6 month mission to consistant profitability

Little update ....

Last week was a light week for me as I was helping my sister with my niece. She has autism and had surgery but everything went well so I am thankful for that.


Today I traded

6E and YM

2 winners 1 loser

Didn't over trade, Waited for the right setups.

For the Euro...... Very high volume last thursday and I've noticed that high volume tends to happen right before a reversal so I will be watching the 1.3400 mark closely tonight and tomorrow. I will be looking to go long if it breaks 1.3400 with force,closes above, and has a nice little retrace back to 1.3400 then i will consider an entry. If it there is only penetration and no close ( Pinbar) then I will consider going short. All depends on my interpretation of the price action and volume which I feel is getting better slowly but surely.

I feel MUCH LESS cluttered now that I am only using price and volume. It's very liberating and my results have improved so far but lets see what happens in the next few months . I would hate to be "fooled by randomness" lol . I have been improving on many aspects such as Risk management, waiting for the right risk reward scenario, clearing indicators, taking profits at logical locations , giving more thought to the participants in the marketplace and the "art of war" in trading(reading that right now). Some people have really helped me out and I sincerely thank them, you know who you are.

I'll get a chart up of the EURO trade if I make one tonight or tomorrow. I won't trade it unless it's passed 12am est. though

Have a good evening everyone.
 
Euro trade


3 contracts short at first then added a fourth on retrace . Kept a tight stop within my 2% risk limit through the whole trade . I usually don't like trading more than 1 because I don't like stops too tight but I liked the opportunity that I saw and pulled the trigger. Closed the 4 contracts at the buy limit just below the previous low. Then I saw price was hitting support (previous top side of the downtrend channel on the 15 min chart) at 1.3360. Volume spiked and pin bar was forming so I went long and scalped a nice little bounce.

'Blox
 

Attachments

Quote from blox87:

This is my second Journal here.

1) In my first one I was careless with my risk management and lost about $2500. I am staying away from the ES this time and focusing on currency futures. I like the trends that the 6E and 6B offer...

2) My goal is to be consistently profitable for 6 months with this account and then up the ante to 10 contracts after that period of time. My main goal in life is to accumulate great wealth and make this world a better place with that wealth...
More...

If you are not closed to advice, then far and away the major problem you are facing is 1) and 2) above. You were careless in risk management in 1), so your plan is to seriously and violently repeat this 6 months on...
 
Loser

6E....Price action looked good for the setup , but now that I take a second look at the "buy sell volume". Look at the photo two posts up where I entered the position. The the buy volume was way more than the sell volume on the down red bar so I should be more cautious in that type of scenario.
 

Attachments

Quote from TraderZones:

If you are not closed to advice, then far and away the major problem you are facing is 1) and 2) above. You were careless in risk management in 1), so your plan is to seriously and violently repeat this 6 months on...
More...

2% max risk on any trade. Have not violated that since the inception of this journal.. Thank you and have a nice day
 
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