PipJoker's way to trader's life

Trading Systems
1

Reasons why i started this blog:

  • To back up my trading ideas with logic not intuition.
  • Fully transparent. Show my mistakes in order to avoid them later.
  • Track my wins/losses more closely.

    Trading plan will be based on ICT tools:
  • Trading pairs: GBP/USD, EUR/USD, AUD/USD, NZD/USD;
  • Use only higher time frame levels - key S&R, Fib levels - to look for entries;
  • Daily, 4Hr, 1Hr bias. Fractals;
  • Look for confluence in noted higher time frame levels between pivots, institutional levels (50,80,20), big figures, SMT divergence, divergence between oscillator and price;
  • Use Fib to enter when price retraces to 62-78 (Optimal trade entries);
  • Trade London open, New York open and London close kill zones.
  • Risking 1.5% of account per trade idea (25-30pips Stop Loss). Balance in green -> risk 2%.

Rules for trading:

  1. Never predict tomorrow. Trade what you see.
  2. Preserve your capital! If you have a risky position which just turned against you, tighten your SL. Move SL at BE as soon as +10/15 pips.
  3. Aiming for 25pips on a trade (1.5%). 50pips weekly. Lock profit as soon as possible.
  4. Control emotions. No revenge or any other trades. When feel like it, take a deep breath, turn off charts, GTF

Fxbook account - PipJoker System | Myfxbook


Edit: All information about ICT tools is posted in his threads. I am not here to teach you how to use them, i’m here to log my learning process and results.



2

Ok. What has happened today? I’ve took 3 trades. And for the last one i’m not too proud. I’ve traded LO, NYO and somewhere at LC.

LO trade looked like this. I’ve shorted cable at 15864. Yes, its far from a great entry, but when i saw fiber tanking i knew i had to react fast. Which wasn’t necessary.

2012.02.27. Cable Short.jpg700×301 16.9 KB

I’ve noted the figure of 159 level. Which is 15898, because its the recent high. The 15876 is previous highs (02.19-02.20). It sit beautifully in confluence with asian high. But it was out of killzone, so i took that trade. Whats more, that after i took the trade, a beautiful SMT divergence have shaped.

2012.02.27 SMT divergence between Cable and Euro.png540×597 8.51 KB

I’ve wished i would have taken that trade, but like i said before. I try to look trades in Killzones. Going into a trade i was looking for it to go under the Centra Pivot, which only happened at the end of the day, and i didn’t hold it that long :confused:

Second trade i took, was Fiber during NYO. Usually NYO gives you an opposite move, or at least a retracement. The 80 lvl was institutional, as well as Fridays asian high. It diped just under S1 without a slight back up. And it didn’t move that fast down to not expect some kind of correction. And at that time Cable just resisted to go lower, which i thought will definitely make sense to take a long position. The worst thing that it did move, but i didn’t hold onto it, because cable started moving down and i thought it will definitely go lower to 50lvl, or even for a bounce off the figure. Well, my bias was right, but didn’t hold onto the trade. And still i think i made a good move exiting, because i wasn’t comfortable with my trade…

And last trade i took Cable long on Central Pivot. It did go higher before it went under it, so once again i took out super small profit, and called it a day.


Know i understood how happy i am for starting this blog. All of my trades were super bad. It wasn’t enough confluence to take those trades but at that time i thought it made sense. Happy i ended somehow in profit. Small one, but still in profit. To sum up:

Started today with 2145.57. Ended with 2172.45. So i’ve made today 26.88 euros or 18pips :slight_smile:

3

Looking to go short today. I was looking at 13440-13445 because it has a lot of confluence:

  • Trinity extension;
  • Previous day’s CPP;
  • KEY S&R level;
  • Asian high just happen to sit right on that line;
  • Judas up;
  • Fractal on daily formed;
    But today i thought i will try new thing. I will wait for an actual today’s OTE to form on that purple Key S&R and then short it. Just an experiment how much will power do i have:)
    2012.02.28 Euro trade idea.jpg700×654 46.2 KB

4

Fiber shorted. Now cable doesnt seem so go… Dunno if i will be right :slight_smile:

EDIT. Still at the trade but its not really going that well… Wonder what was wrong with it :33:

Edit2. Well ICT Tweeted that he shorted aswell, so thats another indicator which i like :cool: Even if it fails, i have comfort that i was looking with ICT killing goggles.

Edit3. GG to fiber.

End of traiding today. Took two trades, both taken out. One was cable short at mega support level - 15850. Which was spiken out by news “CBI Realized Sales” -2(actual) -17(forecast) -22(previous). After it went to 70 level it back under after 50 lvl.
And fiber which was explained before.
To sum up i ended today with -74.33 Loss. So total now is 2098.12

Edit4. Todays lesson, that i was eyeing the 40-45 level, but waited for actuall mini OTE to form in LO. Should have taken the entry right there.

5

All the best with this bro, I’ll definitely be following :slight_smile:

6

Thank you very much :slight_smile:

9

Trade idea: LONG FIBER
One more thing now. We have 4 overlaping fibs at 50lvl :slight_smile: so i’m long from there. Here some pics:

Weekly

Tradeidea2012.03.13 FiberWeeklyfib.jpg700×562 35.9 KB

DAILY


Trinity extension.

Tradeidea2012.03.13 FiberTrinityfib.jpg700×613 37.8 KB

This week low to high

Tradeidea2012.03.13 FiberHourfib.png662×522 6.73 KB

10

Hello there Mister Laurynas im from Lithuania too :stuck_out_tongue_winking_eye: just finished reading babypips and going to start ICT videos. Anyway i live in London, when ill learn more ill keep in touch with you my fellow countryman!
Good Luck.

11

:slight_smile: This is cool PJ… I’m watching as well…

12

Heh, i feel encourage by you ICT! Now that you will drop by makes me feel even more responsible for the trades i take :)) Anyway, as i wasn’t posting in my our journal a lot, i will force myself to do that everyday from now on. Or at least days when i trade. Thank you Kuzia as well :slight_smile: hope we can both start as really successful Lithuania traders :slight_smile:

Some news - i will be starting live account next month. Will be looking to get about 8-10% monthly, which is pretty much the salary i earn here. And i will still try to work in my old job, but only for 4 hours daily. Or look for another one if my boss won’t approve me doing that :slight_smile: feel pretty good right now…

About today as i posted in wolf pack thread:
We got ourselves a brake through. I was looking for that at TUE or even WED. But had a feeling that eventually we’ll brake. However i was looking to short at LO, and i did from 50lvl. Got stoped out at BE. Thats not to bad, because i really got myself risk free trade Unluckily, there was no inside OTE for the day to catch that train going long… oh well. As we broke through, i’ll be looking for longs. For tomorrow i have noted the Figure and the 13290 level as a support. Hopefully it will go back before moving higher to take out the resting stops above 13500 level. This might be the bull flag aswell.
What i don’t like is:

  • Daily stochastic is at its extreme.
  • Reached trinity extension 127.
  • Reached last week trinity extension 161.

So either its a false brake out, which would make sense for stop hunt and turtle soup pattern.

Either way, tomorrow going long from the figure and i’ll be aiming for that 161 extension.

13

Just playing with my mind what will tomorrow look like. You even might consider scalping short on cable. We have:

SMT

2012.03.26 Cable short at 50lvl SMT.jpg429×700 32.2 KB

And we might consolidate around 15920. Which would make a nice swing lower (judas) tomorrow going into LO for longs aswell.

Edit: Thats the reason why you have to wait for killzones :smiley:

14

I don’t really know if i’m going to trade today… it really seems a bit extreme right now.

For fiber we already:

  • Passed last week trinity extension of 127 and 161.
  • Daily overbought
  • Near the figure

Cable:

  • Near key S&R level 15970 as well as mega psichological 1.6 level.
  • Sitting on last week and this week trinity extension

My understand they are both near the highs where the last hunt should happen. After that next highs are ~200 ahead. Only valid scenario would be making a judas swing and then going up.

Will be looking at fiber. Its this week extension is in confluence with todays asian low, and already made a little bounce from that level. We might find it sweeping under and going for the figure

Fiber 2012.03.27 prediction.jpg540×700 39.5 KB

We have daily SMT divergence between fiber and usd which even puts more uncertainty.


15

Too messy right now. I don’t have any clear bias… Currently sidelines…

16

To sum up today, it did go under asian low, and it did go higher as i expected. At that move i could’ve gotten around 40-50pips if i have entered pretty much at low and exited at high. As it didn’t trade to my noted key S&R level 13320 i didn’t enter the trade. As well as i was having mixed signals and wasn’t sure about my bias.

Fiber 2012.03.27 prediction came true.jpg583×700 36.9 KB

Funny thing is that nor was the market sure where it wanted to go both cable and fiber :slight_smile:

As ICT mentioned, i was eyeing for the same thing - fiber reached its OTE on HTF. And cable reached at the same time its 1.6 psychological level and reacted with a down move just like fiber.

2012.03.27 Fiber HTF OTE.jpg700×575 36.5 KB

And currently have no plans for tomorrow. Just going to wait and see how it will look at LO.

17

So, i’ve deposited 2000 euros at my live account. Reduced my day job to half, that means i’ll be working just 4 hours a day, the rest of the day is for trading. Looking forward to see the outcome of all this :slight_smile: Will start to daily review market.


18

So today, cable already moved up. It would have been a nice 50 pips already in the bank. Fiber is still acting weird, as i think it is in accumulation phase. As for cable we have:

  • We are below CPP (buy zone).
  • Institutional level 80
  • Almost reached the S1 (few pips from actual price level doesn’t really mean a lot)
  • We have hidden bullish divergence (Lower low on oscilator while higher high on price)
  • OTE

Cable 2012.04.02 Stochastics, price setup.jpg461×700 29.2 KB

That would have been today’s LO trade. I did not enter.

19

What i don’t like looking at cable:

  • 4h oscilator pointing a down move.
  • SMT divergence between cable and USDX.

Cable 2012.04.02 Oscilator pointing down.jpg401×700 18.8 KB

Cable 2012.04.02 SMT divergence.jpg417×700 29.4 KB

20

Some thoughts for tomorrow. I think fiber is getting more volatility while cable is slowing down. Well that conclusion is made only by looking at today’s action.

As for trade ideas. If it was LO i would already be looking to go short on cable, few reasons why:

  • OTE from today’s high to the low (picture OTE is from recent swing)
  • Near institutional level 16050, aswell as Key S&R
  • S1, above CPP, Trinity Sell zone
  • Today’s ADR high
  • 4h oscilator still indicates lower prices
  • A/D indicators bearish move (Its a new tool for me and i really can’t trust it as much as oscilator or other indicators, but i’m trying to integrate to my system)
  • It seems we did top out the highs and we aren’t really moving significant fast after doing that. Just a feeling that once again we have to dip lower before going higher?

OTE For SHORT


While we moved higher, oscilator was going lower just showing the way where price wants to go. Those “waves” in oscilator, it seems like a patter of some sort :slight_smile: Just my noticing, but whenever i see this going on, you don’t have to wait a long time before you see a move that direction.

Cable 2012.04.02 Trade idea Oscilator 4H downmove.jpg387×700 16.4 KB

A/D indicator divergence.

Cable 2012.04.02 Trade idea SHORT AD indicator.jpg432×561 24.5 KB

Edit: I’ve noticed an error while i was looking at AD indicator. I was comparing lows while looking to go short. You have to compare highs if you’re looking to go short! Just a future note for myself. And i will keep that error just as a reminder

Edit2: The biggest problem like i said that if it was already LO i wouldn’t hesitate. While we have all asian session up ahead, i can’t really imagine where the price should find its asian lows and highs. The perfect scenario would be asian high 16050 while low - 16020/30. That way the judas would be above the institutional level, toping out the recent high, gettin more buyers beleaving it really broke the 1.6 level and slaming back down.

21

Good morning. Well, as it turns out, asian session is almost what i expected yesterday - 16046 and 16027. So today’s plan is looking to go short


22

So the result of cable was this:

Cable 2012.04.04 result.jpg700×558 33.4 KB

Thats about 155pips drop from my noted key S&R level. Not bad for one day :slight_smile:

Edit: I won’t be trading today due to recent drop.