25/3 – Brain Dump after 25 trades in two sessions

Warning – this is another one of those blog post where I didn’t really think about how it might read to someone.  I just wrote it for me.

Last 2 sessions – What’s been going on?

In my 5M-XTF trading, replaced WTI with EURUSD, because Oil’s trx costs (spread/commissions) relative to the daily ATR are too high – see table detailing the stats here. That table shows that currently, the three instruments with the lowest costs are DAX, Cable and EURUSD (taking 28 fx pairs, several indices and commodities into account)

  • In the last two sessions I took 25 trades.  On Tuesday morning I took four trades using my existing/work-in-progress strategy and made a net loss of 2R.  It was annoying
    • My encouraging friend (I need to find her nickname to add to the likes of Mr France and Mr Italy) set me a challenge of just placing a minimum of six trades for the session – but what if I can’t find 6 good setups? “What’s the worst that can happen” she says.  This isn’t quite on par with what I have been learning – but what the heck.  I am willing to try anything.
    • This resulted in me taking a lot of trades throughout the afternoon.  The results were a little positive – I made 3R over 20 trades.
    • Targets and stops became tighter – Cable and EURUSD to around 20 points, DAX 20-30 points.
    • Entered in safer areas, rather than on breakouts.  All-in/all-out was used.  It seemed this shifted the probabilities into my favor.  Thus I didn’t wait for confirmations – I traded with my view of the sentiment.
    • Still paid close attention to key level and multi-candle patterns.
    • Added relevant pivot lines on MT4 for the fx pairs
    • Trade duration decreased.
    • Emotionally I was able to handle the trades much better.  I just kept firing – similar to when I am trading futures on the ES and TY contracts.
    • I was less emotionally attached to the trades.
    • My confidence was higher.
    • Some of the trades were very short.  One of today’s DAX trades stopped me out in less than 4 minutes, but a couple of hours later I traded the DAX again and targetted out in 12 minutes.  It didn’t really matter to me.
    • It’s more tiring.
    • I’d like to think that trading like that is more suitable to testing.
    • Could this be a breakthrough?
    • The squawk seems more important with this trading style.
    • I am a little annoyed and impatient with the strategy I have been working on for several months.
    • Have kept R at £100 (thus trades are in the 0.4-0.7 lot range)
    • This trading style seems more “me”.
    • Still marking out the valid setup from the existing strategy on the charts.  Looking at them, it makes me think that they often get me into the market late.  It requires momentum to get to the required entry level, and then more momentum to push through to the target.
    • Am documenting less than for the Levels strategy.
    • Trading like this avoids some of the frustrations I had lately – waiting, not getting on the whole trades, handling retracements, managing positions – see heading “Progress of Trading & Strategy Development”
    • Should this be better? Surely if I spend the whole day at the office and trade from 5M charts, then I should have more than 10 trades a week, yes?  10 a day seems more suitable.
    • These are all just thoughts, questions and facts splurted on the page.
    • Trading is damn hard
    • But it’s really worth it when you get there in the end (me hopes!)
    • No Psych Assessments
    • We are making headway with the MT4-based ATR dashboard project

I am not really sure what’s going on, so I am just writing these things down to keep track.  It’s helping me to quickly look at myself (and my actions) from a 3rd person’s perspective.

Remember this week it’s trading & no testing.  Next week it’s testing & no trading.

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