Where the heck is Droland? I miss his helpful insight!
You're right, his insights were quite useful.
- #1,701
- Aug 10, 2009 7:24pm Aug 10, 2009 7:24pm
You're right, his insights were quite useful.
Good trading guys:
I was wondering if people could give their opinions of what to do going forward for the rest of the week. Are people getting back in short, are some people still short. People's expierences would be helpful. I got out at TP2 on G/J, like to hear what others think
Jim
opened 3 position each way for G/J, E/J, A/J and Cf/J. I didn't open short postion for CAD/J because entry short would have been just above daily and weekly pivot and can be a good support zone for a bounce. Didn't happen this time.
G/J hit TP1 & TP2. I still have one position open waiting for it to hit TP3
.E/J hit TP1. Have 2 position open for TP2 and TP3
A/J all postion open.
Cf/J hit TP1. Have 2 position open for TP2 and TP3.
I also have pending long waiting to open incase of reversal by Friday morning. If not then orders will be cancelled.
I never re-enter in the same direction once SL or TP hit. There is always next week and the opportunity comes along every 7th day it's worth the wait.
Cheers
Garfield
Trading is SIMPLE not EASY.
- #1,716
- Aug 11, 2009 12:12am Aug 11, 2009 12:12am
- | Joined Dec 2006 | Status: AKA "Yen" | 1,654 Posts
My broker is Go Market Australia. I didn't use buffer this week, my entries where bottom of the candle + spread. I am not sure if buffer makes much of a difference to the out come.
Cheers
Garfield
Of course, each trader has their own comfort zone, and what you're doing is obviously working well.
One question . . . I believe you said you moved your SL to BE when you reached TP1. Are you leaving it at BE as the trade progresses further, for example, as you reach TP2 and beyond?
Thanks for your posts. I've appreciated some of the tweaks you've introduced to the system. I don't always incorporate them into my trade strategy, but they are always well thought out.
Greetings from Guanajuato, Mexico 
Good point. I'm still using a 10-pip buffer only to give GBP/JPY some breathing room. This week, for example, the high and low of the 4H candle was only 89 pips apart. That's not much with this pair. With the 10-pip buffer on each side, I had a 109-pip stop loss, which I felt more comfortable with.
Of course, each trader has their own comfort zone, and what you're doing is obviously working well.
One question . . . I believe you said you moved your SL to BE when you reached TP1. Are you leaving it at BE as the trade progresses further, for example,...
Hi Yen44x,
I am glad to add usefull & helpfull information to this great system.
I leave my SL to BE after TP1, don't move it or trail it, very tempting though to tinker with it to lock in additional money.
The way I look at it is that, I have got money in the bank already with TP1 being hit. TP2 & TP3 are bonus. Worst case scenario I won't get the bonus but I got paid anyway with TP1. Best case scenario I get paid and bonus too
. By leaving it at BE, you will get paid bonuses most of the time. Don't have exact stats (not a believer in backtesting) but just eyeball the chart for past 1 year and you will see what I mean.
Cheers
Garfield.
Trading is SIMPLE not EASY.
- #1,718
- Aug 11, 2009 12:39am Aug 11, 2009 12:39am
I remember him saying that August would be a bad month for this strategy and that we would have to wait till September. I think he's taking a nap and will probably wake up in September.
You're right, his insights were quite useful.
I am away on holiday and not at my trading computer. Seems like I am missing a great week but I am happy for everyone that caught it. Not to worry though, many more weeks to come thanks to this great method.
DR
