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Joined Nov 2007
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Status: I've found my EDGE!!!
|252 Posts
+168, +37, -104
well this should easily be a +200 pips after the GBP interest rate statement
but i want to celebrate chinese new year so see you tomorrow my lovely pair
happy chinese new year to anyone reading this post
may this year becomes a prosperous year
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Joined Nov 2007
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Status: I've found my EDGE!!!
|252 Posts
i wrote some comments on other threads regarding the price pattern, there are several price patterns that could be analyzed
attached are some pictorial graphs, just watch how's the 100 lines work as a S/R or price target, however this fact alone is not enough for live trading, and that's why a strategy is required
slowly but surely i'm starting to unattach my indicators ... working with the patterns requires less time and it is good as i dun have to wait all day watching the monitor
of course the bad thing is that logic is not neccessary here which might be not suitable for some
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Joined Nov 2007
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Status: I've found my EDGE!!!
|252 Posts
sum of all my orders today : +75 pips
with max positive order: +187 pips
the nice thing is that i'm doing all this with limits i set on Friday and today i'm 30 kms away from my computer, yes, i'm testing a set and forget strategy
my call was at 209.06 with around 207.00 target that was set on Friday night
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Joined Nov 2007
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Status: I've found my EDGE!!!
|252 Posts
Finally I'm about to finish my improvement of my daily strategy. I was a little bit frustated with my last strategy since I need to check the price every 15-30 minutes at work.
After almost 6 months of live trading I have gathered everything that I think should be considered seriously:
1. Time of trading, I have a dayjob thus unable to watch the market all the time so I need to develop a set and forget system which I can set in the morning
2. Psychological, fear of losing my money. I believe I have conquered to some extent about this, start to gain more and more confidence with my strategy day by day
3. Learning new thing everyday. I have to keep this attitude upfront. Study the macro economic, learn each major countries' strengths and weaknesses, learn about gold - oil - indeces - forex relationship, all these knowledge will be useful in real life business or other investment and I started to gain the benefits of this. This will help me diversify my investment and reduce my risk as I become more knowledgeable on this subject.
Currently I'm trading with my new strategy that I found from watching the GBP/JPY chart for more than a month it has an overall 95% winning strategy and this month currently a 24/1 win/loss with 100% winning on February. This strategy is based on PA.
Moreover, regarding my daily strategy which is as originally indicators based now I made several improvement based on the following goals:
1. I know PA matters but I also believe price does trend so using MA cross is still a good strategy to develop and I need it to be a SET and FORGET SYSTEM
2. I combine indicators which can catch the top to bottom, bottom to top of the trend, with 3 characteristics: slow, medium, fast
the slow will give me least signals but mostly good ones
the medium will give confirmation for entry based on the slow
the fast will be used as scalping opportunity
my goal is to get almost all pips on the move
3. I mix several pairs to give me more chance to profit but my basic pair would still be G/J and if it doesn't give the signal basically from my study I will pick the highest chance of pair to be in a trending mood as this MA method would work much better while trending. Currently my 2nd pick is EUR/USD.
this would not be a 90%+ winning strategy but in the long term I know I will win, as the stop loss position I use PA and chart reading, there is a special MM strategy involved also
Tomorrow or Monday next week I will start to demo my daily strat and I will post my entry here during Australia open hours. If I get spare time I will also put the calculated pips too.
Last, I would recommend all serious traders to check the rollover strategy in this forum posted by Brian. He offers a special strategy which is backed my common sense. I believe this is to be a good trading opportunity for all. The discussion however is a little bit delayed so you got to be patient following it but it will worth your time.
just finished my backtesting simulation from june 2007 - march 2008 on GBP/JPY, eventhough the result gives 500% profit but I'm a little bit dissapointed since I was expecting more based on my paper backtesting
now I can clearly see the weaknesses of my strategy and that is the main reason for spending some time on a strategy simulation
Tuesday morning a friend of mine called me said that he was about to buy gold and I advised to wait since gold, EUR, GBP, Oil are all already overvalued and the USD is undervalued, they need to move to equilibrium price before continuing the trend.
you know what happened the next day, gold dropped 12% the biggest fall in 25 years (it was a good trend momentum), i think it's going to continue that way, for a while, I would say US$ 681 as a good support level
stock is rather hard to predict, even with the all time negative correlation against commodities it should go bullish, but watching closely the DJIA it seemed to be overvalued and I would like to see a drop to 9800 before we have a nice DJIA uptrend (and also USD/JPY)
now last thing we need to wish this perfect setup is another 50 bp cut to speed up the process
ps: i started doing this from January 2008 since this friend of mine is a stock trader (already 6 yrs) and lives in the states so I would be able to grasp the real economy condition since i basically dun trust the news
