I posted my charts in the previous messages to show my points.
Cheers,
I exited the trade @0.9066 because it looked like it wouldn’t pass that resistance. Given the Counter Trade situation, made me feel even more cautious. I think I am not yet ready for CT. Also there is a lot of talking around trading higher TF’s and I am going to join the club and stick to D1 for now. I don’t like my feeling while in a trade, I need to grow confidence to make it a more enjoyable experience.
Thanks again, I can feel I’m getting better and better everyday thanks to all you guys.
Yves
The worst thing you can do is get into the habit of NOT sticking to your plan. Your plan would of got you into the trade, and your plan would get you out. Sounds like you dont have a solid plan if you changing your mind, might not seem so important now but it could become a habit you dont want in forex.
My little 2 cents.
Yves,
that’s a wise decision to stick to D1 chart at this point. If you feel anxious with your trade, then you really are not ready to do it on the first hand.
However, I don’t want to sugarcoat this at all. What you did to get out prematurely today may have saved your ass for now, but it’s not something that you should groom as a trade habit in the future.
My suggestion here is to start writing down your trade plan in a clear manner. Write your trade Entry and Exit signal, and all the bar signal that you will follow on your trade plan. Reading another member’s plan or even Johnathon’s post doesn’t count, you should have one that you write it yourself so that you really know why you write that plan on the first hand. Whether it’s on Word, Excel, PPT, it’s up to you as long as you’re comfortable with it.
Besides the trade plan, you also need to write a trade journal. Your trade today that you got out prematurely? Yeah, write it down in your trade journal. Your entry reason, your exit reason, your chart screenshot, and even your personal feeling about that trade. Everything, and I mean everything should be there. Only then you will start learning from mistakes, and hopefully you’ll do better the next time.
I notice that before this you’re somewhat angry that nobody here jumped at once to give comment on your trade. You should write it down also and maybe that also becomes one factor why you feel uncomfortable about the trade once you’re in. If you feel so rushed that you demand everyone’s else confirmation to take the trade, don’t you think that should give you enough hint that you do not want to take it at all? You feel impatient to get in, and later you also feel impatient to get out. That’s what I see what’s going on with your trade.
Just my two pipettes.
Waow ! That went straight to my heart. You did sum it up.
I am keeping a journal and I wrote in there my reason for early exit but it took me nearly 3 years to convince myself that a journal was a must have in trading. Now I have to convince myself that I need a written plan and you have moved me a step closer to doing so.
Cheers,
Yves
Great post wm. It’s important to get so confident with your trading method that not only do you not need confirmation from others to take the trade, but if other traders take a position opposite yours, it doesn’t move you because you have done your homework and have a rock solid trading plan.
I use to follow a couple PA teachers quite avidly(not Johnathon at the time), and quite a few times I took positions opposite of what they were suggesting in their commentaries. Many of these times I had already opened my position, and after reading their commentary that was opposite of the position I took, I would get discouraged and close the trade. Only to watch it continue on in the direction I had originally thought. After a while I decided to just take my trades and have confidence in it. I realized I was using the commentaries as a signal service, and not as a supplement to my own study. I finally decided to not close my trades even if I found commentaries opposite of it. I left these trades open and they often made quite a killing in profit. My point is the same as wm, if you have to have others confirm the trade you would like to take then don’t take it at all, which makes it obvious you don’t have to confidence in it’s quality and chance of success.
It is good to analyze charts together and come to conclusions, that’s how we all grow together in trading, but if you are going to take a trade don’t wait for others to agree with you about it.
Once your in a trade and ask for advice , is very little advice anyone can give, your already in. The only thing anyone can mention is some of the ways to manage that trade.
Guys,
Again, I can’t thank you enough as you are all taking me closer to my dream day after day.
I want to give some back and therefore I want to explain my whole process as well as all the analyses I am doing. It could be good ideas for anyone and in the meantime, as always, I welcome all suggestions.
I created a tool in excel with all the below features:
First page, called Opportunities Table :
That is where I chase for opportunities for each pair, each timeframe and also I put a note if pair is in a relevant zone. (may not be up to date, haven’t gone through since this morning GMT time)
Second sheet is the actual journal: I reckon it lacks a bit of information but it is better than nothing so far.
Now, the next sheets are pivot tables from the journal sheet.
One is purely P&L by week:
Next two are quite interesting because they inform me on my performance based on Time frame :
and my performance based on pattern:
I can therefore easily spot any weaknesses on any TF or pattern.
If anyone is interested in the file. Give me your email and I will send it to you.
Hope this can be of help for anyone !
Yves
PS: forgive my english, I wrote very quickly without rereading while talking to my wife and scolding my daughter !
1 Like
Well, as long as you’re comfortable with it, Yves. Looks great to me, just need to add the chart screenshot and you should be just fine. 
I always add the Pre-Trade chart & Post-Trade chart screenshots to make it easier to track my trade. I found out that reviewing your own trade journal can be very dry and boring, but you can make your life much easier when you have the screenshots for quick review. Think of them like Before & After comparison. 
Yeh, used to do so but stopped for some reason. Should definitely do it now, no excuse with MT4, so easy.
Hi, I sent you an email. Im interested in your Excel sheet. Altough mine is very similar to yours, I like the part that shows the separated performance based on timeaframe or the PA types.
As a complement to the sheet , I also capture screenshots of all my trades, and name them by pair and date.
hi im new to price action. after trying various 5 min scalping method and luckily breaking even, i decided to try price action. a question to current pa traders: how many a+ setups can u spot on average per month? i read alot of recent posts from this thread which mostly r well wishes n encouragements and set ups correction. i guess i cant expect too much a+ setups a month?
Hello and welcome
Depending on how strict you are and what the market gives you but I’d say 3 to 4 trades a month or something around that figure
…if it is on the grounds of a Rugby match, then it is absolutely credited.
Cheers.
hi perhaps forex will teach me how to be patient. are the a+ setups posted here? or is it in forexschoolonline private forum? i saw that there is a fee to join? may i ask the members of forexsch whats the difference between the forum over there and here?
Hey man, you turned Master Contributor ! Congrats ! Do you go long AUD/NZD if Aussies win or short if kiwis win or what ? 
Hi Yves,
That’s pretty nifty what you have done there.
Two things;
1- you are over trading,believe it or not but there couldn’t be possibly so many A+ setups.
2- looks like your daily trades made you worse off. You might run through the setups again and spot the flaw. By all means daily chart setups are supposed to give you a better chance of coming out profitable not barely break even or worse.
I understand last month was a killer for some,anyway thanks for sharing.
Cheers
Danke!
…throw me a party.
well in that case I would do neither, I would go long on GOLD! lol.
Cheers
I agree, but I have been improving since August, I am definitely working on it better less but reaching TP. Actually, I didn’t send this to show off because if you check carefully, nearly none of my trades went the distance, I closed most of them early because I didn’t feel comfortable with them that is why profit is mostly smaller on average than loss and I know this is poor money management in the long term…
Hi bizzaro,
Welcome to “THE” Price Action thread!
Unlike scalpers we take it slow here, real slow. But very accurate, I assure you that.
I recommend that you read the free price action course on forexschool dot com. And direct all your questions regarding what’s it worth getting a life time membership to Johnathon himself. He’ll let you know what’s in it.
Hope that helps.
Cheers