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Josh's Priscan System Journal

  • #1
  • First Post: Edited Nov 14, 2006 3:06am Nov 13, 2006 5:37pm | Edited Nov 14, 2006 3:06am
Yo all!

Welcome to my trading journal using the Priscan System. Here I will post all my trades and results using this fine system. I'm hoping that this will be of benefit to new comers to this system as well as of use to myself for developing my own trading knowledge.

But before we begin I should introduce myself properly. My full name is Josh Calow, I'm 20 years of age and live in a lovely bit of rural England about 20 miles outside London, UK. I currently work for a large, nationwide, luxury retail chain and have done so for the past 2 years. This job is extremely stressful and I work very unsociable hours. Because of this I am seeking alternative employment and hope to be able to support myself fully through Forex sometime early next year.

As for my Forex experience, I have never opened a live account but have been actively demo trading for the past 2 and a half years. I have read many books, the one I found most useful being, Forex Made Easy by James Dicks. I messed about with Metatrader EA's for a while and self taught myself the MQL4 Metatrader programming language in order to program my own strategies into the system. I have used many different brokers over the years including; FXCM, GFT Forex, Interbank and i'm now using Neuimex. I have also demoed BunnyGirls BGX system and The Sidus Method.

I have recently purchased a HP Jornada 928 Pocket PC. This allows me to trade all the time, where ever I am, even at work using Metatrader Mobile. I will post all my trades and what i've learnt from them here in this journal. Watch this space...

Hope you find this of use,

Josh Calow
  • #2
  • Nov 13, 2006 5:52pm Nov 13, 2006 5:52pm
Hey Josh! First i'd like to wish you luck trading my system, and i'm glad to see its helping so many people make money, just want you to keep in mind that it is a VERY conservative system so it will not bring in too many pips =\...nevertheless its pretty consistant and is a great secondary source of income, so good luck i'm awaiting to see the trades you place, the next trade I will hopefully be placeing if the WMA's stay where they are is short on the AUD/USD upon the close of todays candle.

Good luck,
Greg
  • #3
  • Edited Nov 14, 2006 3:08am Nov 13, 2006 6:26pm | Edited Nov 14, 2006 3:08am
If you take a look at the image below you will see how I have setup the system. I am using the three WMAs 4, 15 and 40 and the parabolic SAR set at 0.02. The image below is taken from my Jornada pocket pc, all the images I post will be like this as this is the only device I use to trade.

http://img183.imageshack.us/img183/1...hot0001po0.png


The basic idea of the system is that when the 4 WMA crosses with the 40 you get into the trade, when the 4 crosses with the 15 you get out.

If you look closer at the image you will see that I have coloured the 4 WMA blue, the 15 red and the 40 green. This is a little personal touch of my own, I just find the system easier to use with these colours. I think of it like traffic lights, green line to get into a trade, red to stop and get out. It is up to you if you want to use these colours or not, however I will from now on refer to the WMAs by their colour and not value.

Ok, a few more rules I will be using:

  1. I will only enter a trade if I have support from the SAR at the time of cross.
  2. I will trade only the EUR/USD and USD/CHF to begin with.
  3. I will be trading the 1hr chart and using the 15 min to get a good entry.
  4. I will check for any large bars just before the current cross, these can make the WMAs jump suddenly and cause a fake cross. If there are any I will wait for the next bar and it's SAR to confirm the trend before entering.
  5. I will not trade against the major trend.
  6. I will use a 25 pip stop loss and a 20 pip trailing stop on entering.
  7. I will only exit on cross of blue and red or if stopped out by trailing stop.

If you have any questions feel free to ask away.

Wish me luck,

Josh Calow

  • #4
  • Nov 13, 2006 7:16pm Nov 13, 2006 7:16pm
Just opened, and closed my first trade yesterday (Monday 13th Nov.).

Opened: 13/11/06 at 12:00 @ 1.2841

Closed: 14/11/06 at 00:58 @ 1.2826

Closed by trailing stop.

Profit $150 (15 pips at 1 lot)

http://img485.imageshack.us/img485/1...hot0002wa4.pnghttp://img452.imageshack.us/img452/9...hot0003oz9.png
  • #5
  • Nov 13, 2006 7:21pm Nov 13, 2006 7:21pm
Missed a nice trade on USD/CHF yesterday (Monday 13th Nov.), was to busy with that one on EUR/USD to notice.

Oh well, can't win them all!

http://img168.imageshack.us/img168/9...hot0004kf6.png
  • #6
  • Nov 13, 2006 7:23pm Nov 13, 2006 7:23pm
Sorry, should point out that all times I quote are GMT +1.
  • #7
  • Nov 13, 2006 7:27pm Nov 13, 2006 7:27pm
Quoting jcalow
If you take a look at the image below you will see how I have setup the system. I am using the three EMAs 4, 15 and 40 and the parabolic SAR set at 0.02. The image below is taken from my Jornada pocket pc, all the images I post will be like this as this is the only device I use to trade.

http://img183.imageshack.us/img183/1...hot0001po0.png


The basic idea of the system is that when the 4 EMA crosses with the 40 you get into the trade, when the 4 crosses with the 15 you get out.

If you look closer at the image you will see that I have coloured the 4 EMA blue, the 15 red and the 40 green. This is a little personal touch of my own, I just find the system easier to use with these colours. I think of it like traffic lights, green line to get into a trade, red to stop and get out. It is up to you if you want to use these colours or not, however I will from now on refer to the EMAs by their colour and not value.

Ok, a few more rules I will be using:

  1. I will only enter a trade if I have support from the SAR at the time of cross.
  2. I will trade only the EUR/USD and USD/CHF to begin with.
  3. I will be trading the 1hr chart and using the 15 min to get a good entry.
  4. I will check for any large bars just before the current cross, these can make the EMAs jump suddenly and cause a fake cross. If there are any I will wait for the next bar and it's SAR to confirm the trend before entering.
  5. I will not trade against the major trend.
  6. I will use a 25 pip stop loss and a 20 pip trailing stop on entering.
  7. I will only exit on cross of blue and red or if stopped out by trailing stop.

If you have any questions feel free to ask away.

Wish me luck,

Josh Calow

you wrote ema, but priscan is wma isn't it?
  • #8
  • Nov 14, 2006 3:06am Nov 14, 2006 3:06am
Sorry, you're right, don't know why I put EMA instead of WMA. Tapped this all out late last night! All previous posts corrected now. Whoops!

Thanks!
  • #9
  • Nov 14, 2006 3:16am Nov 14, 2006 3:16am
Just opened a new trade.

Opened: 14/11/06 at 9:53 @ 1.2843

Looks like there has been a bit of a wierd jump in price action here, don't know how this one is likely to go. Gonna go with the rules of the system though and buy. If it all goes wrong at least I'll learn for next time.

http://img99.imageshack.us/img99/8899/sshot0006sz6.png
  • #10
  • Nov 14, 2006 3:23am Nov 14, 2006 3:23am
Just opened a new trade.

Opened: 14/11/06 at 10:19 @ 1.2414

Correlation of odd price action here to. Will see how it goes.

http://img242.imageshack.us/img242/709/sshot0008yn0.png
  • #11
  • Nov 14, 2006 3:37am Nov 14, 2006 3:37am
Quoting mestx41
Hey Josh! First i'd like to wish you luck trading my system, and i'm glad to see its helping so many people make money, just want you to keep in mind that it is a VERY conservative system so it will not bring in too many pips =\...nevertheless its pretty consistant and is a great secondary source of income, so good luck i'm awaiting to see the trades you place, the next trade I will hopefully be placeing if the WMA's stay where they are is short on the AUD/USD upon the close of todays candle.

Good luck,
Greg
Thanks for your wishes mest, I hope all goes well!
  • #12
  • Nov 14, 2006 8:29am Nov 14, 2006 8:29am
JCalow...I noticed your tradeing on a 1H scale...the system was not created for this small of a time scale and will most likely not perform very well under conditions, if you really want to trade smaller time frames let me suggest the 4H time frame, it still won't perform as well as it does in the dailies.
  • #13
  • Nov 14, 2006 9:55am Nov 14, 2006 9:55am
Greg,

If you don't mind... why doesn't it perform as well. Does it show too many false signals, or are the pip gains not as large per trade. I'm just curious, as I thought the markets were supposed to be fractal. Of course, my understanding of the term could be wrong.
Josh - I hope you don't mind me asking on your thread. I'm trying to use the priscan system, as well.
Bob
  • #14
  • Last Post: Nov 14, 2006 7:28pm Nov 14, 2006 7:28pm
good observation brick, you actually hit it right on the head, its for both of those reasons i'd never trade the system on a different time frame, one it gives too many false signals, and two the pip gain on your winning trades is just very insignificant. Yet your also right that the market is fractal, but this is where knowledge Moving Averages comes to play...for reasons I never bothered to research, generally moving averages are very time frame specific (they only work on the time frame you design them on) so if you really want to trade the hourly, go to your charts and play with the ma's until you get somthing that works. But in my studies I find that a as a BACKUP system, its best to trade the dailies because you don't enter as many trades and I can keep my mind on my major trades.


Quoting brick911
Greg,

If you don't mind... why doesn't it perform as well. Does it show too many false signals, or are the pip gains not as large per trade. I'm just curious, as I thought the markets were supposed to be fractal. Of course, my understanding of the term could be wrong.
Josh - I hope you don't mind me asking on your thread. I'm trying to use the priscan system, as well.
Bob
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