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  • #1,441
  • Apr 1, 2007 12:39pm Apr 1, 2007 12:39pm
That's very helpful & thanks for your time in putting this together for me

My main worry would be the risk level aspect but I see what you are saying now - cheers

Quoting Isotonic
i thought i'd fill in one of the charts i mentioned to see how it could of work...on the GU money-spinner last year there 4 entries and 5 exits. all stops trailed except trend break at end where all 4 trades would be closed manually.

of course your system would be different...but pyramiding ain't so bad if you make sure your risk levels stay the same. in this case when trade 4 is filled then all stops would be at (4). pyramiding gets a bad name because, as usual, most people screw up the MM and blow their accounts in the process.

the key to all this is when to know when you've hit a home run. for me it's trendlines, for you it's something different. but however you do it, that's when you nail your payday...

hope this helps...
  • #1,442
  • Apr 1, 2007 1:17pm Apr 1, 2007 1:17pm
Quoting steviet
That's very helpful & thanks for your time in putting this together for me

My main worry would be the risk level aspect but I see what you are saying now - cheers

isotonic's right

i think pyramiding is very effective for trend traders. It's like a cross between a swing and position trading method.

Swing traders usually profit from few days of fluctuations and position trader takes weeks and months to realize profit. So by pyramiding, you take advantage of a position trader's arsenal, and the same time, you take advantage of smaller swings. It's all about defining your s/r and see how price behave and act accordingly when price breaks those levels.

Since we get only about 30-40% success, it's essential we take full advantage of those winners.
Even when we get only low percentage wins, trend traders usually end up positive in the long run. So imagine how it would be if we multiply the winners by many folds by pyramiding.

I actually been looking into the different kinds of pyramiding. I am using 'standard pyramid'. Essentially you are adding less and less lots as the trend continues. This ensures that you get the maximum return per/win, at the same time when reversal occurs, you only lose on your last position, but never make previous positions a loss (only smaller win).


Others include inverted and reflecting pyramid

like isotonic said, it's all about MM cause you don't want to turn a winner into a loser

http://www.actionforex.com/articles_..._200603035356/
  • #1,443
  • Apr 1, 2007 2:03pm Apr 1, 2007 2:03pm
Thanks for your additional comments hilmy - I really need to look into this further methinks.

Quoting hilmy83
isotonic's right

i think pyramiding is very effective for trend traders. It's like a cross between a swing and position trading method.

Swing traders usually profit from few days of fluctuations and position trader takes weeks and months to realize profit. So by pyramiding, you take advantage of a position trader's arsenal, and the same time, you take advantage of smaller swings. It's all about defining your s/r and see how price behave and act accordingly when price breaks those levels.

Since we get only about 30-40% success, it's essential we take full advantage of those winners.
Even when we get only low percentage wins, trend traders usually end up positive in the long run. So imagine how it would be if we multiply the winners by many folds by pyramiding.

I actually been looking into the different kinds of pyramiding. I am using 'standard pyramid'. Essentially you are adding less and less lots as the trend continues. This ensures that you get the maximum return per/win, at the same time when reversal occurs, you only lose on your last position, but never make previous positions a loss (only smaller win).


Others include inverted and reflecting pyramid

like isotonic said, it's all about MM cause you don't want to turn a winner into a loser

http://www.actionforex.com/articles_..._200603035356/
  • #1,444
  • Edited Apr 2, 2007 12:10am Apr 1, 2007 2:08pm | Edited Apr 2, 2007 12:10am
OK, start of a new week - my two jpy trades carried over have gapped to the downside.....

GBPJPY long from 231.64 (s/l 230.37 guarantees minus 127 pips)
USDJPY long from 118.07 (s/l 117.12 guarantees minus 95 pips)

Three new trades...

NZDUSD short from 0.7156 (s/l 1.7198 guarantees minus 42 pips)
AUDUSD short from 0.8099 (s/l 0.8136 guarantees minus 37 pips)
GBPUSD short from 1.9688 (s/l 1.9726 guarantees minus 38 pips)

After a crazy Friday, it will be interesting to see how these trades go...

Kind Regards
Steve
  • #1,445
  • Apr 2, 2007 12:10am Apr 2, 2007 12:10am
Not the greatest start to April with AUDUSD getting stopped out for minus 37 pips. As I went to sleep last night all was looking good but there you go lol.

April pips: -37
Cumulative since Nov 06: +1159

Kind Regards
Steve
  • #1,446
  • Apr 2, 2007 12:29am Apr 2, 2007 12:29am
There goes GU stopped out for minus 38 pips - yipee lol.

Hopefully the pound buying will continue which will at least help my GJ (currently plus 35)

April pips: -75
Cumulative: +1121

Kind Regards
Steve
  • #1,447
  • Apr 2, 2007 12:39am Apr 2, 2007 12:39am
Deep joy

Goodbye NZDUSD lol - minus 42 pips.

What a wonderful start to the week/month

Oh well, still in on the yen trades - I think it was a mistake turning on the pc this morning lol.

April pips: -117
Cum: +1079

Kind Regards
Steve
  • #1,448
  • Apr 2, 2007 12:40am Apr 2, 2007 12:40am
Steviet,

Just want to say that I enjoy reading your thread and don't worry about these first two trades that got stopped out. As you already know that you have a winning system. Good luck and with the G/U you might place another short on that tonight again. As you know that there is a lot of resistance that it's hitting right now, let's see if it can break above it and stay above it.
  • #1,449
  • Apr 2, 2007 12:44am Apr 2, 2007 12:44am
Hehe, that's 3 now lol

I'm pleased you enjoy the journal - I'm not worried, just no-one likes taking a loss. I'm always trying to look at the big picture and the long term goals I have.

The market is a bit messy at the moment which isn't great for my system - let's hope a clear direction is set today for the rest of the week.

Kind Regards
Steve

Quoting thunder
Steviet,

Just want to say that I enjoy reading your thread and don't worry about these first two trades that got stopped out. As you already know that you have a winning system. Good luck and with the G/U you might place another short on that tonight again. As you know that there is a lot of resistance that it's hitting right now, let's see if it can break above it and stay above it.
  • #1,450
  • Apr 2, 2007 6:27am Apr 2, 2007 6:27am
Well, first piece of good news of the day - GJ long from 231.64 is now up 130 pips so I've moved the stop loss to break even . There is a resistence line on the daily around 233 so hopefully it can push through big time.

The good thing about this pair is that due to its large movements it can wipe out any losses on the other pairs on it's own. Of course the reverse can be true as well on occasions but patience is paying off so far this time.

Kind Regards
Steve
  • #1,451
  • Apr 2, 2007 8:58am Apr 2, 2007 8:58am
Well, GJ must have tried to pass the 233.00/10 area about 5 times today and the same for UJ at 117.80/85. Someone doesn't want it to get through for now at least.

As my system is a daily one I'll bide my time but I take my hat off to you day traders as the prices bounce between support and resistence. You could of shorted at 233.00/10 on several occasions today and made great pips but I know if I tried it, it would fly through rofl.

Would love it to fly through 233 properly later and I can actually secure some pips on this one.

Kind Regards
Steve
  • #1,452
  • Apr 2, 2007 9:58am Apr 2, 2007 9:58am
Steviet, I enjoy your thread. It has help me alot on getting into pairs other then the GU, also appreciate the politeness and respectfulness you use. For your entry do use the direction of day? or the direction of the previous day? Thanks ICUB42
  • #1,453
  • Apr 2, 2007 10:17am Apr 2, 2007 10:17am
Hi & welcome

Normally I'll use the direction of the day just ended although the system is somewhat discretionary at times. I will also look at points of daily support & resistence for guidance if the pair is in a tight range.

To be honest, i may just be better looking at the direction of the daily candles - look at my 3 losing trades today. I feel a bit of a duffer lol even though initially the trades went in my direction in the early Asian session.

I'm still learning but I'm determined to finish this journal & hope to be pips positive come October.

Kind Regards
Steve

Quoting ICUB42
Steviet, I enjoy your thread. It has help me alot on getting into pairs other then the GU, also appreciate the politeness and respectfulness you use. For your entry do use the direction of day? or the direction of the previous day? Thanks ICUB42
  • #1,454
  • Apr 2, 2007 1:47pm Apr 2, 2007 1:47pm
You mean you have placed a time frame for your journal ???
  • #1,455
  • Apr 2, 2007 1:58pm Apr 2, 2007 1:58pm
Yup,

Check my signature

I'm sure everyone will be bored to tears with my ramblings by then anyway

Kind Regards
Steve

Quoting Tiki Trader
You mean you have placed a time frame for your journal ???
  • #1,456
  • Apr 2, 2007 2:02pm Apr 2, 2007 2:02pm
OK,

2 trades made it through the day & stop losses have been tightened....

GBPJPY long from 231.64 (s/l 231.64 guarantees break even)
USDJPY long from 118.07 (s/l 117.36 guarantees minus 73 pips)

New trades...

GBPUSD long from 1.9778 (s/l 1.9652 guarantees minus 126 pips)
AUDUSD long from 0.8171 (s/l 0.8071 guarantees minus 100 pips)
NZDUSD long from 0.7216 (s/l 0.7120 guarantees minus 94 pips)

I don't like going long after a big move such as today but maybe that's my penance for going short on these 3 yesterday

Kind Regards
Steve
  • #1,457
  • Apr 2, 2007 2:12pm Apr 2, 2007 2:12pm
Going long on all 3 eh. I guess you know somthing we dont know about the USD.

Best of luck buddy.
  • #1,458
  • Apr 2, 2007 2:20pm Apr 2, 2007 2:20pm
If I did, maybe I'd have gone long yesterday and would now be sitting pretty on a mountain of pips

Quoting nikim
Going long on all 3 eh. I guess you know somthing we dont know about the USD.

Best of luck buddy.
  • #1,459
  • Apr 2, 2007 11:40pm Apr 2, 2007 11:40pm
A good day so far with GBPJPY long from 231.64 currently trading around the 234 area. I've therefore been able to move the stop loss to +100 pips.

Current positions...

GBPJPY long from 231.64 - currently +228 pips
USDJPY long from 118.07 - currently +10 pips
GBPUSD long from 1.9778 - currently +15 pips
AUDUSD long from 0.8171 - currently -21 pips
NZDUSD long from 0.7216 - currently -5 pips

Kind Regards
Steve
  • #1,460
  • Apr 3, 2007 12:47am Apr 3, 2007 12:47am
Well, GJ just passed 234.64 which means that I've moved my stop loss to 200 pips in the money

Kind Regards
Steve
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