120.203 buy EJ
Yeah, many including myself tend to blame the market, the system, an indicator, the news or anything other for a loss. But the reason and the answer is found within one self in the behaviour since no one forces us to press the buy/sell button.
Even though i know that itās still challenging to face the emotions that bubble up inside and make you want to move stops or take early profit.
But the first step is to realize it. When youāve come that far you can start working with it.
But i think everyone has to learn that the hard way. 2 weeks ago i devastated my account so my total drawdown now is at -85% which made me think and i found all the errors within myself. The system itself is profitable and the market behaves like it always has, it wants to take your money one way or the other.
āWe cannot change the market, only participate.ā
A great phrase from the course i am attending right now.
So i still have a long way to go. But over the last two weeks i have made nearly +400 pips in a controled way following my rules so i am on the right track now it seems. At least i know now what i have to work with the most: Myself and getting my inner game togheter.
Thanks for encouraging me guys! I appreciate it a lot!
Trade is adding lots to an existing bullish EJ position starting at 119.871. Where Iām seeing 20+ pips towards target 1 at previous high. Where we will take 70% profit, place s/l at +1-5 pips and trade towards target 2 at 120.765. We will consider a reversal of the EJ towards the bearish side when the UJ reaches 92.641. If the UJ break 91.079 with a good bearish candle, expect the Yen pairs to push for 100-120 pip towards yen strength.
Entered final positions in 120.068
Waiting for 8 hour close and added positions for the NZD/JPY @ 75.348 and AUD/JPY @ 93.244.
Buying Euro/GBP break above 0.8631 12 pip stop
Sorry, those MSRTs and S/R levels drawn on the 8H and 1H and then used as tools in the 5M and 1M, not drawn on the low time frames right? As you say, it is a matter of experience and understanding of price action and I certainly donāt have the mental strength or confidence in predictions yet to perform a hydra and keep buying in while a trade is moving against my prediction. Would you say there is any particular price action you look for other than long wick indecision candles at a resistance zone - hammers and shooting stars etc?
I appreciate the further explanation even while Iām being negative. The past couple days were just very frustrating. I picked 5 distinct Gartleys completely incorrectly and then picked one correctly but panicked when it started moving toward my stop a 2nd time and got out with just a few pip loss before price shot up 50 pips. The last one I at least have the excuse of having to go to bed, but still altogether frustrating.
I checked again this morning, but didnāt see any convergence. Would you be able to draw what you see?
Thanks for posting that link to the seminar recordings Diablo, and the words of advice. I canāt watch them in real time, but Iāve got the recordings queued on my phone for whenever I have a chance, already started watching. So far so good.
Took profit on all positions, waiting for pull back or for a pattern to form before entry (News coming soon)
Shorting EJ for 30-60 pips from 120.311. Will reverse positions if the UJ Breaks the 200 MVA on the 5 min where multiple MSRT zones are pushing price down.
Scalped 19 pips, waiting for the UJ to break the 200 MVA on the 5 min to enter for the EJ Long.
Thereās so many pairs that you trade @_@. Do you do detailed MSRT and multi-timeframe analysis for each of them?
Now that I see patterns everywhere I go, Iām noticing one. Every day when I get to my office I read the trading rules, get my head right, draw my MSRT lines, spot some patterns, and start waiting for them.
Then I proceed to jump into the market a bunch of times (which I justify to myself, but in retrospect are seemingly random entries) and lose pips. Eventually, I catch myself; start trading correctly and make up the losses, just in time to be finished trading for the day.
So Iām break even. I guess only experience can help me stop from doing this, Iām slowly learning I think. I am my own worst enemy.
Shorting EJ @ 120.260 and shorting AJ @ 93.620 - Good for 30-60 pip scalps.
Teach a man how to fish and he will never go hungry. But one can not fish without discipline and patience
93.763 short AJ Target 93.25
I havent posted in a while on here but I really want to thank you TMoneyBags because I have now painstakingly recovered my account thanks to you. On another subject there is nothing more frustrating then waking up to one of your orders being missed by 3-4 pips.
Also i found a pattern on the euro/usd with almost perfect convergence but what I donāt like is that there is nothing telling me that its the true D except the supply and demand zone.I would like to here your guys thoughts on this.
Final positions placed at 120.422 for EJ short, break of 120.519 = Exit and reverse positions for 50+ pips.
wmona, could you post a sample MSRT you drew? Iām trying a few today and Iām not getting much use out of them.
Iām still striving for simplicity whenever possible. When I first started out, I was drawing fibs from pretty much everywhere and seeing half a dozen points of convergence and picking which one to enter essentially on a whim. Now Iām trying to get enough data points from wick to wick to see how effective I can use it, before modifying the technique. TMB is teaching us how to drive a Ferrari when we still have a learnerās permit. The power is there, but we should be careful in trying to wield it too fast.