Patterns Observation.

[Yirbu]

Before the week ends...


Mid-day layer.jpg
Mid-day layers are even more heavy entries.

What's a mid-day layer?
What are you trying to trade on?
I had that exact same move.
On the M5 it was an inside bar.

[Don_xyZ]

I cant trade without SL. Lel. My question is how much gains would get reduce if Don put a SL in every trade.

Note: I have read this thread many times, when i believe I understand the idea, something happens and i got back to step 1.

I have seen all charts, all post, everything and nothing. Im frustrated lel

Oh no.
Don't trade without SL if you're still new to trading.
My fault. I should've put a disclaimer on my NO SL and ALL IN posts.

There is a lot of things that you can get from this thread but you have to make sure you're adept to it because people have different personality, risk appetite, time available during the day to trade and etc.

Now, to answer your question "how much gains would get reduce if Don put a SL in every trade"

It varies. Sometimes I used 2% per R other times I used 1%. When I'm super confident I used 5% per pip and the SL per pip might be 1 to 2 or even 3 pips. When I use anchor trading, I seek the most profitable position which is the wick side of the bigger time frame. I might get killed a couple of several times but because the potential R is ridiculously big I don't mind the losing streak. My R target can be anywhere from 5R to 20R or 30R or even more depending on the market situation and the whole picture during that time. So this could translate to a minimum of 1% profit per trade to 150% profit per trade. When I'm on NO SL and ALL IN mode though, everything is different such as different mindset, different money management, different trade management, different risk, different technique etc. The result of my NO SL ALL IN trade is of course gigantic as you can see from the most recent posts.

I am known to be a super aggressive trader but the methods I put in this forum can be adjusted to reflect any type of trader. However, no matter type of trader you want become you must make sure to do a lot of research and practice like a mad man. And more importantly, you must persevere even if you don't see good results for an extended period of time. It is very common to see someone who can't make money or even losing money for like 10 years and then suddenly something "clicked" in their mind and then they start making tons of money everyday. While it is true that some people can immediately make money in just a few months but the vast majority of people are not like that. So now, my question to you is are you ready to go through this journey?

NEVER GIVE UP!.jpg (92.66 KiB) Viewed 65864 times

People laugh when they look at that pic but it's ironic that many people actually quit when they're ever so close to achieving their goal.

[elkin.fernandez]

Off course, sir. Im in trading since 2006 (17 years ago) and im still here. I would like to understand your style.

My risk appetite is no very high but i like day-trading. I like to watch charts every day lel.

During all this time, i discovered that i dont like swing trading and position trading.

I like open and close 1 - 3 trades per day.

I also like MO style (in Money Management - risk fund, increase % risk when win a trade and decrease % risk when lose, etc).

I see you cath tails easily, i have tried to do it but i havent been able to do it in a profitable way.

My risk per trade start in less then 0,5%. I like to earn much money with a little amount of money.

I have read you anchor trades, i like them.

I understand that one has to enter between low and open / high and close (for bullish "candle") and the candle can be a session (Lnd or NY or Asia).

BUT when i go to the chart and analyse hindsight all id clear, but when ii wanna trade is when problem begins. lel.

I would like you could give me some light about anchor trades. My anchor trades almost ever are stopped

So now, my question to you is are you ready to go through this journey?
Yeah sir.

[Don_xyZ]

Off course, sir. Im in trading since 2006 (17 years ago) and im still here. I would like to understand your style.

My risk appetite is no very high but i like day-trading. I like to watch charts every day lel.

During all this time, i discovered that i dont like swing trading and position trading.

I like open and close 1 - 3 trades per day.

I also like MO style (in Money Management - risk fund, increase % risk when win a trade and decrease % risk when lose, etc).

I see you cath tails easily, i have tried to do it but i havent been able to do it in a profitable way.

My risk per trade start in less then 0,5%. I like to earn much money with a little amount of money.

I have read you anchor trades, i like them.

I understand that one has to enter between low and open / high and close (for bullish "candle") and the candle can be a session (Lnd or NY or Asia).

BUT when i go to the chart and analyse hindsight all id clear, but when ii wanna trade is when problem begins. lel.

I would like you could give me some light about anchor trades. My anchor trades almost ever are stopped

So now, my question to you is are you ready to go through this journey?
Yeah sir.

The most profitable position (pips-wise) is definitely in the wick part of the bigger time frame. The problem is, as you look to enter on the extreme side of that big candle you will encounter loss and on extreme cases you will get SL-ed multiple times before the price really settled. This is where your WIL kicks in. What do you have in your WIL? Is it thick enough that you can handle these losses? Questions like:

+ how many losing trades can I handle before the price settles?
+ how much should I risk on each trade to not give me a heart attack when the losing streak hits?
+ if I can't eliminate the losing streak (nobody can completely, 100% eliminate a losing trade during their whole career) then what is the most logical step I must take?
+ what can I do to lessen the amount of successive losing trade when taking an anchor trade?
+ what method/ technique is available for me (that I have mastered) to help me lessen the losing streak?
+ what is the reason(s) for the losing trade?
+ did I make any mistake in executing that trade(s)?
+ did I enter too late or too fast?
+ did I check the bigger time frame (backbone tfs) before entering the trade?
+ is the entry trigger vivid or is it a little not too clear?
+ must I take only the text book pattern or can I also take the crooked pattern?
+ is there a clash of patterns between the backbone tf and the trigger tf?
+ what's the grade of the trade?
+ what are the criteria of my trade grading?

and so on and so forth.

This is what I mean by WIL. We started off with a question or two and then develop them even more into something more detailed. Knowledge eliminates doubt. One thing with WIL is, you must put it down in writing so you can revisit them later. Draw on it, write related notes about the drawing etc.

WIL.jpg (123.6 KiB) Viewed 65841 times

Those are my last 3 WIL books. There are more. WIL is the proof of your effort!

[Don_xyZ]

Before the week ends...


Mid-day layer.jpg
Mid-day layers are even more heavy entries.

What's a mid-day layer?
What are you trying to trade on?
I had that exact same move.
On the M5 it was an inside bar.

It's the layer that I did during the mid-day U.S. time just to differentiate between that set and the previous one.
I traded the pattern, as always.
Did you take action?
You will miss the entry(ies) with M5 for that specific pattern and market condition.

Aug. 12 13.09.jpg (99.29 KiB) Viewed 65839 times

[Yirbu]

Before the week ends...


Mid-day layer.jpg
Mid-day layers are even more heavy entries.

What's a mid-day layer?
What are you trying to trade on?
I had that exact same move.
On the M5 it was an inside bar.

It's the layer that I did during the mid-day U.S. time just to differentiate between that set and the previous one.
I traded the pattern, as always.
Did you take action?
You will miss the entry(ies) with M5 for that specific pattern and market condition.

Aug. 12 13.09.jpg

Ah...I thought it was the name of some kind of technique.
I spotted my pattern on the M5, a simple IB, and like to trade it on the M1. Often price wicks at one end of the IB, reverses and leaves at the other end. In this trade I was very late and took it at the top of the IB.

[Don_xyZ]

What's a mid-day layer?
What are you trying to trade on?
I had that exact same move.
On the M5 it was an inside bar.

It's the layer that I did during the mid-day U.S. time just to differentiate between that set and the previous one.
I traded the pattern, as always.
Did you take action?
You will miss the entry(ies) with M5 for that specific pattern and market condition.

Aug. 12 13.09.jpg

Ah...I thought it was the name of some kind of technique.
I spotted my pattern on the M5, a simple IB, and like to trade it on the M1. Often price wicks at one end of the IB, reverses and leaves at the other end. In this trade I was very late and took it at the top of the IB.

No new name (yet)
So how's it going with your stuff? I'm curious to see it already

[Yirbu]

It's the layer that I did during the mid-day U.S. time just to differentiate between that set and the previous one.
I traded the pattern, as always.
Did you take action?
You will miss the entry(ies) with M5 for that specific pattern and market condition.

Aug. 12 13.09.jpg

Ah...I thought it was the name of some kind of technique.
I spotted my pattern on the M5, a simple IB, and like to trade it on the M1. Often price wicks at one end of the IB, reverses and leaves at the other end. In this trade I was very late and took it at the top of the IB.

No new name (yet)
So how's it going with your stuff? I'm curious to see it already

My new approach is starting to look good.
Last week was kind of slow, also because I'm trying to enjoy summer over here (it's just that it doesn't stop raining)

Have a look at this example;
Idea is to trade retracements when a round level coincides with a fib level, SR, SD etc etc.

In the example price was going up nicely and then came down fast.
At the round levels of my interest the 50% could have been worthwhile but price just went 50 more pips to the downside and I missed the 61% retracement because I was hiking.
Next level; 72% retracement at price level 1.69.
First attempt price came down to my level, I managed to get in and had about a 100 pips at the end of the day.
Being greedy I kept it over the weekend but when it was coming down on monday I took profit and took +/- 70pips.

Price came back down, went a bit deeper through my level but I got in again when it reversed and this time I took +/- 180 pips
Trade 3: same idea; got in and took just shy of 100 pips.
Trade 4: I missed that entry

Next to this pair I had about +100 pips on another pair and 2 losers of in total about -40 pips.
So, balance 50% winrate and just over 400 pips gain.

Analyzing other pairs there were enough other setups that I did not take because if various reasons.
I take it step by step because I need to get used to this paste of trading; there is much more waiting involved.

During weekends I mark my levels, for every pair there is at least one level to the upside and one to the downside where I place alarms.
In the example you can see the level to the upside at 1.715. This could be a potential short.
While I am typing this I also see a short level at 1.71; where there is a 61%retracement of the current swing and a "bull/bear alias candle" setup.

At the 50% retracement, at the 1.70 level, there is a fvg and a demand zone. I'd love to catch a long over there.

Let's see how my levels work out this week as I notice that summer has started and if it isn't price that's acting different, it's probably me, enjoying the summer.

GBPCAD.jpg (227.5 KiB) Viewed 65692 times

[Yirbu]

At the 50% retracement, at the 1.70 level, there is a fvg and a demand zone. I'd love to catch a long over there.

Let's see how my levels work out this week as I notice that summer has started and if it isn't price that's acting different, it's probably me, enjoying the summer.

Update: My level worked out just fine.
It actually didn't trigger completely but I managed to jump in when price filled that FVG.
Isn't looking very good good at the H1 and momentum upwards was moderate but I'll hold overnight and see what happens
(There is a huge fvg up there.
SL set at BE + 2 at 1.7010

230814GBPCADH4.jpg (232.61 KiB) Viewed 65627 times

[prochargedmopar]

It's crazy how people have so many plans and elaborate schemes yet continue to fail.
The finite detail involved with things I've seen on the web and in ICT mentorship is incomprehensible.
I just sit down and say, this looks like something I"ve seen before.
hahahaha,

If I only used stops every once in a while things would turn out pretty good.
No plan,
No backtesting,
No Journaling,

Mindlessly reading threads and watching trading videos like I'm on netflix. hahahhahaahaha
And yet, all you need is a horizontal line, and a close. Damn. LMAO.
$hit, Life is Good.