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Developing a system - LIVE experiment ;)

  • #21
  • Oct 23, 2006 11:13am Oct 23, 2006 11:13am
Here is my update of the trades I entered earlier in late asian session with my strategy.

USD/JPY
ENTERED LONG AT 118.75
SL 118.54
EXIT 119.33
PROFIT :50 PIPS


EUR/USD
PLACED AN ENTRY SELL ORDER FOR 1.2595 (When eur/usd was at 1.2615)
ENTRY SELL ORDER TRIGGERD ( around 02:40 est)
STOP LOSS 1.2625
STILL IN THE POSITION BUT TRAILED UP THE STOP TO 1.2560 TO LOCK IN 32 PIPS PROFIT.

I also had an entry buy order placed for EUR/USD at 1.2640 with stop loss at 1.2610

Will wait and see.
Goodluck to all.
  • #22
  • Oct 23, 2006 11:13am Oct 23, 2006 11:13am
I think I am going to ignore your messages from now on, philmcgrew, because your posts are unhelpful and condescending.

If you say that GBP/USD and USD/JPY have no correlation, then there is nothing I can learn from you anyway
  • #23
  • Oct 23, 2006 11:14am Oct 23, 2006 11:14am
Quoting Ishak
USD/JPY
ENTERED LONG AT 118.75
SL 118.54
EXIT 119.33
PROFIT :50 PIPS
Haha, nice! I like how you sniped that 50 pips out!
  • #24
  • Oct 23, 2006 11:22am Oct 23, 2006 11:22am
Quoting RvrsTrader
I think I am going to ignore your messages from now on, philmcgrew, because your posts are unhelpful and condescending.

If you say that GBP/USD and USD/JPY have no correlation, then there is nothing I can learn from you anyway
My bad, in your first post where you said "I appreciate and welcome any feedback and suggestions" I mistakenly thought you meant "I appreciate and welcome any feedback and suggestions."

Here's the current 5 day correlation since you either: 1) don't know what correlation means or, 2) you're too lazy to look it up yourself.

You may have noticed how the GBPUSD has rebounded 40 pips while the USDJPY has moved 6 pips today.
Attached Image
  • #25
  • Oct 23, 2006 11:28am Oct 23, 2006 11:28am
<TABLE class=tborder cellSpacing=1 cellPadding=6 width="100%" align=center border=0><TBODY><TR title="Post 124642" vAlign=top><TD class=alt1 align=middle width=125>RvrsTrader</TD><TD class=alt2>I think I am going to ignore your messages from now on, philmcgrew, because your posts are unhelpful and condescending.

If you say that GBP/USD and USD/JPY have no correlation, then there is nothing I can learn from you anyway</TD></TR></TBODY></TABLE>




Instead of being condescending, we should make helpful contributions here by posting our live trades and the reasons to enter the trade. I am also looking to improve my system and strategies. I will glady share what works for me.
  • #26
  • Oct 23, 2006 11:32am Oct 23, 2006 11:32am
Update on Trade 01:
Unrealized P/L:+$50.00
Moved up my Stop Loss to: 1.8713
Eliminated potential loss, worst case: +10 pips

Update on Trade 02:
Unrealized P/L:-$0.84

-------------------
Net unrealized P/L: +$49.16
  • #27
  • Edited 12:23pm Oct 23, 2006 12:05pm | Edited 12:23pm
Closed Trade 01:
!Stopped out at 1.8713!
Realized P/L: +$20.00
Not sure what caused the dip...

MISTAKE: Should have move up the stop loss to break even at 1.8703. Too close...

Update on Trade 02:
Unrealized P/L:-$6.70

-------------------
Net unrealized P/L: -$6.70


Net realized P/L: +$20.00
Net pips: +10
Account Balance: $979.00
  • #28
  • Oct 23, 2006 12:10pm Oct 23, 2006 12:10pm
Trade 03

Let's try this again...
Currencty Pair: GBP/USD
Order type: Instant Execution
Buy/Sell: Buy
Lots: 2
Order rate: 1.8721
Limit: 1.8825
Stop Loss: 1.8690

Potential Profit: 94 pips
Potential Loss: 31 pips
<!-- / message -->
  • #29
  • Oct 23, 2006 12:18pm Oct 23, 2006 12:18pm
As someone I know might say, your finger is going to be stinky. :
  • #30
  • Oct 23, 2006 12:35pm Oct 23, 2006 12:35pm
Quoting RvrsTrader
Trade 03

Let's try this again...
Currencty Pair: GBP/USD
Order type: Instant Execution
Buy/Sell: Buy
Lots: 2
Order rate: 1.8721
Limit: 1.8825
Stop Loss: 1.8690

Potential Profit: 94 pips
Potential Loss: 31 pips
<!-- / message -->
I'm curious as to what your system is. Why do you think GBP/USD is a buy?
  • #31
  • Edited 4:47pm Oct 23, 2006 2:59pm | Edited 4:47pm
Update on Trade 3:
Mover the SL to breakeven at: 1.8721

I don't have a system yet and mainly base my trades on the simple moving average
  • #32
  • Oct 23, 2006 5:10pm Oct 23, 2006 5:10pm
Closed Trade 2:
Manually closed the USD/JPY position: 119.38
Realized P/L: -$11.34

Closed Trade 3:
Stopped out at: 1.8721
Realized P/L: -$1.68

------------------
Net realized P/L: +$6.99
Account Balance: $965.98

Well, today didn't go as planned. The GBP/USD was on its way up and then decided to reverse again... The USD/JPY didn't really move much, but still managed to cost me $11 Definitaly messed that one up, but I closed the position to avoid further losses and end the day at a profit.

I still think GBP/USD will go back up to 1.8850 level with a week, but I don't know if it will dip back down before that, so i will wait.

I am thinking I really need to figure out a trading signal vs. just making random trades - don't you think?

I am glad I have the pocket PC phone with me though. I probably would have lost more money if I couldn't check on my account. BTW, I am typing this on the phone too!
  • #33
  • Oct 23, 2006 5:15pm Oct 23, 2006 5:15pm
If you projected profit by Wednesday why did you close on Monday?
  • #34
  • Oct 23, 2006 5:25pm Oct 23, 2006 5:25pm
Quoting philmcgrew
If you projected profit by Wednesday why did you close on Monday?
The GBP/USD stopped out automatically due to a tight stop. I will likely re-enter long again, but I want to wait until I get home to look at the charts, etc.

Learning from the two auto stop-outs, I will do the following in future trades:

I will only move the SL to breakeven point after passing 50% to-target spot.

So that's the first component to mt system. Next I need to figure out exactly how far back to set the SL's...
  • #35
  • Oct 23, 2006 5:34pm Oct 23, 2006 5:34pm
Tight stops and moving to breakeven too soon are huge killers of a perfectly good trade. It's one of the cruelest twists to trading that ever existed. The less you are willing to risk the more you lose.
  • #36
  • Oct 23, 2006 11:31pm Oct 23, 2006 11:31pm
No big moves today with GBP/USD or USD/JPY, mostly sideways.

I will not place any orders tonight because I really don't know what will happen, so till tomorrow!
  • #37
  • Oct 24, 2006 7:33am Oct 24, 2006 7:33am
RvrsTrader,

I don't want to beat a dead horse but do you now see the GBPUSD / USDJPY non-correlation? You can't assume that since both pairs have USD they will be highly correlated.

Phil
  • #38
  • Oct 24, 2006 10:16am Oct 24, 2006 10:16am
I need to figure out a way to set up orders for an upcoming news event where I will profit no matter where the spike goes.

For example, the FOMC Policy comes out tomorrow at 11:15AM my time (Pacific), but I will be at work and maybe I will be with a client at the particular time. So I need to set up a set of orders in a way that I am ready for both directions, but if the pair I am trading spikes up, the short order stops out quick and the long keeps going until the reverse.

But there is also a initial spike that will probably set off the order set-up before the actual thing happens...like in Aug:



http://www.bestforextradingstrategy.com/GBP2.gif

Also, I am not sure which currency pair to trade for the FOMC release because all four USD pairs will take a hit - what do you guys suggest?
  • #39
  • Oct 24, 2006 10:51am Oct 24, 2006 10:51am
I suggest you listen to people that know at least allready
a little bit of what they are talking about. Your comments make
it obvious you have no theoretical knowledge whatsoever.

So listen to people like philmcgrew - the only reason i can think
of why on earth he bothers answering your questions, is that
maybe he was like you when he started.. - and hopefully in one
year time from now you'll realize what a ... you were.. ;-)

Everybody made stupid mistakes when they started, but maybe
we didn't shouted them around that loud..

anyway, good luck.
  • #40
  • Edited 3:12pm Oct 24, 2006 11:35am | Edited 3:12pm
Trade 04:

Currencty Pair: USD/JPY
Order type: Instant Execution
Buy/Sell: Buy
Lots: 2
Order rate: 119.25
Limit: 119.55
Stop Loss: 119.00

Potential profit: 30 pips
Potential loss: 21 pips
Risk/Reward: 1.42:1
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