zoopy's trading journal | Page 44 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Another Trading Journal - Yuhu's Journal 17 replies

Twitch Journal - Live Journal 4 replies

Creating my Trading Plan + My Trading Journal 27 replies

My Personal journal up 18% in 2 months going to start a journal 8 replies

Azzity's Trading Journal III (Azzity's 3/30 Trading Method) 9 replies

Attachments: zoopy's trading journal
Exit Attachments

zoopy's trading journal

  • #861
  • May 22, 2008 4:16am May 22, 2008 4:16am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting razldazl
...not crazy about the 200 sl on posi 2, you really think thats necessary? Cant it be below the earlier wave? 200 is a lot I think, Raz
these were just numbers i put out there to show when and were to close, initially the SL would be based on the wave position so it might be only 56pips below entry, in which case we tp +56pips on A and B, also remember this trade is risk free, the idea is to give it room to run and then as waves form move the stop to the new wave location.

Or simply use 100pips on all trades, tp a/b at +100 and move the Sl on C to the entry price locking in another 100pips and trail from there.

It's a work in progress, but i'm kinda leaning to the bigger stop on C to give it space, another thought - as we build positions and get to a point were we have C1 C2 C3 from 3 previous trades we could treat this like we have the normal trades and close out 2/3 of the free runners locking in some of the huge gains on them.
  • #862
  • May 22, 2008 4:21am May 22, 2008 4:21am
Quoting MPP
these were just numbers i put out there to show when and were to close, initially the SL would be based on the wave position so it might be only 56pips below entry, in which case we tp +56pips on A and B, also remember this trade is risk free, the idea is to give it room to run and then as waves form move the stop to the new wave location.

Or simply use 100pips on all trades, tp a/b at +100 and move the Sl on C to the entry price locking in another 100pips and trail from there.

It's a work in progress, but i'm kinda leaning to the bigger stop on C to give it space, another thought - as we build positions and get to a point were we have C1 C2 C3 from 3 previous trades we could treat this like we have the normal trades and close out 2/3 of the free runners locking in some of the huge gains on them.
Yeah, the idea would be the initial positions should carry all the risk and then after that they should be free...exactly, the sl could be less depending on the depth of the wave or bar whatever..I really wouldnt like to go beyond 100 though personally but its up to everyone to decide, thanks for the effort Jason, take care, Raz
Never say never.
  • #863
  • May 22, 2008 4:38am May 22, 2008 4:38am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting razldazl
Yeah, the idea would be the initial positions should carry all the risk and then after that they should be free...exactly, the sl could be less depending on the depth of the wave or bar whatever..I really wouldnt like to go beyond 100 though personally but its up to everyone to decide, thanks for the effort Jason, take care, Raz
why no more than 100 - the trade owes you nothing, consider it done and look for the next one, let it be free to roam wildly through the forex jungle.LOL

i say this because 200pips is a lot, but most pairs move 150pips a day, 200 would allow us to keep the position open until either the next wave is created in our direction or it collapses and then were looking to trade the opposite direction or sitting on the side lines until price has completed it's retracement and starts breaking waves to the other side again side again.

most of the time though our Sl is based on the wave position and never reach the 200pips, it's about the principle more than the numbers, maybe we should always stick to using 100pips on all trades and not worry about the wave location.
  • #864
  • May 22, 2008 7:02am May 22, 2008 7:02am
Quoting MPP
why no more than 100 - the trade owes you nothing, consider it done and look for the next one, let it be free to roam wildly through the forex jungle.LOL

i say this because 200pips is a lot, but most pairs move 150pips a day, 200 would allow us to keep the position open until either the next wave is created in our direction or it collapses and then were looking to trade the opposite direction or sitting on the side lines until price has completed it's retracement and starts breaking waves to the other side again side again.

most of the time though our Sl is based on the wave position and never reach the 200pips, it's about the principle more than the numbers, maybe we should always stick to using 100pips on all trades and not worry about the wave location.
lol

Raz is saying 200 pips is a lot. I was actually thinking of trading this method with a 500 pip "temporary" stop. In other words I let the market pretty much roam as much as it wants and what dictates my exits are the waves. I guess you can say it uses the concept that Steviet uses with his wide stop.

btw. Thanks for posting that MPP, I think that's a good way to treat your take profit/exits.
  • #865
  • May 22, 2008 7:12am May 22, 2008 7:12am
This one is developing into a nice setup. Not only did the previous wave collapse, price has entered into that "hot zone" area and is near the peak of the wave that collapsed.

If I was to short this pair, I would look to short at 2.0400 (using 1%) and if I could get 2.0500 that's even better since it's less risk. When it looks like price is turning around I'll add another 1% to it and if momentum builds up, I'll throw in another 1-3%.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf_4hour.gif Size: 11 KB
  • #866
  • May 22, 2008 8:32am May 22, 2008 8:32am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting zoopy
lol

Raz is saying 200 pips is a lot. I was actually thinking of trading this method with a 500 pip "temporary" stop. In other words I let the market pretty much roam as much as it wants and what dictates my exits are the waves. I guess you can say it uses the concept that Steviet uses with his wide stop.

btw. Thanks for posting that MPP, I think that's a good way to treat your take profit/exits.
are you saying use a 500pip sl from the opening of the trade? and then collapse the SL in line with the waves - sounds good, but will limit the position size from the get go. i'm more in favour of letting the gap grow but starting of smaller say using a minmum 100pips and let it expand before trailing via the wave patterns.

i suppose it's really a 500pip stop, it's more of a WTF save my back side type of position, the stop is always the break of the wave, but using this level allows the the swings to play through.

food for thought.
  • #867
  • May 22, 2008 8:36am May 22, 2008 8:36am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting zoopy
This one is developing into a nice setup. Not only did the previous wave collapse, price has entered into that "hot zone" area and is near the peak of the wave that collapsed.

If I was to short this pair, I would look to short at 2.0400 (using 1%) and if I could get 2.0500 that's even better since it's less risk. When it looks like price is turning around I'll add another 1% to it and if momentum builds up, I'll throw in another 1-3%.
i'd like to see the high and then trade it lower when the turn is confirmed.

also been looking at Uchf - i know it's in correlation to Eu , but the move have been impressive lately, also it's broken back through the 100 and 200 on the 4h taking it back into the trend, i'd look for this to turn short around 1.0350.
  • #868
  • May 22, 2008 9:23am May 22, 2008 9:23am
Quoting MPP
are you saying use a 500pip sl from the opening of the trade? and then collapse the SL in line with the waves - sounds good, but will limit the position size from the get go. i'm more in favour of letting the gap grow but starting of smaller say using a minmum 100pips and let it expand before trailing via the wave patterns.

i suppose it's really a 500pip stop, it's more of a WTF save my back side type of position, the stop is always the break of the wave, but using this level allows the the swings to play through.

food for thought.
Yes, pretty much. Start off with a big stop and collapse it depending on what the waves do. The 500 pip stop was just a nice big number I pulled out of my head, 200-300 pips makes more sense because the euro doesn't move that much in a day.

For example my euro trade which was running at a loss but I had a huge stop right at 1.6000. When this current 4 hour wave finishes, depending on how it looks I may collapse my stop down to 1.5800. My thinking is, even though I do have a large stop, it's only for the initial entry because I know I'm more likely going to get the entries wrong. This compensates for that error by allowing me a larger price range to deal with. When I can see price go in my favour, I can then build up a position using a 100 pip stop or whatever the case may be. It's more about having a more open/flexible method that can easily be adaptable to the market.
  • #869
  • May 22, 2008 9:30am May 22, 2008 9:30am
Quoting MPP
i'd like to see the high and then trade it lower when the turn is confirmed.

also been looking at Uchf - i know it's in correlation to Eu , but the move have been impressive lately, also it's broken back through the 100 and 200 on the 4h taking it back into the trend, i'd look for this to turn short around 1.0350.
Just took a look at usdchf and the last wave definitely collapsed on that pair. Now it's more a matter of waiting before going short. There's also a wave collapse on the eurgbp 4 hour.
  • #870
  • May 22, 2008 9:42am May 22, 2008 9:42am
Quoting zoopy
Took a small euro short based on the daily chart. Not sure how this will play out but we'll see.

Reason for the short
1. Daily wave collapsed as indicated on my daily chart
2. Price has now retraced back up to the 50.0% area
3. Using the concept of how I determine a trend, I believe we may be in the early stages of a larger move down (I could be wrong which is why I'm taking a small position). If I'm right, this next move should not produce a peak higher than the recent one at 1.6000 or thereabouts. If I notice a steady decline and the market starts to show signs of another collapse, I will add to this position. IF I'm wrong, then I'm wrong and will take a hit on the smaller position.

Short at 1.5646
Temporary stop: 1.6000


Still in this trade. However the way I'm going to manage this trade will change depending on the close of the current 4 hour period.

What's going to change?
If we end up with a noticeably defined peak on the 4 hour, I will collapse my stops from 1.6000 to 1.5800.

If the euro creates a wave and collapses, when it pulls back I will short again with another small position. When it gathers momentum, I will then collapse stops again and enter in with a larger position.
  • #871
  • May 22, 2008 5:43pm May 22, 2008 5:43pm
Here's an updated 4 hour chart for gbpchf. Looks like momentum may be turning around.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf_4hour.gif Size: 10 KB
  • #872
  • May 23, 2008 1:02am May 23, 2008 1:02am
I am not really crazy about large stop idea. Having a large stop lets say 500 pips is like having no stop at all, because you never plan closing the trade on that stop. You will probably always close the trade way before that stop is hit following wave method. So what is that stop for? Well, it might be just a precaution if something extreme happened and market collapses 1000 pips over night.
Thinking more deeply into it, it might not be a bad idea. As if your wrong, you wait for the wave to move in your direction and close the trade minimizing loses and you use waves to determine if their going in your direction - your right, or waving against you - your wrong.
  • #873
  • May 23, 2008 7:16am May 23, 2008 7:16am
Quoting kaunasny
I am not really crazy about large stop idea. Having a large stop lets say 500 pips is like having no stop at all, because you never plan closing the trade on that stop. You will probably always close the trade way before that stop is hit following wave method. So what is that stop for? Well, it might be just a precaution if something extreme happened and market collapses 1000 pips over night.
Thinking more deeply into it, it might not be a bad idea. As if your wrong, you wait for the wave to move in your direction and close the trade minimizing loses and you use waves to determine if their going in your direction - your right, or waving against you - your wrong.
Kaunasny

You're right, having a stop that size IS like having no stop at all. You're also right in the 2nd part of your comment about waiting for the wave to move in your direction.

This is my thinking behind it. How often out of all the trades you make, are you able to make the PERFECT entry? Chances are, not too many, and if you claim you can, can you do it consistently? So, let's assume we can't make those "perfect" entries consistently but we do have a fairly good idea of where the market is headed.

What I'm looking into is whether it's more appropriate to rather enter first with a small position (and large temporary stop), when the market looks like it's headed in the direction I want. When it starts to show further signs I may be right, I'll start adding to that position. If I'm wrong with my entry, at least I won't have the full position at stake so this allows me more flexibility. If you look at my eurusd trade for example. I had a very large stop at the beginning but last night collapsed it because we had a smaller wave form. I'm not willing to let this trade go further against me because I feel at these levels, if it was to break to the upside, there's a good chance we could see 1.6000 and maybe even beyond. If the euro starts to show weakness, I will add another short and if the wave collapses, I will add the rest of my position. In short, I'm using small positions to find where the bottom/top is.
  • #874
  • May 24, 2008 7:42pm May 24, 2008 7:42pm
I've spoken about this in previous posts about emotions and over trading with regards to seeing candlesticks/bars which was the reason why I've switched to line charts as an alternative approach (even if it is an exercise). Tonight, I logged on and noticed yet another trader posting his system. Usually when I see indicators, especially moving averages I move on because most perform very poorly in ranging conditions. However... what interested me in this thread wasn't really the system itself, but part of his story and how he came about using his approach.

This is what I found of extreme value and a conclusion I had reached in my trading as well. What his wife said is very true and being a Graphic Designer that has extensive knowledge of information design, I agree completely. Here is what he had to say (see below...)

"Before I delve into the details of this strategy here is a true story, last year my wife challenged me to try something very different. Being an engineer by profession, she instructed me to remove all the candlesticks from charts and told me to put two customs indicators and trade the same numbers that appeared on the indicators almost everyday. She argued that the red and green candlesticks on my charts made me to lose control of my emotions and overtrade. Guess what happened? The results were consistently awesome. The success rate was 99.0%."

I agree fully with what was stated about candlesticks, however the success rate to me seems very high and I do question that. Anyways, just something to think about when you're trading with bars/candles. I've also attached a link to this thread for those that want to see what this trader has come up with.

http://www.forexfactory.com/showthread.php?t=88192
  • #875
  • May 25, 2008 4:54am May 25, 2008 4:54am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting zoopy
I've spoken about this in previous posts about emotions and over trading with regards to seeing candlesticks/bars which was the reason why I've switched to line charts as an alternative approach (even if it is an exercise). Tonight, I logged on and noticed yet another trader posting his system. Usually when I see indicators, especially moving averages I move on because most perform very poorly in ranging conditions. However... what interested me in this thread wasn't really the system itself, but part of his story and how he came about using his approach.

This is what I found of extreme value and a conclusion I had reached in my trading as well. What his wife said is very true and being a Graphic Designer that has extensive knowledge of information design, I agree completely. Here is what he had to say (see below...)

"Before I delve into the details of this strategy here is a true story, last year my wife challenged me to try something very different. Being an engineer by profession, she instructed me to remove all the candlesticks from charts and told me to put two customs indicators and trade the same numbers that appeared on the indicators almost everyday. She argued that the red and green candlesticks on my charts made me to lose control of my emotions and overtrade. Guess what happened? The results were consistently awesome. The success rate was 99.0%."

I agree fully with what was stated about candlesticks, however the success rate to me seems very high and I do question that. Anyways, just something to think about when you're trading with bars/candles. I've also attached a link to this thread for those that want to see what this trader has come up with.

http://www.forexfactory.com/showthread.php?t=88192
Notice the chart looks nothing like his wife's idea, will have to read her blog to see what she'e got going on.
  • #876
  • May 25, 2008 9:32am May 25, 2008 9:32am
Quoting MPP
Notice the chart looks nothing like his wife's idea, will have to read her blog to see what she'e got going on.
lol yes. The most important part of that thread is the part about market psychology and seeing candlesticks. Believe it or not a while back I actually tried something very similar but the problem I ran into was where to place stops. What he's come up with by using the Parabolic SAR is a very good solution.
  • #877
  • May 25, 2008 9:32am May 25, 2008 9:32am
Quoting MPP
Notice the chart looks nothing like his wife's idea, will have to read her blog to see what she'e got going on.
When somebody claims a 99% success rate, I keep well away !!!
Also with that blog you are required to subscribe ! Can't help feeling there is a hidden agenda there.
  • #878
  • May 25, 2008 9:36am May 25, 2008 9:36am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Bakuli
When somebody claims a 99% success rate, I keep well away !!!
Also with that blog you are required to subscribe ! Can't help feeling there is a hidden agenda there.
Haven't got that far, but why would pay for a system i can't even see?????
  • #879
  • May 25, 2008 9:43am May 25, 2008 9:43am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting zoopy
lol yes. The most important part of that thread is the part about market psychology and seeing candlesticks. Believe it or not a while back I actually tried something very similar but the problem I ran into was where to place stops. What he's come up with by using the Parabolic SAR is a very good solution.

your wave theory has been fine so far, if you used a PSar what settings would you use??, PSar does make sense as it reacts to price, but it would need to break the wave top/bottom to switch over, by which time we already see it.

I'm still convinced that the 3/3 method provides the route of least resistance, as we can bank a few and then give the trade space to grow without being concerned about the MM side of things - takes some of the emotions out of the game, it will then either be built on as the trend developes or closed out if the waves collapes.

these our testing times i think, lets add some indicators to the waves and see how they play, but which ones

Psar
SMA
Pivots
???
  • #880
  • May 25, 2008 9:49am May 25, 2008 9:49am
Quoting MPP
Haven't got that far, but why would pay for a system i can't even see?????
0 traders viewing now