BONZ. Using technical indicators to trade.

[Yirbu]

To StylusK. I'll try to explain tomorrow or when I feel better. I've been sick the whole day.

I keep a bottle of -Pure-Gum-Spirits-Turpentine

Of course I am not a medical professional and this is not advice

I use Wodka
Of course I am not a medical professional either...

Hope you'll feel better soon Don.

[IgazI]

To StylusK. I'll try to explain tomorrow or when I feel better. I've been sick the whole day.

I keep a bottle of -Pure-Gum-Spirits-Turpentine

Of course I am not a medical professional and this is not advice

I use Wodka
Of course I am not a medical professional either...

Hope you'll feel better soon Don.

That doesn't work for me; alcohol is the sickness

[Yirbu]

I keep a bottle of -Pure-Gum-Spirits-Turpentine

Of course I am not a medical professional and this is not advice

I use Wodka
Of course I am not a medical professional either...

Hope you'll feel better soon Don.

That doesn't work for me; alcohol is the sickness

Well, in that case I have a 0% Heineken for you

[IgazI]

Well, in that case I have a 0% Heineken for you

I've tried that, it tastes like bath water

[Don_xyZ]

Took a few trades today.. 7 to be exact. Most were losers. 5 losses and 2 winners.
The 2 winners covered the losses and gave some on top.

All 7 trades were long attempts with the static and dynamic bias being long.

EURJPYM1_1.png- 0.4%

EURJPYM1_2.png- 0.1%

EURJPYM1_3.png- 0.1%

EURJPYM1_4.png- 0.3%

EURJPYM1_5.png- 0.3%
This should not have been a 0.3 loss.. Got distracted with the kids

EURJPYM1_6.png+ 1.4% 5R

EURJPYM1_7.png+ 0.8% 3R

I'm most likely done for the day.
+ 0.9%

You're very cautious.

Too cautious actually.

I mean, just look at how many good trades you've missed along the way. When you put your faith in the tactic, you do it full force. This is also why your WIL plays a very important role - to weed out the potential bad trades so you don't have to worry when you enter the trade. Why? Because your WIL is backed by strong stats that you can rely on. When you know you can rely on something, you will gain more confidence. Confidence breeds more profit!

So, everything is interconnected. This is WIL.

BONZ EJ nonibadsha.png (163.76 KiB) Viewed 1865 times

The trades on the chart above were marked using 3R scenario.

[Don_xyZ]

Took a few trades today.. 7 to be exact. Most were losers. 5 losses and 2 winners.
The 2 winners covered the losses and gave some on top.

All 7 trades were long attempts with the static and dynamic bias being long.

EURJPYM1_1.png- 0.4%

EURJPYM1_2.png- 0.1%

EURJPYM1_3.png- 0.1%

EURJPYM1_4.png- 0.3%

EURJPYM1_5.png- 0.3%
This should not have been a 0.3 loss.. Got distracted with the kids

EURJPYM1_6.png+ 1.4% 5R

EURJPYM1_7.png+ 0.8% 3R

I'm most likely done for the day.
+ 0.9%

That's good. I'm going the SLE1R way to keep it simple with 1:1 trades, but how do you decide to hold for more? Looks like a good way to turn things around if correctly applied. Ya'll are seasoned traders and I suck so simple explanations are welcome if possible lol .

Using slayer is good because:

1. you don't expose your capital for too long in the market.
2. you can see the result pretty quickly.
3. it doesn't take a lot of time to maintain and monitor the trade.
4. because #3, it is good for those still doing this part-time.

There are things that can help you to look beyond Slayer. I can give you a looooooot of them. BUT, the most important thing is your mental fortitude! If you can't see yourself getting past Slayer then you won't ever get there. However, even if you can picture yourself going beyond Slayer, you still need the methodology to do that. So, simple stuff you can apply immediately:

1. use session/H8 range. How many pips does your chosen pair usually go up and down in a range. And so, when you have a trade near the open price then you "can" expect the price to go that far. This method is chasing the range. So if you get an entry about 5 pips above the open price of H8 and your pair has 80 pips range (on average) then it makes sense to target at least 10 pips, still makes sense to target 40 pips but you can also try 60 or the remaining pips for a full range. Does this make sense to you? If not then FORCE yourself to accept it!
2. use R multiple as your TP. This is common. The best, proven number is 3R. See the chart below and count how many trades you can get with 3R target and how many R will you end up at the end of the kill zone?

BONZ EJ nonibadsha.png (163.76 KiB) Viewed 1862 times

3. you can also try to target the 2nd or 3rd nearest fractal from a bigger tf. However, if the nearest fractal is far enough for you then you can also target that one instead of the 3rd nearest because it would be too far and thus, there is a higher chance that the market will turn around before it gets there.

Well, these are mine . Still marking the 2r and 3r even though I'm targetting 1R.

2 Losses, 3 wins, 1 breakeven+1.

Some notes:
1)Until the last trade, I was slightly below breakeven due to commissions and such.
2) The breakeven one missed TP by less than a pip.
3) It kinda wiggled around the H8 open but still worked on some level.
4) I'm entering at candle close when it closes over the ma 'band' and agrees with the H8 bias. This is clear in the first, 5th and 6th trade. In the 2nd, 3rd and 4th I think I waited a bit because I didn't want to take it too close to the open.
5) Taking subsequent trades is something that I'm not sure about when going in the same direction. A good example is 5 and 6, which oddly work fine, I just waited for some kind of pullback and when it closed over the MA I entered again. But if I were to take the next long I don't know how it would've looked.

MA-EU-Thursday-6-4.png

Yes, that is good practice. You got all the points correctly.
I see that you are also very cautious about your SL but that is ok too. Practice more. Make use of your weekend (if possible). Remember that forex trading is a business and you MUST prepare everything in order to make a good, stable profit.

[Don_xyZ]

Depending on the cause of me feeling unwell, I'd use different "potion"

I ate a bit of garlic and drank a glass of powdered ginger with a warm to hot water.

For alcohol, I really have a very low tolerance but in my area, the most famous local alcoholic drink is "Cap Tikus" literally translated to Mouse Brand. I guess it's because once you drink this stuff you'll find yourself sleeping in a sewer the next morning just like a dead mouse I think the ones sold in store contained up to 45% alcohol. The ones sold in local stores have up to 70%.

cap-tikus-1_169.jpeg (80.61 KiB) Viewed 1862 times

[Don_xyZ]

Not trading today.

Screenshot_20230407-174829.png (209.01 KiB) Viewed 1806 times

Screenshot_20230407-174703.png (203.09 KiB) Viewed 1806 times

The more you look at them, the more they tell you. BB is crazy good because it has the normal MA and the bands. A lot of things can be done with BB. Even though there are competitors out there to standard deviation, I still think sd is still the best when it comes to the formulation of the bands.

[Don_xyZ]

Trial and error phase to find the better settings.

AUDUSDM1 BB.png (144.55 KiB) Viewed 1785 times

AUDUSDM1 BB2.png (210.33 KiB) Viewed 1785 times

AUDUSDM1 BB3.png (169.74 KiB) Viewed 1785 times

AUDUSDM1 BB4.png (174.35 KiB) Viewed 1785 times

Quest to find the optimum R.

[StylusK]

Please don't laugh, felt chopped here , but somehow didn't lose much . So, the larger run happened to the long side when the bias was still short so I just waited it out until an entry actually happened; which it did but didn't work out.

Then had another one, which after 15 minutes saw that it was flat as a pancake so I bailed out, but would've worked. And last one barely touched the TP.

So BE-ish today. Not too sure what the lesson was here but oh well

MA-EU-Friday-7-4.png (56.49 KiB) Viewed 1704 times