Monthly Review: April 2019
The past few months have been better. I have been improving and closer to to CONSISTENCE following the plan. I have missed less trades and taking any setup as per my plan. This month, another positive month which is great but i still need improvement. I have been back testing Mon-Thru 2+ Hours a day my plan also improving management for the whole month.
Want to improve following next months -
-
Backtesting - Written out Plan for Back testing mainly trying to clean the charts clean. Rather having it clutter just but building a case
- Price Action
- Support/Resistance
- Run and pullbacks
- Price Pattern
- Pro vs Cons
-
Mangemnent
- On the EUR/CHF loss my stop loss was around 15 pips it was a mistake on my end. I decided on any given trade my Stop loss has to be above 25 pips
- Target Profit - Normally i would Target far Support/Resistance but decided to target returns of 2.5% - 4.5% depending on what kind of trend but will keep improving
This year so Far: Main goal is to follow my plan and to stay Consistent following the plan also improving.
Trades Taken:
EUR/CHF 4/1/19 (OPENED) - 4/2/19 (CLOSED) [-1.00%]
EUR/USD 4/03/19 (OPENED) - 4/12/18 (CLOSED) [-0.22%]
GBP/JPY 4/08/19 (OPENED) - 4/12/19 (CLOSED) [-1.00%]
AUD/USD 4/03/19 (OPENED) - 4/17/19 (CLOSED) [2.56%]
GBP/JPY 4/16/19 (OPENED) - 4/24/19 (CLOSED) [+5.97%]
AUD/CAD 4/18/19 (OPENED) - 4/24/19 (CLOSED) [+4.08%]
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Weekly Watchlist 5/05/19
May be another slow week, since these GAPS in the market.
EUR/USD - Long
- Weekly - Price is still contained in the wedge pattern
- Daily - Price keeps making Lower Lows but could it possibility make a wedge pattern
- wait to see what happens bias can easily be short
GBP/NZD - Short
- Weekly - Price has been in this wedge pattern
- Daily - Price keeps making higher Highs
- I am looking for a entry for a pullback play as the trend hasn’t really ended.
Daily Watchlist 5/09/19
Hello, Surprising got a possible entry before the week ends
CHF/JPY - Long
- Daily - Bullish Candle at Key Support 107.900
- 4H - Possible H & S pattern forming
- 1H - Break and Retest of the 50 EMA
- looking for entry on pullback. It’s a small Daily pullback play
Weekly Review 5/05/19 - 5/10/19
I had only one trade on my daily watchlist this week. The entry didn’t trigger but the take profit was hit within a day.
Trades Taken:
None
Missed Trades:
None
Although I’ve not read your entire thread (just read the first few posts and the last few while scrolling through the rest) I have to say that it’s impressive the way you’ve laid it out, the effort that you have gone to in detailing everything so nicely, and that you’re keeping the thread updated each and every week. Well done. I wish you every success and I sincerely hope that your hard work bears you much fruit.
Regards,
Dale.
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Thanks Dale,
The one thing I made sure one thing was Consistently trading the plan from when I started the Plan. It started not to many entries but keep making progressing.
The best advice I got is KISS. Keeping it simple. No fluff, just what needs to be done then doing it. I made sure EACH WEEK I did weekly review in my evernote even when there isn’t at trade.
There is one thing I recently added which I don’t post is EMOTION when I take an entry before put the entry in I write what I am feeling.
Super excited on the process and sharing this journey.
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Well once again: nicely done.
For what it’s worth:
I’ve found over the past few years that I am able to accept a loss far more readily and with dignity when I can honestly say that I’ve followed my trading system’s rules to the letter and that such loss was a direct result of my doing so. Losses incurred as a result of my doing my own thing or giving in to my emotions are the losses that I cannot stomach (and they usually end up being substantial when they happen too). Fortunately the latter seems to happen less frequently with each passing year (but it still does happen now and then unfortunately). Same with profit i.e. my trading system most all of the time will have me cashing out before an entire move is over. Frustrating as it may be at the time: I can accept it simply because I know that even although I’m making less profit (than maybe others would be making on the same move) it’s balanced i.e. my profits may be less than the next person but my losses are less too just as long as I trade my own plan (trading system). Oddly enough: I am more satisfied with lesser profits that I have taken as a result of my following my trading system than I am with bigger profits that I have taken but based purely on my own judgment. To me: that’s right up there with pure luck (and we all know how long one’s luck can hold out for in this business).
I mention all of the above because you note that your aim is to consistently trade your plan. If your plan is sound: there is no other way to approach this business in my opinion. So keep it up. And as I say: good on you.
Regards,
Dale.
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Weekly Watchlist: 5/12/19
Another Week, Nothing happening much happening on the Weekly but all I can wait.
EUR/USD - Long on Weekly but Short on Daily
- Weekly - Still in a Wedge pattern with a 2nd week of a bullish Candle
- Daily - Price is still in a Downtrend with price finding Resistance at the 50 EMA
- Daily hasn’t confirm any bias for a long. A pattern would confirm Long with some Bullish Price action.
Sound advice @dpaterso… I agree fully.
To reach the level of emotional maturity at trading that you just described however comes with a lot of experience, It can’t be taught, it has to be learnt because the human mind processes memories of hurtful past experiences better than it processes things in theory. One may decide not to trade a certain way, but digression from that plan comes relatively easier than it does after one has experienced the cost of not following it.
@solid08, nice work you’ve been putting in here I have to say… I have your thread bookmarked and even though we trade in practically different ways. I still have myself a good read each time I pop in here. good job buddy and all the best with your trading 
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@macilme
thanks, i am loving the process and really trying to improve. Also, i like looking at other people analysis as long I trust my own. It helps me improve if I sometime miss something in the market that i am not seeing. Do wish you the best in you trading Journey.
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Weekly Review 5/12/19 - 5/17/19
Slow Week, but I was able to keep staying Consistent practicing backtesting 4x a Week.
Currently, i am working on adding to the plan with trades with the trend.Finishing up some data should take a few days then over the course of practice and live trades will keep improving.
Trades Taken:
None
Missed Trades:
None
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Weekly Watchlist 5/19/19
nothing really happening, waiting for opportunities to form just keep watching on EUR/USD and a few others
EUR/USD - Waiting for Long
- Weekly - A Wedge Pattern has been forming for a possible Reversal
- Daily - Still in a downtrend.
Daily Watchlist: 5/23/19
The month has been slow, EUR/USD is showing an opportunity.
EUR/USD - Long
- Weekly - Price still in Wedge Formation
- Daily - Strong Bullish Engulfing Candle at Key Support and double bottom at 1.11200 with MACD Divergence. The Candle has a nice long bottom wick that broke past the previous week low.
- 4H - Strong bullish Candle at the start of NY Session
- 1H - Price has made a New high and broke above the 50 EMA.
- The entry look pretty solid with all time-frame aligned. The Candle on the Daily with a nice lower wick then nice bullish Candle. Waiting for Pullback for Entry
- R/R: 3.9:1
Weekly Review 5/19/19 - 5/24/19
Slow month, no entry this whole month. Since, i been entering in counter trends but soon will be adding trends to add more trades.
Trades Taken:
EUR/USD - No Entry
Missed Trades:
None
Weekly Watchlist: 5/26/19
Slow month, no entries but going to start taking entries with trends but consistently improving the plan to making is SIMPLE. Just adding a Trend entries should increase trades but only choosing HIGH QUALITY entries.
EUR/USD - Long
- Weekly - Bullish Candle
- Daily - Strong bullish move after double bottom but price is currently pulling back into the 50 EMA and Resistance. Either Price can break Either or will act as Resistance
- Waiting for a possible entry long, but don’t know when.
Weekly Review 5/26/19 - 5/31/19
Very SLOW month, no entries for any counter trades. Planning to add trends trades in the following months.
Trades Taken:
None
Missed Trades:
None
Daily Watchlist 6/05/19
The EUR/USD entry was about few pips away from my entry but price decided no entry and hit’s TP in about two days.
GBP/CHF - Long
- Daily - Deceleration followed by a pinbar candle
- 4H - Double Bottom
- 1H - Break of 1H 50 EMA about to retest the 50 EMA also MACD Divergence
Weekly Review 06/02/19 - 06/07/19
Good start of the Month, I had been waiting for this EUR/USD entry for about a month setting up for a long entry. We could see a potential New Weekly run, followed by a Daily trend.
Trades Taken:
GBP/CHF 6/05/19 (OPENED) - 6/06/19 (CLOSED) [1.70%]
EUR/USD 06/02/19 - No entry was about few pips away from entry. Price hit my Take profit by 6/04/19 would’ve been close to 4% return.
Missed Trades:
EUR/JPY 06/05/19 (OPENED) - 06/07/19 (CLOSED) [1.20%]*
- Daily - Deceleration followed by a Bullish Englufing Candle
- 4H - Double Top
- 1H - Break of 50 EMA follow by MACD Divergence
- This entry was part of my plan, still missed it. I completely overlooked it. It’s pretty much the same as my GBP/CHF Entry.
Weekly Watchlist 6/09/19
This Week we could see possible Trend’s Reversing. Some pair’s showing some sign of deceleration with weekly bullish. Just waiting for Lower time frame to confirm my bias.
AUD/JPY - Long
- Weekly - Price has a strong bearish Run down for about 6 weeks run until a Bullish Candle close to possible support 74.600. Maybe Pullback about to start?
- Daily - Price has been trending down with a recent MACD Divergence followed by a pullback.
- Just waiting for some pattern to form
CAD/JPY - Long
- Weekly - Strong Bullish Candle at Key Support 80.700 with Double Bottom and Wedge pattern. There was a Strong bearish break to the downside followed by a Bullish Break back above
- Daily - Waiting for some Pattern to go long but price could just continue down
GBP/USD - Long
- Weekly - Price has Decelerated at 1.2680 followed by a Bullish Candle
- Daily - Waiting for a Pattern
NZD/CHF - Long
- Weekly - Deceleration at .6540 for about two Weeks followed by bullish Week
- Daily - Price Has made a double bottom followed with MACD with a small run up but has slowed down. Waiting for a possible entry, could price maybe change into a Head & Shoulder pattern?
Happy Trading!!
