Hi Steve,
When you say back to basics, what factors do you use most when deciding to go long or short at the beginning of a new deal. Thanks
Dave
OK,
A very disappointing day overall. Have been able to tighten stop loss on USDCAD but USDJPY has reversed on me and looks like giving only the second over 100 pip loss since we started back in November....
USDCAD long from 1.1748 (s/l 1.1713 guarantees minus 35 pips)
USDJPY short from 116.19 (s/l 117.23 guarantees minus 104 pips)
New trades...
EURUSD long from 1.3223 (s/l 1.3167 guarantees minus 56 pips)
USDCHF short from 1.2166 (s/l 1.2209 guarantees minus 43 pips)
GBPUSD long from 1.9365 (s/l 1.9201 guarantees minus 164 pips)
Currently, I'm up 467 pips in closed trades in March and these trades have current stop losses of 402 pips in total. If these are hit at these levels, I'll have reversed the great trades I had earlier in the month.
If I'd gone long EU & short UCHF two days ago, we'd now be in profit instead of sustaining 2 days losses. Hopefully they won't do a UJ on me and reverse tomorrow lol. Although UCHF is forming a hammer, I'm staying short pending confirmation of a reverse in trend.
GU has shot up as I thought it may but took my stop loss out before doing so.
Hoping for better news tomorrow after a less than auspicious couple of days trading on my part.
Kind Regards
Steve
Hey Steve,
Great job this month! I sense your confidence waining in your system. Keep up the good work; I KNOW you'll come out on top! I also have been shaken out of a trade or two, so I feel your pain! Here's to a good rest of the week my man!
Regards,
Kevin
Hi Stiviet! I'm a newcomer and I've finished reading through all your threads. One question I have is do you also set your tp immediately upon entering a deal? anyway,
Congratulations on your winning system, thanks for sharing your trades and wish you best of luck throughout your journey!
Steviet,
I know you were bummed out about your February and your March has slid a bit this week. However, I was just checking out a few 'managed accounts' by some "professionals" online and their portfolios took big hits in February and also in March so far. One account lost over 25% in February alone. I'm writing this to encourage you and let you know that even the "pros" have struggled these last two months. Keep up the good work.
Roland
Hi Stiviet! I'm a newcomer and I've finished reading through all your threads. One question I have is do you also set your tp immediately upon entering a deal? anyway,
Congratulations on your winning system, thanks for sharing your trades and wish you best of luck throughout your journey!
hey Steve,
I noticed that you have decided to go back to your original plan: If stopped and previous bar is long-go long...if previous bar is short-go short.
If the bar is a doji, continue the trend. (did I get it right?).
If so, have you seen back in your trades, where did you deviated from this method and what the results would have been if you had sticked to it instead of looking at R/S, MA's and all those microbes that polute a chart and on occassions a trader's mind?
OK,
A little disappointed that the three open trades have retraced a fair way. Overall, they are still well in profit (EU +86, GU +54 & UCHF +86).
I have decided to implement a slight change in my stop loss policy that doesn't occur that often but should save me pips when it does.
The new rule is that if any position has been up over 100 pips and the stop loss is still in a minus, I will move the stop loss to break even. Should the trade progress over a few days, the stop will then be moved to -10 or +10 of the previous days low/high as before.
As I said, it rarely happens but it does on occasion lose me the odd 20 pips here & there per trade.
Therefore, the stop losses on these 3 open trades will be moved to b/e tonight. EU would have been at b/e anyway but potentially if we get a big reversal Monday, GU would save 17 pips and UCHF 15 pips.
I think this makes sense as in every case this has happened live so far, the trade would have hit the stop loss anyhow. I think it may save a few hundred pips over a year.
Kind Regards
Steve
LOL
I feel you on this, I had CHF I was up over 100+ and I took a loss of -47 on it.
