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  • #1,301
  • Mar 21, 2007 4:27pm Mar 21, 2007 4:27pm
Agreed,

Musn't get too down or too excited - just place the trades and take what the market gives me

As I said in an earlier post, I'm reading 'New Market Wizards' which has really encouraged me. A lot of what is written, my system encompases well. Not that it's easy to trade all the time but what method is?

BTW, I should've known Feb was going to be a bad month what with only 28 days

Anyhow, onwards & upwards....

Kind Regards
Steve

Quoting turbokaos
Looking good mate, this why you can't get down when the mkt down. Most months have 30days, and quarters have 3 of them
  • #1,302
  • Mar 21, 2007 4:30pm Mar 21, 2007 4:30pm
Hey Ken!

I wondered where you'd got to - hope all is well

Good of you to drop in my friend - you're always welcome here.

Actually, my 11 year old is always beating me at chess - maybe he should trade for me

Kind Regards
Steve

Quoting monarch
I don't reply to many posts these days, but I do want to say how nice it is too see your success. I make it a point to come everyday and watch your game of chess.

Keep up the awesome work.

Ken
  • #1,303
  • Mar 21, 2007 4:34pm Mar 21, 2007 4:34pm
Hi Steve,

Congratulations on a robust system!
I have been recently working on a system for daily charts, that sounds like it may share common themes with yours,with a couple of added indicators for decor! Is it the case that you only take a position in the direction of the previous days candle, in order to set your stop losses below that candle?

Ed.
  • #1,304
  • Mar 21, 2007 5:11pm Mar 21, 2007 5:11pm
Hi Ed,

In most cases that's correct but occasionally I go in an opposite direction. An example of this would be where a price has retraced to an area of resistence.

In some cases, I may decide to take an opposite position from what you may first think, depending on candle formation and where the price is in relation to previous daily bars.

Kind Regards
Steve

Quoting Ted1983
Hi Steve,

Congratulations on a robust system!
I have been recently working on a system for daily charts, that sounds like it may share common themes with yours,with a couple of added indicators for decor! Is it the case that you only take a position in the direction of the previous days candle, in order to set your stop losses below that candle?

Ed.
  • #1,305
  • Mar 21, 2007 5:26pm Mar 21, 2007 5:26pm
Aaah, I see, so in this case the stop goes 10 pips above the spike?

I am asuming this system is 100% discretionary, but do you use any indicators, other than price, as an entry signal or to filter out bad trades?

I am still demoing ya see and have been toying with using money flow index as a kill switch on adding to treding positions as it appears to signal imminent reversals when above 70/below 30. Also MACD looks usefull for identifying trendy or ranging markets, but i guess a glance at the chart can do that too!

I'd be interested to hear from yourself or anyone else on this.
  • #1,306
  • Mar 21, 2007 5:38pm Mar 21, 2007 5:38pm
Yup, that's right. I don't really use indicators as I've found them more of a hindrance than a help.

I do have two on my charts most times (time series forecast setting 15 & Triple Exponential Moving Average setting 12), although I don't use them to make trading decisions. They can help from time to time to alert me to possible trend exhaustion.

I know this journal is now extremely long as I have noted every single trade since last November but it should give you a good idea of what I'm trying to do.

It's not for the feint hearted - I trade in a different manner to most methods you see here but that's because I was forced to come up with a system that could fit around my job.

The trick is to come up with a method that suits you and your personality, add a money management technique that prevents large drawdowns and most importantly, stick with it. You will only know if the system works and you suit the system after many many trades, through bad times and good.

Not so long ago I had 22 straight losses - I know I would have found it difficult to see it through if I hadn't backtested well and known I would come out the other side.

Hope these few words help & best of luck

Kind Regards
Steve
Quoting Ted1983
Aaah, I see, so in this case the stop goes 10 pips above the spike?

I am asuming this system is 100% discretionary, but do you use any indicators, other than price, as an entry signal or to filter out bad trades?

I am still demoing ya see and have been toying with using money flow index as a kill switch on adding to treding positions as it appears to signal imminent reversals when above 70/below 30. Also MACD looks usefull for identifying trendy or ranging markets, but i guess a glance at the chart can do that too!

I'd be interested to hear from yourself or anyone else on this.
  • #1,307
  • Mar 22, 2007 7:44am Mar 22, 2007 7:44am
OK,

All 5 trades still open and currently.....

USDCHF short from 1.2115 - minus 12 pips
USDJPY long from 117.54 - plus 18 pips
USDCAD short from 1.1770 - plus 204 pips
GBPUSD long from 1.9365 - plus 312 pips
EURUSD long from 1.3223 - plus 123 pips

We'll have to see what effect the US speech has later but should be able to lock in some more pips later. Currently locked in 276 pips. As I write this the dollar is rallying but I'm not overly concerned. If the highs & lows arent breached today, I can lock in 494 pips but I think we may see that eroded somewhat later today.

Kind Regards
Steve
  • #1,308
  • Mar 22, 2007 1:15pm Mar 22, 2007 1:15pm
OK,

USDCHF short stopped out for minus 58 pips.

Should be able to lock in a guaranteed 440 pips on the remaining 4 trades in a few hours. Some dollar support being shown after the various speeches.

Current trades....

USDJPY long from 117.54 - plus 64 pips
USDCAD short from 1.1770 - plus 183 pips
GBPUSD long from 1.9365 - plus 267 pips
EURUSD long from 1.3223 - plus 100 pips

Will have to re-enter USDCHF later - my system at present says long but let's see later.

Closed trades Mar: +43 pips (lots to come though )
Cumulative from Nov 06: +1102 pips

Kind Regards
Steve
  • #1,309
  • Mar 22, 2007 1:32pm Mar 22, 2007 1:32pm
thanx for giving my pips back on the CHF, but it looks like a few got lost
  • #1,310
  • Mar 22, 2007 1:37pm Mar 22, 2007 1:37pm
That's OK bro

Hmm, UCHF has fallen again to around 1.2150 - last 3 days we have seen higher highs but alsolower lows on this pair.

I'll just have to see where it sits in a couple of hours...

Kind Regards
Steve

Quoting turbokaos
thanx for giving my pips back on the CHF, but it looks like a few got lost
  • #1,311
  • Mar 22, 2007 1:58pm Mar 22, 2007 1:58pm
it's a fickle business... truth is that is part of what makes it exciting!

Jackie
  • #1,312
  • Mar 22, 2007 3:48pm Mar 22, 2007 3:48pm
Yup, it's fickle alright and a few other things I could mention lol, but if I can extract money then that's fine by me

Kind Regards
Steve

Quoting coastalfx
it's a fickle business... truth is that is part of what makes it exciting!

Jackie
  • #1,313
  • Mar 22, 2007 4:03pm Mar 22, 2007 4:03pm
OK it's that time of day again. The 4 open trades have had stop losses tightened or moved further into profit....

USDJPY long from 117.54 (s/l 117.14 guarantees minus 40 pips)
USDCAD short from 1.1770 (s/l 1.1605 guarantees plus 165 pips)
GBPUSD long from 1.9365 (s/l 1.9603 guarantees plus 238 pips)
EURUSD long from 1.3223 (s/l 1.3300 guarantees plus 77 pips)

So, worst case scenario on these trades would be a 440 pip profit

New trade......

USDCHF short from 1.2142 (s/l 1.2192 guarantees minus 50 pips)

Trade reasoning - very tricky call but I remain bearish on this pair with a close below 1.2170 area. Although the daily bar is somewhat bullish, it doesn't look very strong. The only thing that swung it for me was that I believe EU was just taking a breather today and will push up again tomorrow, pressurising UCHF in the process.

The risk is not great pip wise and the fact that trading either way on this pair the last two days would've stopped me out for a loss means we need to see positive direction one way or another.

Let's see what tomorrow brings - even with the new trade we have 390 guaranteed pips in the bag - maybe squeeze a few more out tomorrow

Kind Regards
Steve
  • #1,314
  • Mar 22, 2007 7:24pm Mar 22, 2007 7:24pm
Hi Steve

Glad to see you are doing well. Keep up the good work and you'll easily reach your goals.

All newbies should learn 2 important things from this thread:

1. You need to have a trading plan that gives you an edge

2. You need to stick to it thru good and bad times

Cheers
  • #1,315
  • Mar 22, 2007 7:28pm Mar 22, 2007 7:28pm
Hey thanks IS

I remember your contributions in the dim & distant past

Hope all is well with you & yours.

As you can see I've had my ups and downs but still in profit and learning as I go.

Kind Regards
Steve

Quoting ItalianSharp
Hi Steve

Glad to see you are doing well. Keep up the good work and you'll easily reach your goals.

All newbies should learn 2 important things from this thread:

1. You need to have a trading plan that gives you an edge

2. You need to stick to it thru good and bad times

Cheers
  • #1,316
  • Mar 23, 2007 7:23am Mar 23, 2007 7:23am
OK,

My EURUSD long from 1.3223 was stopped out this morning for plus 77 pips. A little disappointing as s/l was 1.3300 & lowest price today 1.3301 before rebounding.

However, other positions are currently.....

USDCHF short from 1.2142 - plus 11 pips
USDJPY long from 117.54 - plus 12 pips
USDCAD short from 1.1770 - plus 199 pips
GBPUSD long from 1.9365 - plus 290 pips

Should be able to lock in some more later all being well

Closed trades for March: plus 120 pips
Cumulative from Nov 06: plus 1179 pips

Kind Regards
Steve
  • #1,317
  • Mar 23, 2007 7:40am Mar 23, 2007 7:40am
about 250 pips a month is a nice profit. If you can manage to go on with this consistency, you're future will be secured
I'm getting there ... slowly
  • #1,318
  • Mar 23, 2007 7:44am Mar 23, 2007 7:44am
That's the plan Mike,

I was originally aiming for 6000 pips over a year (average 500 a month) but half that would do quite nicely

The current open positions will give me over 300 pips, maybe more so that would make the total just over 1500 for near enough 5 months.

Still just over 7 months to go (and I have been up over 2000 pips earlier this year) so time will tell but I'm confident I can at least make a fairly consistent profit.

Kind Regards
Steve

Quoting miketoll
about 250 pips a month is a nice profit. If you can manage to go in with this consistency, you'll future is secured
  • #1,319
  • Mar 23, 2007 9:10am Mar 23, 2007 9:10am
Is your name "Stevie T." or "Steviet"? It always confuses me lol
  • #1,320
  • Mar 23, 2007 12:26pm Mar 23, 2007 12:26pm
HAHA,

My name is actually Steve & my sirname starts with the letter T. In my sports teams, Steve tends to be a common name so I'm known as Stevie T.

Kind Regards
Steve

Quoting tdion
Is your name "Stevie T." or "Steviet"? It always confuses me lol
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