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Razors Journal - Basic trading with PA at S/R

  • #181
  • Jun 22, 2009 7:23am Jun 22, 2009 7:23am
Well lets see some results this week.

So far this week I have a long USD/CAD which is currently 1:1 and running nicely. I chickened out on shorting Silver this morning and so far it has tanked (damn chicken boy).

Other trades setup

GBP/CHF long
GBP/USD long (not an IB, ill get into this later)

Still looking
  • #182
  • Jun 22, 2009 7:42am Jun 22, 2009 7:42am
USD/CAD first lot off at 1.1500. Total risk was 26 pips and that move gave me 3.5:1 risk reward.
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD.gif Size: 28 KB
  • #183
  • Jun 22, 2009 7:42am Jun 22, 2009 7:42am
Quoting Razor_trader
Well lets see some results this week.

So far this week I have a long USD/CAD which is currently 1:1 and running nicely. I chickened out on shorting Silver this morning and so far it has tanked (damn chicken boy).

Other trades setup

GBP/CHF long
GBP/USD long (not an IB, ill get into this later)

Still looking

I missed the entry on usd/cad!! nice trade razor, now it's broken july 17th high next big res is 1.8000.

take it easy
  • #184
  • Jun 22, 2009 8:06am Jun 22, 2009 8:06am
Quoting icarusfx
I missed the entry on usd/cad!! nice trade razor, now it's broken july 17th high next big res is 1.8000.

take it easy
Decending trendline could come into play here. Weaker commodities will help push this through. I was spewing that I didnt short the Silver this morning. It would have bolstered the account nicely but I chickened out lol.

Take care m8

Razor
  • #185
  • Jun 22, 2009 11:29am Jun 22, 2009 11:29am
Quoting Razor_trader
USD/CAD first lot off at 1.1500. Total risk was 26 pips and that move gave me 3.5:1 risk reward.
That was a nice trade Razor. I missed that one and seemed to have my eyes closed today as I missed a couple of other opportunities as well. Will come back rested in the morning for another go.

Matt
  • #186
  • Jun 23, 2009 7:14am Jun 23, 2009 7:14am
Two trades setup
AUD/JPY and AUD/USD both long. Daily support of Trendline looks to have held here and the 2 IBs on the last hours risk range is less than 30. These could be the base of the trend resumption which would be very nice.

Daily charts below
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDJPY daily TL touch.gif Size: 52 KB
Click to Enlarge Name: AUDUSD Daily.gif Size: 53 KB
  • #187
  • Jun 23, 2009 7:17am Jun 23, 2009 7:17am
Took the USD/CAD off the table just now, 20 EMA has crept up and the IB below todays open was enough reason to secure those pips.

We are coming up against some resistance also. This trade was fantastic. The free trade yielded 3:1 instead of 1:1 and the final total was very healthy

Razor
  • #188
  • Jun 23, 2009 7:20am Jun 23, 2009 7:20am
Quoting Razor_trader
Two trades setup
AUD/JPY and AUD/USD both long. Daily support of Trendline looks to have held here and the 2 IBs on the last hours risk range is less than 30. These could be the base of the trend resumption which would be very nice.

Daily charts below
Hi Razor_trader,

Good call on the AUD/USD. I am already long on this one based on the false breakout highlighted.

Z
Attached Image (click to enlarge)
Click to Enlarge Name: AD.jpg Size: 67 KB
  • #189
  • Jun 23, 2009 7:40am Jun 23, 2009 7:40am
Quoting zuret9
Hi Razor_trader,

Good call on the AUD/USD. I am already long on this one based on the false breakout highlighted.

Z
Very Nice, the question is now, how long can you hold it for???
  • #190
  • Jun 23, 2009 7:45am Jun 23, 2009 7:45am
Quoting Razor_trader
Very Nice, the question is now, how long can you hold it for???
Sorry about this but i posted my reply on the DIBS thread before reading your reply.

Z
  • #191
  • Jun 24, 2009 6:12pm Jun 24, 2009 6:12pm
Hi Razor,

What time frame do you trade for the non DIBS pairs. And still the rules of break in direction of IB at the next bar?

regards

tdeu

Quoting Razor_trader
Well lets see some results this week.

So far this week I have a long USD/CAD which is currently 1:1 and running nicely. I chickened out on shorting Silver this morning and so far it has tanked (damn chicken boy).

Other trades setup

GBP/CHF long
GBP/USD long (not an IB, ill get into this later)

Still looking
  • #192
  • Jun 24, 2009 7:44pm Jun 24, 2009 7:44pm
I look at DIBS on commodities also, same timeframe same set ups however Im am trialling Joels VBO with Crabels fixed price variable. I will detail this more if I take it on board. The silver trade was set to be entered on a fixed variable of 5cents above or below the open price.

Razor

PS I will still be trading IBs primarily. The other method is a one entry a day setup (sometimes less if things roll in your favour).
  • #193
  • Jun 24, 2009 10:57pm Jun 24, 2009 10:57pm
Hi Z,

What price data do you use? It seems my 4hr charts have a 2 hour offset.

regards

tdeu

Quoting zuret9
Hi Razor_trader,

Good call on the AUD/USD. I am already long on this one based on the false breakout highlighted.

Z
  • #194
  • Edited 6:32pm Jun 25, 2009 6:14pm | Edited 6:32pm
A bit rough again after Monday set some early tones. My first trade for the week was a great winner but since then Ive had few others deliver much at all.

Today may be the start of some nicer weather. There is a smorgasboard of Inside Bars on the Daily charts. I have picked a couple off support and resistance and also the USD/CAD which is a Shooting Star right off resistance has my eye peeled for shorts through out the day.

Other picks AUD/USD long, we are above the 8000 pysc level for now, if we get a break of the IB then we could head higher, CHF/JPY which has been toying with support, a break above the IB could lead us higher into next week.

I hold my Daily IBs for much longer than the other trades. There is no profit limit just when I see a reversal or something I dont like I may exit the trade. SLs are the same. I will from time to time also look earlier in the day for a better entry with my daily Bias in mind.


Razor
  • #195
  • Jun 29, 2009 12:36am Jun 29, 2009 12:36am
We this month has been tough. The start was ok, the middle sucked and right now I am just ready for a new month.

I havent been as active on account of trading with a live group but so far this month I have managed to reverse the gains from last month and then some. More loosers (which included 7 straight for no free trades)and the watching of early week winners turn to FT mid week has hurt no doubt. The quest is not easy trying to make the most out of runners but we will stick to it. March and April were good months and showed that with some due diligence and rock hard abs you can weather some beatings and catch some trades that make it all worthwhile.

So changes to next month. Im moving back to the 4 hourly's and above. Hourly IBs were not my cup of tea as they require far too much screen time and I have a life to live. These were my bread and butter in March and April and there setups are not that much different, just the pip risk may be higher.

Setups and direction are taken with a weekly and monthly focus, tied in with the PA of the bars around it (ie we may be at a lower point than the weekly and monthly but PA shows a strong swing, i may take a break in either direction.

I will try to post more but cant promise anything. Like I say, sitting in front of this computer can bore the sh*t out of you and it can lead to taking things you wouldnt normally take.

Take Care

June AG -25.6% (-11.3%)
  • #196
  • Jun 29, 2009 5:54am Jun 29, 2009 5:54am
Quoting Razor_trader
...this month has been tough.

So changes to next month. Im moving back to the 4 hourly's and above. Hourly IBs were not my cup of tea as they require far too much screen time and I have a life to live. These were my bread and butter in March and April and there setups are not that much different, just the pip risk may be higher.

Like I say, sitting in front of this computer can bore the sh*t out of you and it can lead to taking things you wouldnt normally take.
Hi Razor_trader,

Great post as always. I use the daily, 4hr and 1hr time frames. The 1hour time frame is a lot harder to trade, if one is not on the ball with support and resistance (especially from the higher time frames).

Am sure you will be fine as you have a good understanding of DIBS, i guess we need to be more selective in the trades we take.

Hang in there bro.

Z
  • #197
  • Jun 29, 2009 8:22am Jun 29, 2009 8:22am
Quoting zuret9
Hi Razor_trader,

Great post as always. I use the daily, 4hr and 1hr time frames. The 1hour time frame is a lot harder to trade, if one is not on the ball with support and resistance (especially from the higher time frames).

Am sure you will be fine as you have a good understanding of DIBS, i guess we need to be more selective in the trades we take.

Hang in there bro.

Z
Cheers for the support. The rest of this month will in my opinion be chop whilst. End of financial year plus NFP this week could be a tortuous and I am contemplating being highly hightly selective (I should always be but as Joel mentioned you need to be active as you just never know which trade may be the one to make all trades).

My new strategy got off to a flying start this week with the instant chop today killing it before it began. USD/JPY I had a trade but the 25 pip RANGE so far today has killed that one. I was also short cable this morning and AUD/USD. AUD got me my Free trade, cable missed by about 10 and reversed and stopped me out.

I will right up this strategy once I have tested it over the next 4 months. It is a 1 entry a week strat that aims to catch and ride breakouts.

Anyways, more trading to come thats for sure, im wounded but still kicking lol

Razor
  • #198
  • Jun 29, 2009 1:26pm Jun 29, 2009 1:26pm
Quoting Razor_trader
... The rest of this month will in my opinion be chop whilst. End of financial year plus NFP this week could be a tortuous and I am contemplating being highly highly selective (I should always be but as Joel mentioned you need to be active as you just never know which trade may be the one to make all trades).
I also feel that we are just consolidating and waiting to breakout long/short soon. This is when you really earn your stars as a trader.

I only take A+ trades but will sometimes take A trades (with lower TP targets). There are so many great breakout trading strategies out there and i look forward to you sharing the new one you are testing.

With breakout trades, there is usually a secondary entry point that offers a much lower risk. It's the patience of waiting for this entry point that is one of the best skills of trading.

Z
  • #199
  • Jun 30, 2009 4:29am Jun 30, 2009 4:29am
With breakout trades, there is usually a secondary entry point that offers a much lower risk. It's the patience of waiting for this entry point that is one of the best skills of trading.

Couldn't agree more. After the burst there is usually a bit of a pullback closer to the moving average. Might take a week or 2 but it usually happens. We've all been there - watching it go higher and higher and wishing we'd got in, getting in, then cursing as it retraces

The knack is not trying to catch every move but to just take good quality setups. Fewer but better trades. Lowers the account volatilty and a high strike rate boosts confidence

Yesterday, and today by the looks of it are best spent doing something else. If you put your ear close to your screen you can almost hear the lack of volume out there. I think that can be dangerous for DIB-bers as slow markets can create IBs. My thoughts are "look left" - if its choppy/flat, if the MA is flat then it's probably best left.

GL
  • #200
  • Jun 30, 2009 5:46am Jun 30, 2009 5:46am
Quoting TrendsFriend
With breakout trades, there is usually a secondary entry point that offers a much lower risk. It's the patience of waiting for this entry point that is one of the best skills of trading.

Couldn't agree more. After the burst there is usually a bit of a pullback closer to the moving average. Might take a week or 2 but it usually happens. We've all been there - watching it go higher and higher and wishing we'd got in, getting in, then cursing as it retraces

The knack is not trying to catch every move but to just take good quality setups....
Can totally understand. Most traders that overtrade usually trade anything they see and from the outside it may seem that way with this thread and some others. I have always been fairly picky with my trades but I have come from a group of higher TF traders, so to me trading the hourlys can seem like overtrading to me and some of the setups probably havent been ideal.

Defense- when we are trading a system that has been laid out point for point by someone with PC and Joels credit it is hard not to follow it. The problem is whilst the system is basic, it takes time to truely unlock some of the wisdom that they have accumulated over the years, and alot of this happens through taking bad trades from time to time. Whilst it is easy to look back and say, gee I shouldnt have done that it is also just as easy to say, gee I knew I should have taken that.

I try to follow the rules to a tee (on the hourlys at least) and learn some on the way. People who have traded this method for years know a bit more than I do. Backtesting a system can give you an insight to the edge it may have, actually testing and trading the system is the only way to really understand and learn about it and yourself.

I will take trades based on what I see, and for now that is all I can do. I like clean charts and usually have maybe 2 to 3 lines that are in the relevant frame and thats it. In the event that I miss something, I learn from it.

Thanks for popping by again m8. Hope you enjoying the chop as much as the rest of us. If we can survive these markets with minimum damage then we can reek havoc when they are back in the mood for trending.

Razor
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