Need somewhere to think out loud,

[Turveyd]

BAD TRADE -$400, jumped on DAX, long term up guess what it turned on me, failed numerous times to take out the 10900 , turned under the 20 and like a dumb ass I let it his the SL.

This is never going to work, if I can't keep my losses under control

Because I built a bias based on the 20, then market was in a uptrend, ofcourse what was happening 10mins ago, has no relevance to what's going to happen.

Yes ofcouse, hits SL no feckin lower and it's pulled back and heading up again, thanks universe.

Sometimes I think EJ had it right, it's a order to take a loss LOL ( not really he was a nutter )

yes 87 was my close and 87 was the low

 

[Turveyd]

So, new plan kinda......... Tweak on the themey!!

5's slightly too fast, by the time it gets to the upper in a down move it's going up then arrgggh no trade to take, lets try a 7, between that and my old 9.

Simplify, focus on smallest direction and use eyes rather than a laggy MA, delete the 20 and 60's sorry bye bye

( DAX at BE here, ANGRY at myself and FXCM for no changing my account to stop that )

SIMPLE LOGIC, this can't get any easier LOL charts nearly naked!!

If the 7 is going up, look to enter near the low of the range, the faster it's going the more you aim for mid point rather than outter, just basically play the range with the 7's direction, repeat!!

( sad part is, DAX got to +100 wanted more, reversed right off the top of the 7. )


LESS DECISIONS leaved me with just.............

1, 7 is up slow, take pause at low of range, tight SL.
2. 7 is up medium, take pause near low of range, less tight SL.
3. 8 is up FAST, get in, middle if possible, looser SL again as needs room to breathe a tad.

No trading against the 7's direction.

Options while in the trade are...........

1. Price goes to SL GAME OVER MAN GAME OVER!!
2. 7 changes direction, look to exit where you'd short.
3. price keeps tracking up with 7, hold till 7 flattens out.
4. price breaks out of range to upside, hold on tight let it run.

Charts attached, highlighted 1 SL hit with a X, obviously the market won't turn until after my SL has been hit and the market today would of had loads of blips down to hit my SL.

Get on the 7's direction, see where it goes, if no where, exit repeat!

DAX broke lower, got to +$200 profit then broke lower, just to taughnt me.

MAIN FOCUS HAS TO BE THE RANGE, THIS IS THE EDGE, low of range, always has a good shot at hitting high of range, just from noise, for either a slight profit, or SL moved to BE so no loss.

Trades in the middle of the range, carry too much risk SL size wise.

EJ turned up long @1.9596, went +30pips, those +30's IF I can hold long enough, make the -6's which is my target SL here, worth it, 5 of them wiped out!!

Bike ride time tomorrow Meeting, seeing mates and there kids so taking a day off.

Friday, trade the hell out of this method LOL

 

[Turveyd]

Sim trade, gotten in GA, 7's turning down, what to do, back in profit here, this case holding.

Lets see if it turns back down on upper 7 range.

NICE, very short lived, hit the upper, I'd of had 2seconds to exit and reversed and heading the direction of the 7.

Long would of netted +6 maybe, short entry with the SL +15 already available and going lower.

DAX called a short top of the 7 aswell and +6 area here, nice.

Plan the range, with ranges direction, price breaks out, take the hit, odds are price will continue with, if so profits well exceeding the risk

PERFECT and SIMPLE!! and NO BIAS going, you WILL GO UP, you can't possible turn on me here.

DAX +10 from entry, GA went 17 changing direction already.

 

[Turveyd]

More Scalpy, I approve of the action I've live seen so far!!

Small profits, repeated and occasionally get a break out or follow through, but small profits be the norm sadly.

Late

 

[Turveyd]

Viewed on phone in pub that method Looked good in going to have to say.

Don't think there is room for simpler at this point

A lot of small paying the range trades with its direction.

 

[Turveyd]

Simple Math's, following the rules as above, Profit or Lose, Lose defined as Getting to -7, profit classed as getting to +7 or above, in the hope that by then, SL moved up and can't lose LOL

DAX today... ( Actual results may vary depending on exact Entry point, sloppy = SL hit maybe )
(ignoring big swoopers unless in before hand, as I can't play them yet)

P = PROFIT L=LOSS C = DIRECTION CHANCE SO 50/50 ON LOSS!

PPCPPLPLPPPPPPPPPP not an issue at all

GA looks better

Obvously for this crazy but simple genius plan to work.............

1. I need good entry with the direction, poor = less profit and more risk of SL/bigger SL.
2. Need to keep loss to a minimal, while not screwing profit %
3. Need to TP quick at times and at others let it run and run and run and run.

EJ had a 150pip move down just after hours, there was 7 strike and reverses on the upper range, only 1 popped maybe 5pips out of range.

It's about keeping it SIMPLE!!

 

[Turveyd]

I am 95% sure, this is going to work very nicely, if i dont screw it up, trading it in chop wont end well no doubt, but look for some strength and 7 direction is surprisingly strong.

Added new pairs, better odds if finding strength as methid is so simple.

Might stop trading dax, fx suites this better and also i can put tighter SLs on FX, but comms to hassle with so ????


Work today, might trade at mates later.

 

[Turveyd]

Damn it looked awesome the few times i got to check, surely it cant be this easy.

Ofcourse its all the times it fails that will be the issue.

 

[Turveyd]

Zero time today, checked charts a few times, looks promising.

180ema called the lows on EJ's chop earlier, but 180ema is standard so no way to of known to be using that today, someones put it into there system for the day for EJ, accumulate at this level, which is why they work and then don't annoyingly.

Which is why I'm down to riding momentum, in the hope it's got legs, ie long term plan for ever ever, by going as basic as possible.

On dax, during those big 40pt, moves it's awesome, ofcourse moves that go 10 pips and reverse look exactly the same at the time, which is where the tricky, keeping loss to a min part comes in, as you want to trade every setup and take small pips or hold for bigger when it breaks out.

There could be a logic in weak market conditions, to set a TP on entry of 6 - 8pts depending on market strength, most will fill, quite a few will go, top of range around that area and reverse back to low, creating a +8, to tightened SL at -3 whipsaw, but at the expense of not getting any 20-30pt moves which happen frequently enough.

I see times, where I could be setting a counter trade as the TP hits and just repeating for 20times in a row, no issues at all, $80, $1600 peace of cake.

IF I can't call accurate enough exits, then is certainly an option, sacrifice the 30+ moves for small regular, zero stress exits.

Sleep work tomorrow, back for 2pm hopefully, sucks!! will try a few trades in the am, if I can get functional, doubtful long day today and it's LATE!!

 

[Turveyd]

Not enough momo if i was trading today, I would get chopped to death being honest.


36ema is calling a good trend for slow chop, play the range with it while no momo, working great on DAX.


Basically if i get a fast pull back while 7 is at no risk of changing momo then its fine, slower markets if it gets to low and 7 is already down forget it, not enough momo.

If 36 has direction, play stalls top of 7 with direction.

If 36 is direction less and sitting in the 7s range, then just play the chop.

If a 7 momo play comes up, ignore the 36 completely, 7 is the king.