Hey Sherm...do you think I should add an oscillator? I am trying to learn to trade JUST LIKE YOU.
Your chart looks ... incomplete!
- #9,326
- Feb 27, 2009 6:17am Feb 27, 2009 6:17am
- Joined Jan 2008 | Status: Trader | 2,996 Posts
Alright I am long myself...
- #9,328
- Feb 27, 2009 6:44am Feb 27, 2009 6:44am
- Joined Jan 2008 | Status: Trader | 2,996 Posts
Will move stop to break even when the time is right...once again it was probably easy money...
Hey Sherm...do you think I should add an oscillator? I am trying to learn to trade JUST LIKE YOU.
BB
Whats happening in EUR/USD should be happening to you!
- #9,333
- Feb 27, 2009 7:46am Feb 27, 2009 7:46am
- Joined Jan 2008 | Status: Trader | 2,996 Posts
Alright I am still holding my long ....
- #9,335
- Feb 27, 2009 8:08am Feb 27, 2009 8:08am
- Joined Jan 2008 | Status: Trader | 2,996 Posts
Got out at break even...and will now buy at a lower price when it dips...
- #9,338
- Feb 27, 2009 10:51am Feb 27, 2009 10:51am
- | Joined Nov 2008 | Status: I support the resistance | 1,033 Posts
- #9,340
- Edited 8:44pm Feb 27, 2009 8:11pm | Edited 8:44pm
Just thought I'd post my demo results since starting to keep detailed records on Jan-6, to share the experience of a forex/sr newbie.
My "all trades" spreadsheet has every trade setup I identify, and goes by strictly mechanical rules thereafter: Enter no matter what time of day, proximity of news, price action, etc -- if my line is hit, I'm in. Then exit half position at +40 pips and move stop to BE; exit rest at +80 pips; otherwise, do not touch it. This means the three possible results for each trade are 40 pip loss, 20 pip gain, and 60 pip gain. Almost all of these were previous-support-becomes-resistance (or vice versa) trades; there were one or two buckets, and only one "same side" trade (i.e., going short at a line price has already used as strong resistance).
Results for Jan 6 to Feb 27 were 38 wins, 30 losses, for a 55.9% win rate. Total gain was roughly 16x Risk. Only one losing week.
Now, taking that spreadsheet and zeroing out all trades where my notes had ANY mitigating factors -- strong price momentum as it approached my entry, previous bounces from line within 20 pips, any previous touches of line after the initial break through -- in other words, not entering any trades where I had ANY reservations, the results were:
30 wins, 12 losses, for a 71.4% win rate and gain of 23x Risk. No losing weeks.
So, honestly, not bad either way (man, who am I kidding; I'd be over the moon if I can approach those results live). And definitely shows the value of "looking for reasons NOT to take the trade".
Now all I have to do is reproduce these results with my live account (at $1/trade for now)
My "all trades" spreadsheet has every trade setup I identify, and goes by strictly mechanical rules thereafter: Enter no matter what time of day, proximity of news, price action, etc -- if my line is hit, I'm in. Then exit half position at +40 pips and move stop to BE; exit rest at +80 pips; otherwise, do not touch it. This means the three possible results for each trade are 40 pip loss, 20 pip gain, and 60 pip gain. Almost all of these were previous-support-becomes-resistance (or vice versa) trades; there were one or two buckets, and only one "same side" trade (i.e., going short at a line price has already used as strong resistance).
Results for Jan 6 to Feb 27 were 38 wins, 30 losses, for a 55.9% win rate. Total gain was roughly 16x Risk. Only one losing week.
Now, taking that spreadsheet and zeroing out all trades where my notes had ANY mitigating factors -- strong price momentum as it approached my entry, previous bounces from line within 20 pips, any previous touches of line after the initial break through -- in other words, not entering any trades where I had ANY reservations, the results were:
30 wins, 12 losses, for a 71.4% win rate and gain of 23x Risk. No losing weeks.
So, honestly, not bad either way (man, who am I kidding; I'd be over the moon if I can approach those results live). And definitely shows the value of "looking for reasons NOT to take the trade".
Now all I have to do is reproduce these results with my live account (at $1/trade for now)