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Bam Bam's "Noise Trading" 20-08 Journal...

  • Post #1
  • Quote
  • First Post: Edited Jan 25, 2008 1:57pm Jan 17, 2008 6:12pm | Edited Jan 25, 2008 1:57pm
Ok so Im not going to lie. For the last several months I have been consumed with GJ. It simply fascinates me the way this beast moves.

I have done some manual backtesting on this pair and to be honest my results are nothing special. Or atleast I have not found it yet. But I think this is the most profitable pair in the short run.

Anyways I wanted to start a journal that will highlight all my trades on GJ.

I will be trading on a 30M time frame and targeting 20 pips. Yes I know all too well about the downfalls of targeting a set TP limit. Like I said this is basically a short term trade and I just want to set a TP and SL level and be done with it....
Note- I have given up on the target of 20. The results were good, but maybe im just greedy. There is a bunch of money that can be made on this pair why settle for 20???

Current Risk Per Trade is around 9%. But with my current capital my broker doesnt offer mini lots. Full lots above $2500.... Not a fan of that....
  • Post #2
  • Quote
  • Edited 11:25pm Jan 17, 2008 8:58pm | Edited 11:25pm
When I trade the GJ its completely short term. Not sure if this is the best way to go about this beast but lets find out. I have a TP of 20 and a SL of 50 or reversal of signal (whatever happens first)


Entered long GJ @ 210.46
TP reached @ 210.66

Length of trade 40 minutes.



------------------------------------------
Wins= 1
Loss= 0
% this week = 3%
% this month =
  • Post #3
  • Quote
  • Edited 9:16pm Jan 17, 2008 9:02pm | Edited 9:16pm
Entered Short GJ @ 210.10
TP reached @ 210.90



------------------------------------------
Wins= 2
Loss= 0
% this week = 7%
% this month =
  • Post #4
  • Quote
  • Edited Jan 18, 2008 10:50am Jan 17, 2008 9:15pm | Edited Jan 18, 2008 10:50am
So I had 2 quick trades that produced 40 pips or 7% of my account.
As the price is falling I have 1 question on my mind, that is....
Should I let my trades run longer?
Perhaps when I get more capital in my account I will open up 2 positions.
Then I will TP @ 20 on 1 position.
Then set a TS of 20 for the other position.

Scenarios in order from worst to best
My SL gets hit 2 position for a -50
TP gets hit for position 1, Break Even for second position
TP gets hit for position 1, Catch a mini trend and ride it.
Entered long GJ @ 210.47
TP reached @ 210.67


------------------------------------------
Wins= 3
Loss= 0
% this week = 11%
% this month =
  • Post #6
  • Quote
  • Edited 9:24am Jan 18, 2008 9:03am | Edited 9:24am
Entered short GJ @ 210.15
TP Reached @ 209.95

------------------------------------------
Wins= 4
Loss= 0
% this week = 14%
% this month =
good luck. nothing gets your heart pumping like a little GJ action. i have been focusing on that one also and am looking forward to your results.
Quoting Bam Bam
Entered short GJ @ 210.15
TP @ 209.95

------------------------------------------
Wins= 3
Loss= 0
% this week = 11%
% this month =
Congrats!
Quoting natejax
good luck. nothing gets your heart pumping like a little GJ action. i have been focusing on that one also and am looking forward to your results.

I know exactly what you mean. I have tried to get away from this pair many of times for fear that I would blow my account. It seems the only way for me is to try and tackle it.
Quoting KissFan
Congrats!

Thanks man. Hopefully I can have many more.
Well its 1pm on friday and I am done trading for the week. Not a bad start at all. Lets hope that this can continue.

Still no cut clear answer to my previous question.

------------------------------------------
For the Week 1/14 to 1/18
Wins= 4
Loss= 0
% this week = 14%
% this month =
  • Post #12
  • Quote
  • Edited 10:33am Jan 21, 2008 9:36am | Edited 10:33am
1/21/08 9:30AM

Short @ 206.45
Target reached @ 206.25
-----------------------
Wins= 5
Loss= 0
% Since starting = 18%
% this month =

% for the week 1/14 thru 1/18= 14%
  • Post #13
  • Quote
  • Edited 3:41pm Jan 21, 2008 1:03pm | Edited 3:41pm
Long @ 206.43
Stopped out @ 206.04



-----------------------
Wins= 5
Loss= 1
% Since starting = 11%
% this month =

% for the week 1/14 thru 1/18= 14%
  • Post #14
  • Quote
  • Last Post: Jan 22, 2008 6:35pm Jan 22, 2008 6:35pm
Well no trades today, got my signals but I couldnt pull the trigger. Need to overcome that fear. I am trading a plan/system and I need to be consistent with it.
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