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Razors Journal - Basic trading with PA at S/R

  • #221
  • Jul 13, 2009 1:49am Jul 13, 2009 1:49am
Quoting Razor_trader
Not at the moment, I would love it but right now Im just working to become systematic in my trading. I trade Inside bars and another breakout method which have done pretty well over the past 5 months. I have been trading for about 4 years but now it is all starting to come together so I have 6 months to give it a real go and then the plan is to sell my small business and use the money from that to go into trading. At the moment I am just expanding it again so I am due to sell half in the coming months and then the other half at the end of the year....

Sounds like a good plan. I've only been trading/learning for 6 months so Iam new to IB's and the DIBS method, but I really like the simplicity of this way of trading. I'll definitely follow this journal!
  • #222
  • Jul 13, 2009 2:59am Jul 13, 2009 2:59am
Currently have 3 running orders from the initial breakout (not IBs).

They are G/J, E/J and G/U

Ill post results as they come.

Razor
  • #223
  • Jul 16, 2009 6:17am Jul 16, 2009 6:17am
Not a very tradable month this month. Apart from the 1st week and half I have kept to the sidelines which is why there has been little movement with my journal. I have taken some small trades here and there but no real winners (most turned 1:1 or SL).

I will give a complete update towards the end of the month. Im not looking to take trades (in great depth) until the direction is more clear. To much chop for what I really want to achieve.

Razor
  • #224
  • Jul 21, 2009 2:11pm Jul 21, 2009 2:11pm
your honesty and level headed approach makes your journal one of the better journals in here razr

always a pleasure to read

  • #225
  • Jul 21, 2009 7:05pm Jul 21, 2009 7:05pm
Quoting fugly
your honesty and level headed approach makes your journal one of the better journals in here razr

always a pleasure to read

Thanks m8 I appreciate the kind words. It has been very quiet since the start of the month. Chop is not a great thing so I am really taking some level trades and taking profit where I can.

Thanks again

Razor
  • #226
  • Jul 21, 2009 7:14pm Jul 21, 2009 7:14pm
Trades taken this week have all been on the monster G/J who is proving to be difficult. Early indication showed that the little bear run might have been over and the bulls coming back, now this week we have made some LH and LL and bears appear to be on the horizon.

Took the ORB this week and was up quite a nice amount, 1:1 was set after the market moved through and unfortunatly the trade has been stopped out with some moderate profit.

Monday i also took 2 Inside Bars which 1 netted profit with 2/3rds at 1:1 after it was up a bit more and the other got stopped out

Took 1 trade yesterday taking the break of the BEOB which ended up gaining great momentum. I took 100 pips off that one as it was before I went to bed.

We look to now be comfortable with the bears as the market does appear to be heading south. Just trying to trade the IBs in a systematic way and the other PA bars to set profits.

Account growth for this month has been steady thanks largely to the opening week, since then there have been some minor losses wrapped in some minor gains.

Hang in there, the trend will soon reveal itself. I am still trying to get the most out of the market while keeping emotions at bay which is why at the moment I am taking 2/3rds (or better than 50%) at my 1:1 point. It ensures a little profit during the choppy times and if we get something that runs, then I still at least have a trade in the market.

take care all

Razor

Account Growth July = 19.01% (5.57%)
  • #227
  • Jul 26, 2009 8:31am Jul 26, 2009 8:31am
Doing my chart setups for the start of the week and happened to come across this spike on the USD/CHF. At first it looks impressive, but once zooooooooooommmmmeeeedddd out its even better. Live chart too lol
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Interesting Spike.gif Size: 43 KB
Click to Enlarge Name: My 15.gif Size: 32 KB
  • #228
  • Jul 27, 2009 10:37pm Jul 27, 2009 10:37pm
Nearing the bottom of its run it is struggling to push through this big support level. There is a pin (hammer) from 2 days ago and then an IB (fantastic combo) off this support. I have set longs for the break of the IB. The risk is very small considering the fact its a daily. I am also considering long the break of the pin as safety with the stop loss below the low.

If it does break and close below this support point then my trade will be washed without execution.

Razor
  • #229
  • Jul 28, 2009 2:49am Jul 28, 2009 2:49am
Iam watching this one too, but I can't find that pinbar you are talking about ? You mean 24th of July ?
  • #230
  • Jul 30, 2009 3:01am Jul 30, 2009 3:01am
Hi Razor

Been following the DIBS thread and now your journal since the start. Have even been demo'ing the original DIBS (hourly) too since about mid-year. Overall my actual trading of DIBS has been a breakeven proposition. i.e. price hitting the 1:1 for the 1st half and subsequently stopping out on the 2nd half. This result could be because of my exit strategy.

At the same time, I've been testing DIBS across the major pairs with historical data from Alpari (about 10yrs). As I'm not a programmer, I've had to rely on my Excel knowledge to build a couple of spreadsheets to do all the grunt work to test the historical data. The results are pretty much in line with the findings mentioned by PeterCrowns in one of his final posts. I was also able to confirm that another time period exists during the day where DIBS is equally effective. This was encouraging as it gave me confidence that my testing is pretty close.

As you would know the basic setup is simple; the key is knowing where to take profits. This is the main variable in the testing and in trading of DIBS.

I'm inspired by the works of Crabel, PC, Rensink, Babcock and Rand so I'll continue to study, learn and test the ideas when I have time. One of the next things I'll do is to test performance with different timeframes.

Thanks for keeping the concepts alive with your journal and it's great to see that you're also furthering your learning in similar areas.

Btw, you mentioned a video that Joel has on ORB. I've had a look at his blog and website but have not seen the reference to the vid. Could you provide the link to this please?

Cheers
  • #231
  • Aug 2, 2009 10:36am Aug 2, 2009 10:36am
Quoting ap2009
Hi Razor

Been following the DIBS thread and now your journal since the start. Have even been demo'ing the original DIBS (hourly) too since about mid-year. Overall my actual trading of DIBS has been a breakeven proposition. i.e. price hitting the 1:1 for the 1st half and subsequently stopping out on the 2nd half. This result could be because of my exit strategy.

At the same time, I've been testing DIBS across the major pairs with historical data from Alpari (about 10yrs). As I'm not a programmer, I've had to rely on my Excel knowledge to build...
I can provide the link to the place where it can be purchased (only a few bucks if I remember correctly). http://www.tradersworld.com/conferen...ne_expo_4.html

The above link I believe is the one, it was a little while ago. If it isnt then im not sure (perhaps Youtube or some other form may have it. Or google Joels VBO and see where that takes you)

In either case, if you look up First Strike Plus and get the PDF, the trading is much along the lines of that (his VBO) plus if you have read most of Crabels workings on Opening Range Breakouts, the combination of these two (Crabel and FSP) should clarify.

Hope this helps

Take Care

Razor
  • #232
  • Aug 2, 2009 10:52am Aug 2, 2009 10:52am
Here is a small analysis of the week ahead. Nothing below is a trade recommendation it is more or less just my view of the weekly/daily charts and the PA that surrounds.

AUD/USD - Weekly S/R @ 85.00/30 (R) 82.60/90 (S)
Looking for a move to higher resistance and then PA to confirm R, if we get confirmation looking for shorts to S. IBs for the week- Bias is long till R either confirms or fails

GBP/USD - Weekly S/R @ 1.6780ish then 1.7000 (R) Depends
Momentum heading to previous R. If it fails and we break then longs till 1.7000 pysc level. Confirmation of R with PA will give shorts to R turned S at 6780ish area. IBs for the week - As per hourly rules. Cable has been up and down so selection of exit timing may be difficult. Ultimatly a confirmation of R at 7000 could lead to a big pullback where bias would be short

EUR/USD - Weekly S/R @ 1.4342 (R) 1.3881 (S)
Market has been between the above S/R points for some time now. Hammer on weekly may give some short term indication that we are heading higher. IBs - Bias will depend on whether we get out of this range. Much the same as cables outlook. R confirm will give me shorts, a break and my outlook is long. Early on looking long but would prefer a small pullback first

USD/JPY - Weekly S/R @ 95.89 (R) 93.50 (S) then 91.80/92.00 (S)
Big Confirm of weekly R last week, daily momemtum before weekend was strong bears. Break of S would leave us some more room down. IBs this week - Bias is short. Early IBs to holds to see if S holds up. PA off these levels will be key with USD still a chance to run higher then lower as it has done so. Good sign is the low high on Daily. New lower low would push sub 92 and next target after that (weekly) would be 90.00 pysc level


As mentioned above, this is just my outlook for some areas that I am looking at this week.

Take care out there

Razor
  • #233
  • Aug 3, 2009 9:35am Aug 3, 2009 9:35am
So far things are running nicely (touch wood). TPs set for the area around next resistance on G/U, G/J and E/J and going to hit the hay for now. See what has happened by morning

Razor
  • #234
  • Aug 4, 2009 5:51am Aug 4, 2009 5:51am
Thanks Razor!

All the best
  • #235
  • Aug 14, 2009 1:45am Aug 14, 2009 1:45am
Apart from an early trade this week it has so far been a quiet month (and the rest of the past 3 it seems).

I am in the process of changing over to MT4 (if anyone wants to give me some hints in would be much appreciated). So far the demo platform looks ok and im working my way around it trying to work out where everything is, and making it seem a little more asthetically pleasing.

Not much change since the last post apart from 2 good trades at the
start of the week which saw good R/R.

Once everything has cleared and im back on the road I will post more often.

Razor
  • #236
  • Aug 14, 2009 6:59am Aug 14, 2009 6:59am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Razor_trader
Apart from an early trade this week it has so far been a quiet month (and the rest of the past 3 it seems).

I am in the process of changing over to MT4 (if anyone wants to give me some hints in would be much appreciated). So far the demo platform looks ok and im working my way around it trying to work out where everything is, and making it seem a little more asthetically pleasing.

Not much change since the last post apart from 2 good trades at the
start of the week which saw good R/R.

Once everything has cleared and im back on the road I will...
MT4 tips, a thread being run by Hanover - very useful if you want to do something weird and wonderful in MT4 it's also very usful for the beginers

http://www.forexfactory.com/showthread.php?t=67529

regards

MPP

ps plenty of good IB's on the 1h just started to sow through

happy trading all
  • #237
  • Aug 14, 2009 3:02pm Aug 14, 2009 3:02pm
Quoting MPP
MT4 tips, a thread being run by Hanover - very useful if you want to do something weird and wonderful in MT4 it's also very usful for the beginers

http://www.forexfactory.com/showthread.php?t=67529

regards

MPP

ps plenty of good IB's on the 1h just started to sow through

happy trading all
Thanks m8 your a life saver
  • #238
  • Sep 9, 2009 12:05pm Sep 9, 2009 12:05pm
Hi Razor. Are you still trading? No entry in your journal in the last month. Hope you are OK. Looking forward for your posts.
If you're not part of the solution then you're part of the problem.
  • #239
  • Sep 16, 2009 8:40am Sep 16, 2009 8:40am
Quoting majorusa
Hi Razor. Are you still trading? No entry in your journal in the last month. Hope you are OK. Looking forward for your posts.

I am still around. I have been trading live with a group whom have the same outlooks and this has taken alot of my time plus I still work for a living at the moment. As for my trades the last 2 weeks or there about I have been out of action with a disabled laptop (it crashed horrendously) that has just been repaired so i am now in the process of getting everything back that i had before.

The outlook for me is at the moment getting my main account back on line. The account that I started this journal with was a very small account and while it is enjoying some success (currently up around 15% overall) it is limited in its capacity. The main account once I have it back online will allow me more room. Once this has happened I may start back on this journal but it is a time factor. I still do add at the DIBs thread and a few others from time to time so I am not going anywhere yet.

Thanks for dropping by

Razor
  • #240
  • Sep 22, 2009 1:17am Sep 22, 2009 1:17am
Just a small update.

Finally have everything back up and running. I was going through a platform change and in the end decided to stick to the platform I new best (GFT which I have used for almost 5 years). Coupled that with the hard drive issues I had with my laptop and I have more or less been vacant for a month or so (i didnt miss much though, cable is still loitering and Im thinking of issuing it a massive fine if it doesnt go somewhere).

Some changes to the original. I am still trading Inside Bars, though I have a little more discretion with them at the moment (read above about cable loitering) so with the ranges I am take more profit early but it is a personal decision based on what I see. I am also trading another BO model but will bring this up later once I see how well it runs. It is still based on the London open.

So far this week I went short on the AUD, netted around 40 pips before reversing and going long. I am also long EUR. Both these trades have 1:1 in place if they come back but at the moment they are still both full lots.

The other change I made was to my MM strat. I am now trading fixed lots up until a point where my account reaches a point in which event I will reevaluate and change. The % is still less than 3% based on a 60 pip SL, but most times is only around 1.5-2% because I dont often get a SL that big. I will take a trade with a SL up to 100 pips, but naturally will monitor this a little closer, possibly trail a stop, but all in time.

The reason for this is simple. I can focus on other things. From most of the testing I have done it really doesnt have an impact changing the lots sizes by 1 or 2 here and there and at least this way I feel my trading is more uniform.

My goal is now to trade this account to a higher level (naturally) and in time move trading to a more part time (it is really more casual at the moment, not in the discipline sense but in the fact that I have about 2 hours a day to really sit here and do something).

I will be trying to make at least a weekly note here but we will see how things fare.

Razor
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