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    Thread: MartyFish Channel Reversal Trading Journal

    1. #1
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      Default MartyFish Channel Reversal Trading Journal

      Spoiler Spoiler:


      My New Modified style of trading:-

      From Now, I would be trading using Channels, as I believe market always moves in one or other channels and here my goal would be to buy near bottom channel of a Bullish channel & sell near top channel of a Bearish channel.

      For High Probability Trades, I will look to buy near bottom channel of a Major Bullish channel & sell near top channel of a Major Bearish channel.

      Though it will totally depend on market conditions & sentiments on which channels I would decide/choose to take my entries.

      And, with it i would be shifting towards more price action trading and would be eliminating oscillators from my system. Apart from channels I would be using pivot points levels to confirm channels support & resistance and at the same time would be using a combo of bollinger bands (12, 20) to confirm that I am buying low & selling high.

      So, now my system would consists of :-


      1. Channels - which will be drawn manually.
      2. Bollinger Bands (12) & (20).
      3. Pivot Points - Daily, Weekly & Monthly.
      4. Multi-Timeframe Analysis - will be using H1, H4, Daily simultaneously to make all trading decisions.


      **Note:- All my trades will have a fix SL. No trade will be open without a SL.


      Money Management:-

      1. I would be risking 5% on a setup and would be targeting a minimum of 10-15% profit gain. Rest it would depend on market conditions, how the trade would end.

      2. At a time, as i would monitor 2 pairs EN & GN, so i would be trading a max of 2 trading setups at a time, which means I would never have more than 10% risk involved in my trading.

      3. After every loss, I would stop my trading and won't continue until I find a solution and a better way to counter that & avoid taking such entries.


      My Goals:-

      Just trade with following all my rules, trading plan & thrive to become better & better with every passing trading week. No Goals for monetary gains, only goal is now to become the best possible me.


      Live Trading Example with this New Style:-

      This system is been implemented and is used from this following post, which happens to a live entry that i posted using this style. So, refer from this post onwards to get synch with this my new style of trading.

      http://forum.mt5.com/showthread.php?...1#post12661506



      So, Lets get Started, I will be monitoring only 2 pairs i.e GN & EN. Let's have a look at GN now.

      Following are the channel levels for GN for the current week.

      White lines channel - Major Bullish Channel.
      Maroon lines channel - Short term Bearish Channel.

      GN is still looking quite strong despite the sudden fall on Friday and I would be looking to buy GN from a considerable channel level if it continues to fall further.

      Or if it rises from here then I would look to sell it from the top channel levels, once it looks exhausted or shows some signs of reversals & remains within the Short term Bearish Channel.

      In Short, Now, I would be trading reversals either against the major trend or in the direction of major trend. And, it will be quite a challenge for me to do that because until now I always favored trend trading & was against reversal trading but now I want to try my hand at reversal trading and I think that if I can do it successfully and gains & maintains around 70-75% accuracy with it, then it would be just fantastic, as the Risk:Reward ratio from trading reversal is just awesome & it is the most profitable type of trading.

      But, the only low point about trading reversals is that the traders trading it always have less win % but the risk:reward covers it up for them and pushes them above breakeven, even with less win %.

      And, the challenge for me, here would be to keep the win% to higher side even while trading the reversal's, so that i would be able to grow my capital safely & at a much faster rate.





      Last edited by PhAnToMtRaDeR79; 12-04-2017 at 01:26 PM.

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      Quote Originally Posted by MartyFish View Post
      yes that's the way how the market trap works

      It makes you believe that the market is moving as per your analysis.

      And, Sometimes it moves with accordance to your view & makes you look smart.

      And, Sometimes it just pretends to move with your accordance but later leaves you alone wondering what has just happened & makes you look like a fool.

      That's the reality.

      So, as trader it's our job to play as safely & smartly as we can, one way to do that is use a SL & then use a trade protecting SL once you are in
      positive. Had I not protect this trade then sure my SL would have hit and if I would not go with a SL considering how confident I am then I would now have a large floating minus.
      Trap! Yes brother Martyfish that is the keyword here, when a trader feels his analysis has no margin of error, it breeds overconfidence and he will probably say to himself, since this is an A+ setup, let me add a little more lot size so that I can make much higher returns, some will completely put money management aside and go with hundred percent of their account.

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      Quote Originally Posted by MartyFish View Post
      yes that's the way how the market trap works

      It makes you believe that the market is moving as per your analysis.

      And, Sometimes it moves with accordance to your view & makes you look smart.

      And, Sometimes it just pretends to move with your accordance but later leaves you alone wondering what has just happened & makes you look like a fool.

      That's the reality.

      So, as trader it's our job to play as safely & smartly as we can, one way to do that is use a SL & then use a trade protecting SL once you are in positive. Had I not protected this trade then sure my SL would have hit and if I would not go with a SL considering how confident I am then I would now have a large floating minus.
      yes the market is uncontrollable, sometimes it gets us frustrated because few trades reverse from half way, it happens to me also but I try to remain calm because I know that not every trade will reverse, I just need to be patient and keep doing what I am supposed to do according to my trading plan and I will be in overall profit at the end and that is all matters to me.

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    8. #563
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      Yes @zahidmehmood the forex market is not controllable and totally predictable, we may feel confident about a specific setup and it can become a loser, using protective stop loss that what @martyfish used is the best strategy always, we can lose the trade and not feel terrible.
      Check Out My Journal My Ichimoku+200 EMA Strategy

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      Trying to build confidence on what we are using to trade takes time and hard work, but above all it takes consistency and we should not be so over confidence that we should start using wrong trading lots on a small trading account which would only lead to huge losses!
      Wisdom Is The Ability To Apply Knowledge And Experience To Any Given Situation.

      Foreign exchange market is a skill that requires time to learn, needs hard work to sustain and diligence to keep open the door of profits.


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      Quote Originally Posted by MartyFish View Post
      @Update:-
      And, Now, as it is confirmed earlier was a fake setup and price didn't continue moving in the latter half of the Bearish channel & reversed up again into the first half of Bearish Channel, where now it's looking to break above and continue it's run in the first half of Bullish Channel.

      So, with this view, I had already triggered a buy entry with 55 pips SL. Though, the breakout haven't taken place yet, I am early into the trade because once the breakout happens I can then immediately be able to protect my trade.


      And, with yesterday low or reversal point we got another new bullish trendline and with the help of that I had drawn parallel channel projections (blue lines) to see the strength & projection of current setup, how far it can move and it looks like it can move all the way upto upper area of bearish channels, which is 140 pips away from my entry.

      Let's see how this setup goes, the risk invovled in this setup is 2% and I will increase to my normal 5% when I gains confidence & good performance results with this method, until then 2% risk per setup.

      And, till I get well versed with this method, I would be just focusing on trading 1 pair i.e GN.

      Price broked up and moved 40+ pips in my direction and now I have protected my trade and now will let the market decide it's fate.

      Though, I have a TP placed in which is at 140+ pips. And, I could later interfere if price looks to struggle in getting upto the TP or if I notice a possible reversal or weakness in my direction.
      Attached Images
      Last edited by MartyFish; 12-07-2017 at 12:19 PM.

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      Quote Originally Posted by MartyFish View Post
      Price broked up and moved 40+ pips in my direction and now I have protected my trade and now will let the market decide it's fate.

      Though, I have a TP placed in which is at 140+ pips. And, I could later interfere if price looks to struggle in getting upto the TP or if I notice a possible reversal or weakness in my direction.
      @Update:- wtf, again got stopped out at breakeven+1 after going 96+ pips in profit, what is this carzy GN doing.

      Well, still i will take some more trades with this method and see what overall result it produces or it just serves me breakeven+1 pips all the time.
      Attached Images

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      again got stopped out at breakeven+1 after going 96+ pips in profit, what is this carzy GN doing
      i guess you haven't heard about this:

      The symbiosis mashed up.. Trading Journal, ideas and ideas and also, maybe, but not limited to, other things!
      symbiosis mashup <-- click this thing. pie, cake, sugar, coffee and closing all trades in profit. (and more cake)

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      Quote Originally Posted by penuelophir View Post
      Trying to build confidence on what we are using to trade takes time and hard work, but above all it takes consistency and we should not be so over confidence that we should start using wrong trading lots on a small trading account which would only lead to huge losses!
      yes, hard work matters if success would happen. but, then who wants to gain something for nothing. such a fellow would be a loser! you have to sow before you could reap! the sowing takes time as the trader learns and practices on the demo trading account and acquires skills and experience from same.
      ''Too many times we settle into a set way of thinking and accept limitations that need not be placed on us'' -John C. Maxwell

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      Quote Originally Posted by MartyFish View Post
      @Update:- wtf, again got stopped out at breakeven+1 after going 96+ pips in profit, what is this carzy GN doing.

      Well, still i will take some more trades with this method and see what overall result it produces or it just serves me breakeven+1 pips all the time.
      I guess it was because GBPUSD was climbing in the morning that makes you get such success with your GBPNZD. Now, i think the table has turned because GBPUSD is now following its real market pattern, because it is in the bearish direction. I managed to opted out 65 pips on GBPCAD this morning, and i was so lucky to close the trade before the sharp drop on the pair. It dropped so fast later.

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      Quote Originally Posted by MartyFish View Post
      @Update:- wtf, again got stopped out at breakeven+1 after going 96+ pips in profit, what is this carzy GN doing.

      Well, still i will take some more trades with this method and see what overall result it produces or it just serves me breakeven+1 pips all the time.
      GBPNZD is a volatile and crazy pair that does not give you a chance to make much especially when it seems to be in a range, it is subtle, the suggestion I will give is to plot the boundaries of the range and pick it from bottom and top, buy the downs and sell the ups.

      My Trading Journal: ~~~My RSI AND 200 EMA Combo~~~

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