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Tom's T20 Journal

Start a Trading Journal - Start Posting Your T20 Trades Here.
Tips for First Post: Start with personal introduction, share your story, your future plans.
Use Template Prodvided for Recording Trades.
User avatar
immy
Founder
Founder
Posts: 8848
Joined: Mon Nov 22, 2010 4:46 pm
11

Question 3?

Unread post by immy »

The topic named The Hunt 3.0 - The Banana Method lays the foundation for this method. the rules are given there. You should if not already done, refer to this topic as the guide. I know I have given you a shorter cut by eliminating the setup 1 batches for you but the disadvantage is that the banana 3.0 content is not organized. however, it is here ...LINK viewtopic.php?f=141&t=2295

Being in discord is the BANANA Method! 

Image
 
What is the Biggest Hidden Secret of Successful Trading?
The Consistent Pursuit of DS1 :nerd

tombacon89
Posts: 313
Joined: Sun Feb 05, 2012 6:26 pm
10

Re: Tom's T20 Journal

Unread post by tombacon89 »

BATCH 1 REVIEW

Firstly thanks to everyone who has helped me so far. Batch 1 was always going to be difficult.

Previous DS score: 12/20 = 60%
Revised DS score: 7/20 = 35%

T1 - 0 - played with exit

T2 - 0 - wrong pair, spread too big, empty 1 on m5.

T3 - 1

T4 - 0 - trend candle didn’t close outside of the range. Also, h1 with m5 entry not m5 m1 entry.

T5 - 0 - correct setup but traded H1 m5 entry. So, DS0 for that.

T6 - 0 - only because I was already in an m5 short… before I was instructed to only be in one trade at once. So, ds0 as per my current trading plan.

T7 - 0 - No proper impulse move. Could argue it is within a wider trading range.

T8 - 0 - what a badddddd trade. Classic example of cloudy judgement and FOMO. If you ever want to see how not to do it. Come back to B1 T8. Forcing things that are not there, patience patience patience. However, this was identified straight away and I took action to go learn more about my mistake.

This was a key turning point for the better. I put some thoughts to paper of what I believed the strategy involved, this was good for me in 2 ways. It gave me focus, and it highlighted weaknesses.

T9 - 1 - lovely setup. This is the one. Look back at this trade when you need a mind reset.

T10 - 0 - another dream trade, however, for me, this no longer fits my rules. I got in on the second trade prior to trade 1 closing. Albeit I was at break even on trade one….. it is a bugger to put DS0 for this… but, I have to be cruel to be kind.

T11 - 0 - don’t trade emtpy ones. (now removed from settings.)

T12 - 1 - the first trade was good; I had a minor level to the left which I traded towards. Calculated risk. The second signal which I thought was a setup, was not. Even if it was, I would have still been in trade 1 at BE; something to remember going forward.

T13 - 0 - entry too late in the move. Think, rule 3, climatic.

T14 - 1 - the concept was there, however, it was a bit scrappy as I was trading back into the range. momentum wasn't the strongest.

T15 - 1 - same session as t14, the concept was there; but I was trading within a range. momentum wasn't the strongest.

T16 - 0 - chasing minor support and resistance levels after an m5 trend candle, without paying much attention to where the m5 trend candle, or m5 market is located within it’s cycle.

T17 - 0 - again. Chasing trades that are not there. Within range, choppy, no context, no clean breakout on M5.

T18 - 1 - GREAT SETUP. Unfortunately it was a rent. But this was the best positive feeling I had all batch. I did not even care that it rented. I traded the plan and it felt good. I missed the second signal, this was a complex pullback. Need to do some work around those complex pullbacks.

T19 - 1 - this was a lovely trade, and one that went on to feature in immys daily recap video which made me feel good. I just need to be mindful of trading towards key levels in the next batch; Ie, can you get to BE before the level will be tested? Part of this will come down to individual personality.

T20 - 0 - rule 3. climatic… look how far m5 has moved… 3 bearish m5 candles… use m5 first, then drop to m1. One or two m5 candles is sufficient. Any more and your probably into the territory or breaching rule 3. One to remember.





THINGS I DID WELL:

- Sticking to the exit strategy. Let the trade do it’s thing once I am in. Resisting the temptation to play with the exit. Put the trust in the probabilities.

- I did not over trade my trading plan. Eg, once my 2 trades per session were done, I did not take any further trades. I was very aware of my risk management.

- Always took positives from the negatives

- Accepted feedback; and used DS0 trades or confusing sessions to push my desire to learn. (Just be careful not to get consumed in this initial learning phase to the point of burnout.)

- My pre-market analysis routine improved day by day.*

- Recording my trades, keeping my journal and been 100% honest with myself.



KEY SELF PROGRESSION / SELF LEARNING POINTS FROM THIS BATCH:

- Don’t force it.

- If you can’t see clearly where you are in the market cycle, don’t pull the trigger.

- ASK QUESTIONS, don’t sit on the sidelines.

- Only focus on one market per session.

- Pre-market routine is key. Get this right and the mindset going into the session will be a lot clearer.

- Knowledge and understanding can only come from practice, exposure and mistakes. Do not be afraid to Fk it up.




KEY TECHINICAL LEARNING POINTS FROM THIS BATCH:

One thing that stuck with me was immy and emma both took a valid trade where M5 broke out and closed outside of the range, M1 pulled back inside the range, however, their PO entry was outside of the range and this was absolutely fine to take.

Use FO, LO, NEO price open as a guide, it can be a good pivot. But don’t let it stop you from taking trades towards it. If the setup is there and valid, it is ok to take it.

When m5 starts pulling back, sit on your hands for m1.

Rule 3, climatic. When price has gone too far too quick these are not good places to be taking signals. M5 would have probably produced 2/3 big candles, the range level for retest of S/R would be pretty far away. The best entries have a re-test or pullback after the 1st M5 breakout candle. If the ship has sailed, you’ll sink trying to get on it at sea. Let it go.





THINGS I WANT TO IMPROVE ON TECHNICALLY IN BATCH 2:

*Making sure I am marking levels in the same colours, type of box, type of line. This sounds minor and silly, but as I’m going through my batch; I have noticed a tendency to change how I mark my levels etc. I should really keep these uniform so my brain learns how to process this information slicker.

Trading close to levels or zones; I have had a couple of trades that I have filtered close to levels; and a couple I have knowingly taken close to levels. Mid way through the batch I got fixated/confused on FO, LO, NEO price levels and this caused me some confusion at the time. B1 T19 was close to the weekly low; I had rationale for taking it. It also appeared in Immys daily review, which gave me confidence to see. However, I am also aware of other traders who filtered the trade for that exact reason; the level was too close for them. Perhaps this comes down to my style of trading, which I am still developing. But it is one for me to be aware of.

Channels and wedges. Something I have not truly paid a great deal of attention to yet, as my brain can’t absorb everything at once. I have an awareness of them; but that is all it is at this time. I would like to improve my knowledge around ascending, descending, and any other types that may be out there; what they mean and what breakouts of these mean in certain markets. Discord, immys recap videos and Emmas journal will be a good place to learn this; and will increase my knowledge on market cycle.

I want to improve my knowledge around complex pullbacks / 2 legged pullbacks.



THINGS I WANT TO IMPROVE OF EMOTIONALLY:

Once an impulse move has gone, or a signal has gone… just let it go… learn to own the FOMO and don’t let the FOMO own you. I am only a part time trader anyway, so the majority of the time I am simply missing out on all the beautiful lovely setups anyway, and it doesn't bother me then! So one more setup won’t hurt. just because your sat watching it, shouldn't make you feel any different. Let it go.

This must be combined with knowing ‘where are we right now’ in the market cycle. Especially around two legged pullbacks if the 1st valid signal is a rent. It is a matter of seconds before getting in again, need to understand the 2 legged pull backs more to build confidence around taking the next setup so quick.

Learning to know when ‘enough is enough’ mentally. This is a must. I do sometimes find it hard to concentrate for the full 2 hours, usually because I’m forcing something that isn’t there. I appreciate this is because I’m in the initial learning phase. Mark the levels and wait. I am going to add H1 to my template, so I can see the bigger picture; get those H1 levels marked so that I can see at a quick glance where the market is.

I must improve on this in batch 2. This is equally as important as technical understanding.

Really focusing on the correct entry. Focus on the DS1.

Keep focusing on my personal growth and enjoying myself.




PRE BATCH 2 ACTIONS

Before the next Batch I will: simplify my trade recording template, commit to further understanding the strategy rules within this template.

Get the rule set displayed on my tablet in front of me for each session. Rather than using my journal template as my rule-set and flicking between charts and updating that it will be cleaner to simply have the rules in front of me, clear to see at all times.

Update my trading plan to include only being in one trade at a time.




ENDING COMMENTS

Although I got a 35% DS; I do not feel like my personal knowledge growth and effort towards this is equal to a 35%. It is way more in my opinion. I am pleased with the foundations I am laying so far.

I’m still learning and need exposure, time and practice to get where I want to be. Accepting this in the early stages is crucial. I feel I have got the right mindset to succeed with this.

I am happy with my progress so far. I appreciate I had a ds of 35%, however the trades I did take I finished the batch with 11 winners for 22r, 3 BE and 6 losses for -6r; with an account growth of 17.06% compounded on a demo account.
'Do Not let yourself get in the way of your profit producing tools'

"If it’s meant to be, the universe is gonna throw it back to me, to get it back all we need is to let it go, put your faith put your trust in the chemicals" - Various Cruelties - Chemicals

tombacon89
Posts: 313
Joined: Sun Feb 05, 2012 6:26 pm
10

Re: Tom's T20 Journal

Unread post by tombacon89 »

TOMS LOBOT NEOBOT TRADING PLAN.docx
 Ready for Batch 2 :)
You do not have the required permissions to view the files attached to this post.
'Do Not let yourself get in the way of your profit producing tools'

"If it’s meant to be, the universe is gonna throw it back to me, to get it back all we need is to let it go, put your faith put your trust in the chemicals" - Various Cruelties - Chemicals

tombacon89
Posts: 313
Joined: Sun Feb 05, 2012 6:26 pm
10

Re: Tom's T20 Journal

Unread post by tombacon89 »

BATCH 2 SESSION 1GER 40
24.01.2021
LO

Pre Session Questions:

A)Is there any red news to be aware of?

NO

B) Have you identified and plotted the key HTF support and resistance levels? If NO - No TRADE until this is done.

YES Daily is nearing the range low. Key level.

Hourly has had a big drop yesterday, has pulled back with a 2 signal, but the 3rd pull back candle was big and bullish.

H1 then went into a wide range overnight. 

I note previous support/resistance key level on H1 just below the overnight range. Daily range low would be a lovely short target today.  

TRADE SUMMARY: 

a) Did you trade the plan?               YES - because I followed my rules and didn’t take any trades.       
                     
b) Did the charts look and feel clear to you during this session? The charts were not kind to us today, took patience and self control to get through this session; but it did not feel like stress or effort :) Our rules kept us safe today. 
 
c) Questions arising from this session?

clarity on two points:

SUPPORT RESISTANCE BREAKS are NOT the same as TRADING RANGE BREAKS. We trade RANGE BREAK and RETESTS. Although, this is naturally around the same level at the open. 
 
FOR CLARITY S R BREAKS ARE DIFFERENT TO RANGE BREAKS.png
M5 doesn't have to be a TC, this has been mentioned before. But for clarity.  

D) How did you physically feel? Good, in control. Not rushed or pressured. I felt aware of the bigger picture and rules. 
 
The session open was climatic, rule 3.

I saw a break of a TR late in the session, I was aware it was into the overnight range. Market did not produce my setup. 
SESSION 1 NO TRADE.png
 

 
 
You do not have the required permissions to view the files attached to this post.
'Do Not let yourself get in the way of your profit producing tools'

"If it’s meant to be, the universe is gonna throw it back to me, to get it back all we need is to let it go, put your faith put your trust in the chemicals" - Various Cruelties - Chemicals

kvr1966
Posts: 102
Joined: Thu Nov 11, 2021 4:11 pm

Re: Tom's T20 Journal

Unread post by kvr1966 »

tombacon89 wrote:
Fri Jan 21, 2022 9:14 pm
BATCH 1 REVIEW

Firstly thanks to everyone who has helped me so far. Batch 1 was always going to be difficult.

Previous DS score: 12/20 = 60%
Revised DS score: 7/20 = 35%

T1 - 0 - played with exit

T2 - 0 - wrong pair, spread too big, empty 1 on m5.

T3 - 1

T4 - 0 - trend candle didn’t close outside of the range. Also, h1 with m5 entry not m5 m1 entry.

T5 - 0 - correct setup but traded H1 m5 entry. So, DS0 for that.

T6 - 0 - only because I was already in an m5 short… before I was instructed to only be in one trade at once. So, ds0 as per my current trading plan.

T7 - 0 - No proper impulse move. Could argue it is within a wider trading range.

T8 - 0 - what a badddddd trade. Classic example of cloudy judgement and FOMO. If you ever want to see how not to do it. Come back to B1 T8. Forcing things that are not there, patience patience patience. However, this was identified straight away and I took action to go learn more about my mistake.

This was a key turning point for the better. I put some thoughts to paper of what I believed the strategy involved, this was good for me in 2 ways. It gave me focus, and it highlighted weaknesses.

T9 - 1 - lovely setup. This is the one. Look back at this trade when you need a mind reset.

T10 - 0 - another dream trade, however, for me, this no longer fits my rules. I got in on the second trade prior to trade 1 closing. Albeit I was at break even on trade one….. it is a bugger to put DS0 for this… but, I have to be cruel to be kind.

T11 - 0 - don’t trade emtpy ones. (now removed from settings.)

T12 - 1 - the first trade was good; I had a minor level to the left which I traded towards. Calculated risk. The second signal which I thought was a setup, was not. Even if it was, I would have still been in trade 1 at BE; something to remember going forward.

T13 - 0 - entry too late in the move. Think, rule 3, climatic.

T14 - 1 - the concept was there, however, it was a bit scrappy as I was trading back into the range. momentum wasn't the strongest.

T15 - 1 - same session as t14, the concept was there; but I was trading within a range. momentum wasn't the strongest.

T16 - 0 - chasing minor support and resistance levels after an m5 trend candle, without paying much attention to where the m5 trend candle, or m5 market is located within it’s cycle.

T17 - 0 - again. Chasing trades that are not there. Within range, choppy, no context, no clean breakout on M5.

T18 - 1 - GREAT SETUP. Unfortunately it was a rent. But this was the best positive feeling I had all batch. I did not even care that it rented. I traded the plan and it felt good. I missed the second signal, this was a complex pullback. Need to do some work around those complex pullbacks.

T19 - 1 - this was a lovely trade, and one that went on to feature in immys daily recap video which made me feel good. I just need to be mindful of trading towards key levels in the next batch; Ie, can you get to BE before the level will be tested? Part of this will come down to individual personality.

T20 - 0 - rule 3. climatic… look how far m5 has moved… 3 bearish m5 candles… use m5 first, then drop to m1. One or two m5 candles is sufficient. Any more and your probably into the territory or breaching rule 3. One to remember.





THINGS I DID WELL:

- Sticking to the exit strategy. Let the trade do it’s thing once I am in. Resisting the temptation to play with the exit. Put the trust in the probabilities.

- I did not over trade my trading plan. Eg, once my 2 trades per session were done, I did not take any further trades. I was very aware of my risk management.

- Always took positives from the negatives

- Accepted feedback; and used DS0 trades or confusing sessions to push my desire to learn. (Just be careful not to get consumed in this initial learning phase to the point of burnout.)

- My pre-market analysis routine improved day by day.*

- Recording my trades, keeping my journal and been 100% honest with myself.



KEY SELF PROGRESSION / SELF LEARNING POINTS FROM THIS BATCH:

- Don’t force it.

- If you can’t see clearly where you are in the market cycle, don’t pull the trigger.

- ASK QUESTIONS, don’t sit on the sidelines.

- Only focus on one market per session.

- Pre-market routine is key. Get this right and the mindset going into the session will be a lot clearer.

- Knowledge and understanding can only come from practice, exposure and mistakes. Do not be afraid to Fk it up.




KEY TECHINICAL LEARNING POINTS FROM THIS BATCH:

One thing that stuck with me was immy and emma both took a valid trade where M5 broke out and closed outside of the range, M1 pulled back inside the range, however, their PO entry was outside of the range and this was absolutely fine to take.

Use FO, LO, NEO price open as a guide, it can be a good pivot. But don’t let it stop you from taking trades towards it. If the setup is there and valid, it is ok to take it.

When m5 starts pulling back, sit on your hands for m1.

Rule 3, climatic. When price has gone too far too quick these are not good places to be taking signals. M5 would have probably produced 2/3 big candles, the range level for retest of S/R would be pretty far away. The best entries have a re-test or pullback after the 1st M5 breakout candle. If the ship has sailed, you’ll sink trying to get on it at sea. Let it go.





THINGS I WANT TO IMPROVE ON TECHNICALLY IN BATCH 2:

*Making sure I am marking levels in the same colours, type of box, type of line. This sounds minor and silly, but as I’m going through my batch; I have noticed a tendency to change how I mark my levels etc. I should really keep these uniform so my brain learns how to process this information slicker.

Trading close to levels or zones; I have had a couple of trades that I have filtered close to levels; and a couple I have knowingly taken close to levels. Mid way through the batch I got fixated/confused on FO, LO, NEO price levels and this caused me some confusion at the time. B1 T19 was close to the weekly low; I had rationale for taking it. It also appeared in Immys daily review, which gave me confidence to see. However, I am also aware of other traders who filtered the trade for that exact reason; the level was too close for them. Perhaps this comes down to my style of trading, which I am still developing. But it is one for me to be aware of.

Channels and wedges. Something I have not truly paid a great deal of attention to yet, as my brain can’t absorb everything at once. I have an awareness of them; but that is all it is at this time. I would like to improve my knowledge around ascending, descending, and any other types that may be out there; what they mean and what breakouts of these mean in certain markets. Discord, immys recap videos and Emmas journal will be a good place to learn this; and will increase my knowledge on market cycle.

I want to improve my knowledge around complex pullbacks / 2 legged pullbacks.



THINGS I WANT TO IMPROVE OF EMOTIONALLY:

Once an impulse move has gone, or a signal has gone… just let it go… learn to own the FOMO and don’t let the FOMO own you. I am only a part time trader anyway, so the majority of the time I am simply missing out on all the beautiful lovely setups anyway, and it doesn't bother me then! So one more setup won’t hurt. just because your sat watching it, shouldn't make you feel any different. Let it go.

This must be combined with knowing ‘where are we right now’ in the market cycle. Especially around two legged pullbacks if the 1st valid signal is a rent. It is a matter of seconds before getting in again, need to understand the 2 legged pull backs more to build confidence around taking the next setup so quick.

Learning to know when ‘enough is enough’ mentally. This is a must. I do sometimes find it hard to concentrate for the full 2 hours, usually because I’m forcing something that isn’t there. I appreciate this is because I’m in the initial learning phase. Mark the levels and wait. I am going to add H1 to my template, so I can see the bigger picture; get those H1 levels marked so that I can see at a quick glance where the market is.

I must improve on this in batch 2. This is equally as important as technical understanding.

Really focusing on the correct entry. Focus on the DS1.

Keep focusing on my personal growth and enjoying myself.




PRE BATCH 2 ACTIONS

Before the next Batch I will: simplify my trade recording template, commit to further understanding the strategy rules within this template.

Get the rule set displayed on my tablet in front of me for each session. Rather than using my journal template as my rule-set and flicking between charts and updating that it will be cleaner to simply have the rules in front of me, clear to see at all times.

Update my trading plan to include only being in one trade at a time.




ENDING COMMENTS

Although I got a 35% DS; I do not feel like my personal knowledge growth and effort towards this is equal to a 35%. It is way more in my opinion. I am pleased with the foundations I am laying so far.

I’m still learning and need exposure, time and practice to get where I want to be. Accepting this in the early stages is crucial. I feel I have got the right mindset to succeed with this.

I am happy with my progress so far. I appreciate I had a ds of 35%, however the trades I did take I finished the batch with 11 winners for 22r, 3 BE and 6 losses for -6r; with an account growth of 17.06% compounded on a demo account.

 
Thank you for sharing so much of your thoughts and thought process Tom. This helps me very much too. 
you and Emma and inspiration for me.
Happy trading in batch 2!
Minsk