Steviet's Live Trades! | Page 3 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Dukascopy Live Account - Don't Post if you haven't traded live with them! 117 replies

My Live Trades on my Live Account 588 replies

go live or bust ... diary of an fx live-trader-wannabe 1,621 replies

Trade 2 live accounts - one with full balance, 2nd as a live test? 0 replies

Oanda 10$ live acc quick-start guide (for newbie to trade live safe) 13 replies

Attachments: Steviet's Live Trades!
Exit Attachments

Steviet's Live Trades!

  • #41
  • Dec 3, 2006 3:41pm Dec 3, 2006 3:41pm
Quoting coolshades
stevie,

the last line? does it mean you enter a trade irrespective of current trend/sideways market? and keep your trade open till a trend forms and sucks it in..(or get s/led)..

and what do you use to gauge a trend? higher lows/lower highs on the daily/weekly/monthly chart?

this is a newbie question so pls excuse if it smacks of ignorance..
Hi,

Thanks for the question. I trade 5 pairs simultaneously and essentially I'm in the market at all times with those pairs.

When a trade is stopped out, my rules say that I will not enter a new trade on that pair until 10pm GMT that same day. I trade purely off daily charts and from my knowledge of candlestick patterns, choose whether to
1) enter in the same direction where I believe the trend has consolidated or
2) enter in the opposite direction where I believe a reversal in the trend has taken place.

Of course, the trend may stop and go into a range for a period of time but even within a range there are often what I would call mini-trends where I can pick up some pips.

My system does rely on placing the stop losses just below the previous day low or just above the previous day high and is therefore much more profitable when a strong trend is in place as we have seen in the last few weeks.

This may sound a bit sadistic but I'm looking forward to a period where the market ranges to see how my system performs. From manual backtesting it should at least break even from my knowledge of candlestick formations and, if so I believe I will have found a long term winning system overall.

My job is purely to stick to the system rigidly through bad times and good to prove to myself that this can be done successfully.

Kind Regards
Steve
  • #42
  • Dec 3, 2006 4:45pm Dec 3, 2006 4:45pm
Hi Steve !

Interesting Trading Method

My question is how you enter your trades.

Are you placing every time a market order or do you place limit
orders ??

Happy Pippin

bernhard
  • #43
  • Dec 3, 2006 5:22pm Dec 3, 2006 5:22pm
Quoting behof
Hi Steve !

Interesting Trading Method

My question is how you enter your trades.

Are you placing every time a market order or do you place limit
orders ??

Happy Pippin

bernhard
Hi Bernhard,

Once I get stopped out for either a profit or loss I enter a new trade with a market order at 10pm GMT that day.

Thanks for your interest

Kind Regards
Steve
  • #44
  • Dec 4, 2006 10:37am Dec 4, 2006 10:37am
Great thread Steve.

Keep it up.
Trade what you see, not what you think.
  • #45
  • Dec 4, 2006 3:54pm Dec 4, 2006 3:54pm
Quoting karmostaji
Great thread Steve.

Keep it up.
Hey, thanks

Kind Regards
Steve
  • #46
  • Dec 4, 2006 4:03pm Dec 4, 2006 4:03pm
OK, its just about 10pm my time and all 5 trades are still open. I've just moved my stop losses as per the plan and stand as follows.......

GU long from 1.8954 (stop loss now at 1.9715 for guaranteed + 761 pips)
EU long from 1.2830 (stop loss now at 1.3273 for guaranteed + 443 pips)
UCHF short from 1.1977 (stop loss now at 1.9999 guaranteed -22 pips)
UJ short from 115.79 (stop loss now at 115.93 guaranteed -14 pips)
UCAD long from 1.1378 (stop loss at 1.1387 guaranteed +9 pips)

Guaranteed pips from these trades now + 1177 pips

Let's see what tomorrow brings.......

Kind Regards
Steve
  • #47
  • Dec 5, 2006 8:55am Dec 5, 2006 8:55am
Hi Steviet,

I've been following this thread with great interest, and I have one question/request. I think it might help us a lot if you could show us an example of the rationale behind one of your trades. That is, if we can see in a chart one of the trades you are in and a visual explanation on why did you decide to jump into it. I am a visual guy and a chart would be very helpful and educational.

Thanks
  • #48
  • Edited 12:03pm Dec 5, 2006 11:35am | Edited 12:03pm
Quoting alcastro
Hi Steviet,

I've been following this thread with great interest, and I have one question/request. I think it might help us a lot if you could show us an example of the rationale behind one of your trades. That is, if we can see in a chart one of the trades you are in and a visual explanation on why did you decide to jump into it. I am a visual guy and a chart would be very helpful and educational.

Thanks
OK, let me see what I can do - I'm a complete pc dummy so if anyone can tell me here in plain English what I need to do, no problem.

Kind Regards
Steve
  • #49
  • Dec 5, 2006 11:44am Dec 5, 2006 11:44am
Well, finally got stopped out on GU long for a total of 761 pips and also from UCAD long for a total of 9 pips.

Will re-enter at 10pm GMT.

Other trades on UJ short, UCHF short & EU long still running currently up 642 pips with over 450 locked in profit.

I'll update later with new trades taken.

Closed trades for December totals 770 pips

Kind Regards
Steve
  • #50
  • Dec 5, 2006 4:15pm Dec 5, 2006 4:15pm
Hello peeps,

Current open trades are as follows.......

EURUSD long from 1.2830 (s/l at 1.3278 guaranteed plus 448 pips)
USDJPY short from 115.79 (s/l at 115.54 guaranteed plus 25 pips)
USDCHF short from 1.1977 (s/l at 1.1976 guaranteed plus 1 pip)
USDCAD long from 1.1427 (s/l at 1.1362 guaranteed minus 65 pips)
**GBPUSD long from 1.9735 (s/l at 1.9668 guaranteed minus 67 pips)

Guaranteed pips on open positions plus 342 pips.

**As you can see from my previous post, my long term long GU was stopped out today and as per my system I have entered a new position at 10pm my time. To be honest, GU is a nightmare trade to take with no clear direction - is it consolidating before trying to push towards $2 or has the reversal begun? Maybe we'll see a clearer picture later this week.

Anyhow, UJ and UCHF are now essentially free trades and the two trades stopped out today brought 770 pips so lets see what tomorrow brings

It's all good

Kind Regards
Steve
  • #51
  • Dec 5, 2006 10:16pm Dec 5, 2006 10:16pm
Steviet,

don't forget the pics/charts...please
  • #52
  • Dec 6, 2006 1:44am Dec 6, 2006 1:44am
OK,

Attached is the daily chart for GBPUSD which will hopefully show my last trade from 1.8954 to 1.9715.

I entered the trade on 19th November after my previous short held from 13th November was stopped out as per my trading rules. You will see on 16th November a doji (possible reversal) and my stop loss for the short trade was placed at 10 pips above this day's high.

As expected I was stopped out and a strong bull candle on 17th Nov confirmed that my next trade would be long which was entered at market open on Sunday 19th. My initial stop loss was at 1.8823 (10 pips below previous bar low) - each day the stop loss was moved to 10 pips below the previous day's low and the trade was kept open until it was finally stopped out yesterday at 1.9715.

Hope this helps.

Kind Regards
Steve
Attached Image
  • #53
  • Dec 6, 2006 6:12am Dec 6, 2006 6:12am
Quoting steviet
OK,

Attached is the daily chart for GBPUSD which will hopefully show my last trade from 1.8954 to 1.9715.

I entered the trade on 19th November after my previous short held from 13th November was stopped out as per my trading rules. You will see on 16th November a doji (possible reversal) and my stop loss for the short trade was placed at 10 pips above this day's high.

As expected I was stopped out and a strong bull candle on 17th Nov confirmed that my next trade would be long which was entered at market open on Sunday 19th. My initial stop loss was at 1.8823 (10 pips below previous bar low) - each day the stop loss was moved to 10 pips below the previous day's low and the trade was kept open until it was finally stopped out yesterday at 1.9715.

Hope this helps.

Kind Regards
Steve

Thanks Steviet,

Great chart. Your system is simple, yet it looks effective. I will start forward testing it and consider in adding it to my trading routine, if you don't mind. Which pairs do you follow? and, if you have trades in correlated trades do you open both (for example a long in the Euro/USD and the Cable)?
  • #54
  • Dec 6, 2006 6:21am Dec 6, 2006 6:21am
Quoting alcastro
Thanks Steviet,

Great chart. Your system is simple, yet it looks effective. I will start forward testing it and consider in adding it to my trading routine, if you don't mind. Which pairs do you follow? and, if you have trades in correlated trades do you open both (for example a long in the Euro/USD and the Cable)?
No problem,

Today has not been a great day - EURUSD stopped out for a 448 pip gain, USDCHF for a 1 pip gain & GBPUSD for a 67 pip loss.

Current open trades are UJ short 83 pips to the good & UCAD long at minus 6 pips.

I trade USDGBP, EURUSD, USDCHF, USDJPY & USDCAD at the same time - you do get double the loss generally on correlated pairs (hopefully small ) but also double the gains as seen in my recent trades.

Will open new trades at 10pm my time as per plan on the 3 pairs stopped out today.

December total pips for closed trades stands at 1152

Kind Regards
Steve
  • #55
  • Dec 6, 2006 4:35pm Dec 6, 2006 4:35pm
OK, just placed my 3 new trades to go with my current ones...


USDJPY short from 115.79 (s/l at 115.41 guarantees +38 pips)
USDCAD long from 1.1427 (s/l at 1.1387 guarantees -40 pips)
GBPUSD short from 1.9663 (s/l at 1.9751 guarantees - 88 pips)
EURUSD short from 1.3285 (sl at 1.3350 guarantees - 65 pips)
USDCHF long from 1.1966 (s/l at 1.1898 guarantees - 68 pips)

Worst case scenario on these trades is a loss of 223 pips - with 3 new trades placed today, the system is at it's most vulnerable to incur a loss. However, it has proven that its a winner over time so I must bite the bullet on these occasions

Kind Regards
Steve
  • #56
  • Dec 7, 2006 4:09pm Dec 7, 2006 4:09pm
Well, it's that time of day again - all 5 trades still open and currently stand as follows.....

USDJPY short from 115.79 (s/l at 115.41 guarantees plus 38 pips)
USDCAD long from 1.1427 (s/l at 1.1450 guarantees plus 23 pips)
GBPUSD short from 1.9663 (s/l at 1.9721 guarantees minus 58 pips)
EURUSD short from 1.3285 (s/l at 1.3335 guarantees minus 50 pips)
USDCHF long from 1.1966 (s/l at 1.1905 guarantees minus 61 pips)

So, worst case scenario would be all stopped out for a loss of 108 pips. Patience is the name of the game.

Catch you tomorrow

Kind Regards
Steve
  • #57
  • Dec 7, 2006 4:23pm Dec 7, 2006 4:23pm
i like your system its clever, i was planning that kinda system myslelf, check and place trades once a day. its convenient.

why do you choose 10pm your time?

because its just come random time that works good for you?
or is there a method to your madness?
  • #58
  • Dec 7, 2006 5:12pm Dec 7, 2006 5:12pm
this method sounds like the vegas wealth builder
  • #59
  • Dec 7, 2006 5:27pm Dec 7, 2006 5:27pm
Quoting ronhickey
i like your system its clever, i was planning that kinda system myslelf, check and place trades once a day. its convenient.

why do you choose 10pm your time?

because its just come random time that works good for you?
or is there a method to your madness?
Hi Ron,

Thanks for your comments - just wrote a long reply and my computer froze so lets try again

My charting software runs from 10pm to 10 pm so thats the only reason I use that time to enter trades and move stop losses. There is no reason why this shouldn't work on other platforms - the only thing I would say is that they seem to have a short Sunday bar from the time that they open for trading through to midnight Sunday. I would discount that bar completely if I were trading on a MT platform as far as moving stop losses on ope trades is concerned as they tend to stop out perfectly good trades earlier than they should.

The thing with this system is that you need lots of patience and have to be very disciplined to follow the system rigidly. You will see that my stop losses at present total 108 pips in the red although open trades are currently over 140 pips in profit. It can be frustrating seeing a 100 pip gain be stopped out for only a few pips but that's the system. It does work the other way too.

For example, a few weeks back I held UCHF short which was within 5 pips of being stopped out for a small loss two days running and ended up with over 300 pips profit. The system is designed to cut the losses and let the profits run to use a cliche.

My aim is to make at least 6000 pips profit over the next 12 months. On backtesting manually, bar by bar, it worked and I was actually a little hard on myself when testing. If there was a 50/50 trade, I always assumed that I took the wrong trade so hopefully my results are very conservative.

Hope this helps.

Kind Regards
Steve
  • #60
  • Dec 7, 2006 6:07pm Dec 7, 2006 6:07pm
I like this system. I had a system once somewhat like this that performed amazingly when I backtested it. I don't know whether I could remember it now, but it might have been quite similar.

Question: according to your backtesting, approximately what do you expect the ratio of wins to losses to be, the average size of a win and the average size of a loss, and the maximum loss? I assume you expect to make about 500 pips per month, which is excellent.

Congratulations on finding or developing an apparently winning system, that is simple too boot! I pray that you have the faith, patience, confidence and clarity to follow your system accurately, and find peace in the process.
2 traders viewing now