Fx1618's Journal - EMA|RSI|Trend

Not to cause any misconception

I will use this journal for trades that I take on the EURO and POUND. It will more be for record keeping, but discussion will be accepted if any one wishes to partake. The only thing that I ask is that we keep it to the point. Humor is always accepted and appreciated.

System = Method + Money Management + Trader – tx Daillist

My Method is an EMA RSI cross over trending System on the 1hr charts but works on any other timeframe and currency pair with or without more or less whipsaws.

Yes another one of those, but it works for me. I have clear entry and exit points which take out all and any emotion involved if followed to the “t”. It averages +/- 25 pips on a trade.

The System has been tested for a month in real-time and throughout news. During news I keep with the trend, but will have a stop loss on profit already showing.

I’ll always enter according to the below rules but will have a 30 pip hedge on the Euro and a 50 pip hedge on the Pound for unforeseen changes, this usually does not get picked up.

5/6 x up & 13/21 is up & RSI21>50_______Long
5/6 x down & above is true______________Exit
5/6 x up again & above is true__________re-enter
RSI21 drops below 50 & below 50ema______exit all L-Hedges

and Visa Versa for Short

http://img2.freeimagehosting.net/uploads/6f56c8a128.jpg

Ranging markets is and will always be a problem

Trades will be presented in the following manner

Time: xxxx GMT +2
Direction: Long/Short
Entry: x.xxxx
Exit: to follow
P/L: to follow
And edited on exit

Thanx

EURO:
Trades:
P/L:
Average:


Pound:
Trades:
P/L:
Average:

Can you clarify the hedge? Does it mean you always take an opposite position so many PIPs away?

Hi, Yes I place an order in the opposite direction just incase something happens while I’m not at my desk, part of my money management. This usually does not get picked up, but if it does I will keep the hedge until the 5/6 ema’s cross the 50 ema, obviously I take a loss then there, but the trend is definetly formed and losses are usually made up.
http://img2.freeimagehosting.net/uploads/6e8a1f6455.jpg

But good luck with trading and your journal. IMO a hedge needs to be in a different instrument.

On my trading Platform I’m aloud to hedge

Some call it that but my point is still valid - in the pure sense a hedging transaction is one whose main aim is to protect an asset or liability against a fluctuation in the foreign exchange rate rather than profit from the exchange rate fluctuations. To hedge in forex it usually involves positions in the futures or options market. A different instrument.

Tx for the info & correction "Why oh Why", as you said, I Hedge by protecting my asset in the only way I know. You’ve still got one kick-*** system going there.

Whatever works, works! It doesn't really matter what it's called. And I "hedged" wholesale in my journal thread. In the current EURUSD range market it will always work well IMO. And nice to see you drop in elsewhere today and thanks for your kind words. Have a great weekend. Mine starts now.

Currency:Cable

Date:05/02/'07
Time:1100 GMT +2
Direction:/Short
Entry:1.9640
Exit:to 1.9600
P/L:to +40

Trades so far: 1
Average per trade: 40

Currency:Cable

Hedged 10:00 GMT+2

Date:06/02/'07
Time:0800 GMT +2
Direction:Short
Entry:1.9595
Exit:1.9655
P/L:-60

Trades so far: 2
Average per trade: -10

Currency:Cable
Date:06/02/'07
Time:1000 GMT +2
Direction:Long
Entry:1.9625

Exit: 1.9705
P/L: 80

Progress to Date Since 05/02/'07
Trades so far:3
P/L: 60
Average per trade: 20

Currency:Euro
Date:06/05/'07
Time:1300 GMT +2
Direction:Long
Entry:1.2945

Exit:1.2975
P/L: 30

Progress to Date Since 05/02/'07
Trades so far: 1
P/L: 30
Average per trade: 30

Trade#:Cable 4

Date:07/02/'07
Time:1300 GMT +2
Direction:Long
Entry:1.9715

Exit:1.9665
P/L:-50

Reason for Exit
Trend has formed and Hedge was cancelled

Hedge 1700 GMT +2

Trade#:Cable 5
Date:07/02/'07
Time:1700 GMT +2
Direction:Long
Entry:1.9685

Exit:1.9585
P/L:100

Reason for Exit
my work here si done

Progress to Date Since 05/02/'07
Trades so far:5
P/L: 110
Average per trade: 22

Trade#:Euro 2 .

Date:08/05/'07
Time:1100 GMT +2
Direction:Long
Entry:1.2985

Exit: 1.3015
P/L: 30

Reason for Exit .
my work here is done

Progress to Date Since 05/02/'07 .
Trades so far: 2
P/L: 60
Average per trade: 30

I’m thinking of making some minor tweaks to the method and thus the counters will be reset, it is making pips, but know that I keep a serious close eye on it, it have some work to do.:surprised

Trade#:Euro 1 .

Date:12/02/'07
Time:1030 GMT +2
Direction:Short
Entry:1.3000

Exit:1.2975
P/L:25

Reason for Exit .
Trend Change

Progress to Date Since 12/02/'07 .
Trades so far: 1
P/L: 25
Average per trade: 25

Trade#:Cable 1 .

Date: 12/02/'07
Time: 1030 GMT +2
Direction: Long
Entry: 1.9490

Exit: 1.9475
P/L: 15

Reason for Exit .
trend is slow and retracing

Progress to Date Since 12/02/'07 .
Trades so far: 1
P/L: 15
Average per trade: 15

Trade#:Euro 2 .

Date: 13/02/'07
Time: 0800 GMT +2
Direction: Long
Entry: 1.2970

Exit:to follow
P/L:to follow

Reason for Exit .
to follow

Progress to Date Since 12/02/'07 .
Trades so far: 1
P/L: 25
Average per trade: 25

Trade#:Cable 2 .

Date: 12/02/'07
Time: 0830 GMT +2
Direction: Long
Entry: 1.9500

Exit: to follow
P/L: to follow

Reason for Exit .
to follow

Progress to Date Since 12/02/'07 .
Trades so far: 1
P/L: 15
Average per trade: 15