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Bankers Close on a Monster Market Day

By the Book

How would anyone know to look under the Library menu and Courses to find Advanced Strategies and finally… https://apiaryfund.com/training/document/bankers-close-strategy

???

As much as this should have been a picture-perfect success, I was on the 1-min chart and closed out for only half the available profit! I’ll have to start a new file labeled —
– “Be very thorough in your strategy review before you begin!”

Note to self:

Bankers Close
Perfect set up but you were trading on the one minute when you were supposed to be on the 5-min chart!
OK, wise guy. If you are going to be a wise guy, use your wisdom.
Lesson learned, drop the pain.
Thank you.
BDT

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Dinnertime Trades

At first glance, looking at this chart, do you want to buy or sell? My problem is I don’t see the chart. I see the candles. This is the curse of a scalper.

Here is where I was buying and selling while having my dinner tonight.

Here are the trades I placed and closed in the space of about 10 minutes.
Well, it was nine minutes exactly, but who’s counting, right?

“Don’t believe me, just watch!” – Bruno Mars

This last image is titled “Dinner trades buying selling indecision.”
As you can see in the previous images, I was already out.

Why was I not selling? See “I see the candles.” above.

There’s a fundamental problem with my trading.
I think I’ve illustrated it well with this post.

 

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BCS on a Monday morning

Getting set up for a USDCHF entry a little early, but I go for it anyway! Realize this is on a simulation trading account, so I have no fear…

“Fire all of your guns at once and explode into space.” is a line from Steppenwolf’s song, “Born to be Wild.” I couldn’t help myself and I was in for my limit of 50 open trades on this account.

Of course, moments after I closed my last trade, the market slaps me on the way out. If you watch the video, you’ll see what I mean.

And, it’s always easy to see with 20/20 hindsight. This would have been round two, had I stayed to play.

 

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Droning On About Emotions

15 minutes after News event buy signal

35 minutes after News event sell signal

This post is not exactly on point as it is not about any one achievement in any of the Beeline levels.
It may, however, be helpful to some of my fellow bees. The video link below should open in whatever viewer you use for such things and if you have 15 minutes to listen to me drone on about what happened and how I feel about it, please do. If you have any trouble viewing it, please let me know.

Spoiler alert – there is almost NO strategy discussion in this content (except the retracement setup after a big price move on the news (NFP)) and, I neglected to mention Jeff’s comments about how people feel when they want to hold onto their equity. He said, “Get naked with it.” So, you want to take your new Gold level to bed with you, sleep on it, enjoy it, before you are willing to put any of it at risk. That pretty much nailed how I was feeling. And if you would really rather spend your time learning from someone who knows what to do on news day, this might be a much better use of your time:  https://apiaryfund.com/calendar/2018-03?event=35358&d=0#calendar-event (Note: Only Apiary Fund members may use this link.)


Here is a list of things I’ve said in this video. I made this list to examine how many emotion words are in the mix. At minute 4, I’m trying to remember where my trades were, so you can just skip to minute 5 to save yourself some time. I’m laughing at times, at myself, employing a favorite philosophy – if you can’t be perfect, at least be funny. Realize, I’m talking to myself here…

Sort out my feelings, “a very smart person” Jeff in CATT Tools, 1 p.m. Pacific Time, reluctance to share “in disgust” video, pain I was feeling, 4 p.m. GMT Gold level, got out of bed (didn’t know why), I should check the news – rule #1, was I long or short – skip from minute 4 to 5 to skip my confusion, wait 15 minutes after the news from Jeff and Todd, selling a wick after the retrace exactly 20 minutes later, buying the bottom wick (if you are brave), telling you what I was thinking – I didn’t make the trades, after yesterday’s drubbing, sleep patterns are interrupted, willing to share their successes, angry, and kind of frustrated, suffered enough, drone on, the psychology of this, not all puppies and rainbows, making me see things about myself, character defects I have, manage my emotions, bottom line up by 10 or 20 or 30%, experience the benefit of all the training, not about anything else, there’s a ton of stuff to get, getting trained up on how to trade, get some fresh air…

 

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Early and Early No More!

After today’s sessions (of the BCS (Bankers Close Strategy), two rounds), I realized I’m still getting into the trades a bit early, although I did better today as you’ll see and hear in the videos I’ve shared. This realization leads me to believe that there is simply something not quite right about the overall timing of this strategy. Because if you’ve seen any of the previous sessions and the after-bankers-close sessions that I sometimes trade, you are likely to see what I’m seeing, that I’m getting out too early, too!

So, I’m penalized twice sometimes. Once by my early entries, which sometimes are taken out by my stops. And, again when I close my trades soon after the London close, only to watch as price continues to move in my direction. The penalty there being pips I did not get because I thought I was done.

Tomorrow, I’m going to shift my time frame to the right by 10-15 minutes and see how that affects my bottom line. If it is an improvement, then I’ll be re-writing the BCS again for my post in the Forums.

Wish me luck. I’ll see you soon.

BDT

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Video Links

Not wanting to put this off until it is perfect, here is a start:

Bankers Close Videos – These are from earlier sessions, last week, I think…

https://mousehelp.tinytake.com/sf/MjM5MDQ0MF83MjYzMDIw

https://mousehelp.tinytake.com/sf/MjM5MDY2NF83MjYzNDc2

Those links above will show you some early videos.

Here are two videos I made this morning:
https://mousehelp.tinytake.com/sf/MjQxMzk5OV83MzE2NjUy – Fewer than 15 minutes session 1
https://mousehelp.tinytake.com/sf/MjQxNDExNV83MzE2OTIx – Right at 30 minutes session 2

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Free For Now

Photo by Rob Bye on Unsplash

After a conversation today with a client/friend of mine, I’m thinking of perhaps adding a payment gateway to this website. While I’m still learning and sharing my progress with fellow bees in the hive at Apiary Fund, the videos and other content I produce here will likely continue to be available at no cost.

However, when I do get to the point where trading is what I’m doing for a living, I’ll be selling subscriptions to this material. That trickle of income will motivate me to continue providing useful content for up and coming traders, even if I don’t need the money (because I’ll be a successful trader) as the time and energy it takes to put content on this site and produce and share videos is no small thing in my world of limited resources.

Now, if I can find a way to get every soccer fan in the world to subscribe at $1 per year, I won’t need much of anything else!

Next up, a page with links to all the video content I’ve created (that’s worth sharing.)

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Hard To Believe

After listening to so many chapters of this great book, I’ve found a very good reason to be happy with my trading today. Why am I proud of this result? Because in that third round, I did not trade. That is part of this strategy, if it doesn’t set up, don’t force it. When you do what’s right, be happy.

Bankers Close Strategy Basics
https://mousehelp.tinytake.com/sf/MjQwNDQ5N183MjkyOTY3 – Round 1 – just getting ready. Explaining the rules and details of the strategy.
https://mousehelp.tinytake.com/sf/MjQwNDc1Nl83MjkzNTQy – Round 2 – on CHF, too early and recovery post-close. This is 52 minutes of impatience and patience in the same session.
https://mousehelp.tinytake.com/sf/MjQwNDgzNV83MjkzNzI5 – Round 3 – No trade, flatline on PA, RSI, everything! If you only watch one of these videos, watch this one. Herein lies the best lesson of the day. The two images below depict the EUR and GBP vs USD and both show the price hugging the mid-band. Since the mid-band is the target price on BCS, there is no trade here!

The two images below show how wrong things can go if you get in too early. The last one shows where the price was after I was completely out of the trade.

Still sitting on the Fibonacci level support at 38.2%. Sometimes you just have to believe the fibs.

Friday often not a good trading day… It’s in the details of the BCS (Bankers Close Strategy).

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My 50-PIP Winner

Funny thing is, I got into this trade while watching the presentation on overnight trades – just missed the bottom, but put in my order right on time! My thinking was that many other pairs against USD had been beaten, why was JPY still holding its ground? I’m shaking my head over what a good guess this turned out to be.

Added a few positions with stop losses that got paid earlier (see next image for one trade remaining). On order 6246, I was moving my stop loss up manually. That was hit overnight.

Moved my stop loss to consolidation this morning and thankfully, it was not hit before that final push to the top.

Do I sound happy and relieved of this requirement? You bet I am. That top was just a few pips above my TP.

You’ll see in my order history I was scalping USD/CAD on a bounce while in DFF this morning.

Thanks to all for your kind advice. Happy trading to you.