My Path To Financial Freedom

Thanks whitenights
I appreciate any suggestions/opinions

i will check that out sometime

currently i am trying something completley different which has shown VERY profitable

i will post the chart w/ the levels for today, you can see for urself

They got the charts working again, i know its late, but here are the levels for today

im sure they will be working tomorrow, today was very profitable again!

according to my strategy i would have entered at 1.9902
moved my stops accordingly which u will see later
taken profit at 1.9958, then at 1.9998
while again moving stop losses to capture profits (but they would not have been hit)

again this would of been a blockbuster trading day using this info

i know i havent been able to actually use it yet and it may look like im just saying "what i would have done", but it really is exactly what my strategy would have told me to do so i would have done exactly that and made some good profits...

looking forward to tomorrow this strategy has not shown a losing day yet! and only 1 breakeven out of 2 weeks!

finished backtesting the data that has been up so far and using my strategy without breaking any rules has shown the following result:

11 out of 11 trades were winners, one of the days was a no trade day (didnt hit buy or sell level)
Cumm Earnings: +1085pips


Also whats great about that number is that, that is only backtesting using 3lots... now when i start trading this strategy with my live account, i will use the amount of lots according to my max. risk being under 3% of my full acct size per trade.
In the trades in my backtesting the maximum initial stop loss for all 3 lots was 72pips for each lot, but many of the trades had initial stop losses of less than 50 pips so i would actually use more lots in reality, meaning i would be able to capture even more profits than that shown in the back testing.

Hopefully the video will work tonite so i can put this strategy to work

not to put you down or anything, but 11 trades backtesting is not enough. you need at least 3 months/50 trades before going live.

Dont worry, your not putting me down your just giving me good and truthful advice.
The reason why i am going to be using this strategy w/ not much backtesting is because of what it is based upon. Its not based on any indicators that tell the past or even price action.. its based on hard facts. I dont expect all the trades to be winners or anything, but i do feel more comfortable trading w/ this information than anything else ive ever used (aka indicators that predict the future using the past).

I have set up perfect rules to follow and will not be trading more than 3% of my full acct size on every trade. The problem with backtesting is that it is hard to take into consideration the news releases... i am only using mini lots so although its not alot it is enough to give me the full experience in using the strategy in its most honest way.

oh and good thing have decided to stop using trend manager, i would have lost over 300 pips already this week alone not to mention my losses from last week.. its quite amazing to see how an indicator can do a 180 degree turn on you, as you can see using the exact same strategy in my demo acct i was able to achieve consistent success.. maybe thats why they say the markets always changing, i guess sometimes the indicators have to change with it..

also one more thing, what i realized that was very important in my backtesting was that the past 2 weeks have been really rough as i have seen on many traders journals.. with this strategy i have not been able to achieve a LOSING trade when the market is at its most unpredictable state where there have not been many trends. This to me is more valuable than testing it at a time where most traders' strategies were making pips.

and remember i DO expect losses, which is why i set up the rules accordingly so i can make lots of losing trades without ending up broke too fast

Could be internet issues generally, yesterday I also had 'gateway' problems all over the place couldn't get access to charts etc etc. I also couldn't get into that other webcast we talked about. Maybe there were general internet problems yesterday. I can get charts today so hopefully all fixed up.

The daily fozzy cross of RSI/SMA also works very well as an entry signal once you have identified your levels of support. Even on 15 min charts.

If you have enough data to show support/resist levels for 20 days in uptrend, 20 days sideways and 20 days downtrending market. 60 days in total in all market conditions if it passes that test you are onto a biggie.

Or if you have a trading style which pretty much works anyway and you are just adding this onto it to give possible entry areas then go for it you shouldn't have any problems.

What did Peter always say don't trade off 1 thing alone look for a confluence of events. This is the same, just add it on as another tool but don't make it the sole reason for a trade.

here are the levels

i will be using caution as important news relaease is coming out at 4:30 and they said it will break through the levels and they basically disappear

Buy GBP/USD @ 2.0013
SL: 1.9956
Target: Lot1: 25pips, Lot2: 85pips, Lot3: 85pips

Trend manager also gave a buy signal for this current 4hr candle

also broke through a long term resistance line, but just the wick so far on 4hr chart, no definite break yet

Whilst I think we are generally on the way up there is a 50% retracement level at 1.9963 (the latest move up from 30 Apr 5 am est)and all sorts of ema's on various charts around 1.9975. So the slightly lower areas, 1.9960-70, look like good entry points?

Trend manager also gave a buy signal for this current 4hr candle

also broke through a long term resistance line, but just the wick so far on 4hr chart, no definite break yet

came within 1 pips of +25pips

move stoploss to breakeven

(capture first profit when it hits +25pips)

Lot 1: +25pips

already moved stop to breakeven.. would do that there tho

Doesn't seem to have been any follow through on the news spike so a sell around here? Obviously too early for trend manager??

After 30 mins of doing nothing it jumps up a little lets see if its got any legs.

Sorry i havent been able to post this sooner, i have been at class all day and the internet has been wacky again, we really need to fix that issue..
But Vantage.. my strategy is to only take the first entry that is hit after 3am and only do 1 trade a day.. which is much easier also since u dont have to watch the charts all day, even tho i love doing that anyways

here was the rest of my trade:
5/01/07
Offers:
2.0100-2.0120
2.0040-2.0050
Bids:
2.0000-2.0010
1.9960-1.9970
1.9900-1.9910
Open price (3am): 2.0022

1. Buy @ 2.0008 -- (-5 for spread) – 3lots

a.Stops: 1.9956 (risk -57pips)
b.Lot 1: Target—2.0038
c.Lot 2: Target—2.0098
d.Lot 3: Target—2.0098
i.Moved stop to breakeven at +25pips
ii.Lot 1: +25pips
iii.Moved stop to +10pips at +45pips
iv.Came out early for Lot 2 one minute before news release
v.Lot 2: +45pips
vi.Retraced back down to stop
vii.Lot 3: +10pips

May Earnings: +80pips