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FXTradepro "LUCKY 7" Journal

  • #121
  • May 16, 2008 7:30am May 16, 2008 7:30am
After last night's situation, I decided that I was not in the mood to take any "Progression Scalps" today.

Here is this weeks Recap - Have a GREAT WEEKEND !


 Winning Sequences: 11
5 Full Sequences
6 Progression Scalps

Losing Sequences: 0

TOTAL Profit for the Week: $3,222.47

4 Week TOTAL: $13,149.75
  • #122
  • May 16, 2008 7:59am May 16, 2008 7:59am
Dan,

If you choose your risk by being 10 pips, I´d like to ask you about spreads:

1- Do you trade a fixed spread broker?

1.1- If not, how do you handle spread widening during news releases if you have a started sequence of trades?

1.2- If yes, do you think this is the only way to do the sequence of trades (working with fixed spread brokers)?

I´m working to start something based on your ideas at my broker (oanda) and they do have some intraday spread widening during very small time spaces, like 1-5 minutes, and this will for sure generate me a loser on the sequence. In my idea I´m planning going with 10 trades on the sequence to have more room for losing trades and my risk will be 3% on each sequence. But I´m still worried about this spread widening.
Share some thoughts about it for us.

Best regards and have a nice weekend,
  • #123
  • May 16, 2008 8:17am May 16, 2008 8:17am
Hi ghcmartins.....See my comments below in RED...


Quoting ghcmartins
Dan,

If you choose your risk by being 10 pips, I´d like to ask you about spreads:

1- Do you trade a fixed spread broker? NO, I trade primarily at IBFX

1.1- If not, how do you handle spread widening during news releases if you have a started sequence of trades? My EA has a feature that prevents it from opening a Trade if the spread widens more than a set amount.
It resumes trading when spreads return to normal. Also, I do not usually trade a full Sequence during the NY Session so I generally avoid the worst of a spread widening situation.

1.2- If yes, do you think this is the only way to do the sequence of trades (working with fixed spread brokers)? I have answered this as I DO NOT Trade with a fixed spread Broker.
  • #124
  • May 16, 2008 10:00am May 16, 2008 10:00am
Dan,

Thanks for the answers. My main concern is not avoid open trades at that times, but being on a trade when the spread may change from 1 pip (what i pay at oanda) and it goes to 10 pips suddenly, if this happens automatically this will cause a loss on the sequence and I´´ll be able to not open another trade until the spread come back to normal.
Does this situation happens or happened to you?


Originally Posted by ghcmartins http://www.forexfactory.com/images/buttons/viewpost.gif
Dan,

If you choose your risk by being 10 pips, I´d like to ask you about spreads:

1- Do you trade a fixed spread broker? NO, I trade primarily at IBFX

1.1- If not, how do you handle spread widening during news releases if you have a started sequence of trades? My EA has a feature that prevents it from opening a Trade if the spread widens more than a set amount.
It resumes trading when spreads return to normal. Also, I do not usually trade a full Sequence during the NY Session so I generally avoid the worst of a spread widening situation.

1.2- If yes, do you think this is the only way to do the sequence of trades (working with fixed spread brokers)? I have answered this as I DO NOT Trade with a fixed spread Broker.
  • #125
  • May 16, 2008 10:25am May 16, 2008 10:25am
Quoting ghcmartins
Dan,

Thanks for the answers. My main concern is not avoid open trades at that times, but being on a trade when the spread may change from 1 pip (what i pay at oanda) and it goes to 10 pips suddenly, if this happens automatically this will cause a loss on the sequence and I´´ll be able to not open another trade until the spread come back to normal.
Does this situation happens or happened to you?


When using my EA here is what happens if the spread widens - Let's say for example I am on the 2nd Level of the Sequence and the spread widens to 10 Pips. At that time if my stop is hit the 3rd Level trade would not open until the spread drops back to normal and the Sequence would resume from that point.

At Oanda you would need to wait until the spread returns to normal and open the 3rd Level Manually. This is why I use the EA. Trading the method manually can be done, but you must pay close attention to your positions.
  • #126
  • May 19, 2008 6:41am May 19, 2008 6:41am
A close call to start the week...BUT all is well......

DATE: Sunday, May 18, 2008

Time of Signal: Monday, May 19, 2008 - 1:27 AM EST

Currency Pair: EURUSD

Initial Entry: BUY @ 1.5577

EA Entry Option: Price Entry

TP & SL Settings: TP=50 SL=10

Lot Sequence using Standard Lots: 7 Entries
0.5 - 0.6 - 2.25 - 2.7 - 3.24 - 3.89 - 4.67



Trade RESULTS:

Initial Entry opened on Monday, May 19, 2008 @ 1:27 AM EST

Sequence Of Trades Closed at 7th Entry on Monday, May 19, 2008 @ 4:30 AM EST

4.67 Standard Lots for Final Entry

Net Profit: $1017.00
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 5-18-2008.jpg Size: 46 KB
  • #127
  • May 19, 2008 7:54am May 19, 2008 7:54am
Monday's "Lucky 7" Progression Scalp -


DATE: Monday, May 19, 2008

Time of Signal: Monday, May 19, 2008 - 9:04 AM EST

Currency Pair: EURUSD

Initial Entry: BUY @ 1.5588

EA Entry Option: Immediate Entry

TP & SL Settings: TP=50 SL=10

Lot Sequence using Standard Lots: 7 Entries
0.5 - 0.6 - 2.25 - 2.7 - 3.24 - 3.89 - 4.67



Trade RESULTS:

Initial Entry opened on Monday, May 19, 2008 @ 9:04 AM EST

Sequence Of Trades Closed EARLY for 30 Pips at 2nd Entry on
Monday, May 19, 2008 @ 10:01 AM EST

.60 Standard Lots for Final Entry

Net Profit: $130.00
Attached Image
  • #128
  • May 20, 2008 6:31am May 20, 2008 6:31am
A nice and easy overnight Sequence.......


DATE: Tuesday, May 20, 2008

Time of Signal: Monday, May 19, 2008 - 11:56 PM EST

Currency Pair: EURUSD

Initial Entry: BUY @ 1.5530

EA Entry Option: Price Entry

TP & SL Settings: TP=50 SL=10

Lot Sequence using Standard Lots: 7 Entries
0.5 - 0.6 - 2.25 - 2.7 - 3.24 - 3.89 - 4.67



Trade RESULTS:

Initial Entry opened on Monday, May 19, 2008 @ 11:56 PM EST

Sequence Of Trades Closed at 3rd Entry on Tuesday, May 20, 2008 @ 3:02 AM EST

2.25 Standard Lots for Final Entry

Net Profit: $1015.00
Attached Image
  • #129
  • May 20, 2008 7:37am May 20, 2008 7:37am
Tuesday's "Lucky 7" Progression Scalp -


DATE: Tuesday, May 20, 2008

Time of Signal: Tuesday, May 20, 2008 - 9:54 AM EST

Currency Pair: USDJPY

Initial Entry: SELL @ 103.62

EA Entry Option: Immediate Entry

TP & SL Settings: TP=50 SL=10

Lot Sequence using Standard Lots: 7 Entries
0.5 - 0.6 - 2.25 - 2.7 - 3.24 - 3.89 - 4.67



Trade RESULTS:

Initial Entry opened on Tuesday, May 20, 2008 @ 9:54 AM EST

Sequence Of Trades Closed EARLY for 20 Pips at 2nd Entry on
Tuesday, May 20, 2008 @ 10:28 AM EST

.60 Standard Lots for Final Entry

Net Profit: $67.26
Attached Image
  • #130
  • May 21, 2008 6:28am May 21, 2008 6:28am
An interesting Sequence last night. There was a EUR Zone News Event at 4 AM EST that really
moved the Market. It did cause some issues for the EA because of either a Fast Market or Spread Widening
(I am not sure since I was not awake), but it worked out in the end. Generally speaking News Events during
the UK Session do not cause us much concern, it is the NY Session News Events that I generally avoid. Last
night, however, the News did have a very large impact.

DATE: Wednesday, May 21, 2008

Time of Signal: Wednesday, May 21, 2008 - 1:06 AM EST

Currency Pair: EURUSD

Initial Entry: BUY @ 1.56620

EA Entry Option: Price Entry

TP & SL Settings: TP=50 SL=10

Lot Sequence using Standard Lots: 7 Entries
0.5 - 0.6 - 2.25 - 2.7 - 3.24 - 3.89 - 4.67



Trade RESULTS:

Initial Entry opened on Wednesday, May 21, 2008 @ 1:06 AM EST

Sequence Of Trades Closed at 5th Entry on Wednesday, May 21, 2008 @ 4:06 AM EST

3.24 Standard Lots for Final Entry

Net Profit: $1015.00
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD 5-21-2008.jpg Size: 64 KB
  • #131
  • May 21, 2008 7:53am May 21, 2008 7:53am
maybe i'm distracted but didnt see were is the stratégie? i've seen the graphs where is the theorie, were's the triger to go in?
La Bourse est une façon très onéreuse de découvrir son propre tempérament
  • #132
  • May 21, 2008 8:21am May 21, 2008 8:21am
Quoting Corto
maybe i'm distracted but didnt see were is the stratégie? i've seen the graphs where is the theorie, were's the triger to go in?
Hello Corto....Welcome to my Journal. My FXTradepro "Lucky 7" Strategy is based upon the Method I detailed in a previous Thread here at Forex Factory.

FXTradepro: Strategy using a “Semi-Martingale” Position Sizing
  • #133
  • May 21, 2008 9:15am May 21, 2008 9:15am
Wednesday's "Lucky 7" Progression Scalp -


DATE: Wednesday, May 21, 2008

Time of Signal: Wednesday, May 21, 2008 - 9:47 AM EST

Currency Pair: USDJPY

Initial Entry: SELL @ 103.52

EA Entry Option: Immediate Entry

TP & SL Settings: TP=50 SL=10

Lot Sequence using Standard Lots: 7 Entries
0.5 - 0.6 - 2.25 - 2.7 - 3.24 - 3.89 - 4.67



Trade RESULTS:

Initial Entry opened on Wednesday, May 21, 2008 @ 9:47 AM EST

Sequence Of Trades Closed EARLY for 20 Pips at 1st Entry on
Wednesday, May 21, 2008 @ 10:50 AM EST

.50 Standard Lots for Final Entry

Net Profit: $96.70
Attached Image
  • #134
  • May 22, 2008 5:04am May 22, 2008 5:04am
Can't win them all ......... Losses are part of the game !


DATE: Thursday, May 22, 2008

Time of Signal: Thursday, May 22, 2008 - 12:53 AM EST

Currency Pair: GBPUSD

Initial Entry: SELL @ 1.9714

EA Entry Option: Price Entry

TP & SL Settings: TP=50 SL=10

Lot Sequence using Standard Lots: 7 Entries
0.5 - 0.6 - 2.25 - 2.7 - 3.24 - 3.89 - 4.67



Trade RESULTS:
Initial Entry opened on Thursday, May 22, 2008 @ 12:53 AM EST

Sequence Of Trades Closed at a LOSS at the 7th Entry on Thursday, May 22, 2008 @ 2:36 AM EST

4.67 Standard Lots for Final Entry


Net LOSS: - $1785.00
Attached Image
  • #135
  • May 22, 2008 7:28am May 22, 2008 7:28am
Thursday's "Lucky 7" Progression Scalp -


DATE: Thursday, May 22, 2008

Time of Signal: Thursday, May 22, 2008 - 9:34 AM EST

Currency Pair: EURUSD

Initial Entry: SELL @ 1.5746

EA Entry Option: Immediate Entry

TP & SL Settings: TP=50 SL=10

Lot Sequence using Standard Lots: 7 Entries
0.5 - 0.6 - 2.25 - 2.7 - 3.24 - 3.89 - 4.67



Trade RESULTS:

Initial Entry opened on Thursday, May 22, 2008 @ 9:34 AM EST

Sequence Of Trades Closed EARLY for 20 Pips at 3rd Entry on
Thursday, May 22, 2008 @ 10:04 AM EST

2.25 Standard Lots for Final Entry

Net Profit: $340.00
Attached Image
  • #136
  • May 22, 2008 9:04am May 22, 2008 9:04am
With the Memorial Day Holiday Weekend approaching, I will be taking Friday and
Monday off from Trading. Markets should be fairly thin especially on Monday.
I will be back on Tuesday.

Here is this weeks Recap - Have a GREAT WEEKEND !

 Winning Sequences: 7
3 Full Sequences
4 Progression Scalps

Losing Sequences: 1

TOTAL Profit for the Week: $1,895.96

5 Week TOTAL: $15,045.71
  • #137
  • May 22, 2008 11:26pm May 22, 2008 11:26pm
Great job, Dan.
How to get your EA ?
Regards.
  • #138
  • May 23, 2008 5:33am May 23, 2008 5:33am
Quoting madscalp
Great job, Dan.
How to get your EA ?
Regards.
Hello Madscalp...............Please send me an email.

Dan
  • #139
  • May 24, 2008 8:24am May 24, 2008 8:24am
I am putting this Journal on HOLD for a few weeks as I will be taking some time away from Trading to deal with some personal Family business.

I will be available by email if anyone has a question or comment....
  • #140
  • Jun 19, 2008 7:46pm Jun 19, 2008 7:46pm
Dan,

You're missed...

Quick question... Would you consider changing the tp on the 1st and 2nd sequence to $1,015 or thereabouts while still allowing for 7 sequences? Although this would create a 2.5:1 risk:reward ratio, it would have been more profitable for you over the course of your trade journals for the past month. For example, of the 25 overnight trades posted, 8 of them ended on the 1st or 2nd sequence. If your tp was $1k or better instead of the $250, then you would have earned an additional $6,100+; however, your sl impacts would have been an additional $1k or so. This means that you would have a favorable net additional gain of about $5100 for the same time period with $1k as your tp, as opposed to $250 for the 1st and 2nd sequence.

Your thoughts...

Thanks,

Walt
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