It's funny I hadn't really thought about it but it feels quite embarrassing publishing this result and showing a loss. I guess this is because I am making my loss public and therefore truly have to face up to it. I have of course always kept a trade journal and have always reviewed my work at the end of each day. But one can be kind to oneself and focus on the positives. This feels brutal, harsh but also like a step forward.
The week started badly with poor prep. I traded before some major economic data results. Although I was right about the direction I got stopped out before the major move, i managed to re-enter at the correct time and made back my losses. But due to the initial poor prep, this trade only got me back to break-even rather than into profit. I made this same mistake a little later in the week too. So I managed to make 2 potentially profitable trades a zero sum game. Solution: only scalp before major data, lighten up 20 mins before result and trade the numbers once released.
The rest of my trading was quite good, lots of scalping. However I love taking profit and need to learn to extend my gains. Solution: don't exit until I've booked at least 3 pips profit.
But I truly ballsed up on Friday by trading when over tired (I've had quite a busy week in my personal life) making a stupid and avoidable mistake when trading the NFP results. I wanted to short the USD against the EUR when figures came out worse than expected. I was right however in my rush I shorted the EUR against the USD and turned a profitable week into a loser. Solution: Never trade when tired and I'm going to ask "what would a perfect trader do?" before I place each trade in the hope that this will make me more honest about the trade.
NB: bank holiday Monday in UK tomorrow means next post will be on Tuesday. Happy trading to the rest of you.
Trade Number: AL123
Time Frame: M15 Trade Start Date: 300412AM Trade End Date: 300412AM
Trade Type: Short Pair: EURUSD Price In: 1.32375 Price Out: 1.323720 Pips: -20 + 9 = -11pips
FA Reason: ID Trend losing momentum with rounded top = short back into demand.
Trade Details: Upward trendline break down.
P tests recent highs for 3rd time
Price then pulls back to UWTL and tests it with a lower shadow
Short = price closes below test low
ISL = prior bars high
IPT = CPP+ a bit.
Exit: CPP (discretionary)
Trade Image1 : Entry Poor Exit Poor
Lessons learnt/ Summary:
1. Poor trade after weekend , a little rusty.
2. Execution failure: you must wait for close before you enter!
NOT USING GUIDE!
Trade Image2 : Entry Good Exit OK
Lessons learnt/ Summary:
1. Nice entry and plan
2. Fault: didn’t let trade run while riding the 5EMA! Didn’t let profit run.
NOT USING GUIDE!
Trade Number: AL124
Time Frame: M15 Trade Start Date: 010512AM Trade End Date: 010512AM
Trade Type: Short Pair: GBPUSD Price In: 1.62053 Price Out: 1.61990(S1)Pips: = -18+24= +6
FA Reason: ID Trend losing momentum short into CPP
Trade Details: M15 BD of Range and UWTL (failure)
P tests Range lows and UWTL
Short = price closes below test low
ISL = prior bars high
IPT = CPP+ a bit.
Exit: Cls agsnt 8SMA
Trade Image1 : Entry Poor Exit OK
Lessons learnt/ Summary:
1. Preparation failure: right idea but trading before big UK result is idiotic
Lesson learnt: Prep day more thoroughly. What is your strategy for each part of the day?
Trade Details: M15 BD of Range and UWTL on BTE UK PMI (success)
P tests Range lows and UWTL
Mark lows, wait for result
Short = price closes below test low (Big Conf)
ISL = prior bars high
IPT = CPP+ a bit.
Exit: IPT
Trade Image1 : Entry Good Exit Good
Lessons learnt/ Summary:
1. Good planning and patience = success
Trade Number: AL125
Time Frame: M15 Trade Start Date: 010512AM Trade End Date: 010512AM
Trade Type: Short Pair: GBPUSD Price In: 1.62105 Price Out: 1.62175 Pips: = 10= +6
FA Reason: TA Scalp off S1
Trade Details: Bull EP on S1 back into R
P tests S1
Bull EP
Buy = close of Bull EP
ISL = NA (Fault)
IPT = Prior support
Exit: PT
Trade Image1 : Entry Good Exit OK
Lessons learnt/ Summary:
1. When you have an inspired thought go with it
2. Started to really gain confidence after this trade from combination of having a go and scalping quick profits.
3. Taking profit increase confidence.
Fault: didn’t set ISL!
Trade Number: AL126
Time Frame: M15 Trade Start Date: 010512AM Trade End Date: 010512AM
Trade Type: Short Pair: EURUSD Price In: 1.32599 Price Out: 1.32502 Pips: = 9
FA Reason: TA Scalp off R1
Trade Details: Bear EP of tight range
P tests R1 forms tight range
Bear EP
Short = close below range lows
ISL = NA (Fault) should have been just above R1
IPT = Prior support
Exit: PT
Trade Image1 : Entry Good Exit OK
Lessons learnt/ Summary:
1. When you have an inspired thought go with it
2. Started to really gain confidence after this trade from combination of having a go and scalping quick profits.
3. Taking profit increase confidence.
Fault: didn’t set ISL!
Trade Number: AL127
Time Frame: H1 Trade Start Date: 010512PM Trade End Date: 010512PM
Trade Type: Short Pair: EURUSD Price In: 1.32488 Price Out: 1.32732 Pips: = -46
FA Reason: TA Scalp off R1 (fault should have been a Data trade!)
Trade Details: Bear EP at R1
P tests R1
Bear EP
Short = close of Bear EP
ISL = above R1
IPT = Prior support
Exit: ISL
Trade Image1 : Entry Ok Exit Poor
Lessons learnt/ Summary:
1. Sound idea but you can’t scalp on an H1 chart 3 hrs before big data, it’s idiotic because it takes so long for anything to happen on the H1 TF.
2. Main Fault lied in poor preparation, not setup. You should have had a strategy for trading the ISM manu figures, and that strategy should have been a data one!
3. Fault 2: far too large a stop loss, should have been middle of confirmation bar.
Trade Number: AL128
Time Frame: M15 Trade Start Date: 010512PM Trade End Date: 010512PM
Trade Type: Short Pair: EURUSD Price In: 1.32695 Price Out: 1.32532 Pips: = 13
FA Reason: Data trade, buy USD on BTE Manu data
Trade Details: data trade
US manu data came out bte
Price had created double top at R1
Short = on results (Bought USD)
ISL = confirmation hi
IPT = Mid point
Exit: IPT
Trade Image1 : Entry Good Exit OK
Lessons learnt/ Summary:
1. Sound idea/ strategy based off Data and traded off data.
The key is… identifying what kind of setup your trading (data /scalp)
And… having the discipline to plan it and the patience to wait for it to happen.
Trade Number: AL129
Time Frame: M15 Trade Start Date: 020512AM Trade End Date: 020512AM
Trade Type: Short Pair: GBPUSD Price In: 1.61765 Price Out: 1.61738 Pips: = 5
FA Reason: Scalp trade in to S2
Trade Details: M15 BD of ST range
Price ranges on MS1
Short = P BD St range
ISL = conf high
IPT = S2
Exit: discretionary
Trade Image1 : Entry Good Exit OK
Lessons learnt/ Summary:
1. Sound simple scalp
2. Don’t get greedy when scalping. 5 pips is great could have extended gains!
Trade Number: AL130
Time Frame: M15 Trade Start Date: 030512AM Trade End Date: 030512AM
Trade Type: long Pair: EURUSD Price In: 1.31559 Price Out: 1.31589 Pips: = 3
FA Reason: Scalp,
Trade Details: Scalp double bottom w BullEP
Buy on Bull EP close
ISL = not set (but middle of conf if closed below)
IPT = 3-5 pips
Exit: IPT
Trade Image1 : Entry Good Exit OK

Lessons learnt/ Summary:
1. Nice little scalp.
2. Could have held a little longer
3. First trade of day, nice to start with a win.
Trade Number: AL131
Time Frame: M15 Trade Start Date: 030512AM Trade End Date: 030512AM
Trade Type: short Pair: EURUSD Price In: 1.31409 Price Out: 1.31389 Pips: = 4
FA Reason: Scalp
Trade Details: BD on choppy NRB range
Short on BD of NRB range
ISL = prior bars high (not set)
IPT = 3-5 pips (MS1)
Exit: IPT
Trade Image1 : Entry Good Exit OK
Lessons learnt/ Summary:
1. Nice little scalp.
2. Fault: Could have held a little longer.
Trade Number: AL132
Time Frame: M15 Trade Start Date: 030512AM Trade End Date: 030512AM
Trade Type: short Pair: EURUSD Price In: 1.31352 Price Out: 1.31342 Pips: = 2
FA Reason: Data scalp after WTE EU PPI
Trade Details: Short with momentum created by data
Short on poor results
ISL = prior bars high (not set)
IPT = 3-5 pips (MS1)
Exit: IPT
Trade Image1 : Entry Good Exit OK
Lessons learnt/ Summary:
1. Nice little scalp.
2. Fault: Could have held a little longer.
3. Felt a lot of conviction in my trading today.
Trade Number: AL133
Time Frame: M5 Trade Start Date: 030512AM Trade End Date: 030512AM
Trade Type: Long Pair: GBPUSD Price In: 1.61834 Price Out: 1.61844 Pips: = 2
FA Reason: Scalp
Trade Details: Scalp on BO of highs confirmation
Buy on conf x2 close above highs
ISL = prior bars low (not set)
IPT = 3-5 pips (MS1)
Exit: IPT
Trade Image1 : Entry Good Exit Good
Lessons learnt/ Summary:
1. Nice little scalp.
2. Very poor spread on GBPUSD made profit target hard!
Trade Number: AL134
Time Frame: M15 Trade Start Date: 030512PM Trade End Date: 030512PM
Trade Type: short Pair: EURUSD Price In: 1.31634 Price Out: 1.31614 Pips: = 4
FA Reason: Scalp
Trade Details: Short Bear at CPP
Short on Bear EP confirmation
ISL = prior bars open (not set)
IPT = 3-5 pips (MS1)
Exit: IPT
Trade Image1 : Entry Good Exit OK
Lessons learnt/ Summary:
1. Nice little scalp.
2. Fault: Could have held a little longer.
3. Felt a lot of conviction in my trading today.
Trade Number: AL135
Time Frame: M5 Trade Start Date: 030512PM Trade End Date: 030512PM
Trade Type: short Pair: EURUSD Price In: 1.31559 Price Out: 1.31529 Pips: = 6
FA Reason: Scalp
Trade Details: Short Bear EP at double top
Short on Bear EP confirmation
ISL = prior bars open (not set)
IPT = 3-5 pips (MS1)
Exit: IPT
Trade Image1 : Entry Good Exit Good
Lessons learnt/ Summary:
1. Nice little scalp.
2. Finished with good exit!
Trade Number: AL136
Time Frame: M15 Trade Start Date: 040512PM Trade End Date: 040512PM
Trade Type: short Pair: EURUSD Price In: 1.31175 Price Out: 1.31329 Pips: = -38
FA Reason: Data NFP trade
Trade Details: Short USD on WTE NFP (but US jobless rate down)
Short momentum (Meant to go long!)
ISL = non
IPT = 3-5 pips (MS1)
Exit: Pain
Trade Image1 : Entry POOR Exit POOR
Lessons learnt/ Summary:
1. Awful trade to finish week with.
2. Poor execution.
3. The good news is you can’t invalidate your strategy as you did not use it.
4. You cannot invalidate your thought process as you were right initially and would have made money had shorted the USD as you had meant to.
Lesson learnt: When your tired even when your right you can f&*# everything up! DON’T TRADE WHEN TIRED!
Summary:
- Identify if a trade is a scalp (technical) or a data (fundamental) trade.
- Prep day thoroughly. Have strategy for each part of the day. Planning = success.
- Faults usually lie in your preparation or execution. Don’t invalidate your creativity and setups, they're your greatest assets when prep and execute properly!
- Avoid trading when tired. When you’re tired even when you’re right you can fail simply from human error!
- Let profits run to pay for mistakes at least 3 pips on scalps!
- Wins came from = being fresh, good prep, following daily strategy, following creativity, executing well.
- Losses came from = being over tired, poor preparation, not following daily strategy, poor execution.
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