My Weekly Range trading Journal

My Weekly Range trading Journal

How I calculate my entry points:

1st - Check for trading conditions "Using EMAs ''200 & 100" ''20 & 10''

2nd - Calculate entry price from the 30% range of last week.

-Will not trade the pair when 30%range > 50 points
-Will not trade the pair when price is in the middle of the EMAs

ranges 30% = (high - low )* 0.30
buy_entry price 30% = opening_price + ranges30

3rd - Calculate Stoploss and Takeprofit from the ranges

stoploss 30% = ranges30 *0.10
buytp 30%= (ranges30*2) * 2 + opening_price

*Pending orders will be closed on Thursday at N.Y. Market Close ( 10:00pm GMT )


My free MQl5 System https://www.mql5.com/en/signals/567411

Link to my MYFXBOOK Strategy page: https://www.myfxbook.com/members/gobllyn/mt4-3145554/3270959

Orders for Week of 5 May 2019 :

Cant link to account as Forexfactory blocks the publication of a cents account .
Will test the strategy for a few more months then will start on a ECN account.

This is the trades from last week.
7 trades = 7 losers - 2.2%

Orders for Week of 12 of May 2019 :

My Python algo if anyone wants to try the weekly strategy that im implementing.

Forgot to deactivate the Trailing EA..made a trailing of 50 Dolars to lock 20...Next week more of the same...without the EA...

The rest of the pendings that were not activated, will delete them on Thursday N.Y. close.

This is the trades from this week.
19 trades
3 losers = -0.25%
16 winners = 3%

Pending orders for the 4th week of May :

Again a crazy week, another mistake on Monday that closed all my open trades.
Still got some positions opened, will close them today at NY market close.
(SWAP eats a big chunk of my profits)
(Traded some C.Coins on the weekend but will trade them on another account)

Post of member VEEFX for future recall

 

1. We always measure DD in % of account equity (not balance). My rule of thumb when it comes to what impacts consistency is to never measure anything that is a variable. (Examples: Indicator based on price will always be a variable. Indicator to input into another indicator is double jeopardy etc) so why do we measure SL in pips and measure DD in %? that is completely retarded but everyone does it so it must be the right way. In my book, the theory of relativity exists in every aspect of a comprehensive strategy. Nothing stands on it by itself. Everything is relevant within the context and Drawdown is no different. Drawdown from what or against what is only relevant within the context of your overall trading objective towards meeting your own success criteria. %Drawdown is useless to me. A better alternative is to measure Drawdown against overall Returns i.e. ROMAD. Any system with a ROMAD of less than 1 is doomed for failure. I would not put a single dime on it. Folks measure positive expectancy in units of "per trade risk" which is also horse shit in my book if a strategy involves more than one instrument. I request others to please sleep on this for days/weeks until you understand what I am trying to convey.
2. Risk Management vs Exposure Management vs Margin Management: Completely different topics but they ALL affect drawdowns. First comes Margin Management. Without efficient use of margin, you are dead and buried before taking the first leap towards equity explosion. Next comes exposure management. How/when/where and the whys of capital allocation across multiple instruments. I am not talking about weighted allocation to hedge or balance portfolio to absorb shocks. Such allocation models are appropriate for hedge funds will large capital base and making revenues on fees etc. I am talking about intelligent distribution of exposure across the major/minor currencies in global economies. With such exposure, you will ALWAYS face large swings in equity in both directions. We only want explosions in ONE direction and that is towards Equity Growth:-
3. Space Management: What on earth is this shit? Folks talk about scaling in/out, laddering via fixed and dynamic grids etc. Any Grid design, it be static/fixed or dynamic/variable will never yield consistency in a multi-pair strategy that does not adjust for volatility. Every instrument across every unique timeframe has a very unique signature of price movement. Although fractal theory dictates uniformity in price movements, understanding SCALE becomes the Holy Grail. I am not talking about measuring volatility with junk like ATR or ADR. Measure junk with another junk will never return precious diamonds. I am talking about a scale that Adopts to each pair and each timeframe across each session open/close and around news. To me, that is the real definition of "DYNAMIC Grids". I will let you figure out how to measure scale :-
4. Market Condition based Risk Management: This is also critical as each condition mandates an adoption of unique risk profile. Trend following will have a completely different risk profit requiring specific trade management techniques towards equity explosion. Equity Explosion is the ONLY goal/objective towards winning more to cover for losses. Trend following comes to such rescue. How you manage trades during consolidation, retracements, continuations, bounces, breakouts, fakeouts, intra-session low volatile times etc etc will make or break any system beyond recovery from drawdowns.
5. And Finally, my favorite.... Trading Cost Multiple. Similar to Drawdown and RoMAD, a Strategy is a failed strategy if it cannot yield a x multiple of total trading costs involved. By default, I used a minimum multiple of 3 to give me assurance that no matter what games the market maker will do, I will atleast make 3 times to costs of doing business. Cost of doing business VARY every day and many don't realize this basic element that affects positive expectancy. Yes, Trading Costs will always be a variable in any market place because of slippage, increase margin requirements, daily swap changes, variable spreads, commissions, rebates and the whole gamut of shit that market throws at us. It is the BEST (and ONLY) way to measure any system performance with 100% assurance. No one will share this shit in open. This is the first thing we must test in any strategy development. Everything else takes a back stage! Frankly, an entire trading methodology could be devised only based on trading cost recovery by using a multiple. During volatile times, raise the bar and shoot for 20x multiple. During slow/consolidation times, lower the bar to 2x. Market Makers will NEVER be able to defeat this model as it allows us to apply brute force and trap their algos if done right."

Did not managed to close the trades on Friday NY close, will see how they perform this week and adjust the new ones.

Should have closed the trades on Friday, will leave them alone Stoploss and Takeprofit from last week still applies.
-Will not trade the pair when 30%range > 50 points
-Will not trade the pair when price is in the middle of the EMAs

The backlash of not closing the trades on Friday...

Just need to follow the rules and the DD will be lower on the long run...will try to leave positions open that are in excess of 50 pips trough the weekend with a stop at +R to try to get a position to trend follow, all other positions will be closed near NY close on Friday .

Managed to make 1.6% and to recover the losses of previous week ,no trades were left open over the weekend.
The trades not closed last Friday gave me a dent of almost 3%...( Need to follow the rules and try not to leave open positions over the weekend as is a big gamble on where it will open.

23 pending trades...its gonna be a party!!

Not a lot to coment, lost -2.2% on the week.Touched in a lot of stoplosses.
Canceled the rest of the pending orders...AUDCAD Sell was triggered(EDIT: Closed for 0.2% after rejection of 0.93000 and consequent pin bar with break of the high).

Lets see if next week gives us a bit more sun.

-2% for the week...need to take a look at the stoploss calculations, usualy the direction is right but the stoploss looks too narow.
Will test this week, maybe will change lot size and work around increasing the stop loss.

Pending trades for the week.

Another week another squirmish!

Trades for the new week.