Trading like a market wizard

i have a very good success record. i would like to show you what i can do.
i know that some of you will have a problem with my stop placements or trade reasonings. but watch...
we will take this short at 0.7778
the stop will be at 0.7948.
risk is 170.
an exit signal will be provided in due time. until then, we will remain in the market unless we are stopped.

How long have you been trading?
What time frame do you use?
How accurate are your picks?

What method do you use to select trades?

Thank you

hi RickW00716,
i have been trading for over seven years.
i use a number of time frames to monitor but mainly take positions based on daily signals.
i am accurate enough to turn just over £300 into over £50,000 in four months with a win/loss ratio that is good enough to allow me to risk, up to but never over, 10% per trade.
i try and write on my graphs why i am taking the trade. unfortunately the graphs are displaying much smaller than they are so you may have difficulty seeing them. it is strange because i have seen some large images of graphs on here...

You could try different letter sizes...

wizard - this morning i took a long on the AUD. Just like you, i have been trading for about 6 years now (first 3 years were paper trades only). Have a good win loss ratio and i am generally a swing trader with positions held for 3-10 days.

Why have i taken a long:

My indicators on the daily, 4 hours and 8 hours point long

Gold is starting to come back up after the recent slide (AUD is very sensitive to Gold).

Australia has a GDP forecast of 1% growth in this quater compared to 0.25% forecasted.

US$ is trading sideways against most currencies and most analysts believe that the dollar will go south.

Plus my technical indicators and trading strategy - all point long.

I took a long at 0.7762 - AND will hold onto this for a while and my target is 7920 with a stop at 7700. I will tighten my stop before NFP in case there is a suprise jump in NFP which is unlikely - why unlikely - i guess i will post that in a seperate thread.

\Girish

\Girish

hello gmohata,

thank you for your response. this certainly makes it interesting. one of us is going to be lining the others pockets then

i always find it fascinating how two traders can look at the same chart and see completely different things.

i am short because:

the pair have made a series of lower highs from the resistance at 0.8000 which as you should be aware is very, very strong resistance. (according to my charts it hasn't broken 0.8805 in over ten years although it has tried several times in that period)

the recent retracement has stalled at the first of three ema's that i use - in this case it is the 10.

the price has also failed to break the 38.2% fibonacci level (from the recent high to the recent low) over two sessions.

normally, i would have got in at a break of the last session's low but this time i am very confident and have, as a result, jumped in feet first.

may the best of luck be with you. maybe we can both win?

Hi Wizard
I think you are looking at it from a very technical analysis perspective. I am seeing techs as well as fundamentals. I guess this is why we are seeing the same chart in different ways. So far it seems i am winning the pips. However i respect your position and wish you luck.

May the force be with us

\Girish

gmohata,
well - i can see you came within 40 pips of target on this...
did you close?
that's a sharp move down today...

great to see some new trader I look forward to seeing your results..

Hi The_Wizard,

I must say I am very interested in your trading system/ method. I am very interested in systems that trades from daily prices.

I would really like to know more about your method and rules.

Regards,

Boerseun

AUD/USD will rise to a high of about 1.7900 or less, then reverse. So technically wizard will win, but meanwhile gmohata will earn 140 pips. So it'll be a kind of draw.

Hi Wizard - i am still long on this and have added onto my position when it did retrace a bit - current positions on AUD/USD:

LONG:
Trade 1 - 9th March - 4 Lots @ 0.7762 - Target 0.7920 (Revised) - Stop Break Even

Trade 2 - 14th March - 4 lots @ 0.7802 - Target 0.7920 - Stop 0.7760

I may have to change my stops if AUD/JPY carry trades unwind - however i will hold my long position against the USD because fundamentals, my charts and trading systems currently tell me Long.

Are you still Short ?

Regards
Girish

hello grish,
yes, i'm still short and i must confess feeling a bit of motion sickness.
the last couple of sessions have been choppy.
the aud doesn't seem to have made up its mind what it wants to do although it looks like "itme" above has decided for it...

grish,
what can i say?
clearly, the better trader won
I think it's time for me to get out...
well done!
T

Dear Wizard,
Thanks - and yes i did win the pips on this one. All good. However would like to add you to the bussy list and hear some more ideas from you where we can see each others perspective and learn from it.

I do see that AUD is now at an all time resistance so it will be difficult to breach. However seeing the current trend in USD majors i wouldnt be suprised if this resistance is broken. However before that, there may be a minor correction.

Regards,
Girish