Excellent job on the journal, Blz. Focus on following your rules, the money will come



Mike

Re: There was a second chance to get into this trade but I was in the bathroom .

Too funny. You mean you don't have the funnel system hooked up...that's what all the real traders are using....I don't even have to leave my desk...ever

I know what you mean - I have eaten some expensive sandwiches. That's when the best moves happen of course. Letting the dogs out, etc. hehe


Thanks for the posts. Really good stuff. We trade alike. The 1-2-3 is good to me.

websouth 

Re: There was a second chance to get into this trade but I was in the bathroom . Too funny. You mean you don't have the funnel system hooked up...that's what all the real traders are using....I don't even have to leave my desk...ever I know what you mean - I have eaten some expensive sandwiches. That's when the best moves happen of course. Letting the dogs out, etc. hehe

Ok rarely is there an opportunity to use this smiley and I won't be passing it up:



LOL.

Expensive sandwiches, expensive phone calls, expensive dog walks, yup. Been there done that.

Mike

websouth 

Re: There was a second chance to get into this trade but I was in the bathroom . Too funny. You mean you don't have the funnel system hooked up...that's what all the real traders are using....I don't even have to leave my desk...ever I know what you mean - I have eaten some expensive sandwiches. That's when the best moves happen of course. Letting the dogs out, etc. hehe Thanks for the posts. Really good stuff. We trade alike. The 1-2-3 is good to me.

LOL! My new computer chair. Now I just need a couple dozen red bulls, a pile of bagels plus a toaster and I'm all set.

Thanks for the feedback and support.

Blz

I'll probably post what I thought of the 6B later today. I haven't really done much today. Pretty tired and was late getting in front of the screen today so never felt fully in tune with the market.

Anyhow, just a quick thought on entering trades. With my system I know where my entry points are before I decide to pull the trigger. It's always clearly set up by the fractal levels. So for me it makes good sense to put in a buy/sell stop order where you want to get in and let it do it's magic. I found that helps remove your emotions from the entry decision. If you don't set your order in advance then I found it's much easier to start second guessing the trade when it comes time to enter. And with this particular style of trading it's imperative to take each and every setup that is presented.

Blz

Sorry if I missed it somewhere -- but what are you using for the fractals indicator? Is it a multiplier based on high/low over a set period, or something more complicated?

Mike

Attached is a chart of today's action. I marked the short entries with red arrows and longs with green. You hopefully would not take all of these as you should already be in some of the trades and not require the entry in the midst of the move. There were tons of opportunities today though I missed em all. I only took one trade today and broke even on it. I was quite a bit out of it today though. Woke up a little late then had to take care of some things and I wasn't in front of the monitor early enough to really get in tune with the market. I also hadn't really slept much this week last night being no exclusion; I think only four hours last night.

That being said I feel really great about the week. When I look back at my charts I see dozens of opportunities almost all of which would have either been profitable or manageable to point of keeping losses to a minimum. The key will be managing my trades and sticking to my trade plan next week. Also, I'm going to spend sometime this weekend trying to figure out my trading hours. It's a little tricky trying to trade currency futures here in Seattle. I will without question watch the Japan open which is 4pm PST. I think you can almost always pull one trade out of the Japan open. I still need to figure out how I am going to try and manage the Euro and NY session but I have got to try and get more sleep. I totally crashed and burned today and it was weird. Even Red Bull could not save the day.

Anyhow, I learned a ton this week and I honestly think next week is going to be a great week for me.

Blz

Big Mike 

Sorry if I missed it somewhere -- but what are you using for the fractals indicator? Is it a multiplier based on high/low over a set period, or something more complicated? Mike

Actually it is the most simple indicator. It's my eyeball and the line tool on Ninja. I just spot key points of reversal and draw a horizontal line. I attached a Fractals indicator I pulled off the Ninja forums. Initially I did use it but ultimately I decided to use my naked eye instead as I found the indicator would draw some fractals that didn't seem all that legitimate and would miss ones that were. However, if someone were just trying to get an idea where/how the fractals line up and it's not a bad place to start.

Blz

Blz17 

Actually it is the most simple indicator. It's my eyeball and the line tool on Ninja. I just spot key points of reversal and draw a horizontal line. I attached a Fractals indicator I pulled off the Ninja forums. Initially I did use it but ultimately I decided to use my naked eye instead as I found the indicator would draw some fractals that didn't seem all that legitimate and would miss ones that were. However, if someone were just trying to get an idea where/how the fractals line up and it's not a bad place to start. Blz

So essentially all you are doing is using a 5 min chart and trading the break of a previous pivot, be it a PH or PL? Am I seeing that correctly? Where are your stops and also the PT, if you have one?

Do you have a daily goal? Thanks Blz,

Jeff

Sorry about the above questions I just noticed you went through how you trade in post # 9.

The market never sleeps......but you have to.

Nice chart