soon merlin will have to make ya a group like james16...
I think the euro took us both out at the low of the day....
I think the euro took us both out at the low of the day....
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Dislikedsoon merlin will have to make ya a group like james16...
I think the euro took us both out at the low of the day....Ignored
DislikedNot quite yet lol - I've only been trading live a few months - bound to make some monumental mistake at some point
Yeah, stupid Euro got us both today but it happensIgnored
DislikedI took a glance at your charts a few posts back and was curious- do you base your trading decisions on these naked daily charts? Great work!!Ignored
DislikedNot quite yet lol - I've only been trading live a few months - bound to make some monumental mistake at some point
Yeah, stupid Euro got us both today but it happensIgnored
DislikedYes, I find the perfect combination for sound trading decisions is a naked chart & a fully clothed SteveIgnored
DislikedOK, 2 current trades still open with stop losses adjusted.....
USDJPY long from 120.44 (s/l 120.11 guarantees minus 33 pips)
GBPUSD long from 1.9442 (s/l 1.9580 guarantees plus 138 pips)
3 new trades.....
USDCAD long from 1.1758 (s/l 1.1636 guarantees minus 122 pips)
EURUSD short from 1.2917 (s/l 1.2999 guarantees minus 82 pips)
USDCHF long from 1.2489 (s/l 1.2407 guarantees minus 82 pips)
Worse case scenario for these trades is minus 181 pips.
Not overly confident on these new trades and their initial stop losses but will try and explain the rationale behind them...
USDCAD - took 62 pips on the short earlier but a big reversal today due to soft CAD data & oil prices means we have to go long again. Price will need to push through 1.1800 for us to make some profit here.
EURUSD - like GU, EU pushed higher but failed to make any further gains even with poor US data. Seems like the market players don't wish us to see 1.3 on eu or over 1.97 on gu just yet.
USDCHF - took 177 pips on the long earlier but has recovered all it's losses today. Almost always will be a mirror of EU.
By the way, as an aside - did anyone else notice that USDJPY hit a high of 120.77 earlier - highest since 5th December 2005!
Kind Regards
SteveIgnored
DislikedNow it is my honour to welcome you to my thread
Generally speaking they will move together although EU normally at a slower rate. The only reason I'm not GU short at the moment is the fact that my long was not stopped out - I'd be very surprised if it wasn't stopped out tomorrow sometime.
It's been slightly less correlated since BOE raised rates and ECB didn't (see E/G daily chart attached) but GU normally drags EU with it wherever it goes lol. I've also attached EU & GU daily charts so you can see the correlation.
I'm probably just telling you what you already know lol.
Hope this helps
Kind Regards
SteveIgnored
DislikedSteve,
I'm late to the party but I assume without reading 455 posts that your strategy was explained in # 4 and remains that way today?Ignored
DislikedHi Steve,
Just thought to drop you a bravo. Great stuff.
Fellow interbankers, i have been working on steve's system to see how it works out in interbank station. The timing on the chart is different and just thought someone out there would do a back test on the daily bars. The daily bars on interbank is GMT based and so it would be meaningful to backtest with these bars as it is and assume an entry every 6am (GMT) before the start of the european session.
I will do this back test this weekend as i do not have time during the weekdays. But interestingly i could see some closeness in steve's daily candle close and the ones on interbank already although a pip difference could cause a whole change in the result.
Already, steve is stopped out on the Eur/Usd but for interbank daily chart, stop missed by some 2 pips and the long is still on as i write. Meaning long is still in full force. This would affect the short term results but the most important thing which steve emphasises and i see to be very correct is the discipline to do what you should do, adhering strictly to the rules to get the long term results desired.
By and large, the system looks promising even on the interbank charts and entry by 6am GMT despite these slight differences and a back test would be the best way to have an insight. I would just mention it here after the back test but no more details would be given further as this is purely a steve's thread and i wouldn't want to distract him. We are fully committed to supporting steve in his foward test for one year. We are here with you steve to give you all the supports you require.
Thumbs up for ya.
Great minds all here. Have a pipful year.
Regards,
Dollar-Manhttp://www.forexfactory.com/images/icons/dollar.gifIgnored
Dislikedhi steviet, you have good system i think, your system is similiar with me..
Untill now how's your GBP/USD? what is your stop-loss for GBP/USD today?Ignored
Dislikedhey steviet,
I would like to know how you manage your risks on each trade. Do you use fixed risk percentage based on your available equity? if so what percentage? or is it variable based on parameters of your system??
thanksIgnored
DislikedHi hilmy
I use up to 2% of my available margin on each trade which equates to up to 10% over the 5 pairs. In essence, if I lost 100 pips on each of my 5 trades at once, I'd suffer a 7 to 10% drawdown. So far I haven't had a losing trade more than 100 pips.
At the moment I have just over $200 in my account (don't laugh we all start somewhere lol). I've used $20 margin ($4 per pair), which equates to 4 cents a pip on /USD pairs and just over 3 cents a pip on USD/ pairs.
If the balance dips below $200, I would start using $15 again, once it crosses $250 I would begin to use $25 margin ($5 per pair).
To most here it may seem like play money but I should be in a position later this year and invest some money into my trading account.
The initial stop losses are often fairly large but rarely do I risk 500 pips as normally I have at least one trade still running from previous days. As the trades progress, the risk diminishes until the stop loss is in profit where I essentially have a free trade.
Does that help?
Kind Regards
SteveIgnored
Dislikedoh yes it is clear. let's say it's a year from now and you find your system to be workable (which I don't doubt at all. I believe all systems are effective given the right trader). Would you consider risking more on good setups? or will you stick to the 2% rule always?Ignored