Rocky

This thread will be for my own record keeping of success, if that is what it turns out to be. I have never written a journal before, so this is my first time, I may or may not keep up with it, let's wait and see how it pans out.

I have been lurking on the FF forum's for quiet some time and have had mixed results with different methods.

I am currently using a variation of Basic Trading System - Written by Effilang, very well thought out method, check for yourself.

I will be using Fibanocci, but only a 50% line to determine a retracement, guided by the 5 EMA's from the BTS method, all on 4 Hour time frames, nothing lower, I will also glance at the Daily from time to time.
I'm not big on Divergence's, but if I spot one I will pay attention to it and if something breaks out of the ordinary I will act on it, or at least try. I will mostly follow the 'major' trend. I will use basic trend lines and S/R lines to help support my entries. They will be the only indicator's that I will be using.

For those of you who want to understand how this method works, I suggest you check out Effilang's method, BTS - http://www.forexfactory.com/showthread.php?t=71487

First I must offer my thanks to Effilang for his dedication in creating the methods that he did, he has inspired me to keep trying even when I came very close to giving up on Forex after trying to get it right for 3 years.

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UPDATE
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Alright, for those of you seeking to see my results, I have setup a web site with my Statement and will update it frequently, 2-3 times a week maybe more depending on how active my trades are.

I have been posting possible trades in my posts - So I've decided that I will only post trades that I am triggered on and will post it once it's triggered and won't display the results, you may check my results on this web site

http://brotraders.bravehost.com/

As for the pairs that I am going to choose, I am not entirely sure yet, I don't want to limit myself, so time will settle which pairs work best for me.

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Here goes,

VB,


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RESULTS
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6/10/08-10/10/08 = +363 Pips
13/10/08-17/10/08 = +103 Pips

I will post pictures as I go, these will be the trades that I concentrate on, I will be using mixed pairs and will settle with whatever setup looks best at the time.

In this trade I am anticipating a down movement (major trend), the arrow represents where it first broke the 50% line, a trade was initiated shortly after that but didn't go very far. So I am waiting for another re-entry.

My take profit will generally be 1:1 as my stop loss, if I feel it will be a big move I will either trail it or move the stop to the high/low of the next 4 Hour bar, to lock in profit. All depends how I'm feeling...

Let's see how it plays out - I currently do not have a T/P in place, I will place one when/if the trade triggers.

I will keep a record of the pips lost/collected as time goes on.

Cheers,

VB,

New 4 Hour bar presents us with a better price to get in the market, say.. a bargain. I have adjusted the entry order and S/L according to the new 4 Hour bar, as per rules.

USD/CHF went all the way through 50% and hit the 100%, so let's see if it ranges back up to the 50% from here, have set orders according to most recent 4 Hour candle bar, let's wait and see how it plays out

I am not and will not trade this setup, although it could be a potential setup, but the reason I won't trade it is because it's against the major trend, I will wait till it hits the 50% (if it does) and then ride it down. I brought this up so that people may see that there is a possible bounce off the 100% - Notice I say possible, is because nothing is definate in Forex.

I have decided that I will place my T/P for half my contract at 1.3600 and I will let the other half run at break even. I know that is not quiet 1:1 ratio, but sometimes discretion is involved.

The reason behind choosing 1.3600 is because I've learnt that the market will drive to the 00's.

Okay, so far so good.

Taken half my contract off at 1.3600 for 55 Pips, remaining lot is set to break even so that will be a free trade, hopefully it should be enough room to allow further movement in my anticipated direction (short), further take profit on the remaining lot is yet to be determined.

Currently sitting at 70+ Pips


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EUR/USD closed @ 55 Pips

YTD Total = 55

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P.S. I will keep the tally simple, yes there will be times when I will close a trade with a 'whole' lot and so on... so what I will do is make a 'Detailed Report' and host it on a web site for all to see, wait a lil' while for that one.

Okay, I fell asleep and didn't get to adjust the entry from the previous 4 Hour candles, but that's okay because it was only about 5 pips difference.

Currently at 10+ Pips

Let's see how it plays out

S/L is @ 1.1204
T/P is Yet To Be Determined (YTBD) --- I'm thinking around the 50% line, or even possibly the 1.400 area --- Still too tired to think about that one just yet, cuppa tea time for me

Cheers,


P.S. I hope people are able to easily follow what I'm doing with the pictures, otherwise all of this would have just been a waste of time for your side, but for me it's serving it's purpose, so all in all.. if anyone's got any questions don't hesitate to ask.

My break even stop on my remaining lot was stopped out on EUR/USD, price has gone above the 50% again so I will be waiting to re-enter again for the 3rd time, small profits each time that's okay, it will adventually break for a big run sooner or later.

USD/CHF is still running.

VB,


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EUR/USD CLOSED for 55+ Pips

USD/CHF currently open -15 Pips

YTD = 55+
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Okay, price has hit the 50% and am waiting for a trigger based on the previous 4 Hour low -5 pips for entry

USD/CHF is still in action, currently -31 ... See how it goes today

Here is another potential setup, waiting to happen

I don't normally set my orders early, but given the T/A with the trend lines at the moment I thought I might get in early, another way to determine when to get in early is to go back to 1 Hour charts, however I don't always have time for that.

I have read over my posts and have thought it might be a bit confusing with all the different pairs going on - so I think I might limit myself to maybe 2-3 pairs and just concentrate on those, but if something good comes up on another pair I won't pass the opportunity unless I miss it.

I couldn't help it, but here's another one on G/J - the last candle bar is a good sign the market is exhausted

I will sort out which pairs I am going to stick to over the weekend.

Okay.. where do I start

Alright, for those of you who have been following my trades

My anticipation of the GBP/JPY was correct, however I got stopped out - I entered too early, my bad. If I had my stop 176.40'ish I would have been okay, but that was not expected, it did bounce off the trend line so it all went according to plan, just bad entry. I will hold off on this one untill it comes back to the 50% on a later date.

My loss for Gbp/Jpy was 162 pips

My USD/CHF trade has been ranging up and down and not doing much, if it holds out like this for much longer I may close it prematurely, let's wait and see. If it goes through the bottom trend line easily I will most probably close it out for a loss of around about 50 pips.

Okay, the good news is

My Eur/Usd went accordingly and I closed half my lots for 60 pips and the remaining lot is currently still open for 138 pips

My Usd/Jpy went accordingly and I closed half my lots for 100 pips and the remaining lot closed for 229 pips

My Aud/Usd went accordingly and I closed half my lots for 100 pips and the remaining lot is currently still open for 262 pips

So my tally is:

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GBP/JPY -162
EUR/USD +60 --- OPEN +138
USD/JPY +329
AUD/USD +100 --- OPEN +262

YTD = 382 Pips

YTD is calculated on lots that are only closed (does not include open positions)
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Looks like it finally broke through, ah well - wait for retrace to 50% another time

Alright well I'm finished for the week, was a rather okay'ish week, could have been better, always could be better

Suffered a few minor set backs but all is looking cheery now.

I started this thread with an old account and the balance was about $750.00 odd.

So I've made back my money to 1k - and I've made some on top of that, so I'm happy. All in all I made 363 Pips this week.

All the best to everyone, hope everyone had a good week and made lots of pips.

My results are on a web site and the link for the web site is on the first post.

Cheers,

VB,

Very thorough and easy to understand and implement!

You should see if you can switch this thread over to Trading Systems where it will be read.

Not many visitors come here.

Thanks for your input Flamenco,

I am not sure how I would go about switching this thread over to Trading Systems, and I'm not sure if it would qualify as a trading system or not.

Cheers,

VB,

I'm not sure either. But this IS a variation on Effilang's BTS, and - credit to you, you've given credit to Effilang for his thread and ideas.

You've taken parts of a couple of various systems and incorporated them into a strategy that works for you.

The FF Trading Systems is full of systems which evolved from the original strategy into a different style or way of trading them, different indicators or the same ones tweaked a little different. In many cases it provided the answer that some traders needed to trade the system/strategy successfully.
We are not all the same, so we all process information differently.

Regardless if this thread gets moved or not - kudos to you Brady. As your success with this grows - so will the thread. Rome wasn't built in a day. Your presently laying the basic (albeit very strong) foundation!

Thanks Flame, you've been a great inspiration to me - pop in from time to time and see how things are going.

Cheers,

VB,