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Steviet's Live Trades!

  • #401
  • Jan 15, 2007 9:50pm Jan 15, 2007 9:50pm
Hi Steviet,

I stumbled on this thread and i am happy we have you here. You are simply great.

Question for you: If you are going long and discovers that the current market entry is lower than the previous day low, where do you place your stop? Conversely, if you are going short and the current market entry is higher than the previous day candle high, where do you place your stop?

Typically, i will illustrate with a graph: You are in the circle as in the attached word document. The situation arose in NZD/USD about 9 days ago. See attached.

Trust 2007 shall be our year of unprecedented pips.

Dollar-man
Attached File(s)
File Type: doc ILLUSTRATION FOR STEVE.doc   72 KB | 838 downloads
  • #402
  • Jan 16, 2007 12:15am Jan 16, 2007 12:15am
Quoting steviet
Hi George ,

The broker I use doesn't charge or pay interest when holding positions overnight. I would imagine over the long term it would even itself out as there is no bias to this in my method.

If anyone thinks any different I would welcome your comments.

Kind Regards
Steve
Unless your trading quite a few lots maybe like a few 100 I don't think the swaps are really going to make that much of a diff.

current swap prices can be found on the link below
http://www.migfx.ch/en/trading-with-...ons/index.html
  • #403
  • Jan 16, 2007 12:37am Jan 16, 2007 12:37am
I'm very new to this thread, and VERY curious!!!

I understand the stop move to lock in profit.

(I am reasonably new to FX - doing ok so far, not a millionare yet...notice...yet...)

I saw earlier a question about resources for candle formations and didn't pick up an answer...I'm looking for as much studying as I can on the entry methods used here, I've seen the systems that use a pass of previous days support/resistence for entry....Am I on the right train here???

In a tighter nutshell - is there a set of particular reversal formations used for this, I've looked back a few months and noticed some consistent things, but, my lack of knowledge in formations right now is keeping me from movin' ahead...

Thanks all!!

GREAT THREAD!!!
  • #404
  • Jan 16, 2007 1:46am Jan 16, 2007 1:46am
Eeek

OK, yes, I currently use a broker called Marketiva, primarily because they allow you to trade for as little as 0.01 cent per pip which was perfect for my intitial miniscule capital lol.

I don't think it would be an issue concerning interest as stated by turbo because you would gain on some trades & lose on others which should even itself out over time.

Kind Regards
Steve
  • #405
  • Jan 16, 2007 1:50am Jan 16, 2007 1:50am
Quoting steviet
Eeek

OK, yes, I currently use a broker called Marketiva, primarily because they allow you to trade for as little as 0.01 cent per pip which was perfect for my intitial miniscule capital lol.

I don't think it would be an issue concerning interest as stated by turbo because you would gain on some trades & lose on others which should even itself out over time.

Kind Regards
Steve
Unless your trading with some of these cut throat retail brokers who might charge you the spread everyday for holding over night if that's the case run....
  • #406
  • Jan 16, 2007 1:51am Jan 16, 2007 1:51am
Quoting Dollar-Man
Hi Steviet,

I stumbled on this thread and i am happy we have you here. You are simply great.

Question for you: If you are going long and discovers that the current market entry is lower than the previous day low, where do you place your stop? Conversely, if you are going short and the current market entry is higher than the previous day candle high, where do you place your stop?

Typically, i will illustrate with a graph: You are in the circle as in the attached word document. The situation arose in NZD/USD about 9 days ago. See attached.

Trust 2007 shall be our year of unprecedented pips.

Dollar-man
Hi Dollar-man,

This hasn't yet come about when I have entered a new trade but I guess I would have to place a stop loss at just 10 pips from my entry price. It would seem an unlikely scenario and such a tight initial stop loss for my method.

Unfortunately, I was unable to read your attachment on my ancient pc but I think I understood what you were getting at.

Kind Regards
Steve
  • #407
  • Jan 16, 2007 1:52am Jan 16, 2007 1:52am
Quoting turbokaos
Unless your trading with some of these cut throat retail brokers who might charge you the spread everyday for holding over night if that's the case run....
Thanks bro for chipping in here - you've been in this business a lot longer than I so your comments are very much appreciated

Kind Regards
Steve
  • #408
  • Jan 16, 2007 3:39am Jan 16, 2007 3:39am
OK, USDCHF just stopped out for a 177 pip gain - will re-enter at 10pm gmt.

Total pips for Jan 07: plus 624
Cumulative since Nov 06: plus 1956


Kind Regards
Steve
  • #409
  • Jan 16, 2007 3:40am Jan 16, 2007 3:40am
Quoting steviet
OK, USDCHF just stopped out for a 177 pip gain - will re-enter at 10pm gmt.

Total pips for Jan 07: plus 624
Cumulative since Nov 06: plus 1956


Kind Regards
Steve
Nice trading mate keep up the good work
  • #410
  • Jan 16, 2007 3:51am Jan 16, 2007 3:51am
Great stuff steve.

Keep up the pips. I saw the move.

Lets see what next at 10pm GMT.

Dollar-manhttp://www.forexfactory.com/images/icons/dollar.gif
  • #411
  • Jan 16, 2007 8:14am Jan 16, 2007 8:14am
Quoting steviet
OK, USDCHF just stopped out for a 177 pip gain - will re-enter at 10pm gmt.

Total pips for Jan 07: plus 624
Cumulative since Nov 06: plus 1956


Kind Regards
Steve
I like the green numbers

so, since you got stopped out on UCHF, do you see any reversal candle on the daily chart?
Trade what you see, not what you think.
  • #412
  • Jan 16, 2007 8:19am Jan 16, 2007 8:19am
Quoting karmostaji
I like the green numbers

so, since you got stopped out on UCHF, do you see any reversal candle on the daily chart?
I'll let you know in a few hours

It's bounced right up from low of 1.2417 so may well be looking to re-enter long later. Too early to say though yet.

Steve
  • #413
  • Jan 16, 2007 9:47am Jan 16, 2007 9:47am
I really want to thank you so much for sharing us your system. And I began to understand some of it. But I have a question which may be a stupid one:
you make profits by putting your s/l 10 pips high or low, and you keep on adding those 10 pips the day after, so how is your trade stopped out making profits? And please I want you to answer the question, and it will be so kind of you to do so as I want to understand it clearly
  • #414
  • Jan 16, 2007 9:56am Jan 16, 2007 9:56am
Quoting missyounights
I really want to thank you so much for sharing us your system. And I began to understand some of it. But I have a question which may be a stupid one:
you make profits by putting your s/l 10 pips high or low, and you keep on adding those 10 pips the day after, so how is your trade stopped out making profits? And please I want you to answer the question, and it will be so kind of you to do so as I want to understand it clearly
OK, lets give you an example......

Day 1. Enter long GU at 1.9300 - previous day low was 1.9210 so we set initial stop loss at 1.9200. At this point we risk 100 pips loss.

Day 2. The price has gone up and day 1 low was 1.9290 so we move our stop loss to 1.9280. Now we risk 20 pips loss.

Day 3. Again the price has risen - looks like we are in a bull trend. Day 2 low was at 1.9380 so we move our stop loss to 1.9370. Now we are guaranteed at least 70 pips.

This would continue until our stop loss is hit - in reality it could get hit on the first day at a loss or 10 days later with a huge gain.

Hope this helps

Kind Regards
Steve
  • #415
  • Jan 16, 2007 10:03am Jan 16, 2007 10:03am
OK, USDCAD short just been stopped out for a 62 pip gain. Am sorta pleased because I've just reached a milestone (see cumulative) for now at least

Total pips Jan 07: plus 686
Cumulative since Nov 06: plus 2016

Kind Regards
Steve
  • #416
  • Jan 16, 2007 10:09am Jan 16, 2007 10:09am
Quoting steviet
OK, USDCAD short just been stopped out for a 62 pip gain. Am sorta pleased because I've just reached a milestone (see cumulative) for now at least

Total pips Jan 07: plus 686
Cumulative since Nov 06: plus 2016

Kind Regards
Steve
Steve,

Congrats on the milestone...your trading style is most impressive, especially your keen sense in determining market direction from day to day. Keep up the great work.

Northpro
  • #417
  • Jan 16, 2007 10:11am Jan 16, 2007 10:11am
Quoting Northpro
Steve,

Congrats on the milestone...your trading style is most impressive, especially your keen sense in determining market direction from day to day. Keep up the great work.

Northpro
Thanks Northpro - it's been an enjoyable journey so far - 6000 still the target by the end of October so the ship is firmly on course at the mo. I'm sure there will be some stormy seas ahead

Kind Regards
Steve
  • #418
  • Jan 16, 2007 10:20am Jan 16, 2007 10:20am
Check, that should be 2018 lol - can't count in all the excitement & delerium hehe.

Steve
  • #419
  • Jan 16, 2007 10:22am Jan 16, 2007 10:22am
slow down.. i missed my euro target by a few pips...

i'm trying to catch up to ya
  • #420
  • Jan 16, 2007 10:29am Jan 16, 2007 10:29am
Quoting turbokaos
slow down.. i missed my euro target by a few pips...

i'm trying to catch up to ya
I'm sure you will lol - yup my eu long was up over 50 pips & now at b/e but that's how it goes. That'll teach me for not having targets hehe.

Kind Regards
Steve
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