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Steviet's Live Trades!

  • #3,721
  • Jul 21, 2009 12:00am Jul 21, 2009 12:00am
Long 1.4191 s/l 1.4166
  • #3,722
  • Jul 21, 2009 9:39am Jul 21, 2009 9:39am
Good entry, heard we hit 1.4277 (+3.45%) before those lovely Americans sold off EU

Currently at +3 pips and at the end of this hour will either have been stopped out or will close manually (unless something remarkable happens).
Quoting steviet
Long 1.4191 s/l 1.4166
  • #3,723
  • Jul 21, 2009 10:00am Jul 21, 2009 10:00am
Quoting steviet
Good entry, heard we hit 1.4277 (+3.45%) before those lovely Americans sold off EU

Currently at +3 pips and at the end of this hour will either have been stopped out or will close manually (unless something remarkable happens).
at europe market close... reversed the europeans open direction

steviet: how to tell if it's a 4H correction, 1 day correction or even 1 week reversal?

Originally Posted by steviet http://static.forexfactory.com/forex...s/viewpost.gif
Hey Stew

Basically whatever the Frankfurt opening hourly bar does, I go against it with 25 pip stop at 1%.

Trade stays on either until stop loss hit or I close at or after London close for a profit.

Kind Regards
Steve
  • #3,724
  • Jul 21, 2009 10:01am Jul 21, 2009 10:01am
Closed 1.4179 for 12 pip loss. Bad day.
Quoting steviet
Good entry, heard we hit 1.4277 (+3.45%) before those lovely Americans sold off EU

Currently at +3 pips and at the end of this hour will either have been stopped out or will close manually (unless something remarkable happens).
  • #3,725
  • Jul 21, 2009 10:11am Jul 21, 2009 10:11am
Yup, there was strong support here at 1.4180 area & if broken we may see more downside. Big bearish pin bar on hourly looked ominous & the 4 hour one that followed even more.

Reversals are often after you see a broken 'pin bar' (see James 16 thread) or an engulfing bar. The higher the timeframe the more likely you are to see it follow through.

My problem is I'm not around for all of London session & half the US session so have had to come up with something that works around this.

There are lots of occasions on this system where you get stopped out almost immediately only for the price to go your way later on. Also lots that US reverses a good intial gain (like today). However, the days I really benefit are those that we see an intial move from London and then it's carried through by US.

I just have to set my trade each morning and wait for the day to play out. The market will do what it wants, not necessarily what I want.

Kind Regards
Steve
Quoting billye
at europe market close... reversed the europeans open direction

steviet: how to tell if it's a 4H correction, 1 day correction or even 1 week reversal?
  • #3,726
  • Edited 10:33am Jul 21, 2009 10:31am | Edited 10:33am
Hi Steviet, i'm a long time lurker on your journal but never posted to it before.

I'm finding your new strategy very interesting and it's a little bit similar to one that i got involved in about 3 years back on a different forum where people traded the first 2 moves of the day as the initial Frankfurt move was often reversed when London opened - givng a Vee pattern on the charts; so you fading Frankfurt is the 2nd part of the Vee.

Interesting stuff.....

Regards Chris
  • #3,727
  • Jul 21, 2009 2:12pm Jul 21, 2009 2:12pm
Hey Chris,

Welcome! I have seen that chap from Yorkshire lurking here before lol.

Seriously, that's very interesting that you've come across something akin to what I'm trying to do. My method is pretty basic at this stage but does show some potential. I'm looking to test USDJPY next - with just a 25 pip stop loss I need a pair with a tight spread.

Over the years it has looked successful if you just stick to it rigidly although until volatility returned toward the back end of 2008 it was only averaging 20-30% a year.

If I'd traded it live since Jan 2009, we'd be hovering around 100% so far this year. Whether it continues at such a crazy % for the rest of 2009, who knows but I'm willing to find out. The big drawback is the consecutive losses the method can incur which I'm sure would put off most people. By limiting to one trade a day it's not uncommon that 5 losses Monday to Friday could be stopped out in the first 15 minutes of London open - that's tough, really tough. Also days like today when a 3,4 even 5% profit is eroded to some extent during US session.

I guess I could put a target & people will have their own take on things but I tested it with no target, assuming I'd be away from the pc until 6pm UK time. The huge benefit is that you can place that trade at 8am and walk away for 10 hours. No stress, & also if I get back to 'full-time' trading means I can actually enjoy life without being tied to the pc.

Oops, Steve's rambling again hahaha

Kind Regards
Steve

Quoting mp777
Hi Steviet, i'm a long time lurker on your journal but never posted to it before.

I'm finding your new strategy very interesting and it's a little bit similar to one that i got involved in about 3 years back on a different forum where people traded the first 2 moves of the day as the initial Frankfurt move was often reversed when London opened - givng a Vee pattern on the charts; so you fading Frankfurt is the 2nd part of the Vee.

Interesting stuff.....

Regards Chris
  • #3,728
  • Jul 22, 2009 12:00am Jul 22, 2009 12:00am
Short 1.4199 s/l 1.4224
  • #3,729
  • Jul 22, 2009 9:34am Jul 22, 2009 9:34am
LOL, so again today we hit nearly 2% only for US to reverse & stop out.

Tonight will be testing hourly bars on USDJPY to see if there's any benefit in splitting the risk. Would still be in that trade as of now and that brought in 3 good winners last week whereas EU lost every day but one.

Steve
Quoting steviet
Short 1.4199 s/l 1.4224
  • #3,730
  • Edited 1:49pm Jul 22, 2009 12:56pm | Edited 1:49pm
Quoting steviet
Short 1.4199 s/l 1.4224
Hi Steve, I must be missing something - I thought Wednesday's trade would have been a long from the 4180 area. I ask this as thought you were taking the entry at 8AM UK time as opposed to 7AM but looking back at the charts, the earlier entry looks better anyway.

Regards Chris
  • #3,731
  • Jul 22, 2009 1:51pm Jul 22, 2009 1:51pm
Hi Chris,

I think you are looking at the next hourly bar to the one I trade from.

7am bar ending at 8am opened 1.4199 & closed 1.4200 so I went short.

The 8am bar ending 9am was the one that you are looking at (opening 1.4200 & closing 1.4181).

Cheers
Steve

Quoting mp777
Hi Steve, I must be missing something - I thought Wednesday's trade would have been a long from the 4180 area.

Regards Chris
  • #3,732
  • Jul 22, 2009 2:20pm Jul 22, 2009 2:20pm
Quoting steviet
Hey Chris,

Welcome! I have seen that chap from Yorkshire lurking here before lol.

Kind Regards
Steve
Happen thar's a lot of us Yorkshiremen int forum, tha knows.
  • #3,733
  • Jul 22, 2009 2:28pm Jul 22, 2009 2:28pm
OMG!

Another one haha!!

Next thing I know someone's gonna break into a rendition of 'On Ilkley Moor Bar Tat'

Seriously, everyone is welcome here (including Yorkshiremen)

Kind Regards
Steve
Quoting PeterFM
Happen thar's a lot of us Yorkshiremen int forum, tha knows.
  • #3,734
  • Jul 22, 2009 2:35pm Jul 22, 2009 2:35pm
Hi Steve.
I don't follow your trading style but do read your daily updates. I would like to comment on one thing and ask another.
1. Why don't you use a trailing stop to lock in some profit rather than return home to find it grew 3% then stopped you out. Being uk based I use ig and can access this on my pda and change stops while at work.
2. I have traded eurusd predominantly for months but in the last two weeks have had a hell of a job getting into the nice moves. I traded eurjpy about 10% of my trades but now have moved to just that. I have at least doubled my pip count. It may be worth comparing the days you have stopped out on eu with euryen. I do try to look after most of my trades as opposed to your style of leaving them in the slow cooker while you're at work though.
Good luck going forward.
Andy.
  • #3,735
  • Jul 22, 2009 2:37pm Jul 22, 2009 2:37pm
Quoting PeterFM
Happen thar's a lot of us Yorkshiremen int forum, tha knows.

Is it right you can tell a Yorkshireman?






You just can't tell him much!!!
  • #3,736
  • Jul 22, 2009 2:51pm Jul 22, 2009 2:51pm
Hi there Andy,

Trailing stops have been on my mind (especially in recent days) and need to trawl through my data again to see if it's worth it long term.

The whole ethos behind the method is the fact that when I do hit upon a move, the average profit is around the 4% mark. The first hour of the trade is often the one that will stop me but recently the trade has been profitable most of the day before reversing sharply an hour or two before my return.

On first impressions, a trailing stop would really impact on the bigger winners. Taking my biggest live winner so far with the method on 24th June, I'd have been stopped out for less than 1% using a 50 or even 75 pip trailing stop. Instead, I closed out at over 6.5%. You are right of course that I would have saved a couple of losses the past 2 days by trailing in some way.

I will look into it to see if overall it's a benefit or not.

Yes, I was looking into putting a yen pair (probably UJ) into the mix and split the risk - again needs testing thoroughly.

Thanks for your comments Andy

Kind Regards
Steve
Quoting andypips
Hi Steve.
I don't follow your trading style but do read your daily updates. I would like to comment on one thing and ask another.
1. Why don't you use a trailing stop to lock in some profit rather than return home to find it grew 3% then stopped you out. Being uk based I use ig and can access this on my pda and change stops while at work.
2. I have traded eurusd predominantly for months but in the last two weeks have had a hell of a job getting into the nice moves. I traded eurjpy about 10% of my trades but now have moved to just that. I have at...
  • #3,737
  • Jul 22, 2009 3:19pm Jul 22, 2009 3:19pm
Quoting andypips
Is it right you can tell a Yorkshireman?

You just can't tell him much!!!
You'd be funny
  • #3,738
  • Jul 23, 2009 12:00am Jul 23, 2009 12:00am
Short 1.4245 s/l 1.4270
  • #3,739
  • Jul 23, 2009 9:41am Jul 23, 2009 9:41am
Quoting andypips
Is it right you can tell a Yorkshireman?






You just can't tell him much!!!
This is correct, I may have my faults but being wrong isn't one of them

Chris
  • #3,740
  • Jul 23, 2009 9:44am Jul 23, 2009 9:44am
OK,

See that smiley face above? It ain't smiling now lol!!

Just got back to see 'same old same old' - up over 2% until US news buggers it up yet again and I arrive home at almost the exact same price as where I opened the trade.

I'm getting a bit sick & tired of this rangy crap, being up for over 7 hours then reversing. To be quite honest it's far better being stopped out within 10 minutes of opening than to see this.

I'll stick to the plan coz if I don't I will miss the good day, it's a guarantee!

Oh well, same time tomorrrow...

Kind Regards
Steve
Quoting steviet
Short 1.4245 s/l 1.4270
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