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Steviet's Live Trades!

  • #1,961
  • Jun 8, 2007 6:58am Jun 8, 2007 6:58am
past few days have been very easy on the euro and particularly the pound...home runs all round.
  • #1,962
  • Jun 8, 2007 9:47am Jun 8, 2007 9:47am
Quoting alcastro
Seems like you have turned your boat back into the right course!!!!!!
Now...I have been trying to see which is the criteria that you are following with your new system, but I don't see any in the past posts. Did you post it before and I missed it? If not, do you mind if you can give me some insight about it?

Thanks.
I thought you may be able to tell me

Seriously, I've been looking into trendlines, support & resistance as well as high probability set ups such as pin bar formations as noted in the James16 thread. I'm still playing around with various theories I have but essentially we are talking about price action.

The one rule I keep to rigidly is the money management aspect but otherwise I'm just looking for what I perceive to be good set ups on any of the pairs my broker offers.

This probably doesn't help one bit lol

Kind Regards
Steve
  • #1,963
  • Jun 8, 2007 9:48am Jun 8, 2007 9:48am
Quoting Isotonic
past few days have been very easy on the euro and particularly the pound...home runs all round.
Even I'm making pips so it must've been easy :

Good to see you Iso

Kind Regards
Steve
  • #1,964
  • Jun 8, 2007 9:51am Jun 8, 2007 9:51am
OK, all trades were stopped out during the day at the levels in my previous posts.

GBPUSD plus 250 pips
EURUSD plus 150 pips
USDCAD plus 30 pips
AUDUSD plus 10 pips
EURCAD minus 113 pips

So, plus 327 pips on closed trades today

June total pips +387
No open trades

Kind Regards
Steve
  • #1,965
  • Jun 8, 2007 10:25am Jun 8, 2007 10:25am
well done Steve,

Do think this may be the end of the drop for GBP, bounced of a support trendline that started 10/16/06
I attached a picture of what im seeing
Attached Image (click to enlarge)
Click to Enlarge Name: 6-8-07 daily.jpg Size: 38 KB
  • #1,966
  • Jun 8, 2007 11:41am Jun 8, 2007 11:41am
Quoting steviet

June total pips +387
No open trades

Kind Regards
Steve
good work mate.

glad to see you sticking in there
  • #1,967
  • Jun 8, 2007 12:33pm Jun 8, 2007 12:33pm
Quoting turbokaos
good work mate.

glad to see you sticking in there
Cheers bro
  • #1,968
  • Jun 8, 2007 12:45pm Jun 8, 2007 12:45pm
Quoting brxxt
well done Steve,

Do think this may be the end of the drop for GBP, bounced of a support trendline that started 10/16/06
I attached a picture of what im seeing
Hi brxxt,

Yes, so far it hasn't breached this trendline, however if it does there is another one from 29th June 2006 that is currently about the 1.9490 area. If you can zoom out your charts you'll be able to see what I mean.

I'm keeping out just for the momen to see what transpires.

Kind Regards
Steve
  • #1,969
  • Jun 8, 2007 1:44pm Jun 8, 2007 1:44pm
ahh yes

i feel like i am drawing too many trendlines at the moment, do u have like a general rule of thumb as to how far back you go, do ur trendlines depend on how many bounces there were on it etc.

im asking all this because i really want to be able to trade purely price action
  • #1,970
  • Jun 8, 2007 2:20pm Jun 8, 2007 2:20pm
Quoting brxxt
ahh yes

i feel like i am drawing too many trendlines at the moment, do u have like a general rule of thumb as to how far back you go, do ur trendlines depend on how many bounces there were on it etc.

im asking all this because i really want to be able to trade purely price action
To be honest with you I'm very much in the same boat as far as trendlines are concerned lol. What I'm finding is that it's not as simple as it first seems. I don't have a rule of thumb as far as how many bounces off the trendline is concerned but often it won't bounce more than 4 or 5 times before it's breached.

I'm currently also wading my way through the james16 thread which is full of real gems and it's helping me pick my trades a little more carefully.

I'm still very much in the learning phase and sometimes it does feel like you're taking one step forward and two back. Looking back on these charts it seems so easy doesn't it!!!

Maybe one of you more experienced traders would like to add some comments?

Kind regards
Steve
  • #1,971
  • Jun 8, 2007 3:02pm Jun 8, 2007 3:02pm
I may be wrong many times but i would dare to say that if a trend line is formed out of 2 highs or lows then a third bounce from that is almost guranteed 85-90% of times
  • #1,972
  • Jun 8, 2007 3:16pm Jun 8, 2007 3:16pm
Quoting steviet
To be honest with you I'm very much in the same boat as far as trendlines are concerned lol. What I'm finding is that it's not as simple as it first seems. I don't have a rule of thumb as far as how many bounces off the trendline is concerned but often it won't bounce more than 4 or 5 times before it's breached.

Kind regards
Steve
You will never find the answer to that one. Even if you found back history where is bounced off it 5 time for the last 10 years doesn't mean it will the next time.

I will have to thumb threw my TD book to see if says anything about that but off the top of my head I can't recall
Attached File(s)
File Type: pdf TD Lines.pdf   388 KB | 665 downloads
  • #1,973
  • Jun 8, 2007 5:21pm Jun 8, 2007 5:21pm
Here is my take on trendlines.

Like moving averages, they provide a good visual help as to where the main trend is heading.

I would recommend using trendlines on higher timeframes like daily or weekly.

Anything below that is less reliable.

I tried to incorporate trendlines to my trading for a couple of months but to no avail. Sometimes they would work, some other times prices run thru them as if they were transparent.

I decided to get them off my charts because they represented a distraction.

From time to time I draw daily trendlines to see where prices might find support/resistence, but I only use them as profit targets most of the times. Let's just say that if I am long and prices are approaching an important trendline from higher timeframes, I start to pay close attention to price behavior when it touches the trendline.

I am a futures daytrader and I can tell you that you could easily draw tens of trendlines everyday looking at a 2-3min chart.

In conclusion, I believe trendlines work better for swing/position trading rather than daytrading. I would focus more on price action and market flow rather than trendlines.

IS
  • #1,974
  • Jun 8, 2007 9:21pm Jun 8, 2007 9:21pm
Looks like it's the come-back of Stevie Wonder of forex. Keep the good trades up!
Tra-X
  • #1,975
  • Jun 11, 2007 9:25am Jun 11, 2007 9:25am
Quoting Traex
Looks like it's the come-back of Stevie Wonder of forex. Keep the good trades up!
What, you mean the blind leading the blind?
  • #1,976
  • Jun 11, 2007 9:30am Jun 11, 2007 9:30am
OK, sorry been a bit lax in posting my latest trades....

Took longs on GBPJPY & EURJPY on Sunday open following Friday's possible reversal bars on the daily charts. Went in too soon but added on the bounce last night so am currently overall in profit.

GBPJPY long from 239.85 currently minus 25 pips
GBPJPY long from 239.06 currently plus 67 pips
EURJPY long from 162.80 currently minus 16 pips
EURJPY long from 162.42 currently plus 22 pips

Kind Regards
Steve
  • #1,977
  • Jun 11, 2007 9:38am Jun 11, 2007 9:38am
K, just closed the above positions at...

GBPJPY plus 86 & plus 5
EURJPY plus 32 & minus 7

That's me out for the day - total pips plus 116

Total pips for June plus 503

Kind Regards
Steve
  • #1,978
  • Jun 11, 2007 9:39am Jun 11, 2007 9:39am
Quote
GBPJPY long from 239.85 currently minus 25 pips
GBPJPY long from 239.06 currently plus 67 pips
EURJPY long from 162.80 currently minus 16 pips
EURJPY long from 162.42 currently plus 22 pips

Nice to see you have the same trades as I do, we're in the same boat

Always reading your journal and comparing with my trades...

Nice work and keep up the good journal!

Dennis
  • #1,979
  • Jun 11, 2007 9:51am Jun 11, 2007 9:51am
Quoting steviet
What, you mean the blind leading the blind?
We're all blind here except the market itself. Place our bet.
Tra-X
  • #1,980
  • Jun 11, 2007 9:56am Jun 11, 2007 9:56am
Quoting Traex
We're all blind here except the market itself. Place our bet.
From your journal I see that you are doing exceptionally well

Long may it continue my friend

Kind Regards
Steve
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