My simple journal... Read at your own risk. | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

$3,200 to $100,000 experiment, trade at your own risk 31 replies

Eur Simple Trades High Risk Journal 26 replies

A simple way to create your own trading strategy 2 replies

Simple way to read chart 11 replies

Trade the fundamental principals of financial markets- at your own risk! 109 replies

My simple journal... Read at your own risk.

  • #21
  • Nov 8, 2006 1:01pm Nov 8, 2006 1:01pm
My rattlesnake is a bastard. I have owned nine snakes. Besides the rare, accidental bite (feeding response - usually), they are well tempered. The rattlesnake, however, will not calm down. I wouldn't be foolish enough to hold it without hooks, but come on already! He strikes repeatedly when I'm not handling him like I am in the picture. Oh well... I'm a fan of its evolutionary characteristics. I'll just never be watching tv with it wrapped around me, I guess.

Oh yeah... EMA's, RSI, MACD, etc. Go EUR/JPY!!! Woohoo!
  • #22
  • Nov 8, 2006 1:12pm Nov 8, 2006 1:12pm
OK - so I've closed my trade station down for the day. I ended up at +18 ($180.00 - I'm a big spender). That's cool. If I didn't blow it yesterday, I wouldn't be doing to bad for the week. Ya live, ya learn. I'm looking forward to tonight.

This has nothing to do with forex, so be forewarned:
My third kid is coming. My wife swears it's another boy. I swear it's a girl. Normally, I would believe her intuition, as the alien growth is inside of her, not me. But, I strongly believe differently. I base my prediction on three very real differences I have noticed between the first two pregnancies (both boys) and this one.
1. She is growing differently. The previous pregnancies, her ass got pregnant first (not a complaint). This time, she has kept a lot of weight off and seems healthier, although she hasn't changed any dieting or exercise habits.
2. She is a lot nicer to me this pregnancy.
3. We are performing our marital privileges a lot less.
* 2 & 3 I strongly correlate to the presence of testosterone in her body. This should make a strong claim for her having a girl this time.
Anyway, the ultrasound is on Nov. 17th. Now I have a documented prediction.
Like I said, I warned you... and this is my journal... you're gonna have to deal with this from time to time.
Bob
  • #23
  • Nov 9, 2006 7:31am Nov 9, 2006 7:31am
GBP was dead until the BOE statement. I loaded up my +14 position, as my broker sucks at news time, and I planned on setting my other positions to breakeven after my first profit target was hit. So that is exactly what I did. Without all the details, because I unfortunately already wrote this and it didn't post, I walked with $375.00. Could have made more, but with the US trade balance coming, I wasn't looking to get burnt by my broker's ridiculous pip slippage.

In summary, I broke the rules for my trading, but not because of the market, because of my broker's tendancy for nasty pip slippage. I feel it was a smart move on my part, even if I did miss out on some profit. If the market would have reacted differently, my stops would have been blown right through and I could be looking at thousand dollar losses like last time.
At this point, it doesn't look like I'll see another entry today, but I'll be watching.
  • #24
  • Nov 9, 2006 7:40am Nov 9, 2006 7:40am
On another note, I've decided to enter my first priscan-style trade, as I saw an entry on the CHF/JPY. If you search it in the forums, you can read about it. It is a moving average system, but is very conservative. The number of trades produced are too low for my taste, but I have no problem implementing that along with my daily range strategy.
My first "emotional" problem I'm encountering is the following:
With the priscan system, you are only supposed to look at the daily candle once per day (12:00 am for me). I need to follow that rule and force myself not to look until tonight, because right now I am up 50-something pips (almost $500). It is so hard not to close this trade. Tonight, if the WMA's tell me to close at only a $50 profit, I will be kicking myself because I knew I could have closed it right now... but again, I am trusting a proven system. If it happens that way, so be it.

CUT YOUR LOSSES SHORT, LET YOUR WINNERS RUN.

I can finally say that I have made that lesson my own. It made sense the million times I've heard it, but now I finally understand it. I have finally learned the lesson, not just heard it. Even though I want to bank that $500, my system doesn't call for closing the trade, so I'm letting it run. Shit - I might close it tonight for $20, or I might close it in a week for $3000.00. Just follow the rules.
  • #25
  • Nov 9, 2006 7:52am Nov 9, 2006 7:52am
Congratulations on you Baby GIRL :-)... You know what your thread is so entertaining.... After a year of this you should turn it into a book :-).

It nice to see that you are making money from these systems... hopefully it will serve other members well as a good reference point on what rules can do for ones trading career....

Keep it going!!!!
  • #26
  • Nov 9, 2006 9:03am Nov 9, 2006 9:03am
What the hell was that! The pound just shot up to trigger my entries (1.9086) and then decided to come back down and hit all my stop losses. Oh well... I just reset my entries for 1.9046 to short, maybe it will retrace down and help me end the day on a good note. I cannot reenter long until the 13:00 candle opens.

If anybody has any fundamental clues why the USD tanked so quickly, I'm very interested...
  • #27
  • Nov 9, 2006 10:28am Nov 9, 2006 10:28am
Hey Brick... there was some news out about China selling the dollar. Take a look at this....

http://www.forexfactory.com/forexfor...ad.php?t=10035
  • #28
  • Nov 9, 2006 10:44am Nov 9, 2006 10:44am
Thanks Micardo.
  • #29
  • Nov 10, 2006 5:23am Nov 10, 2006 5:23am
I guess you must be a happy man today .... 44 pips in the bag and you 3rd lot 40 pips in profit..... Nice end to the week!!!!!
  • #30
  • Nov 12, 2006 7:00pm Nov 12, 2006 7:00pm
Hey Micardo - yeah, Friday ended nicely. I think I was negative for the week, but I didn't do the totals because I had to learn how to stop screwing myself over with my almighty thoughts. Anyway, this week I'm keeping tabs, 'cause I ain't effin' up!

CHF/JPY - I still have this one in the green, using the Priscan system.
EUR/AUD - I opened this one due to a Priscan system trigger (4 WMA crossed the 40)
GBP/AUD & NZD/JPY - This is the first time I have traded these pairs, but they hit the priscan triggers and their spreads were 12 and 8, so I figured, why not. I'm excited to trade such a conservative system that I'm only supposed to check once per day (yeah right).

As far as the daily range, I am looking forward to implementing it perfectly this week.

Note to self: Don't ever go deep sea fishing again. You suck at fishing. You couldn't catch an STD from a cheap hooker. You wasted an entire weekend being cold, smelling like fish, and feeling sick. You can easily walk your ass down to the canal and not catch anything there without the sickness.
  • #31
  • Nov 12, 2006 8:20pm Nov 12, 2006 8:20pm
Quoting brick911
Hey Micardo - yeah, Friday ended nicely. I think I was negative for the week, but I didn't do the totals because I had to learn how to stop screwing myself over with my almighty thoughts. Anyway, this week I'm keeping tabs, 'cause I ain't effin' up!

CHF/JPY - I still have this one in the green, using the Priscan system.
EUR/AUD - I opened this one due to a Priscan system trigger (4 WMA crossed the 40)
GBP/AUD & NZD/JPY - This is the first time I have traded these pairs, but they hit the priscan triggers and their spreads were 12 and 8, so I figured, why not. I'm excited to trade such a conservative system that I'm only supposed to check once per day (yeah right).

As far as the daily range, I am looking forward to implementing it perfectly this week.

Note to self: Don't ever go deep sea fishing again. You suck at fishing. You couldn't catch an STD from a cheap hooker. You wasted an entire weekend being cold, smelling like fish, and feeling sick. You can easily walk your ass down to the canal and not catch anything there without the sickness.
Hey Brick,

Been reading your journal. Congrats on the baby "girl"...

I have question for you on Priscan. Is wma same as linear weighted? I only have simple, smoothed, exponential and linear weighted in metatrader.

Anyway, on the chf/jpy (if it is linear weighted) and eur/aud, I thought if a long candle caused the cross you ignore?

nzd/jpy looks good, except you got to wonder whether the 3 prior candles would not be considered black crows.

Anyway I know you didn't come up with that system and maybe I should ask him, but you seem a lot like me, so was curious on your thoughts since you like that system.
  • #32
  • Nov 13, 2006 6:43am Nov 13, 2006 6:43am
Hey Brick I'm flattered that your using my Priscan system! I read your post about being up 300 pips and not being able to sell and just wanted to make sure you understood that you may have gotten a sell signal and just not known it. My system is not only based on the WMA's although they are very important, but also candlestick formations which hold equal importance. If that +300 pips ended in a large candle then you should sell immediatley because it is doomed for some kind of correction and will most likely not reach this price again, hope this helps you out. Also i'm glad your only using this system on the side because it is very conservative and is meant to be used as a "backup" stream of income that can be somewhat expected.
Good Luck,
Greg
  • #33
  • Nov 13, 2006 8:24am Nov 13, 2006 8:24am
Hey Brick....

What a start to your week..... I have not looked closely at the noise around the price action but it looks like you would of taken profit on all three lots today.... so what would that be.......14+30+80=124 pips for the day....

Can't complain about that... I'm going back to the UK this week so I think i'll probably start implementing this myself....
  • #34
  • Nov 13, 2006 9:08am Nov 13, 2006 9:08am
Damn right. That feels good. What's even better is I don't see any more trades today, so I know I'm holding on to those pips till at least tomorrow.

+124 for the week.

mest... I'm gonna reread your priscan system and make sure I am using it correctly. I'll post on that later... probably tonight after I'm home and the brats are in bed for awhile. Then I can actually digest it without, "Daddy - I want a sippy. Can I have candy? Natie hit me!" But seriously, I love them. I'll pull a proud-father moment and post a pic once I hit my 50 post minimum.
  • #35
  • Nov 13, 2006 11:32am Nov 13, 2006 11:32am
Alright. I closed my CHF/JPY (Priscan trade) at +59. Looking back at the Priscan documents, I probably should have closed it last night. Regardless, I ended up with a decent profit ($503). I was going to let it run, as I felt that the three MA's consolidated. I was going to wait for the 4 to cross the 15, but have decided to close it at the traditional 40 crossing the 15. Looking back at the example posted, I realized that the consolidation was nowhere near as tight as it should've been.

Daily Range +124
Priscan +59

* I bought Raghee Horner's book, "Thirty Days of Forex Trading" or something like that. In a few weeks, I may put her strategies into my plan, but only paper at first. Anybody have any thoughts on her or her strategy.
I know, I know... I can get plenty of good info here, but I travel a lot, and it kills me to be trapped on a plane for hours and not be able to learn.
  • #36
  • Nov 13, 2006 11:43am Nov 13, 2006 11:43am
Not sure of that book but I just bought Kathy Lien's book.... Day Trading the Currency Markets and I have to say I really like it.

I want to be the complete trader and feel that in order to achieve this I need to understand Fundamentals as well as Technicals and this book seems to be doing both so far.

183 pips profit.... Not to bad at all... Imagine just 2 days like that a week......

You know what I like about the daily range strategy that you are implementing. Is that your risk reward ratio stacks heavily in your favour. You could be right just 40% of the time and still make a profit.....
  • #37
  • Nov 13, 2006 2:04pm Nov 13, 2006 2:04pm
Quoting llambert3
Hey Brick,

Been reading your journal. Congrats on the baby "girl"...

I have question for you on Priscan. Is wma same as linear weighted? I only have simple, smoothed, exponential and linear weighted in metatrader.

Anyway, on the chf/jpy (if it is linear weighted) and eur/aud, I thought if a long candle caused the cross you ignore?

nzd/jpy looks good, except you got to wonder whether the 3 prior candles would not be considered black crows.

Anyway I know you didn't come up with that system and maybe I should ask him, but you seem a lot like me, so was curious on your thoughts since you like that system.
Hey brick, you think you could answer my question?
  • #38
  • Nov 13, 2006 2:20pm Nov 13, 2006 2:20pm
Quoting llambert3
Hey brick, you think you could answer my question?
I don't know if you're looking for him to answer or any old guy will do, but Yes, LWMA is the same as WMA. The Linear in front just refers to the fact that the weights are geometric (4A+3B+2C) versus exponential (A^4+B^3+C^2).

Hope that helps,
andersenws
"Youth is the trustee of prosperity." - Benjamin Disraeli
  • #39
  • Nov 13, 2006 3:25pm Nov 13, 2006 3:25pm
Quoting andersenws
I don't know if you're looking for him to answer or any old guy will do, but Yes, LWMA is the same as WMA. The Linear in front just refers to the fact that the weights are geometric (4A+3B+2C) versus exponential (A^4+B^3+C^2).

Hope that helps,
andersenws
wow you guys are so smart with all of these mathematcial equations (and Math was my subject in school go figure).. Thanks man.
  • #40
  • Nov 13, 2006 4:51pm Nov 13, 2006 4:51pm
Sorry llambert. I wasn't sure and was looking to research it before I answered. To be honest, I couldn't explain 90% of the shit. If I learn too much, I'm afraid I'll stop trading it mechanically. It's like when I first started trading, I was doing great; then one or two trades didn't go my way... Then I started learning. The more I learned, the worse I did. Right now, I'm learning to get my pyschological aspects of trading under control. To be honest, I think that's 95% of the game. I'm not trying to take anything away from these seasoned veterans. However, they probably wouldn't be seasoned if they never learned the mental part of the game first. I'll worry about all the details later. Right now I'm looking to make some money.
0 traders viewing now