Four Week Challenge – Round 2

Week 4

Jan 20th -23rd

This week really took a toll on me .  Every time we think we have an entry market says .. Dream on and goes the other way . The more it challenges the finer the system is proving to be. Fundamentally i am looking for Elliot wave patterns in  the charts at multiple time frames and some times the wave patterns are so complex that striking a balance between the urge to trade and make money daily and waiting patiently for the right pattern drives us nuts.  This week i made a big error on USD/JPY looking at the bigger pattern i thought we had a decent trade with 200 odd points profit potential for the long term traders , but it shook me to the core with that abrupt turn and it took some time for me to digest the folly i made. To avoid such recurrences i have now decided not to even look at other pairs  beyond GBP and EUR for the next 30 trades as a way of refocusing and avoiding the tendency to make mistakes.  Sure there are hundred explanations i can give about  why that trade didnt work out, but they do not matter . Only thing that matters is it was unwarranted and i haven’t made that kind of folly in along time.  But look at the beauty , with all that patience we did eke out a decent week and that is a testament and proof that we should stay with it . Here are the results . This concludes Round 2 of the 4 week challenge. We will start a new week on Monday

Jan 19th

Today i should confess i was little too cautious and the typical Monday behavior coupled with MLK holiday in USA threw the  wave counts for me out of whack and i couldnt take advantage of the move. This is another classic example of how even when you stay very disciplined the previous trades affect your judgement invariably some times.  Last two weeks as i wrote earlier, i had my faith almost tested in the system and that in turn  made me get little extra cautious and that hangover affected my judgements today . A day what could have been a 300 point day ended being a marginal day. However the brighter side is we remained safe. Well as they say “If you could Have … You Would Have“, so i admit i could not today and we will move on. What i have slowly learnt is our results always reflect the level of our development and there is no escaping that and the only way we will get better is ACCEPTING that there is more to learn and doing that

Week 3

Jan13th-16th

The past 2 weeks have been one of the toughest mentally for me to stay the course . There were many things happening in my personal life that distracted me and yet the results were ok. Although some of these trades i could not ride all the way and exited sooner and took small losses because of the distractions. The system worked excellent and i am glad to say that 7th week in a row we have seen positive results. This is really something. We  made 1974 points so far and still one more week to go in the Round 2. I will be little more efficient from this week and will desist from getting too protective of the results. I am still fighting the tendency to protect all the folks following these signals and in the process forgetting that the market wont care about me and my friends. I am also exiting early to be too safe.

Jan 12th

Today we missed most of the anticipated down move on GBP which i have been talking about before even we woke up. So we were left with left overs . Anyway we have to be happy with what we are served with and it was a decent day with 270 points gain. I personally am having some  personal issues i am dealing with with relocation  and our dogs health etc , so i am not able to completely participate in the whole run and am being happy with smaller profits . Nonetheless, the same calls i am making i trade  and i will always ensure that all the members following my signals are protected . Just follow every signal without prejudice

Week 2

Jan 9th

What a mind numbing day it was. Today it really shook my confidence in myself.  The GBP pair behavior really threw everything at me.  My dual role of trying to provide right entry and exit points to all those who rely on me now and trading at the same time really took a toll on my personal account today . I personally took more losses than the system  due to timing issues . However ended the day positive due to sticking with the system and not loosing the nerve in the last minute.

Today was a great lesson for me personally that inspite of being wrong twice and  getting lost due to the counter moves and conflicting wave patterns , stayed at it and the last trade paid off handily. This is great lesson for me myself . At times  i thought i was jumping in too early or maybe even  not looking at the alternatives or that maybe i was getting stuck with one opinion only. Maybe it did happen in hind sight from the point of view that i could have taken lesser loss had i pulled out sooner, but i wanted to test my analysis and paid  a little higher price than the system called for. All in all i will be making few adjustments to my  approach and  in the interest of everyone relying on the signals i will be looking at a slightly higher time frame signals to keep it even more safe

The volatility was typical and  in GBP the losses or gains rack up pretty fast

Jan 8th

A decent day . Although this could have been  a spectacular day if we just stayed with the original buy. I somehow got a little jittery with the volatility and called for an exit sooner on the original trades. From past experiences especially with GBP, i am little too cautious and some times it makes me over protective. I will  be little more “Less Trigger sensitive”

All in all a good week so far , lets play it safe tomorrow .. another volatile day

Jan 7th

Today was another positive day. Although me personally couldnt make money because i had some other engagement at the right moment of market action. But the class did produce money in real time. If the system is followed religiously , even if we take some losses we will end up with profits over all

January 5th

It was a very messy start in the markets  without clear patterns in GBP and the market in a corrective fashion. However we were fortunate enough to take in profits on the first day of the week. We had a 185 point day between GBP and Eur/GBP

January 6th.

We had a good start for the day with a 100 plus point gain but was gone in the third trade and the counter move didn’t  fit into our system so we passed it. All in a all a break even day

Week 1

Dec 29th

Today we  had  a decent day of 166 points  that i could send signals out for. I  personally had a much bigger day of close to 500 points . I refrained from sending  frequent updates and changes today since i sensed many of you are not able to keep up , so wanted to keep it simple and profitable  although less profitable.

Dec 30th and 31 st

We had a decent day on 30th but 31st  it was a wild day and we were no exceptions to the market. We had a down day . However the bottom line is we were with the system and took a loss.  For those who witnessed the mayhem later in the day should  realize by now why we need a map , a system to follow in these wild markets. Sure some times you get lucky and make money  when you take counter views , but if you do not know why you are doing and cannot  repeat it consistently and profitably   it is not worth it. Markets are very easy to decipher if you know exactly how you will act in your interest every time. But if you  have results like  being a broken clock being right twice a day , it ain’t going to cut it.  So know what you are doing .  At the end of the shortened wild week we were profitable.  That says something about how we are operating. We will have many more profitable weeks if we stay committed and disciplined. To some of those  who are following the system partially , let me warn you  “IT WILL BE INJURIOUS TO YOUR HEALTH, CONFIDENCE and to your ACCOUNT” ,  either follow it completely or don’t follow at all.  Please heed to my advise on this . You don’t have to follow what i am suggesting  but don’t  follow many at the same time

Jan 2nd

We had another down day. The thin volume volatility is throwing all patterns out of sync and we ended up with a loss on Jan 2nd. However, the important thing is we followed the signals and sytem without prejudice and stuck to the discipline approach  whcih is the biggest win. I went back and evaluated  the trades we took , just to makes sure i dind jump into trades without a basis or some such emotional aspect, but NO, i didnt. I am happy to state that we did not waver.  Stay with it, the coming weels should provide us with enough opportunities and we will be waiting. Dont ever let few losses throw you  off. remember, trading is a Marathon and law of aaverages , it will pay back  if you know what you are doing