Trade Plans by EG

I am less than a year old in forex trading. I have been clobbered over the last 3 weeks of my trading experience. But this does not detract me from my belief that I can still be successful trading currencies.

I have been following several threads here at FF and I am so privileged to have come across this forum which is home to a lot of unselfish people gladly sharing their profitable systems.

While studying the various trading strategies described, I did some tweaking of indicators on my own and setting up several indicators used by various traders on one chart. Then I proceeded by studying if I could come up with a system that combines the entry and exit signals generated from these various indicators.

You may ask, "why in the hell were you clobbered to blowing your account these past weeks if you have been following threads that described profitable systems"?

The answer was GREED and LACK OF DISCIPLINE and MONEY MANAGEMENT Program. These are the 3 Grand FAULTS any would be trader needs to do away with.

Looking back at the trades I made, I could see that there were signals and there were lack of it which I should have considered when I made my entries and exits from those trades.

So with that as a backgrounder, I have decided to get myself back on the line and put myself thru the challenge. I do not consider becoming successful here as a TEST which I could fail. But, instead , I consider it a CHALLENGE to SUCCEED with No room for Failure.

I will be posting my trades here to force myself to keep records of how I trade. My goal is to make my trades profitable at least 70% over all. This time I will adhere to the system I have come up with. In addition, I will only open trade positions equivalent to 10% of my purse. Which by the way will be on a demo first.

The system will employ a general 30 pip S/L and the TP level will have to be at least on the positive side. I will follow my trades with a trailing SL only when it reaches 30pips. Prior to this, I will have discretion to close a trade at any positive level. Then I wait for another signal to enter a new trade.


el grande


* the name refers to everything BIG
1. my past - losing big
2. my plan - to stick to a system and employ a money management scheme.
3. my system - which is a combination of systems and individual indicators from systems found in this forum. (thank you to all those who have opened my eyes to them. I will refer to these sources once I write about the system after I achieve my Objective).
4. my vision - which is to be successful.

Now on to the TRADES..........

10% seems a little high, no?

In any case, best of luck with the new disciplined attitude...

Innes.

Thank you Innes. 10% is just the margin. but I will be using a 30 pip SL overall. so that leaves me about 3% exposure on my capital.

Trade 1
Pair USDCHF
Date 112706
GMT Time 0058
Trade Short
Price 1.2056
SL 30

Trade 2
Pair NZDUSD
Date 112706
GMT Time 0236
Trade LONG
Price 0.6720
SL 30


Trade 3
Pair USDJPY
Date 112706
GMT Time 0241
Trade Short
Price 115.64
SL 30

On Trade 1, I missed 2 indicators that exhibited a potential long in the short-term. But over-all Trend as sown by indicators is going SHORT.

On Trade 2. Looks like nearing the end of a downtrend in the short term. Looks like it will shortly continue to go up again.

On Trade 3. Presently on the overbought side Short-term. Indicators seem to all agree that it is time for it to come down and resume a down trend.

Basically working on the TF : 1H but switching between 4H, 30M and 15M too.

I'll watch your trades.
On yen trade careful of your indicators. Watch out for retracements.
I dont track CHF or NZD so good luck on that.
Im expecting YEN to go up with the gap we just had but good luck.
kthx.

I am changing strategy this early. Trades I am posting I will use to test for Swing trading and not for intraday trading. I am still testing this strategy and I DO NOT ADVISE ANYONE to use this for their LIVE trading. TEST THIS WITH YOUR DEMO ACCOUNT if you are interested. Please note that SL levels would seem very high. but I hope that in due time I will be able to adjust this to a level that does not tie up so much of my capital.

The way I will trade this is to watch my candlestick charts on the daily ,1H and 15M TF. If at anytime I see a possible shift in trend ( in any profitable position ) based on the candlestick formation, then I would exit that trade and wait for it to get back on the original trend but still maintain the original SL. If I miss that first reversal where I could have taken a profit, then I will just allow my trade to ride the retracement and allow it to continue the ride to the original trend.

As most of the trades seem Long Term, I might also be closing the trades totally earlier even though i have not reached the ultimate TP Levels I have posted first.

Anyone who is interested to DEMO data below, let us get rolling.


EURUSD 1.3335
TP 1.3700
SL 1.3200

USDJPY 115.55
TP 1 113.00
SL 117.00

GBPUSD 1.9755
TP 2.0350
SL 1.9630

USDCHF 1.1933
TP 1.1350
SL 1.2000

AUDUSD 0.7881
TP 0.8200
SL 0.7800

NZDUSD 0.6870
TP 0.6975
SL 0.6700

USDCAD 1.1413
TP 1.1800
SL 1.1300

EURGBP 0.6736
TP 0.7000
SL 0.6600

EURJPY 153.68
TP 155.00
SL 152.50

Thanks for trying to share your experience and trades.
Dont forget to let us know the results of your trades.
If you wins.. we would definitely follow you.
Keep up the good work.

I am using IBFX Demo.
Each Trade being 100 Lots
I like to see the BIG numbers.
So far I am up by 80,000+USD on Demo. Mind you, that is based on 100 Lots per Trade.

If anyone is using the above figures for their DEMO, I would appreciate it if you let us know of your results.

EG

Now I am down by 25G on the negative side.

This is how fast this market makes a turn around or retraces.

GBP, EUR, CHF against the dollar have made an extreme retracemet within the 1H Candlestick.

JPY, AUD and NZD have made a retracement of about half the value of the whole candlestick.

I am inclined to CLOSE my USDCAD Long Trade in favor of going short

USDCAD 1.1419
TP 1.1300
SL 1.1550


EG

Added 100 Lots to each of the Trade Positions I have already opened earlier.

This is to take advantage of the retracement that just occurred.

Hopefully, we benefit from it. SL still will be at original levels.

EG

Update on Account

although currently at 55G now at 1740

Update.

I would have been profitable if we were watching the Charts and looked for Candlestick Patterns for signals to temporarily exit on a profitable level.

EG - 001
GBPUSD
Enter 1.9620
TP = +60
SL = 50

EG - 002
AUDUSD
Enter 0.7720
TP = +35
SL = 25

*** if AUDUSD hits 0.7730 will enter EG - 004 TP=60 SL= 25

Note that this is not a signal BUT a record of my trades.

EG - 003
GBPUSD
Enter 1.9629
TP = +60
SL = 50

EG - 001, 002 and 003 were all SHORT Trades

EG-001 was already closed for a 100pip profit. I forgot to put my SL and TP.

Dear El Grande

Just a suggestion, instead of trading big lots, I think you should start with demo capoital same as you are gonna start with real capital when you go live.

Right now, may be you are trading with 100000 USD in demo account, but you might open new account with only USD10000.00 in real when you go live. Then its different ball game together.

I suggest you demo trade with oanda which allow you to choose starting capital and their demo account never expires so you can demo them as much as you want without your demo account being rest.

Just an advise...

Thank you for the advise zamir.

Actually I am doing both demo and live. EG-003 was already closed much earlier with just a 25 pip profit on my live account on a different platform.

I am working on multiple systems and testing each on different platforms and accounts. This may look quite tight for you in terms of time management. But I am doing my best to cope.

For now I will be trading these 2 pairs first. It is difficult somnetimes to post entries and exits as soon as they are made as I am doing some short term trades with the system too. But will do my best to post as soon as time permits. I have other tjhings to take care of too while I watch my trades.\

I already opened an account with OANDA. Hopefully I will be able to fund it soon.

EG

Thank you again for the advise.

I am currently trading LIVE with a broker that has 7pip spread for all USDpaired major currency. So you can imagine how long it would take before I start taking in pip profit. But it is a challenge I am willing to take for now. It would be difficult to scalp with this broker with this kind of spread . So I have to really be very careful. Currently doing Intraday with the option to Swing if the Trend direction permits.

I have already opened a new trade earlier:

EG-004
BUY GBPUSD = 1.9523
TP open
SL is normally at 250 pips

MY SL may not be what is normally recommended But I am using the following for my SL

GBPUSD = 250
AUDUSD = 100

For this weeks GBPUSD direction, I have been following fixme1too's thread and webinar. I am trying to incorporate his EW trend directions with a host of other hybrid systems testing appropriate entry and exit points. It would be a great challenge to see the number of workable trades in a day for volatile pairs specially the GBPUSD. I still have to master fib retracement levels and basic rules for EW.

As for the AUDUSD, it has basically taken much of my hard earned money . So, it is something personal. ) More like a score to settle. I have learned my lesson the hard way. With very poor money management scheme, I have come up with that loss. I have been trading with high margin on the AUDUSD with and have been employing large SLs with out getting the feel of how and where the prices really are in the market. Often times, fear and greed would step in. So I intend to change all of that this year. I will test my emotional stability this time with all that loss behind me.

Currently doing forward trading with my broker:
GBPUSD = 7pip spread + 1 for forward trading
AUDUSD = 7pip spread +6 for forward trading

Forward trading allows me to let a trade go on for days without swaps or roll over charges for days. If trade is closed prior to the 2200 GMT cut off, no roll over fees are charged.

Day Trading would cost me 7 pip spread across all USD paired Major currencies. Then I have to pay roll over charges everyday if a trade is still on at the strike of 2200 GMT everyday that a trade is still open.

Each trade made is :
GBPUSD = USD12.50 with a forward trade value of USD50
USD12.50 is actuall y equivalent to 50 pips. Each pip is USD0.20+
For a total of 250pips SL less the 7pip spread and the 1pip forward trading cost.

AUDUSD = USD12.50 with forward trade value of USD50
USD12.50 is actually equivalent to 25 pips. Each pip is USD0.50
For a total of 100pips SL less the 7pip spread and the 6pips forward trading cost.

So, we will see how I fare this week.

I am doing demo along side my live account to test various strategies.

Closed trades

EG-002
SELL AUDUSD = 0.7720
CLOSED at 0.7707 +13pips DEMO

EG-004
BUY GBPUSD = 1.9523
Closed at 1.9535 +12pips LIVE


Note that there were opportunities between time opened and time closed where I could have gotten as much as 30 or more pips on the GBPUSD. However, I was away from my computer. I closed the above trades as I want to rest now. time to sleep here.

But Opened the following trades

EG-005
BUY GBPUSD = 1.9523
TP = 100 pips
SL at 250 pips

EG-006
BUY AUDUSD = 0.7708
TP = 0.7720
SL at 100 pips

EG

BY the looks of the Charts

GBPUSD should start its ascent within 24 hours

And so will AUDUSD.

However, we should be seeing these 2 pairs going down within the next 3-5 hours.

Let us see if GBPUSD goes down to 1.9500 / 1.9485 area again after having tested 1.9625 just afew minutes ago.


AUDUSD should see a slight move up in the next hour but would look like it would continue its move down to prepare for its move up tomorrow.