GBP/JPY has been stopped out.
Liquidate Long GBP/JPY @ 223.38 = -331 pips or -3.52%
Total Pip P/L: -331 pips
Total % P/L: -3.52%
Liquidate Long GBP/JPY @ 223.38 = -331 pips or -3.52%
Total Pip P/L: -331 pips
Total % P/L: -3.52%
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DislikedI am impressed with your honesty, I suspect I would be extremely hesitant to publish the same!
wwhIgnored
DislikedKevin,
WWH and MikeH both stated it very nicely, so let me simply echo their thoughts . . . your willingness to post the occasional loss demonstrates the confidence you have in the method you developed. I agree with you that by the end of the year, you will have posted far more wins than losses.
When doing back testing, it's easy just to record a win or loss and move on to the next trade without emotional attachment. That's harder to do in real trading, when psychology and emotions and fear of loss come into play. It's a tribute to your method and your discipline that you chose to stay the course on this trade.
I've heard in the past that a group of traders can all use the same good method, and some will be fabulously successful, while others will fail, claiming it's the method that's to blame. The key is finding a good method, which you know you have, and then sticking to it faithfully. You set a great example of doing just that.
O.K., enough about Kevin's loss and on to my own loss.
My GBP/USD Long trade was stopped out at -77 pips. I agree with Kevin that it looks like we're setting up for another Long signal.
Four other trades were closed today (these were price action trade rather than Kevin's method):
USD/JPY -20
GBP/JPY +41
GBP/CHF +83
USD/CHF +54
It appears that GBP/JPY may be setting up for a Long trade per Kevin's method. With a daily range of over 300 pips the last few days, though, the issue becomes stop placement.Ignored
Dislikedwwh,
I know from backtests that my method has about a 15% maximum drawdown. When I committed to using my system, I in effect decided I would be ok with losing 15% of my account (or even more; if this year isn't as good as last). So, when I get one trade that shows I have lost 3.52% out of my maximum tolerable 15%, it is something I have already come to terms with. In the not so distant future, you will see how my method really performs.
Regards,
KevinIgnored
DislikedI really appreciate you posting your loosing trades.
Honesty pays you many times in your life.
Forback testing, what platform do you use?
Thanks.
-ChandraIgnored
QuoteDislikedI found your response re- reporting losses quite informative. I suspect that I have not come to terms with that aspect yet (still probably embarrassed). I wish you the greatest performance with your method. Btw your call on gbp/usd and usd/jpy was very accurate despite the fact that these usually run opposite!
wwh
DislikedHi Kevin,
How many pairs you watch?
For now, I am only going to be trading USD/JPY, GBP/JPY, and GBP/USD. I'm doing this because they are the top performers in backtests averaging a 70% win rate.
Do you take all trades that come up?
Yes; if it is a signal by my method, I take it.
Do you analyse at the end of the day and place orders immediately or wait to place order until next day.
I usually check on my trades throughout the day, just to see the progress. I actually place my trades an hour or two before close; which for me is 11PM CST. I like to look at the charts on smaller time frames just glancing using candlestick analysis and fib lines, so I can know what to expect in the short term. No matter what though, I will follow my method's rules.
I have learned that analysis work and identifying the entry signals is only a small part of the job, managing the trades to successful completion takes more effort, more intellegince and more time. I am trying to find how do you distribute your time.
Thanks for everything you have done to this group.
No Problem
-ChandraIgnored
QuoteDislikedNo new trades today, but I did place a Limit Order to Short EUR/USD if it reaches 1.3250 again. I rarely trade this pair, but was swayed by:
Short signal per Kevin's method
Double Top or close @ 1.3260 on 2/27, 1.3253 today
Divergence on Momentum indicator--Daily & 240 charts
High for the year is 1.3297, so a fairly small stop is possible
The GBP/JPY Long trade has moved up nicely so far (+101 pips), but this trade's a long way from done, so time will tell.
QuoteDislikedHey Yen,
I'm seeing the high for the year at 1.3363 on 12-8-06. Also, I'm not getting a signal on my charts although it's close. I do like that it is forming a doji on the daily today. I would wait for some bearish confirmation to enter, but whatever you do, good luck!
Current trades are looking pretty good at the moment; was hoping for movement today, but maybe tonight/tomorrow will be enough to cash out.
Good luck,
Kevin