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Razors Journal - Basic trading with PA at S/R

  • #121
  • May 24, 2009 4:44pm May 24, 2009 4:44pm
EUR-AUD

This pair IB maybe good PA too. Trend in major downtrend. This IB at resistance trendline and conflunce with H4 62% fibo. Look for break low.
Attached Image
  • #122
  • May 24, 2009 4:46pm May 24, 2009 4:46pm
Hi razor, I just read your revision page1. COngratulation. Great may 34%.
  • #123
  • May 25, 2009 2:11am May 25, 2009 2:11am
Long set for USDJPY. Making some H/H and H/L now and the pin may be the start of the next move up. Small risk range and it has come back to the previous High before moving away

Entry 9500
SL 9486
Profit target not set yet.

Chart below
Attached Image (click to enlarge)
Click to Enlarge Name: USD Pin long.gif Size: 16 KB
  • #124
  • May 25, 2009 8:59am May 25, 2009 8:59am
missed my 1:1 TP by a pip before reversing and stopping me out
  • #125
  • May 25, 2009 9:08am May 25, 2009 9:08am
There are some great situations with the EUR GBP USD crosses having room to the downside to hit the daily TL's and some bearish IBs looking at being set up. If they close like this tomorrow that is where im heading
  • #126
  • Edited 1:32pm May 25, 2009 11:02am | Edited 1:32pm
Great journal...I see before in a couple places you have mentioned that there are certain IB's that dont work very well or are down right awful....I am beginning my backtesting of this method this weekend and would any headstart or hints if possible. I know Peter Crowns also said the same thing about certain IB's having a greater probability than others.

Thank you in advance and I hope its ok to post this here. If not feel free to delete this from your journal....thanks
  • #127
  • May 25, 2009 5:04pm May 25, 2009 5:04pm
Quoting jflor100
Great journal...I see before in a couple places you have mentioned that there are certain IB's that dont work very well or are down right awful....I am beginning my backtesting of this method this weekend and would any headstart or hints if possible. I know Peter Crowns also said the same thing about certain IB's having a greater probability than others.

Thank you in advance and I hope its ok to post this here. If not feel free to delete this from your journal....thanks
Typically i look for signs of either reversal or continuation. Sometimes there are IBs that dont fit in with the above, or I just dont feel comfortable with. Not sure if I can explain it in words, it is more or less something personally interpreted by what I have seen.

In terms of the better setups usually (not always) Pin IBs at swing highs/Lows (especially when a trend is resuming after a pullback) can be great entrys. Also the best IBs are usually the ones that have quick results and also smaller risk range. While the small risk range can mean quicker stop outs, my views are with limit entry orders, that the market has to meet your terms 1st before having a chance of turning and stopping you out. Small risk range ultimatly means greater lot sizing and the chances of hitting 1:1 are much more likely (not always though). The greater lot sizing is naturally great for your account when things go correctly.

Hope this helps
  • #128
  • May 25, 2009 5:29pm May 25, 2009 5:29pm
great...thank you. I was thinking along the same lines...focusing on IB's in a retracement showing continuation...but I dont want to risk not talking them all...testing will review the best ones right...thanks again
  • #129
  • May 25, 2009 6:08pm May 25, 2009 6:08pm
Quoting jflor100
great...thank you. I was thinking along the same lines...focusing on IB's in a retracement showing continuation...but I dont want to risk not talking them all...testing will review the best ones right...thanks again
By not taking them all you risk perhaps missing some good trades, by taking them all you risk taking some bad trades.

The trade off in the end is what you do with your winning trades Vs how you manage your loosing trades.

I try to avoid the asian session, trading on the daily bar if it forms an IB or perhaps a good 4 hour setup. The hourly I leave for the buff sessions of the London and New York trading session. This is where you will find the volume and the best trades
  • #130
  • May 25, 2009 10:59pm May 25, 2009 10:59pm
Hi razor
Been following your thread with much interest.I have been demo'ing for the last month and am going live today.What part of oz you from?
Great method for our time zone isnt it!
good trading
Liney
  • #131
  • May 26, 2009 12:57am May 26, 2009 12:57am
Live in Perth so yes it is great. We get London at around 3ish in the arvo and then New York bit later on but still early enough to trade the cross. It means also that most of the trades I get in I go to sleep with so Im not stuck on my comp biting nails.

Great to hear your having some success.
  • #132
  • May 26, 2009 12:59am May 26, 2009 12:59am
Current trades on the EUR are in play.

Daily IB has broken and I also traded the hourly Asian session IB. Reason for that one is my bias is much to the downside for at least 200 pips. The daily IB was a small position but the Hourly was much larger as the risk was substantially less. The Hourly went free not to long ago.

Also have trade set for the GBP daily and will monitor this one
  • #133
  • May 27, 2009 12:42am May 27, 2009 12:42am
All trades yesterday stopped out after making some initial solid moves. At the peak I had some good account growth. The hourly IB cost me nothing as it went free ride but the 2 dailys hurt some.

Looking for today to deliver some good IBs. Thats trading lol
  • #134
  • May 27, 2009 4:25am May 27, 2009 4:25am
My short for the EUR today has just gone 1:1 which is nice. Im still looking at this trending down for the next couple of days, at least to some area of support like 3750 which is around the hourly TL and previous support on the weekly.

2 charts attached
Attached Image (click to enlarge)
Click to Enlarge Name: EUR Free trade.gif Size: 15 KB
Attached Image
  • #135
  • Jun 1, 2009 6:06pm Jun 1, 2009 6:06pm
Pretty happy with the start of the Live journal. The account was grown to at one point close to 50% but with 4 failed trades to close the month out (EUR choppiness) we closed at 19.21% for 3 weeks of trading.

The shorts from the peaks looking for the lower trendline did pay off for those looking for short outs (small pips). I got 1:1 on 1 trade but the 2 daily candles hurt a little (EUR and GBP) and my last IB also cost me. Thats trading, without risks there cannot be rewards.

On a positive note, there were a number of good trades with the USD/JPY short springing to mind where I got in early and added once along the way. I took exit based on what I saw in a reversal formed and it proved to be a great decision.

June is another month and it will be really good to see how we travel.

Take Care

MAYS results + 19.21%
  • #136
  • Jun 2, 2009 2:28am Jun 2, 2009 2:28am
Well done, RT, keep it going...
  • #137
  • Jun 2, 2009 3:42am Jun 2, 2009 3:42am
Quoting jtrade
Well done, RT, keep it going...
Thanks buddy, would have been nice to have traded Thursday which had good potential and trades that havent been hit and are some distance off, EUR is moving forward again aswell which would have added, Ohwell new month, new opportunities
  • #138
  • Jun 3, 2009 2:42am Jun 3, 2009 2:42am
Great setups on the GBP just last hour. IB on the hour and a Shooting star on the 4 hourly. Took the short and ran 1:1 which occured around the 36.2% retrace. Looking for the 50% retrace to take further action on my position.

Chart Below
Attached Image (click to enlarge)
Click to Enlarge Name: GBP.gif Size: 17 KB
  • #139
  • Jun 3, 2009 2:50am Jun 3, 2009 2:50am
indeed its a great setup, we're on the same train

Quoting Razor_trader
Great setups on the GBP just last hour. IB on the hour and a Shooting star on the 4 hourly. Took the short and ran 1:1 which occured around the 36.2% retrace. Looking for the 50% retrace to take further action on my position.

Chart Below
  • #140
  • Jun 3, 2009 3:17am Jun 3, 2009 3:17am
Quoting gun2_85
indeed its a great setup, we're on the same train
I may also add to this position if we get another IB that has small pip risk range. We are still below the open of London so heading into US there may be some momemtum to push this further down.
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