hm does the MM setting also work with oil? seems to me i had it on 4 when it entered and the risk amount was 35.00, but the trade stopped out at 58.00 loss?

 

anyway after that oil trade got stopped out i immediatly pressed reverse as there was a perfect head and shoulders with a nice down momentum behind it. not sure how i missed that when i entered the long. anyway the reverse went perfectly and more then made up for the loss. went to bed and got up to 80.00 profit on that one. was going fora very conservative tp as i'm still expecting oil to go back up 

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you can see where i entered by the purple line, my stop was above the pattern plus spread, tp was just a spreads width above the grey box.

 

ps: my experience has been that the hard stop and tp can be moved, but they bounce back to the pre set tm settings of 200 pips. thats why i turn the tm off when i want to use the mt4 hard stop and tp. mostly when i want to go to bed and power down the comp

wow what a pain in the ass, my mt4 keeps getting unconnected from the net even though my browsers are fine. no way to trade thats for sure.

 

trading recently hasn't been good, 2 steps forward and 3 back kind of thing. taking trades that are breaking the rules though. often i only see the problem with the trade after i already jumped in. i should probably try go with a slower style first. faster trading is more fun but as Theo warns folks it requires a better skill level.

 

still, Rome wasn't built in a day as they say, i will keep practicing on my demo account till i do it right!

just wanted to say something about trading psychology, i thought it wouldn't really be a problem, but it really is. i'm shocked at how often i'm thinking of trades that really don't follow the wave fx rules. all different things have an effect, if i see no trade for a long time i seem to find myself desperately looking for a set up and taking stuff that i really shouldn't.

 

not sure if it's because it's a demo account that i'm taking stupid risks some times, or if it's lack of experience in reading the locations. i certainly don't plan to trade with real money till i can make a profit on my demo account consistently. so far thats not the case.

 

i have found taking the slower trades has been potentially a bit easier. even if i have the whole other problem of watching price go to profit, then back to loss, the back to profit and so on till it finally does what i am waiting for. it's really hard not to close a trade with a few bucks profit if you have watched it go to 50 bucks minus before. thats the problem with the brown line trades, you need to remain calm and ideally don't watch them. so yeah it's all about getting used to the ups and downs of the longer term trades.

 

lets hope that i can finally make it work in the end, for now i'm always feeling i'm just on the verge of getting it right, but i have been feeling that way for a while now

so when trading the green line how do you judge targets, do you judge congestion areas based on the brown? often there are many areas in the way of the green line target, do you have different rules for obstructions on the way to target for LT triggers and trades? like in the fast style you say go between the first and second obstruction, on the brown triggers that would mostly not allow you to aim very far.

thank you Theo,

 

that makes logical sense.

 

even though i plan to trade more brown line triggers, i will still use black line triggers too, but only when they are in a place where they turn the brown into a trigger turning the green. will be interesting to see how it goes if i slow things down.

 

i intend to be really strict from now on with my triggers, no more wishful thinking trades...i know it sounds like something not needing to be said, but believe me the mind plays silly games with one and gets one thinking about making trades based on anticipated price moves rather then evidence based moves.

 

anyway lets see how this next week goes.

thanks guys, appreciate the links.

 

getting a better and better handle on this trading method, but i'm still finding some days nothing will work, while other days nearly everything works. same thing with my back testing, had some great sessions to start with, but have had mixed results with other sessions.

my demo account is at around the same level as it was 2 weeks ago, lol. its been a few hundred down, then back up, then back down and so on. finding it very hard to keep my trades profitable every day.

 

have found my self losing trades due to a very few pips, often the tight trades end up losing if i stick to 1 to1 while they win at a few precent under 1 to 1 rr, its like the market is alive and laughing at me and my 1 to 1 rule 🙂

 

anyway here a recent back testing session, it went wrong from the beginning and i was trying to catch up all the way through till the session chart expired. probably would have made it to profit if that last trade had worked out, but the move was so fast the TM didnt enter the trade. you can still see my tp and sl lines on there. was running with 250 dollars of risk per trade.

 

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