It's that time of day again - been a pretty disappointing week since I closed the GU long for plus 300. Had a string of smallish losses and looking at my open trades there may be a few more to come before we get a clear direction.
Existing trades.....
GBPUSD short from 1.9693 (s/l 1.9745 guarantees minus 53 pips)
USDJPY short from 121.61 (s/l 121.38 guarantees plus 23 pips)
USDCHF short from 1.2468 (s/l 1.2508 guarantees minus 40 pips)
New trades.....
EURUSD short from 1.2930 (s/l 1.3013 guarantees minus 83 pips)
USDCAD short from 1.1828 (s/l 1.1846 guarantees minus 18 pips)
Total risk on these trades is 171 pips - UJ has been frustrating, GU looks promising, UCHF & EU are acting as a hedge now & UCAD has failed at or around this level 4 days in a row and until it finds a direction would not risk going long with such a large stop loss. If it breaks 1.1850 then we should have a clearer direction so losing 18 pips to find out is not a big deal.
Anyhow, I need to cheer up - overall I'm well ahead of my overall target of 1500 pips by end of Jan and hovering over 2000 still despite recent losses
Kind Regards
Steve
As you know I have no idea about the other currencies, but as for the GBP/USD, I would have to say your visual on the Daily when you called this was perfect.
I watch for your daily report, and actually made 1 trade (on a Demo) to follow this position, shorting the GBP/USD.
Your posts are very helpful, and I am very thankful that you take the time to show your positions to everyone openly.
Thanks, and Congrats for another successful and disciplined entry on Cable.
Have a Great Weekend, and get some much needed rest.
They may be great for you lol - I was rather hoping for a close below 9600 & a possible break of 9557. Todays high will be 9682 on my platform so i can move my stop loss to 1 pip in profit - yipee
It looks like a doji may be forming on the daily so I'm rather hoping Monday will see a further test of 9557 otherwise we may see a reversal & a stop out for 1 whole pip profit lol.
With that and my UCAD being stopped out to the pip (would be up about 40 now) it's been a very very frustrating end to a very very frustrating week.
Oh well, next week I can feel some pips coming my way
Kind Regards
Steve
I would not give up on your position just yet, unless after today's candle your system tells you to make an exit.
The weekly looks to be aiming the Cable a little lower, and I have recognized that when the Market Opens on Sundays, there usually remains some continuation with the same direction, before a turn takes place. That would be at the minimum of 1.9558 area to have a double bottom on the Weekly.
But there is a remote possiblity this were the case, we may have a push below 1.9558 down into the low 1.9500's, but more at 1.9530 area.
I will be waiting for your post in less than 5 hours from now.
Thanks.
Hey StevieT
Always nice to see someone trade Price Action successfully!
Just wanted to congratulate you on your journal and hope that the next week treats you nicer!
Do you look at weekly bars, too? Are you trading only James16 or also candlestick and similiar patterns?
Sorry if this already has been asked
Are your pip results "normalized" pips i.e. pips moved or pips multiplied by lots used? You must either trade a lot of pairs or hold on to stuff really well
Could you mention the pattern/setup that made you enter along with your entries, too? I'm always eager to learn from others =)
Best wishes to you,
SeekingLight
Dear Steve
Can you recommend some books to read on Price Action or identify candle sticks pattern...
What path did u follow to learn how the price moves??
thanks
What a day... up and down... but sitting with +100 pips at mo from 7 pairs. Hey, it could be 30 pips in 5 mins...
I love the system... trading the trend is the way to go. And its the simpliest idea ever. makes perfect sense. I am sure it can be fine tuned to do even better, but will enlighten you when I have tested my theory. I am waiting on an EA programmer to come forward to build a system for me. Watch this space!!
Unitl then, I will carry on demo testing Stevies concept as is!!
Good luck to everyone, although I think luck has little to do with it. I think we will all owe Stevie a drink!!
Steve,
Do you always let every trade run and if not, what governs your decision (if ever) to take money off the table!
mark
Hi,
I think most of your questions have been answered somewhere in my journal but I appreciate it's probably like looking for a needle in a haystack lol.
I do look at weekly bars but trade off the dailys and seem to have just got a feel for where the market is going using price action and candlestick formations as well as looking at failures to breach support/resistance.
I've heard good things about james16 but I must admit I've not looked at it - I've just tried to come up with a conservative method that suits me and makes consistent pips. I only make one trade per pair - I don't add multiple positions to my trades & trade 5 pairs in total.
I'll try and be a little more forthcoming with the reasoning behind my decisions but essentially I'm trying to break even when a pair is ranging and make a bucket full of pips when a trend develops. I stay with a trade until I'm stopped out which could be one day or a couple of weeks.
Hope this helps a little.
Kind Regards
Steve
Every trade is run to the bitter (or better) end which is how I tested the set up initially. I never close early even if it means having a trade over 100 pips in profit reverse to break even or worse.
That's why I'd be surprised if many would trade as I do but my feeling is that way you can also be cutting your profits short. The whole essence of the system is catching a large portion of a trend.
See below my best trade so far from 1.8954 to 1.9715 (761 pips). The first daily bar after the one I opened looked like it may have exhausted - would you have taken profit? What about the next circled bar? What about the next? See what I mean - by being disciplined you can catch the really big ones & that's how the system works!
Kind Regards
Steve
) Well we're just about to close for the weekend and stop losses have been adjusted on my 2 remaining open trades.....
EURUSD short from 1.2930 (s/l 1.2955 guarantees minus 25 pips)
GBPUSD short from 1.9693 (s/l 1.9692 guarantees plus 1 pip (whoopie do
Well, I thought I'd not had a great week but I've just looked back to last Friday close and found that I was only on plus 520 pips for Jan. Now, closed trades are at plus 716 pips so I'll have some more bad weeks please
Average winning trades this month so far is just 36.67% which has equated to an increase of 11.89% in account balance.
Thanks for your comments Isotonic - always appreciate an experienced trader popping in to say a few words.
Have a great weekend everyone.
Kind Regards
Steve
