Offtopic, sorry Stieve, can't help myself but share the enthusiasm!
What happened tonight at Manchester is unbelievable! I love this sport!
Congrats to UK teams they managed to have 3 teams in semi-finals!
:
Wow...that ....'em 7 u said?....
btw hope u success with ur trade Steve.
I enter with a tight stoploss.Hi Iso,
Tell me what you think of the attached chart for UJ daily. I'm loving these trendlines lol. My thinking is to go short on a bounce from the falling trendline or long on a hold on one of the 3 supports. Comments please (if you have time)
Cheers bro
Steve
Hi Iso,
Tell me what you think of the attached chart for UJ daily. I'm loving these trendlines lol. My thinking is to go short on a bounce from the falling trendline or long on a hold on one of the 3 supports. Comments please (if you have time)
Cheers bro
Steve
My thinking is to go short on a bounce from the falling trendline or long on a hold on one of the 3 supports. Comments please (if you have time)
---
GBPJPY long from 234.86 (s/l 233.47 guarantees minus 139 pips)
USDJPY short from 119.06 (s/l 119.47 guarantees minus 41 pips)
i think you might have one too many on the chart.lol. on the support side you have 3 all nearby.
it's a good start, i find them easier to use with barcharts than candlesticks (i used to be an avid fan of them years ago).
ok, i actually think you would be better going long really - see charts.
)Heya Steve!
Here's me scratching my head...
You went long GBPJPY and short USDJPY => you went long GBPUSD. (bought GBP, sold USD).
Now admittedly, that worked out nicely(because GJ will offset/outdo the rising USDJPY), but I don't see why you would expect the Yen to weaken against one and strenghten against the other....
It's a bit like in the old days when you had EURUSD and USDCHF, which are also highly correlated. It's usually unlikely that one will wildly stray off for long. There will be offsets(USDCHF just loves to rise whenever it can, that's why EURCHF is so meteoric), but usually there's a general "agreement" on where the base currency is going (USD in the old case, JPY now).
Just found it odd that you'd go long GBPJPY and short USDJPY to produce that artificial long GBPUSD. I thought the aim was to reduce too much correlation across pairs and to stave off "trading against your own positions" too much?
No offense meant, as you know. Just made me wonder when I read it just now.
Trendlines can be a good guideline / heads up when they are broken or hit, but their current rediscovery all over FF feels like a recent fad. Been seeing TL use crop up in threads all over lately
Funny how some things cycle and come back around
Take care out there!
SeekingLight
Well, Iso was right - UJ stopped out for minus 41 pips.
Kind Regards
Steve
Steve,
I have admired your discipline so far. I really admire that you are looking to improve on what has been a profitable system at this point. I wonder if you were hitting your 500 pips a month goal consistently if you would be experimenting with trend lines and such as much.
Maybe or maybe not...
I would just encourage you to becareful deviating too much from what has worked. You are truly an inspiration. When you start trading with trends lines versus daily bars or fibros versus daily bars you have to be certain you are not getting far from your original path.
It would probably be great to test those on a demo account. However, even as I give this advice (and I am most likely not qualified to do). Keep this in mind by the age of 65 yrs old 98% of people are dead or deadbroke only 2% are financially free. If you want to be unusually successful find out what 98% of people are doing and do the exact opposite.
I believe your original backtested system did that. Not many people traded that way and even if they did they would hit a tough month or two like the past couple of months and they would start caving and changing things and following the most popular indicators ect. Becareful for that trap. Remember the backtest showed an average of 500 pips a month. It was likely in your backtest you still had drawdowns and slow months but I am betting you also had stellar months earning as much as 1000 pips or more.
Those 1000 pip months are still in your future. Don't get too caught up with various indicators that may cause you to miss some of those really big trends or start to second guess yourself.
This is just a test a test of your fortitude. Remember in school or college, did you ever take a test that you expected to do really well on but instead maybe you bombed it? However, you continued to stay on track with your study habits and you ended up doing really well on the course over all. This is no different, it's just a simple test thats all. If you keep your trading habits the same you will end up doing well by the end of the year. It's that simple, nothing more and nothing less. No need to complicate it.
I am pulling for you,
Jackie O'Quinn
