NZDUSD long from 0.7657 stopped out at 0.7672 for another 15 pips.
Aug total +90 pips (0.76% increase in a/c bal)
Kind Regards
Steve
Aug total +90 pips (0.76% increase in a/c bal)
Kind Regards
Steve
- #2,223
- Aug 6, 2007 3:51pm Aug 6, 2007 3:51pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
OK, two new trades just taken...
EURAUD short from 1.6070 (s/l initially 1.6250)
GBPCHF long from 2.4212 (s/l initially 2.4040)
Kind Regards
Steve
EURAUD short from 1.6070 (s/l initially 1.6250)
GBPCHF long from 2.4212 (s/l initially 2.4040)
Kind Regards
Steve
- #2,224
- Aug 7, 2007 2:43pm Aug 7, 2007 2:43pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Well, volatile day is probably an understatement lol
EURAUD short from 1.6070 has been as much as 100 pips down, shortly over an hour ago following the USD rate decision. Is currently plus 15 pips - AUD rate decision in a few hours just to add to the fun
GBPCHF long from 2.4212 has been over 100 pips down but again has now just moved into profit.
I stand by my original decisions trading off the daily charts but I'm sure many pips have been made on these pairs by intraday traders today, taking advantage of the high volatility.
Let's see what the next 24 hours brings....
Kind Regards
Steve
EURAUD short from 1.6070 has been as much as 100 pips down, shortly over an hour ago following the USD rate decision. Is currently plus 15 pips - AUD rate decision in a few hours just to add to the fun
GBPCHF long from 2.4212 has been over 100 pips down but again has now just moved into profit.
I stand by my original decisions trading off the daily charts but I'm sure many pips have been made on these pairs by intraday traders today, taking advantage of the high volatility.
Let's see what the next 24 hours brings....
Kind Regards
Steve
- #2,225
- Aug 7, 2007 4:28pm Aug 7, 2007 4:28pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
New trade....
EURGBP short from 0.6796 (s/l 0.6828)
Kind Regards
Steve
EURGBP short from 0.6796 (s/l 0.6828)
Kind Regards
Steve
- #2,226
- Aug 8, 2007 2:03am Aug 8, 2007 2:03am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
EURAUD short from 1.6070 - stop loss moved to 1.6030 to guarantee 40 pips minimum.
Kind Regards
Steve
Kind Regards
Steve
- #2,228
- Aug 8, 2007 4:17am Aug 8, 2007 4:17am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
OK, EURAUD short from 1.6070 stopped out for plus 40 pips.
GBPCHF long from 2.4212 currently minus 10 pips
EURGBP short from 0.6796 currently minus 1 pip
Aug total: plus 130 pips
Kind Regards
Steve
GBPCHF long from 2.4212 currently minus 10 pips
EURGBP short from 0.6796 currently minus 1 pip
Aug total: plus 130 pips
Kind Regards
Steve
- #2,229
- Aug 8, 2007 4:27am Aug 8, 2007 4:27am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
[quote=winterwhite;1528563]
Hi 
OK, I basically used the same method from Nov 06 to May 07 and the results of this are noted in the journal at the end of each month. After a disastrous May, I modified my methods and now am much more picky as to which trades I take.
June, July & so far August have been profitable and again the results are noted as I post.
I don't use any indicators at present, rather price action, trendlines, support & resistence. By no means am I correct in my analysis all the time but so far I am profitable.
On the point of discipline you are correct up to a point - my first method did purely rely on my stop loss being hit to determine when to exit a trade. Since June I have used both this method but also close manually when the mood takes me.
I'm sorry this probably seems rather vague - I'm still very much in a learning phase and my methods aren't particularly set in stone apart from the money management aspect which ensures I'll never blow my account. It's slow & steady for me.
Kind Regards
Steve
"I trade virtually naked (apart from a couple of indicators for decoration) and look at candlestick formations and possible reversal signs.
I need to be very very disciplined but when I catch a trend over say a week I can bag a few hundred pips."
Steve:
I am working my way through this thread.
You started it in November, 2006. A few
questions:
Could you point me to your results with
this system since then?
What are the couple of
indicators you use?
Is it right to assume that the discipline
you speak of refers to not touching the
trade until you get stopped out?
OK, I basically used the same method from Nov 06 to May 07 and the results of this are noted in the journal at the end of each month. After a disastrous May, I modified my methods and now am much more picky as to which trades I take.
June, July & so far August have been profitable and again the results are noted as I post.
I don't use any indicators at present, rather price action, trendlines, support & resistence. By no means am I correct in my analysis all the time but so far I am profitable.
On the point of discipline you are correct up to a point - my first method did purely rely on my stop loss being hit to determine when to exit a trade. Since June I have used both this method but also close manually when the mood takes me.
I'm sorry this probably seems rather vague - I'm still very much in a learning phase and my methods aren't particularly set in stone apart from the money management aspect which ensures I'll never blow my account. It's slow & steady for me.
Kind Regards
Steve
- #2,230
- Aug 8, 2007 8:23am Aug 8, 2007 8:23am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Had to pop out (I'm off work this week - hurrah 
) so reset stop losses and also placed a tp on each trade which is rare for me.
GBPCHF long from 2.4212 (s/l 2.4232, t/p 2.4312) - when I was out, it hit a high of 2.4306 just missing my 100 pips tp but there's a fair chance we may see it again later today.
EURGBP short from 0.6796 (s/l 0.6788, t/p 0.6766)
Not sure yet whether to keep the t/p on now I'm back but will keep the stop losses as they are which guarantees two more successful trades
Kind Regards
Steve
) so reset stop losses and also placed a tp on each trade which is rare for me.GBPCHF long from 2.4212 (s/l 2.4232, t/p 2.4312) - when I was out, it hit a high of 2.4306 just missing my 100 pips tp but there's a fair chance we may see it again later today.
EURGBP short from 0.6796 (s/l 0.6788, t/p 0.6766)
Not sure yet whether to keep the t/p on now I'm back but will keep the stop losses as they are which guarantees two more successful trades
Kind Regards
Steve
- #2,231
- Aug 8, 2007 9:27am Aug 8, 2007 9:27am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
OK, removed t/p on GBPCHF at 2.4312 (+100 pips) and that is now my stop loss, guaranteeing those 100 pips minimum
Kind Regards
Steve
Kind Regards
Steve
- #2,232
- Aug 8, 2007 9:48am Aug 8, 2007 9:48am
- | Joined Aug 2006 | Status: BORED trader | 2,388 Posts
BAM BAM BOOM! -bravado
- #2,233
- Aug 8, 2007 10:00am Aug 8, 2007 10:00am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
luv this thread.
steviet, you are definitely one of the best traders on this forum.
make sure you donate some to charity when you are ready.
(not sure I agree though lol)Just wish I did have a bit more capital but doing it the 'hard way' has taught me a lot so far.
On your last point, absolutely - my sister has just raised enough funds to build her second school in Kenya, Africa and it is nearing completion. I think she's raised well over a milliion pounds in the last 10 years for those kids. Now, that is something to be proud of!
Kind regards
Steve
- #2,234
- Aug 8, 2007 10:03am Aug 8, 2007 10:03am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
OK, also moved my s/l on EURGBP to 0.6781 and it's just been hit for a 15 pip gain. Shame, but at least it's near enough 'double bubble' on that pair.
Aug pips: +145
Kind Regards
Steve
Aug pips: +145
Kind Regards
Steve
- #2,235
- Aug 8, 2007 10:09am Aug 8, 2007 10:09am
- | Joined Aug 2006 | Status: BORED trader | 2,388 Posts
..not sure I agree though..
Just wish I did have a bit more capital but doing it the 'hard way' has taught me a lot so far.
this is bravado.
and i am correct.
On your last point, absolutely - my sister has just raised enough funds to build her second school in Kenya, Africa and it is nearing completion. I think she's raised well over a milliion pounds in the last 10 years for those kids. Now, that is something to be proud of!
Kind regards
Steve
nice.
BAM BAM BOOM! -bravado
- #2,236
- Aug 8, 2007 10:11am Aug 8, 2007 10:11am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
excuse me.
this is bravado.
and i am correct.
nice.
Oops, sorry, I forgot hehe
- #2,237
- Edited 11:24am Aug 8, 2007 11:10am | Edited 11:24am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Oh well, GBPCHF long has just been stopped out for plus 100 pips - maybe we could have squeezed some more pips out but it's been a good day.
I'll take a look at the end of today to see if any set ups are screaming at me - oh to be on that GBPJPY train today...
August pips: +245
Kind Regards
Steve
PS LOL - It touched my s/l and is now heading for new highs again another 40 pips from my s/l. Wouldn't surprise me if it breaks 2.4355 by the end of the day. See, it happens to us all but I'm out & not chasing it.
I'll take a look at the end of today to see if any set ups are screaming at me - oh to be on that GBPJPY train today...
August pips: +245
Kind Regards
Steve
PS LOL - It touched my s/l and is now heading for new highs again another 40 pips from my s/l. Wouldn't surprise me if it breaks 2.4355 by the end of the day. See, it happens to us all but I'm out & not chasing it.
[quote=steviet;1528615] Steve, I am going to finish reading your thread and may have a
few more questions by then.
Thank you
Hi
OK, I basically used the same method from Nov 06 to May 07 and the results of this are noted in the journal at the end of each month.
Steve, I have read those results
After a disastrous May, I modified my methods
Is there a post or two here in which you
have explained the modification?
and now am much more picky as to which trades I take.
What factors do you consider before "picking" your
trades?
June, July & so far August have been profitable and again the results are noted as I post.
I am about to read through those posts.
I don't use any indicators at present, rather price action, trendlines, support & resistence. By no means am I correct in my analysis all the time but so far I am profitable.
Jacko and other successful traders here do likewise.
On the point of discipline you are correct up to a point - my first method did purely rely on my stop loss being hit to determine when to exit a trade. Since June I have used both this method but also close manually when the mood takes me.
So you do not let the trade run until the close of the NY session.
I'm sorry this probably seems rather vague -
Not to worry. It has been great to see this kind of commitment
to trading and your dependability in keeping those trades
posted. I am sure we shall all keep following your posts.
I'm still very much in a learning phase and my methods aren't particularly set in stone apart from the money management aspect which ensures I'll never blow my account. It's slow & steady for me.
Kind Regards
Steve
few more questions by then.
Thank you
- #2,239
- Aug 8, 2007 12:43pm Aug 8, 2007 12:43pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
[quote=winterwhite;1529285]
No problem at all - I'll try and answer your questions a little more clearly here....
My original method was as you know using 5 pairs and I was basically in the market all the time.
The modified method means that I will look at any pair that my broker offers for an opportunity around the time my daily bar closes. If there are no trades that look promising then I do not take a trade just for the sake of it.
The basic factors I am looking at is a bounce from a significant support or resistence on the daily charts, or indeed a bounce off a trendline. Ideally these will be pin bars (or candlestick equivalent). My stop loss initially will be anything from 20 to 50 pips (depending on the pair) above or below a significant daily high or low.
I'm very patient and often I may enter the trade a day or two earlier than I would like but the stop loss doesn't generally change until the trade is well in rofit. The recent GBPCHF long and EURAUD short are good examples of this.
Once the trade is in profit I do tend to move the stop loss into 'green' territory and look to move it just below/above recent support or resistence as they are broken.
I am finding that this method is giving me a high win ratio although often I end up closing the trade sooner than I would like. Still, since I started implementing this method in June, I've made around 1000 pips even with a few poor trading decisions along the way (I lost nearly 500 pips on two USDCAD trades - still not sure why I took even one of them let alone two lol).
At the moment I am either closing trades manually or more often letting the stop loss get hit...hmmm, I see the GBPCHF has indeed made new daily highs since kindly stopping me out some 60 pips back lol.
I try not to dwell on what could have been and just move on to the next opportunity when it presents itself. There will always be another good set up around the corner.
I hope this has helped a little more - it sure is more difficult to explain what goes on in my head when I see a possible set up than if I was just using indicators hahaha.
Kind Regards
Steve
Steve, I am going to finish reading your thread and may have a
few more questions by then.
Thank you
My original method was as you know using 5 pairs and I was basically in the market all the time.
The modified method means that I will look at any pair that my broker offers for an opportunity around the time my daily bar closes. If there are no trades that look promising then I do not take a trade just for the sake of it.
The basic factors I am looking at is a bounce from a significant support or resistence on the daily charts, or indeed a bounce off a trendline. Ideally these will be pin bars (or candlestick equivalent). My stop loss initially will be anything from 20 to 50 pips (depending on the pair) above or below a significant daily high or low.
I'm very patient and often I may enter the trade a day or two earlier than I would like but the stop loss doesn't generally change until the trade is well in rofit. The recent GBPCHF long and EURAUD short are good examples of this.
Once the trade is in profit I do tend to move the stop loss into 'green' territory and look to move it just below/above recent support or resistence as they are broken.
I am finding that this method is giving me a high win ratio although often I end up closing the trade sooner than I would like. Still, since I started implementing this method in June, I've made around 1000 pips even with a few poor trading decisions along the way (I lost nearly 500 pips on two USDCAD trades - still not sure why I took even one of them let alone two lol).
At the moment I am either closing trades manually or more often letting the stop loss get hit...hmmm, I see the GBPCHF has indeed made new daily highs since kindly stopping me out some 60 pips back lol.
I try not to dwell on what could have been and just move on to the next opportunity when it presents itself. There will always be another good set up around the corner.
I hope this has helped a little more - it sure is more difficult to explain what goes on in my head when I see a possible set up than if I was just using indicators hahaha.
Kind Regards
Steve
- #2,240
- Aug 8, 2007 3:22pm Aug 8, 2007 3:22pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
New trade....
AUDCAD long from 0.9034 (s/l 0.8975)
Kind Regards
Steve
AUDCAD long from 0.9034 (s/l 0.8975)
Kind Regards
Steve