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Steviet's Live Trades!

  • #221
  • Jan 2, 2007 5:05pm Jan 2, 2007 5:05pm
Hi Steve,
Am I missing something here? Are your stop/losses less than yesterdays hi/lo and 10 pip+ spread?
If so why the change?
Betsy
  • #222
  • Jan 2, 2007 5:15pm Jan 2, 2007 5:15pm
Quoting befr
Hi Steve,
Am I missing something here? Are your stop/losses less than yesterdays hi/lo and 10 pip+ spread?
If so why the change?
Betsy
My broker only opened officially at 10pm gmt tonight although it must've opened for a short time on the 1st & 2nd - gu bar just finished for example was high 1.9739 & low 1.9729. We know that wasn't the full range but as far as my broker is concerned it was. Therefore, stoploss is 1.9719.

I'm therefore taking the opportunity to take some profits - may work to my advantage in the long term, maybe not. Attached is the current chart for GU to explain what I mean.

Kind Regards
Steve
Attached Image
  • #223
  • Jan 2, 2007 5:16pm Jan 2, 2007 5:16pm
steve,

Incredible results...you are on fire!

Have you used or backtested this strategy during ranging periods?

Keep up the great work.

NP
  • #224
  • Jan 2, 2007 5:18pm Jan 2, 2007 5:18pm
Quoting befr
Hi Steve,
Am I missing something here? Are your stop/losses less than yesterdays hi/lo and 10 pip+ spread?
If so why the change?
Betsy
Sorry, just seen you meant JPY & CAD - yes, stop losses are set 10 pips above recorded high for JPY & 10 pips below recorded low for CAD. I just use the 10 pips, not the spread as well.

Again, as in the post above I can only go by my broker's price. From tomorrow, we'll all agree again as all brokers will be open at the same times again.

Kind Regards
Steve
  • #225
  • Jan 2, 2007 5:22pm Jan 2, 2007 5:22pm
Quote
Sorry, just seen you meant JPY & CAD - yes, stop losses are set 10 pips above recorded high for JPY & 10 pips below recorded low for CAD. I just use the 10 pips, not the spread as well.

Again, as in the post above I can only go by my broker's price. From tomorrow, we'll all agree again as all brokers will be open at the same times again.

Kind Regards
Steve [img]images/smilies/cool.gif[/img]


I understand. Thanks for the clarification.
  • #226
  • Jan 2, 2007 5:23pm Jan 2, 2007 5:23pm
Quoting Northpro
steve,

Incredible results...you are on fire!

Have you used or backtested this strategy during ranging periods?

Keep up the great work.

NP
Yes, I've manually backtested all 5 pairs for 2 years and ranging periods are a real test of discipline. However, the reward comes when we get a sustained daily trend for maybe a week or more which more than makes up for it.

I'm aiming for 6000 pips over the year - if I can squeeze out more then that's great - I've only a small amount of capital initially so I suppose I'm trying to do it the hard way but I'm confident I can do it.

Kind Regards
Steve
  • #227
  • Jan 2, 2007 5:54pm Jan 2, 2007 5:54pm
OK,

GU stopped out for plus 180 pips.

Net gain this month: 180 pips
Cumulative: 1512 pips
A/C Bal Increase: Nov 7.08%, Dec 12.00%, Jan 2.79%

Kind Regards
Steve
  • #228
  • Jan 2, 2007 9:33pm Jan 2, 2007 9:33pm
Quoting steviet
OK,

GU stopped out for plus 180 pips.

Net gain this month: 180 pips
Cumulative: 1512 pips
A/C Bal Increase: Nov 7.08%, Dec 12.00%, Jan 2.79%

Kind Regards
Steve
So let's say gbp/usd runs higher for today, what would you do at 10pm gmt tomorrow? Or even if it goes down today? Just trying to get a feel for what you would see in the market to make the next move.
  • #229
  • Jan 3, 2007 1:31am Jan 3, 2007 1:31am
USDCHF stopped out for plus 117 pips gain.

Net gain this month: 297 pips
Cumulative: 1629 pips
A/c Bal Increase: Nov 7.08%, Dec 12.00%, Jan 4.28%

Kind Regards
Steve
  • #230
  • Jan 3, 2007 1:34am Jan 3, 2007 1:34am
Quoting llambert3
So let's say gbp/usd runs higher for today, what would you do at 10pm gmt tomorrow? Or even if it goes down today? Just trying to get a feel for what you would see in the market to make the next move.
Hi,

Obviously, I'll be looking closer to 10pm when I re-enter but 1.9750 will be important - it has struggled to cross higher since the beginning of December.

Let's see what effect today's news has and I'll make a decision later.

Kind regards
Steve
  • #231
  • Jan 3, 2007 6:16am Jan 3, 2007 6:16am
Update.....

USDJPY stopped out for minus 12 pips and EURUSD for plus 164 pips.

The only poisition currently open is USDCAD long from 1.1656 (s/l 1.1632), currently up 30 pips.

Net gain this month: 449 pips
Cumulative: 1781 pips
A/C Bal Increase: Nov 7.08%, Dec 12.00%, Jan 6.66%

Kind Regards
Steve
  • #232
  • Jan 3, 2007 6:37am Jan 3, 2007 6:37am
A great way to start the year off my friend
Trade what you see, not what you think.
  • #233
  • Jan 3, 2007 10:39am Jan 3, 2007 10:39am
Hi Steviet,

This system looks exactly what Im looking for as I don't have the time to sit in front of the PC and also live in the UK.

I have one question however so that I can automate and backtest. What would you do if your broker stopped you moving your stop loss to 10 pips higher than the previous bar as it was too close to the current price?

Thanks and thanks for sharing your results...

Good luck

Ian Hannaford
  • #234
  • Jan 3, 2007 10:59am Jan 3, 2007 10:59am
hey stevie...nice work man...keep it up! Can you recommend any reading/research that you did for candle sticks formations, patterns & reversals? thanks.
  • #235
  • Jan 3, 2007 11:18am Jan 3, 2007 11:18am
Quoting ianhannaford
Hi Steviet,

This system looks exactly what Im looking for as I don't have the time to sit in front of the PC and also live in the UK.

I have one question however so that I can automate and backtest. What would you do if your broker stopped you moving your stop loss to 10 pips higher than the previous bar as it was too close to the current price?

Thanks and thanks for sharing your results...

Good luck

Ian Hannaford
Hi Ian,

Good to hear from a fellow brit - hmmm, haven't had that situation yet - I guess I would either have to place it as close to the 10 pips as they would let me or simply not trade that pair for the day if it was a brand new trade.

Kind Regards
Steve
  • #236
  • Jan 3, 2007 11:49am Jan 3, 2007 11:49am
Quoting steviet
I guess the method I use is fairly defensive - preservation of capital, small margins, fairly tight stop losses etc but it does tend to keep the losers smallish & when you get a winner it tends to be in the hundreds.

November & December combined I won less than 40% of trades but still ended up with increases of 7% & 12% in the account balances.

Hope this helps a little.

Kind regards
Steve
This has been a good thread to read. Nothing wrong with a defensive strategy - good for the nerves and preservation of capital is the name of the game.

All the best for 2007.

Monaco
  • #237
  • Jan 3, 2007 11:56am Jan 3, 2007 11:56am
Quoting Monaco
This has been a good thread to read. Nothing wrong with a defensive strategy - good for the nerves and preservation of capital is the name of the game.

All the best for 2007.

Monaco
Thanks Monaco,

All I'm trying to do is to get a method where I can consistently make on average 10% a month without the stress

If I can prove to myself I can do this over a year then I'm prepared to look at forex as my 'career choice'. The great thing about this is that if I can attain my goal, I still only have to look at the pc for a short while during the day and be able to use the rest of my time doing something a little more constuctive than I'm able to now.

Kind Regards
Steve
  • #238
  • Jan 3, 2007 3:27pm Jan 3, 2007 3:27pm
Quoting steviet
Thanks Monaco,

All I'm trying to do is to get a method where I can consistently make on average 10% a month without the stress

If I can prove to myself I can do this over a year then I'm prepared to look at forex as my 'career choice'. The great thing about this is that if I can attain my goal, I still only have to look at the pc for a short while during the day and be able to use the rest of my time doing something a little more constuctive than I'm able to now.

Kind Regards
Steve
Hi Steviet,

I am looking forward to see what are you going to decide tonight, specifically regarding the GU, right before the NFP!!. I started testing your system last month, the day before this report and it hitted me hard (paper money...phew!!!). Since then I have been in recovery mode. I guess it has also to do with the fact that my trade was pointing to the wrong direction!!!!
  • #239
  • Jan 3, 2007 3:40pm Jan 3, 2007 3:40pm
Steviet just so you know, I wrote a program that had an initial start date and from there tried to automate this system. It doesn't work. You have to look at the candle patterns and make a decision when the s/l is hit (as you are doing already)... I tried reversing the trade when a s/l was hit of 10, 20, 30, 40, 60, etc. it still never worked. hee hee

Of course I was hoping for something automated, as I went and backtested myself to determine the next trend when a s/l was hit and I was all to often wrong..

I was curiuos about your 10pip s/l..There were plenty of trades in the past that if you had a 15 pip s/l or 20, you'd stay in the trade for more gains, without having to make that dreaded decision again. How did you come up with 10? Do you think it should be different for different situations (ie, when you decide to reverse the trade and it is near the open) or even for different pairs?

Thanks for your help.
  • #240
  • Jan 3, 2007 3:40pm Jan 3, 2007 3:40pm
Quoting alcastro
Hi Steviet,

I am looking forward to see what are you going to decide tonight, specifically regarding the GU, right before the NFP!!. I started testing your system last month, the day before this report and it hitted me hard (paper money...phew!!!). Since then I have been in recovery mode. I guess it has also to do with the fact that my trade was pointing to the wrong direction!!!!
I'm glad you're looking forward to it - i'm not sure I am

I was rather hoping for more of a retrace on GU by now but lets see....

Kind Regards
Steve
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