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Simplicity is the Key

  • #21
  • Feb 1, 2007 2:36pm Feb 1, 2007 2:36pm
Another signal is forming LONG for EUR/JPY but i will wait for another 15 minutes to confirm the signal. When i started this testing journal, i was only thinking of trading EUR/USD to concentrate on the pair, but i notice that signals are coming quickly for other pairs too. So here i am testing the same method on other pairs. I am hoping i am right on this one, since it is almost the end of the week and i am really, really hoping to make it a positive week for my first week of trading.
  • #22
  • Feb 1, 2007 2:53pm Feb 1, 2007 2:53pm
EUR/JPY is still not lining up, its like ducks in the pond. But i need 5 of them to line up only 3 are lining up, so to speak, Ill wait for another few minutes.
  • #23
  • Feb 1, 2007 2:56pm Feb 1, 2007 2:56pm
if it's any encouragment, i let you know that I have experienced 11 losses in a row. But, I am learning so much from these losses that my faith in price action increased everyday!

in fact, I am very close to formulating my system...so i'm happy for that
  • #24
  • Feb 1, 2007 3:00pm Feb 1, 2007 3:00pm
Quoting hilmy83
if it's any encouragment, i let you know that I have experienced 11 losses in a row. But, I am learning so much from these losses that my faith in price action increased everyday!

in fact, I am very close to formulating my system...so i'm happy for that
Thanks, bro, thats was a positive note, i am really hoping to suceed in this endeavor. I know we can..
  • #25
  • Feb 1, 2007 3:00pm Feb 1, 2007 3:00pm
Good job trader101. It's rare that a novice trader accepts that the problem with a system is often themselves and avoids the temptation to tweak the rules to compensate. Even if the system sucks, I think you'll learn some valuable lessons. Keep up the good work.
  • #26
  • Feb 1, 2007 3:20pm Feb 1, 2007 3:20pm
There is a possibility that the USD/CAD is going to dip around 1.1760 it will be safe to just put our SL to around 1.1758. In my case i opened my trade at 1.1793 and i will adjust my SL to 1.1758 that will be 35 pips. I have to do it now since i will not babysitting this trade. I really need to sleep tonight, but just in case i will set my TP to 50 pips although i am expecting more.
  • #27
  • Feb 1, 2007 3:25pm Feb 1, 2007 3:25pm
Quoting Darkstar
Good job trader101. It's rare that a novice trader accepts that the problem with a system is often themselves and avoids the temptation to tweak the rules to compensate. Even if the system sucks, I think you'll learn some valuable lessons. Keep up the good work.
Thanks, too, bro, i love this forum, with all the encourgament i get from you guys(experienced and professional) i know i will be like you later. I was about to go .. but opps the the ducks line-up for EUR/JPY.

I will make this as my 5th trade for the week.

---BUY EUR/JPY @ Mprice
My SL for this is 30 pips. This is a ranging pair so i am expecting more than 50 pips profit for this.
  • #28
  • Feb 1, 2007 3:35pm Feb 1, 2007 3:35pm
Quoting trader101
Thanks, too, bro, i love this forum, with all the encourgament i get from you guys(experienced and professional) i know i will be like you later. I was about to go .. but opps the the ducks line-up for EUR/JPY.

I will make this as my 5th trade for the week.

---BUY EUR/JPY @ Mprice
My SL for this is 30 pips. This is a ranging pair so i am expecting more than 50 pips profit for this.

Sorry Trader101 I see some signals posted here.. could you please share details about your system?

Thank you
Igor
  • #29
  • Feb 1, 2007 3:37pm Feb 1, 2007 3:37pm
What i meam for the EUR/JPY pair is a TRENDING PAIR not ranging pair.
  • #30
  • Feb 1, 2007 3:44pm Feb 1, 2007 3:44pm
Quoting IgorKrug
Sorry Trader101 I see some signals posted here.. could you please share details about your system?

Thank you
Igor
At this moment, bro, i am still in the testing stage of this method but rest assured, in time, i will share this method to everybody for FREE after knowing that this will be profitable. At the moment, first two trades were losses @ 20 pips each. the third one is a gain of 74 pips or a +34 pips for the week.
  • #31
  • Feb 1, 2007 3:56pm Feb 1, 2007 3:56pm
AT 6:50 Est there is JPY Monetary Base report with a MED impact. it may affect our 5th trade (EUR/JPY) perhaps by 8-12 pips and i am hoping that we are ahead by then, in case, it go against our trade.
  • #32
  • Feb 1, 2007 4:21pm Feb 1, 2007 4:21pm
After consideration, i think i should increase by SL by 10 more pips to compensate for the 6:50 report, also the 61.8% retracement falls on 156.85
so my 5th Trade SL adjusted to 40 pips

Long EUR/JPY opened @ 157.25 (16:28 EST)
SL @ 156.85
TP initally set at 157.75
  • #33
  • Feb 2, 2007 6:30am Feb 2, 2007 6:30am
Right now we are up:
Trade 4 :@ USD/CAD by +31pips
Trade 5 :@ EUR/JPY by +39pips
As i have prediction last night the 6:50 JPY Monetary Base gain a 10 pips on us but it was taken back at the next candle.
At 8:00 am EST today the NFP report will come out. This is huge and i am afraid that our trade will be affected by this. I am thinking of hedging our winnings right now to protect it. Any suggestions from you, guys???
  • #34
  • Feb 2, 2007 6:37am Feb 2, 2007 6:37am
OK i will just close it then cause we are almost there anyways at our TP
Close Trade 4 --USD/CAD @1.1758 Profit +36 pips
Close Trade 5 --EUR/JPY @156.85 Profit +38 pips

total for the WEEK:
108 pips

See y0u next week
  • #35
  • Feb 2, 2007 10:00am Feb 2, 2007 10:00am
correcting the Error.. Sorry


Close Trade 4 --USD/CAD @1.1829 Profit +36 pips (Opened 1.1793)
Close Trade 5 --EUR/JPY @157.63 Profit +38 pips (Opened 157.25)

total for the WEEK:
108 pips
  • #36
  • Feb 2, 2007 10:14am Feb 2, 2007 10:14am
Looks like that system isn't doing too badly after all.
  • #37
  • Feb 2, 2007 11:06am Feb 2, 2007 11:06am
Quoting Darkstar
Looks like that system isn't doing too badly after all.
Hi Darkstar,
Yep, with all those advice from you guys, and the encouragement make me feel like i belong here and give me some confidence after Hillmy told me that he lost 11 in a row before making it. And how are you making this week??, bro, if i may ask. Lets do this again next week. What really concern me all the time is the news report that screw up our technical analysis, but i think compensating it makes no difference.
  • #38
  • Feb 2, 2007 11:18am Feb 2, 2007 11:18am
Quoting trader101
Hi Darkstar,
Yep, with all those advice from you guys, and the encouragement make me feel like i belong here and give me some confidence after Hillmy told me that he lost 11 in a row before making it. And how are you making this week??, bro, if i may ask. Lets do this again next week. What really concern me all the time is the news report that screw up our technical analysis, but i think compensating it makes no difference.
Up 4% this week. Yeah I stopped trading on crazy news days awhile ago. Too many idiots trying to be rockstars these days. Its a damn shame though, my system would have generated 4 winners and 2 losers today. Ohh well.

Hey keep posting your calls and tracking your results. As you get farther along in the process the data will become invaluable. Congratulations and have a great weekend.
  • #39
  • Feb 4, 2007 4:50pm Feb 4, 2007 4:50pm
Hello everyone, New week. Hoping for more pips.
For the week of Feb 4-9, 2007

Trade #1
--SELL GBP/USD @ MarketPrice (1.9653)
SL 20+spread
--TP - TBA
  • #40
  • Feb 4, 2007 4:55pm Feb 4, 2007 4:55pm
Trade #2
--BUY NZD/USD @ MarketPrice (0.6844)
SL 20+spread
--TP - TBA
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