Dazzer's Dailies

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hi....are you able to post the indicators?

Sholmes. Just change the stochs to 100,3,3 if its not already done.

Dazzer

An example of a trade that is still going from last week. The counter-trend trade failed to hit my TP at C, but the SL was followed down to point D, so not too much of a loss.

At point E, the stoch had moved below 95 ready for a trend trade set-up and buy order was placed. Note that the buy order was at the same level as the SL on the counter-trend trade.
Buy order was hit and on the same day hit my TP1 making back the previous loss and a little bit more. As soon as I noticed the banked profit, SL moved to BE on the remaining trade (bonus trade). The bonus trade is still going and tonight at 23:00GMT I will move my SL to today's low for another tidy little profit.

Dazzer

2 Sell orders placed at the low of 2nd June at the red arrow due to stoch above 95. A risky counter-trend trade, but risk reward is attractive and a double-top is evident.

Time will tell

Dazzer

I don't expect this order to get filled in a hurry, but who knows?
Double top looks good at the moment.

We will see.

Goodnight all

Dazzer

Last one. Oversold???

Order placed just in case.

Dazzer

I think your system is pretty cool, thanks for shared

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Gartley Patterns

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Hi, Dazzer, and thanks for sharing. Your system looks very interesting, and I appreciate a lot your posting trades in realtime, not a common stuff! :-)

Indeed, I have some questions ( apart my interest for your scalping system too, please, tell us about that as well):

1) I have an hard time in replicating your charts. I attached the Stoch you provided, with your settings, but I get the two usual lines and neither of them is exactly the same of your purple one, so I would have different entries. My broker ends the day at 5 pm EST, but I do not think this could be the issue.

Please, could you provide a template as well?

2) You say "Only take the first or second opportunities after the stoch has crossed or when price has fallen to a support line and bounces up." This rule is not clear to me: are you meaning the cross of the 50 level from lower? When prices bounces up from a support line place long orders regardless stoch?

3 ) You say "i.Wait for the stoch to go below 5 and place 2 buy orders at the day’s high.". May we have an example chart of this?

4) The quite usual questions at thread start: any special reasons to use just the indicated pairs? How many setups are you expecting per month per pair? How many pips?

Thanks in advance for your time.

Triton18,
You're very welcome. The reason for posting this thread is to keep me motivated to stick to the rules and to learn from the feedback provided by other members.

1)Please find templates for all 3 pairs attached.

2) The significance of the stoch crossing above 50 usually indicates a trend change in favour of the bulls. When the stoch turns down again, but remains above that level, its probably just a pullback and I want to be sure to take advantage of the continuation of the bullish trend. The reason why I say to take the first or second opportunity is only due the fact that pullbacks don't last forever and sooner or later there will be a trend change when you least expect it. The stoch is used as the starting point of the decision-making process. If the stoch passes above 50 and then falls below it shortly after, it still could be a valid set-up and I use a previous support line to determine whether or not to place the orders.

3) See chart attached. Yesterday's stoch fell below 5 (2nd June) so I placed my orders at yesterday's high. They got filled at 17:47GMT today.

4) EURUSD and EURJPY although heavily correlated usually trend quite nicely and the moves in pip value are pretty good. I use them both in case I miss an opportunity. EURGBP has a mind of its own and is usually quite reliable even though the pip values are smaller. I don't concentrate my trading on the amount of pips. I aim for 5% per month. Pip value right now at the moment is +340 since 29th May with 190 banked.

Don't concentrate too much on the amount of pips and I know its a cliche, but don't get greedy either. You won't get rich quick in this business and anyone who tells you any different is either naive or trying to sell you something. The power of a cumulative return is phenominal. 5% per month will make you a lot of money, but you need to be patient. Have a look at this link.

http://www.math.com/students/calcula...e/compound.htm

Hope the above answers your questions and good luck.

Dazzer

Update:

EURGBP was successful in hitting the first take profit really quickly at the green horizontal line today. +105. The remaining order has been amended to BE

Cheers

Dazzer

Trade placed on 29th May last friday was a nice little earner. The first TP was conservative, but made a quick profit of +66.1 pips. The other bonus trade got stopped out today for +124.7.

The stoch had gone above 95 and sell order was placed at the low of Wednesday 3rd. The TP from last friday was actually today's sell order level.

The trade is currently losing, but the resistance from last December is significant IMHO. Even though stoch has now fallen below 95 and looks like a trend set-up, I'm not placing any more buy orders. I want to see that resistance broken first.

We will see

Dazzer

Currently in profit 295.5 pips since friday 29th May with 100% winning trades.

Should be due some drawdown soon.

Dazzer

A nasty short-time rally took out my stop for a 220 pip loss. Really frustrating because it looks like a shooting star is developing. If we get it, I'll place another sell order as we're still overbought with stoch above 95.

Not so good today. However, floating P/L is +320 pips at the moment so still in profit.

Dazzer

Sell orders placed at fridays low as Stoch is still overbought. Orders filled this morning. The chart is self-explanatory. Risk/reward is not great and I am contemplating moving the stop to today's high just in case this is a temporary, small pull-back and the little devil continues its merry way north.

Losing at the moment. Lets see what happens.

Dazzer

Sell order placed at 3rd June low and on Thursday 4th it was filled (green dashed horzontal line and red arrow). Price continued down to my first take profit point which was hit today for +263 pips at the horizontal green line. I counted 1,2,3 and as TP1 was hit today (after the third day), I have put my stop to the high of today. Technically, the rules state that I shouldn't do this until 23:00GMT tonight, but its ok to use common sense sometimes. This has guaranteed a further 106.5 pips worse case scenario, thats 369.5 if price whips back up again. I expect to get stopped out on that bonus trade shortly, but who knows.

Dazzer

Buy orders placed at Tuesday 2nd high and were filled on Wednesday. See post no 11. Quick TP1 for 105 pips.

Price continued in the right direction and again counting 1,2,3, the stop was amended to friday's low. This was hit this morning for +58 pips. I interpreted friday's candle as a shooting star and this was even more evidence that price may turn. Also we are still bearish long term, so a good chance that the rally in a bearish market was finally over.

The stoch had lifted itself out of the 05 zone and a trend trade was contemplated. Sell orders were placed at fridays low (the bonus trade's stop level) and orders were filled this morning. I believe that a few minutes ago, my first TP was hit for +62.7 pips. I will amend my stop to BE just as soon as this is posted. Total pips these last few trades is 225.7

Dazzer

Target is 5% per month of total account balance for this method.

Total achieved since May 26th 2.41% as banked profit and floating P/L is 1.9%

Life is still good despite the horrible drawdown on EUR/JPY on friday, which was actually 440 pips loss and not 220 as previously posted.

Feeling good though now and feel confident that I'll hit my target.

Time will tell though

Dazzer

Not sure how long I can keep running these trades back-to-back, but I placed a couple of buy orders at Monday's high. If filled at the yellow cross, it will simultaneously close the existing short I have running for a +106.5 pips as stated in post 16.

Dazzer

Buy order hit at 1.40018 and bonus trade stopped out for 106.5 pip profit as per previous post.

Need to take care with this as resistance is still intact.

TP1 at continuous green line (1.42317) and stop at dashed red line (1.37705).

Lets see.

Dazzer