, or revenge.

I like that style of trading much better.

[daedalus]

Yup. Followed them to a T and ended up +287/contract. Not quite all I lost yesterday, but today was a loaded, hard day to trade in the indicies.

I agree - this style of trading is MUCH better!

Glad to hear you did well too!

[mytwopips]

I didn't recover my losses either. The only way I could recover them in one day is to trade stupid again like I did yesterday. So I will be happy to be in the red for now.

[JazzPip'in]

Mytwopips

Great Rules ... I added a couple to my plan. I really 'screwed the pooch' yesterday; I seem to be struggling with Rules #2 & #3; I seem to want to trade the (MA5/MA10) crossover candle, but I seem to be getting faked out. so I been trying to definitely WAIT for the next candle to valid -- does this sound right?? Additionally, RSI & MacD change (somewhat) on the next candle ... and it all went the ****?? I guess I soulb be glad I'm demo'ing only right now

[mytwopips]

Hi Jazz,
One thing I didn't add to my rules posted here was the price action on the charts and candles. That is something that is hard to put in black and white because it is used for a case by case bases. If the price range is to tight, I won't trade it. If I see the upside on a trade is only 10 - 15 pips by price range, why risk it. Also I use the price actions of candles. I don't look for classic bullish, bearish, continue patterns. I just read the body's and shadows to see the selling or buying pressure. If you use anything that I post, please demo it yourself and tweak it to your liking. What works for me may not work for someone else. Or it just might be what you are looking for.

I am far, far away from being a pro.

[JazzPip'in]

MyTwo

So are you saying 10-15 pips from a Time range - say from one MA crossover to the the next MA crossover? or just 'each' candle trading a Hi-Lo range of 10 pips? I have been trying to read candles i.e. Hammer, Star, Hanging man to ID tops, bottoms, reversals. Yeah, I liked your rule of, "3-consecutive bad trades ...." and MM rule of "...1% can't exceed 20pips....." Also, when do you trade the Yen and Euro? I know you have a rule for not trading during asia time frame.

[JazzPip'in]

Hey mytwo,

I just noticed GBP/USD trading in a tight price range and also now shows MA5 crossing above MA10 (see attached) I think this must be what you were telling me ... I have 'bite' on this set up ...and LOST ... but it seems so tempting that a 'breakout must be comong'... I'l use this rule too!

[mytwopips]

Hi Jazz,
I trade the yen and euro early and try to dodge news. If a trend will start early and hold, it will normally last until around 12 eastern. After 12 I look for a ranging market. In a ranging market I won't use the system if I only see an upside before a reversal at only 15 pips or so. Why risk 20 pips if you think price might only move 15 your direction. So if the market will range I will trade using a ranging method not the trending one posted. Often what looks like a range will be a snake in the grass choppy market. That will eat your lunch. The dollar keeps trying to do a short term correction even though the fundamentals are still bad. The smart money is on the sidelines right now. That is causing low volume and choppy markets. I used the euro and yen in the example because for two months they only seemed to do one thing ( hate on the dollar ). That seems to be temporarily over for right now. Will it come back or is this a long term reversal? If I could only predict the future, I would be the forex king. Over confident but mostly wrong predictions are only for the talking heads on tv.

[JazzPip'in]

Hey mytwo,

You stated, "...if I only see an upside before a reversal at only 15 pips or so..." This setup seems to be part of my issues I need to learn to recognize and overcome, because I'll set TP at 20-pip and the a reversal happens before my TP...Being a pip-NUB (New Untrained Body) myself, these are the lessons I still need to learn... I've been demo'ing with the GBP/USD only, after London Opens. So do you think 8am-noon is better time to trade? Hey have a good holiday wkend...

[mytwopips]

Hi Jazz,
Around 8 - 9 watching out for news. I will normally spend about 30 mins to an hour before reviewing all fundamentals for the day.

Careful that most news is released around 8 - 8:30.
Some at 10 and when the Fed or the EU speak they can
mess up a perfectly good trading day.

After 12 I look for more ranges and not trends.

Today was boring but I am up. Better than down!

You get to trade the opening of the London session?
If so, have you tried trading the direction of the London breakouts for GPB/USD. I would like to try that but I have to sleep sometime.