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Good evening Triple!Good Stuff Andy .
Did better than me.
I also see you worked out the MT4 account history thing
Good evening Cynic
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The market's closure makes Saturday night the ideal choice for partying away with the past week's winnings!
Perhaps Andy has chosen modesty over vanity, and in so doing, refrained from disclosure of the absolute killing he made this week!
ok back to trade plan,
entry 2 - is a trend continuation entry which i covered above in a response to question from P2. it is really very similar to entry 1 the main difference being it is an entry into an existing trend as opposed to a reversal in entry 1. for entry 2 after a pullback from the trend of not more than .38 and the pullback having an A-B-C (2 legs) pattern that i can see on a 15m chart i then enter on a break to a new hi. and trade it using a fibonnaci extension of the previous leg and EW to provide a target.
Entry 1A - in a post during the week i inadvertently excluded one of my favourite trades when writing the rules for Entry 1 last weekend. the trade is described above - post 28- in this thread with chart examples. it is the same as entry 1 but rather than requiring a 5 wave move prior to entry a 3 wave a-b-c is sufficient but only in a downtrend (short) trade.
entryx - is a break and re-test of trendline entry. this is described in post 36 above. it is a trade i like a lot, if and when valid trendlines can be drawn. i often use trend channels to monitor the progress of an EW impulse wave, the breakdown of a channel can sometimes give a prudent exit point prior to a trailing stop when initial target has not been reached. now and then the trendline of the channel is re-tested and a more violent breakdown occurs, however i really have not used this entry a lot as it is not one i actively stalk it just becomes obvious now and then, so maybe it requires more study and some stats?
i think that is about it for entries.
entry 2 - is a trend continuation entry which i covered above in a response to question from P2. it is really very similar to entry 1 the main difference being it is an entry into an existing trend as opposed to a reversal in entry 1. for entry 2 after a pullback from the trend of not more than .38 and the pullback having an A-B-C (2 legs) pattern that i can see on a 15m chart i then enter on a break to a new hi. and trade it using a fibonnaci extension of the previous leg and EW to provide a target.
Entry 1A - in a post during the week i inadvertently excluded one of my favourite trades when writing the rules for Entry 1 last weekend. the trade is described above - post 28- in this thread with chart examples. it is the same as entry 1 but rather than requiring a 5 wave move prior to entry a 3 wave a-b-c is sufficient but only in a downtrend (short) trade.
entryx - is a break and re-test of trendline entry. this is described in post 36 above. it is a trade i like a lot, if and when valid trendlines can be drawn. i often use trend channels to monitor the progress of an EW impulse wave, the breakdown of a channel can sometimes give a prudent exit point prior to a trailing stop when initial target has not been reached. now and then the trendline of the channel is re-tested and a more violent breakdown occurs, however i really have not used this entry a lot as it is not one i actively stalk it just becomes obvious now and then, so maybe it requires more study and some stats?
i think that is about it for entries.
Hi @andymac,
I must admit that I really can't get my head around this statement "next weeks goal, 25 trades".
Surely your Entry & Exit rules, as per your Trading Plan (including position sizing), will determine the number of trades you take during any one week!
Be very wary of trading for the sake of trading.
I must admit that I really can't get my head around this statement "next weeks goal, 25 trades".
Surely your Entry & Exit rules, as per your Trading Plan (including position sizing), will determine the number of trades you take during any one week!
Be very wary of trading for the sake of trading.
Congratulations on surviving your first week. And may I commend you on your courageous and generous sharing of your experiences.
thank you cynic but i must admit there is a very selfish reason i am attempting to shame myself into some self discipline here. or at least a little accountability
Do you mind if I ask about your 25 trades goal?
Perhaps I missed something in my reading of your earlier posts, but I am wondering whether 25 is intended to mean the minimum number of trades sought, or the maximum number of trades sought, and am also curious to know your general reason/s for choosing to have this kind of goal.
ok no worries , i am just on a mission to try and establish a little quality over quantity. 2 weeks back, under some different rules i managed 8o trades in a week, little ridiculous to me anyway it was akin to a little bit of lazy roulette , so the 25 for next week is arbitrary but it is less than the 36 this week and as mentioned at least 16 of this weeks 36 were crap trades outside my new set of rules. i don't know how many a week i will end up with, i am just pushing the number down and trying to get the quality up.
In my asking , please rest assured, that I am genuinely curious, and have no intention of condemning or endorsing, the underlying reason/s for your choice of goal.
sorry Cynic please "click to expand" i have answered in between the lines of your post
hey triple.........you have cut my huge profit by half, i made 25.59 nearly 5% so as per cynic's observation my saturday night party ran to 2 whole pints not 1, before i ran out of money and returned to my laptop to party with you guysNo No . Its all there in black and white . He made $12.32 or 2.3% Phat Profits
a couple of charts to demonstrate my entry and because i am previewing next week. charts are USDX which i do not trade but as mentioned before i watch closely as they provide clues for forex pairs and gold i do trade, all are traded vs. US dollar. USDX also has strong relationships at times with indexes.
First chart is 4 hourly and shows an a-b-c retrace from the high down to .38 of the latest move up followed by a small new leg up to the red downtrend line another pullback, and up again.
to the 30m chart - which shows the small new leg up from the 4hr chart has an 5 wave impulse pattern to it. there is then a 2 leg PB marked A-B-C to the .62 retrace and then a second leg up through the thick red line (where i would enter if i traded this) and it finished the week at around .76 extension of the first leg up.
Now this can stop right here for another abc 2 legs up. If it is an abc up it would normally go to the 100 extension though. But the fact that i think the first leg up was 5 waves tends to imply that the second leg may go through to around 1.618 extension of the first, around 97.50 giving a good trade.
So that would be my standard trade, if i traded this instrument. The pattern sticks out strongly . But for this week i will take this info and just watch to see how it pans out and in the meantime i will be looking to trade what i do trade keeping this in mind, gold, aud, gbp may all be moving down if USDX pans out as outlined.
First chart is 4 hourly and shows an a-b-c retrace from the high down to .38 of the latest move up followed by a small new leg up to the red downtrend line another pullback, and up again.
to the 30m chart - which shows the small new leg up from the 4hr chart has an 5 wave impulse pattern to it. there is then a 2 leg PB marked A-B-C to the .62 retrace and then a second leg up through the thick red line (where i would enter if i traded this) and it finished the week at around .76 extension of the first leg up.
Now this can stop right here for another abc 2 legs up. If it is an abc up it would normally go to the 100 extension though. But the fact that i think the first leg up was 5 waves tends to imply that the second leg may go through to around 1.618 extension of the first, around 97.50 giving a good trade.
So that would be my standard trade, if i traded this instrument. The pattern sticks out strongly . But for this week i will take this info and just watch to see how it pans out and in the meantime i will be looking to trade what i do trade keeping this in mind, gold, aud, gbp may all be moving down if USDX pans out as outlined.
Attachments
quick look at XAU to see if there is anything to corroborate .
first hourly chart which shows what looks like an impulsive 5 wave move up.
note that what EW calls a 5 wave impulse move often counts as 9 waves, as in this case. it is in fact 1 wave up, then the third wave is "extended" and counts as 5 waves on its own, then there is another 1 wave up , the 5th wave. i have attached an idealised 5 wave picture.
so anyway back to the chart, 5 waves up and tiring - angle up is fading, trend channels broken, macd waning, so a move down is possibly next.
however - looking at four hour chart i can see this 5 wave move up is the first wave of a move up, 5 wave moves cannot stand alone, there must b a second wave , at least, in the same direction. So, although i expect a move down it should only be a pullback maybe to around 50-62 percent before a new leg up.
first hourly chart which shows what looks like an impulsive 5 wave move up.
note that what EW calls a 5 wave impulse move often counts as 9 waves, as in this case. it is in fact 1 wave up, then the third wave is "extended" and counts as 5 waves on its own, then there is another 1 wave up , the 5th wave. i have attached an idealised 5 wave picture.
so anyway back to the chart, 5 waves up and tiring - angle up is fading, trend channels broken, macd waning, so a move down is possibly next.
however - looking at four hour chart i can see this 5 wave move up is the first wave of a move up, 5 wave moves cannot stand alone, there must b a second wave , at least, in the same direction. So, although i expect a move down it should only be a pullback maybe to around 50-62 percent before a new leg up.
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Like cynic and rnr queried I don't think the number of trades goal is the correct aspect to focus on next week. I think you should consider improving one aspect of your trading at a time. I think you'd agree that the number of off-plan trades should be minimised (or eliminated). This would be a good first goal for next week and even for the next month.
By the EOY you'd have completed lots of on-plan trades and these stats would provide valuable info such has which setups provide the most profit potential and could you improve your trade mgt.
By the EOY you'd have completed lots of on-plan trades and these stats would provide valuable info such has which setups provide the most profit potential and could you improve your trade mgt.
Hi Peter, thanks for your interest and i do agree. the "off plan"trades are my biggest bug bear and deserve my greatest effort, the 25 trade comment is really just a mental note to myself meaning "do less trades, do less trades." I feel if i have this mantra in my mind i will hopefully be looking harder at each trade before i put the order on and not executing when my plan is not being met. Don't know if it is the best attack
just trying.
