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Alternative Trend Following- A Journal

  • #21
  • Jul 23, 2007 9:59am Jul 23, 2007 9:59am
hahaha... give up and go away :

Quoting edge540
"Sharing what I believe is feasible" exactly my point,offer use something concrete and tested or you loose credibility.
  • #22
  • Jul 23, 2007 10:05am Jul 23, 2007 10:05am
Quoting superdezign
I really like what you have going here, but I hated that book lol
Lol i did pass a remark that the book a was darn boring, but i was forced into reading it by a friend...hahaha. Can tell how many times i fell asleep. Must say that covel is a lengthy draggy fellow... hopefully he did get his point across.

I'll sample some trades by 0000GMT tomorrow.
  • #23
  • Jul 23, 2007 11:26am Jul 23, 2007 11:26am
Hi jest

Mention of teamspeak, what happened to OR?

As to that book, the most boring ever.
Regards
  • #24
  • Jul 23, 2007 11:40am Jul 23, 2007 11:40am
Lol boring books are usually the ones that has the most important info. I must say i skipped alot tho..hehehe
  • #25
  • Jul 23, 2007 12:05pm Jul 23, 2007 12:05pm
Received your PM, thank you
Regards
  • #26
  • Jul 23, 2007 12:06pm Jul 23, 2007 12:06pm
Quoting edge540
You need to read the extensive posts on Tkimble's "Daily scalping" as your system is very similar if not the same with the addition of a 5sma that appears to have no purpose.I have a problem with people like you posting a method that has been stolen from someone else and modified slightly. I certainly won't trade it but many newbies could loose a lot of money trying something like you propose.Prove me wrong buy showing some real trades and results.
Just got to this thread and even if its maybe a little late to talk about this, dont take any offense of what that guy said, Jest. I also followed Tkimble's system, which is a very simple buy/sell at the open of a new day system. Thats all. Your system is a little different, anyway, and I am really amazed that edge cant see the differencies. USUALLY SIMPLE SYSTEMS LOOK ALIKE, ONLY BECAUSE THEY ARE SO SIMPLE.

Thanx for posting your system, I love daytrading with simple systems, and yours looks very good. I admire you as a trader and Im very glad that you decided to finally post one of your systems.
We leave no soldier behind.
  • #27
  • Jul 23, 2007 6:41pm Jul 23, 2007 6:41pm
Ok im abt to go to work

a few charts are still showing good trends..

positions
- long nzdjpy @96.70 SL 100
- long nzdusd @ 0.7970 SL 100
- long aud usd @ 0.8829 SL 50

so far nzd has shown that it is the strongest moving currency yesterday, it bsted the yen and usd while gbp, eur and aud still struggled. im a little worried over my Aud position as the close has not cut above he 3day high but we'll see how this works out. Gd day!
  • #28
  • Jul 23, 2007 8:31pm Jul 23, 2007 8:31pm
what time frame do you use? I use FXDD charts which close at 17 EST.
We leave no soldier behind.
  • #29
  • Edited 9:22pm Jul 23, 2007 9:10pm | Edited 9:22pm
Hi gagiul,

I use ibfx charts, it closes at 0000GMT, i think, i always make my trade just before asian open. Don't worry too much with the timeframe and such complexities. I would rather reccomend that you trade your candle, something that you're more familiar with, let the candle show you the trend, if you get the trade wrong, cut. if its correct, keep adding new contracts to your winners, try to keep MM at 2% risk per trade.

On a good trend, you could accumulate so much that you'd prolly be getting $100-200 per pip on a standard contract.

Some simple suggestions on trade management

1. Since you are trading daily, manage ur stops on a daily basis, dun worry too much abt it on intraday.
2. If the candle close red but it does not cut the 5SMA, consider the option of holding on to the trade, i would rather let my stops be taken out instead, that way i'm assured that i am wrong abt the Price Action.
3. If you are in profit and you get scenario2, u will want to consider the option of taking a small profit lock.

Note on Shorting USD Related pairs

Its also advisable that if you are the trader who takes lesser risk, to note that Shorting Euro or any other usd related pairs is not very advisable, instead try waiting for a chance to re-enter long coz the current trend is very clear. Else at least wait for it to make a lower high on the swing before opting to go short.

regards
jest
  • #30
  • Edited 8:46am Jul 24, 2007 8:28am | Edited 8:46am
jest1081
I just stumbled across your thread..........and I am amazed....you are a psychic genius ( Great minds think alike LOL).......I have been toying with a strategy that is virtually I dentical for almost a month now, been testing it and back testing manually on the charts.......I use a 7WMA on daily and weekly, when bar closes above 7WMA I go long, as price changes direction and crosses 7 I close all and reverse trade direction with the 7 trend. keep adding to position as price moves in favored direction......
I manually backtested this over 30 days (thats all the tedium I could handle) and it showd a ver nice profit....so keep up the good work and remember 2 things follow the end, and keep it simple.....
works for me.

PS I trade at Oanda and their daily bar opens at 9:00 PM PDT....with this strategy the time a new bar starts is not all that important because it is all relitive.

http://img217.imageshack.us/img217/1...enshot1hs4.png
Same Whore .... Different Dress
  • #31
  • Edited 11:15pm Jul 24, 2007 8:47am | Edited 11:15pm
Quoting johnedoe
jest1081
I just stumbled across your thread..........and I am amazed....you are a psychic genius.......I have been toying with a strategy that is virtually I dentical for almost a month now, been testing it and back testing manually on the charts.......I use a 7WMA on daily and weekly, when bar closes above 7WMA I go long, as price changes direction and crosses 7 I close all and reverse trade direction with the 7 trend. keep adding to position as price moves in favored direction......
I manually backtested this over 30 days (thats all the tedium I could handle) and it showd a ver nice profit....so keep up the good work and remember 2 things follow the end, and keep it simple.....
works for me.

PS I trade at Oanda and their daily bar opens at 9:00 PM PDT....with this strategy the time a new bar starts is not all that important because it is all relitive.
Ur right sir simple works.
It hurts on choppy days tho. At this moment, um im too afraid to short but i have nothing against anyone who acts on it, thats what the system told us to do hehe.

I really have to thank the sugar trader hahaha.

regards
jest
  • #32
  • Jul 24, 2007 9:02am Jul 24, 2007 9:02am
Yeah .... here is a period on the GPB/USD from november to april that would have kicked yer butt.....
http://img217.imageshack.us/img217/3...enshot5nm6.png
Same Whore .... Different Dress
  • #33
  • Jul 24, 2007 9:10am Jul 24, 2007 9:10am
Which also reasons why SL management and low risk per trade is advised, since we are averaging up the returns are quite hefty once we hit a good trend..i can still see a few winners from the chart above...
  • #34
  • Jul 24, 2007 9:24am Jul 24, 2007 9:24am
I agree, I think with good MM this is a good profitable set and forget once a day system.........
Same Whore .... Different Dress
  • #35
  • Edited 11:16pm Jul 24, 2007 6:36pm | Edited 11:16pm
Quoting jest1081
positions
- long nzdjpy @96.70 SL 100
- long nzdusd @ 0.7970 SL 100
- long aud usd @ 0.8829 SL 50
current updates
positions
- long nzdjpy @97.64 SL 100 : -94pips (stopped out)
- long nzdusd @ 0.7970 SL 100 : -20pips
- long aud usd @ 0.8829 SL 50 : -10pips

realised loss : (-94pips)

my positions are not looking very good. we have an exhaustion candle on the daily. Looks like the system is likely buying the top...i've raised the stop for nzdusd to just below 0.8000 we're likely to see some support there on the move down.

New entry
- short usdcad @ 1.0367
  • #36
  • Jul 24, 2007 11:10pm Jul 24, 2007 11:10pm
I have done some studies from the system and i have decided taht i should further streamline my stops... I feel that the are too large and if the trend is really good, stops based of the 4hr price swings should not affect my trades, and if those stops got taken out, then there is a good chance that the trend will take out the bigger stops as well since a heathly retracement will probably cost abt 200-300pips on majors. I'll be updating again an hour before asian opens tomorrow. gd day!
  • #37
  • Jul 25, 2007 10:38am Jul 25, 2007 10:38am
According to this method we should be shorting a number of pairs including EURUSD and GBPUSD at the close of today.
Regards
  • #38
  • Jul 25, 2007 11:17am Jul 25, 2007 11:17am
thats true...but i'm not ready for it yet...i'll wait to see how the swing turns out in the next few of days or week
  • #39
  • Jul 25, 2007 7:46pm Jul 25, 2007 7:46pm
Quoting jest1081
current updates
positions
- long nzdjpy @97.64 SL 100 : -94pips (stopped out)
- long nzdusd @ 0.7970 SL 100 : -20pips
- long audusd @ 0.8829 SL 50 : -10pips

realised loss : (-94pips)

my positions are not looking very good. we have an exhaustion candle on the daily. Looks like the system is likely buying the top...i've raised the stop for nzdusd to just below 0.8000 we're likely to see some support there on the move down.

New entry
- short usdcad @ 1.0367
- long nzdusd @ 0.7970 : -75pips (stopped out)
- long audusd @ 0.8829 : +26pips
- short usdcad @ 1.0367 : -49

realised loss : (-169pips)

What a way to introduce my system. lol
Anyway, i've been pitching buys right at the top lately and have taken 2 losses in. i realised i've been biased against the dollar and proly should look into pairs that can even out the game. There is probably too much correlation going on while usd related pairs are going trough a retracement.
  • #40
  • Jul 25, 2007 9:09pm Jul 25, 2007 9:09pm
I give you credit for posting loosing trades,most system promoters only cherry pick the winners.As I indicated previously I trade Tkimbles daily method with my own interpretation,your system is similar so you may want to look at my method.
1.Set target profits e.g 50 pips GBP/USD and 60 pips GBP/JPY.
2.Set SL's of 40 and 50 pips respectively.
Now the tricky bit, buy or sell on the basis of the previous days candle but confirm it with the chart pattern on a 15 min chart.This is subjective but is working for me.Basically you want to see a trending 15 min chart with no extreme movements and don't trade if the market has been flat for the previous 5-7 hrs before the close of the daily candle.I trade a live mini account and since the beginning of May I've made 39 trades between the two pairs mentioned for a total gain over 5000 pips, I trade 3 mini lots per trade (3% of my intial acc balance) and have only had 5 loosing trades in that period.

If you are interested I'll provide all the winning trade dates for you to confirm my result.I like the idea of not trading with indicators.
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