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Steviet's Live Trades!

  • #1,261
  • Mar 16, 2007 4:51pm Mar 16, 2007 4:51pm
It's been a real rollercoaster of a week but ended up with 3 trades carried over into the weekend...

USDCHF short from 1.2172 (sl 1.2172 at break even)
GBPUSD long from 1.9365 (sl 1.9365 at break even)
EURUSD long from 1.3223 (s/l 1.3223 at break even)

UCHF currently up 100 pips, GU up 58 pips & EU up 92 pips. These have had stops brought to break even as per new rule. Looking to lock in some of these pips come Monday night.

Have a great weekend all

Kind Regards
Steve
  • #1,262
  • Mar 17, 2007 8:06am Mar 17, 2007 8:06am
Dear Steve

Hope you are doing fine...

I have question as below:

When you go short and place your stop loss at previous day high -10 pips. and the price closes up to 1 pip less your stop loss, would you move your again to the current say close ( which is i pip away from your stop loss ).

The question is that if you keep amoving your stoploss again and again and if you got about ten or 15 days of lossing streak, then it will wiped your account.

I hope that the above question is clear...Awaiting for your reply.

regds

zamir
Thanks and Regards Zamir M Iqbal
  • #1,263
  • Mar 17, 2007 8:14am Mar 17, 2007 8:14am
Hi Zamir,

No, the stop loss is never ever moved further away.

As an example, if I was in GU trade long from 1.9500 with s/l at 1.9475, if the next day the low was 1.9480, the s/l would stay at 1.9475, not 1.9470.

It can be quite annoying getting stopped out by a pip or two, but as you say, if I were to keep moving then potentially the risk would be far greater.

Hope this clarifies.

Kind Regards
Steve

Quoting zamiriqbal
Dear Steve

Hope you are doing fine...

I have question as below:

When you go short and place your stop loss at previous day high -10 pips. and the price closes up to 1 pip less your stop loss, would you move your again to the current say close ( which is i pip away from your stop loss ).

The question is that if you keep amoving your stoploss again and again and if you got about ten or 15 days of lossing streak, then it will wiped your account.

I hope that the above question is clear...Awaiting for your reply.

regds

zamir
  • #1,264
  • Mar 17, 2007 8:38am Mar 17, 2007 8:38am
Hi Steve

Just one more question...

So when do you move your stop loss..?

Quoting steviet
Hi Zamir,

No, the stop loss is never ever moved further away.

As an example, if I was in GU trade long from 1.9500 with s/l at 1.9475, if the next day the low was 1.9480, the s/l would stay at 1.9475, not 1.9470.

It can be quite annoying getting stopped out by a pip or two, but as you say, if I were to keep moving then potentially the risk would be far greater.

Hope this clarifies.

Kind Regards
Steve
Thanks and Regards Zamir M Iqbal
  • #1,265
  • Mar 17, 2007 11:18am Mar 17, 2007 11:18am
Assuming I'm still in the trade, the stop loss is moved after the completion of each daily bar (excluding Sunday).

Kind Regards
Steve

Quoting zamiriqbal
Hi Steve

Just one more question...

So when do you move your stop loss..?
  • #1,266
  • Mar 18, 2007 4:08pm Mar 18, 2007 4:08pm
So, a new week is upon us

Existing trades carried forward......

USDCHF short from 1.2172 (s/l 1.2172 guarantees b/e)
GBPUSD long from 1.9365 (s/l 1.9365 guarantees b/e)
EURUSD long from 1.3223 (s/l 1.3223 guarantees b/e)

New trades....

USDJPY short from 116.41 (s/l 117.67 guarantees minus 126 pips)
USDCAD short from 1.1770 (s/l 1.1785 guarantees minus 15 pips)

Have a great week all

Kind Regards
Steve
  • #1,267
  • Mar 19, 2007 6:44am Mar 19, 2007 6:44am
Dear Steviet

Hope you are doing fine.

Can you please let us know what made you go short....( if possible please put chart ) otherwise, please explain the logic. It would be a great help...

Thanks

Quoting steviet
So, a new week is upon us


USDJPY short from 116.41 (s/l 117.67 guarantees minus 126 pips)
USDCAD short from 1.1770 (s/l 1.1785 guarantees minus 15 pips)
Have a great week all

Kind Regards
Steve
Thanks and Regards Zamir M Iqbal
  • #1,268
  • Mar 19, 2007 7:22am Mar 19, 2007 7:22am
Well, a disastrous start to the week.

USDCAD stopped out for minus 15 pips - current high is 1.1782 but my s/l at 1.1785 was hit. Now trading in the 1.1750's lol

USDJPY - looked a good trade when I was up about 15 pips as I went to bed - not so good now as it is currently minus 105 pips.

GBPUSD - is looking OK, currently up 84 pips although will only be able to lock in 13 pips later as it flirted with my s/l during asian session.

USDCHF - has reversed on me somewhat - currently up 46 pips

EURUSD - again, has reversed a little but hopefully 1.3280 will hold - currently up 72 pips.

To answer Zamir's question, I went short on USDJPY & USDCAD as the daily bars indicated I do so. I stick to my system so have to take the losers like a man lol. I'm currently reading 'New Market Wizards' and it really encourages me that I appear to be on the right track.

Those mega successful traders sure don't mind only winning 20-30% of their trades as long as they end up positive.

Kind Regards
Steve

Please note, my daily bars finish earlier than most - I see UJ had retraced about 100 pips in that 2 hour period so that may be why Zamir is questioning my motives for going short on UJ
  • #1,269
  • Mar 19, 2007 8:02am Mar 19, 2007 8:02am
Hi Steve

I was thinking of going long on UJ, but i was just wondering that you look at some pattern which i missed.. how did u determine looking at the candle sticks to go short.... just want to know what made u go short..thanks.

Quoting steviet
Well, a disastrous start to the week.

USDCAD stopped out for minus 15 pips - current high is 1.1782 but my s/l at 1.1785 was hit. Now trading in the 1.1750's lol

USDJPY - looked a good trade when I was up about 15 pips as I went to bed - not so good now as it is currently minus 105 pips.

GBPUSD - is looking OK, currently up 84 pips although will only be able to lock in 13 pips later as it flirted with my s/l during asian session.

USDCHF - has reversed on me somewhat - currently up 46 pips

EURUSD - again, has reversed a little but hopefully 1.3280 will hold - currently up 72 pips.

To answer Zamir's question, I went short on USDJPY & USDCAD as the daily bars indicated I do so. I stick to my system so have to take the losers like a man lol. I'm currently reading 'New Market Wizards' and it really encourages me that I appear to be on the right track.

Those mega successful traders sure don't mind only winning 20-30% of their trades as long as they end up positive.

Kind Regards
Steve

Please note, my daily bars finish earlier than most - I see UJ had retraced about 100 pips in that 2 hour period so that may be why Zamir is questioning my motives for going short on UJ
Thanks and Regards Zamir M Iqbal
  • #1,270
  • Mar 19, 2007 11:38am Mar 19, 2007 11:38am
....if the amount of losses is part of your "trading equation" than be a man! You're an inspiration to the rest of us....

....but don't stay there and get full bullets of lead.

I'm asking for the same thing as Zamir. Could you, p l e a s e, post a chart or two and mark on them your reasoning? I'm just learning and would greatly appreciate that gesture of yours.

(If you have time and like to do so)

Peter.
  • #1,271
  • Mar 19, 2007 12:29pm Mar 19, 2007 12:29pm
OK,

UJ stopped out for minus 126 pips

My 3rd over 100 pip stop out - not bad on my system for nearly 5 months.

Attached is the UJ daily chart - if you discount today's daily bar you should see why I went short. As I said previously I may have gone long if my daily bars started two hours later as by then the price had already hit bottom at 116.24 & bounced 100 pips much to my dismay. In actual fact, because we had a lower low & a higher high today, I would've been stopped out either way but the damage would not have been so great going long.

Now I have a dilemna in entering again tonight - is it going to bounce back off resistance around 116.60/70 or should I go long as my system dictates with another initial stop loss in excess of 130 pips???? The markets have been cruel on my system these past few days as it doesn't seem to know where to go after the bigh moves of the week before.

Current trades open...

USDCHF short from 1.2172 - currently plus 33 pips
GBPUSD long from 1.9365 - currently plus 57 pips
EURUSD long from 1.3223 - currently plus 61 pips

Closed trades for March: +87 pips
Cumulative from Nov 06: +1146 pips

Kind regards
Steve
Attached Image
  • #1,272
  • Mar 19, 2007 12:51pm Mar 19, 2007 12:51pm
Hi Peter,

I must stay true to my system at all costs to make sure I know whether this will work long term.

Sure, this past week has been very very frustrating - I have been up nearly 700 pips this month and now more than 600 of those given back to the market.

Trades over 100 pips have bounced straight back the next day but if you are always in the market, these things you have to deal with. The beauty of the system is that because you are in the market all the time, you are already in at the start of a big move or at worst the second day. Then, you just ride it for what it's worth, whether that be a few hundred pips or even more.

Discipline is the key and I will only know if I can trade this properly if I stay true all the time. I may have to look at changing things if they don't work out but setting TP's for instance goes against the whole essence of what I do.

The other alternative I've looked at is to close positions down after a day and then re-open. In some cases you would gain by taking the pips whilst they are on the table but in others you would lose by not staying in the trade and guessing reversals too soon. The other thing to take into account is openeing and closing 5 positions each day would be the loss of pips due to the spread.

My system is by no means perfect but if I can come out of the year witha few thousand pips and a healthy increase in account balance, that's all I want.

At the moment I keep getting to 2000 pips then bouncing back lol. I'm confident I'll make it by October

Kind Regards
Steve

Quoting petercross
....if the amount of losses is part of your "trading equation" than be a man! You're an inspiration to the rest of us....

....but don't stay there and get full bullets of lead.

I'm asking for the same thing as Zamir. Could you, p l e a s e, post a chart or two and mark on them your reasoning? I'm just learning and would greatly appreciate that gesture of yours.

(If you have time and like to do so)

Peter.
  • #1,273
  • Mar 19, 2007 1:31pm Mar 19, 2007 1:31pm
Quote
Now I have a dilemna in entering again tonight - is it going to bounce back off resistance around 116.60/70 or should I go long as my system dictates with another initial stop loss in excess of 130 pips???? The markets have been cruel on my system these past few days as it doesn't seem to know where to go after the bigh moves of the week before.

Hey Steve,

If your system says to go long, I would probably go long. Don't let these whipsaws scare you out of making trades. If it makes you feel any better, my system is saying long is a good side to be. I went long USD/JPY @ 117.24 and have a T/P set for 118.14. I mention some reasoning in my thread about JPY crosses that is applicable to USD/JPY. I know you don't use T/P's so it may not be beneficial for you until a break of around 117.8 or so, but even still if it reverses at my T/P, then that's not very good Risk to Reward. Anyway, whatever you decide to do, I wish you luck.

Regards,

Kevin
  • #1,274
  • Mar 19, 2007 3:03pm Mar 19, 2007 3:03pm
Hi Kevin,

I'll be going long UJ in an hour as that's what my system dictates. If I lose, so be it - it can be painful but it's on with the next trade

Should be able to lock in some modest pips on the 3 open trades so all's not bad.

Kind Regards
Steve


Quoting kharvell
Hey Steve,

If your system says to go long, I would probably go long. Don't let these whipsaws scare you out of making trades. If it makes you feel any better, my system is saying long is a good side to be. I went long USD/JPY @ 117.24 and have a T/P set for 118.14. I mention some reasoning in my thread about JPY crosses that is applicable to USD/JPY. I know you don't use T/P's so it may not be beneficial for you until a break of around 117.8 or so, but even still if it reverses at my T/P, then that's not very good Risk to Reward. Anyway, whatever you decide to do, I wish you luck.

Regards,

Kevin
  • #1,275
  • Mar 19, 2007 3:08pm Mar 19, 2007 3:08pm
  •  markt
  • | Joined Jan 2007 | Status: Would be... Full time trader | 88 Posts
Hi Steve, Hope your well!

I reckon usd/jpy could be in for a volatile few days. Looks like a good bet to go long, but would not surprise me if it quickly turn south and head towards 114. Do you think you would view your trades differently if you had a larger s/l? I am sure you will right and more pips will be added to your total! :-)
  • #1,276
  • Mar 19, 2007 3:13pm Mar 19, 2007 3:13pm
Hey Mark,

Hope you're well too

UJ and yen in particular has been all over the place since the big drop. Made over 300 pips on that trade and given most back as the market decides what to do next.

I thought it would have seen the low 115's again before bouncing but that's what thinking does lol.

The s/l issue is one I'm comfortable with for now. It's rare that I make a loss as big as today on one trade but it has happened twice before and will again.

Kind Regards
Steve

Quoting markt
Hi Steve, Hope your well!

I reckon usd/jpy could be in for a volatile few days. Looks like a good bet to go long, but would not surprise me if it quickly turn south and head towards 114. Do you think you would view your trades differently if you had a larger s/l? I am sure you will right and more pips will be added to your total! :-)
  • #1,277
  • Mar 19, 2007 4:02pm Mar 19, 2007 4:02pm
OK,

3 trades carry over......

USDCHF short from 1.2172 (s/l 1.2158 guarantees plus 14 pips)
GBPUSD long from 1.9365 (s/l 1.9378 guarantees plus 13 pips)
EURUSD long from 1.3223 (s/l 1.3269 guarantees plus 46 pips)

New trades....

USDJPY long from 117.54 (s/l 116.14 guarantees minus 140 pips )
USDCAD short from 1.1770 (s/l 1.1793 guarantees minus 23 pips)

Well, as long as UJ doesn't bounce back 140 pips I'll not be too unhappy lol

Kind Regards
Steve
  • #1,278
  • Mar 20, 2007 2:30am Mar 20, 2007 2:30am
Well, USDCHF stopped out overnight for plus 14 pips. My s/l was at 1.2158 & high so far is 1.2156 - looks like it may be going down again aarrgghh lol. Again, has been over 100 pips but a win is a win & the main thing is to keep the pips coming in.

Current positions...

USDJPY long from 117.54 plus 15 pips
USDCAD short from 1.1770 minus 8 pips
GBPUSD long from 1.9365 plus 95 pips
EURUSD long from 1.3223 plus 74 pips

March closed trades: +101 pips (+1.10% increase in a/c bal)
Cumulative since Nov 06: +1160 pips

Kind Regards
Steve
  • #1,279
  • Mar 20, 2007 7:19am Mar 20, 2007 7:19am
Well, what a difference a day makes

GU long has finally come good and all trades well in profit...

USDJPY long from 117.54 - currently +20 pips
USDCAD short from 1.1770 - currently +74 pips
GBPUSD long from 1.9365 - currently +216 pips
EURUSD long from 1.3223 - currently +63 pips

Will be able to tighten stop losses on GU & UJ tonight - EU & UCAD flirted with their s/l so they will remain the same (unless UCAD is brought to break even under my new rule)

Kind Regards
Steve
  • #1,280
  • Mar 20, 2007 7:42am Mar 20, 2007 7:42am
OK, USDCAD short from 1.1770 has just gone over 100 pips up so the stop loss has been moved to break even.

The 4 open positions are currently up around 400 pips - hope I can lock a couple of hundred in over the next day or two.

Kind Regards
Steve
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