Trading the Andrews Pitchfork with Max - page 2

[Max Brown]

30 minute view. SLOW SLOW SLOW PRICE ACTION.

Gain or loss these will be my last live trades until 17:00 GMT.  6 trades is more than enough for the day.  Overtrading makes gains disappear and losses increase.  I'll spend a couple of hours on the trade simulator to replay today's trades.

Flat.  Small loss today.-0.45% Better that than to hold until it is a 45% drawdown!!!   A small losing day, is it such a big deal to put the trading down and wait until the next day; simply accept the small loss as part of the game instead of holding and hoping.

EXAMPLE - HOLDING AND HOPING: 68% DD

[Max Brown]

Today's take aways:

1. You should have a reason for entering a trade and always use a stop-loss.  When the reason is no longer valid close your trade;
2. Losses are part of the game; it is your choice how large you want the losses to be;
3. Targeting profits of 2 to 10 times your stop-loss tend to be healthy for the trading account as long as you trade support and resistance;
4. Down days are part of the game; escape the "I MUST HAVE A PROFITABLE DAY MINDSET SET" which can lead to over-trading and very poor trades;
5. Try to keep your daily trade number between 3 to 6, less if possible;
6. Always defend your capital, no one else will do it for you;
7. Only ever move your stop-loss in the direction of the price;
8. After you have reached your number of trades quota, review good and bad trades on a demo using a trade simulator (lots of free ones out there) .  Print the charts, write what you could have done better then do it better on the trade simulator.  Reread notes on Sunday evening pre-market open.  

[Max Brown]

Looks like this scenario may play out afterall:

Above 1.1213 for longs.

https://www.mql5.com/en/forum/312663/page2#comment_11579864

[Max Brown]

The monthly pivopt at 1.1201 did it job.  There is still a short bias.

Swing traders short be short targeting 1.1078 by Friday.

Intraday traders should target 1.1157

and intraday week traders 1.1144. 

[Max Brown]

Above 1.1201:

Strange day:

EURUSD: THINK GLOBAL (Monthly, Weekly, Daily)  BUT ACT LOCAL (H4, H1, M30, M15)!!!

Week beginning 5/5/19:

Forecast range: 158 PIPS

Forecast High: 1.1282

Forecast Low: 1.1144

Bull/Bear Dividing line: 1.1213

[Max Brown]

Worth a cheeky one on my main account:

[Max Brown]

Currently in scenario 1:

Scenario one: 

1. there may be very good scalping opportunities between 1.1201 to 1.1213 for an extended period of time.  Buying bullish 5min pivots at 1.1201 with the stop loss 1 pip below the pivot low and profit target at 1.1213;
2. Selling bearish 5min pivots at 1.1213 with the stop-loss 1 pip above the pivot high and profit target at 1.1201.

There is a 90% probability that either 1.1282 or 1.1144 will be touched next week.

Keeping track of this very this responsible guardian of subscriber funds.  Now at 74% DD:

[Max Brown]

Currently in scenario 1:

I used scenario one to bring the account back to break-even plus a few.  If a trader creates scenarios on Sunday pre-market, it means in most cases the trader will be prepared to act regardless of price location.   

[Max Brown]

GBPJPY

• Enter short at 1
• stopped out at 2
• rentered short at 3
• took profits at 4

I would have taken profits for 1 at the 4 level price but the double gap hinted the gaps could be run-away gaps meaning large price drop 100 - 1000 pips?   So I did not close 1 and the market closed the gap and also stopped me out.

I am looking to reenter short if the yellow star at level 4 is broken then price retests that location.  The 4 location is the main support: if support is breached/broken by price, support then becomes resistance stopping price from moving higher.  So we wait for support to become resistance then sell at the new resistance the first time price tests and is rejected by it.   REJECTION: AT LEAST A 5 MIN BEAR PIVOT AT 144.80 AFTER PRICE HAS BREACHED/BROKEN IT, THE LAST BAR OF THE PIVOT HAS TO CLOSE BELOW 144.80.

[Max Brown]

EURUSD:

Taken a long at A (after 5min bullish pivot),  stop-loss at B and profit target at C just below the weekly forecast high and the 100 fib' extension.

Win or lose: you know what you could lose, you know what you could gain so there is no need to sit at the screen biting your fingers down to the bone wondering if you'll still have an account in 4 hours time.  Isn't this what you imagined it would be like when you first started your trading journey?   Yes!!!  So how did you end up following a signal capable of giving you a 99% drawdown? 

Learn to trade your own account.