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Four Kids 2nd Journal

  • #161
  • Mar 24, 2010 11:00am Mar 24, 2010 11:00am
gu's triggered, currently +25 each.

Coolshades, yes entries are placed 10-20 pips above/below the signal bar.

Off to work now , will explain more when I get home.
  • #162
  • Mar 24, 2010 9:00pm Mar 24, 2010 9:00pm
gu 5 hit tp 1.4860, +60 pips
gu 2 still open
  • #163
  • Mar 24, 2010 10:52pm Mar 24, 2010 10:52pm
Quoting coolshades
good going. i still have not worked out how you get your entries. it looks like you place pending orders on break of s/r levels in line with the longer term trend. but is that a break of a fixed number of pips?


taking the GU as an example how did you arrive at 20 as a likely entry?

thks
The previous day's low was 1.4931, so entry was 10 pips below that. Orders are not placed just on the break of a sr line. Price has to break and close below sr and then pullback to the sr or there abouts. Although the daily did not close below sr, when I dropped to the 4hr chart,there was a break and close below sr, and it was on the 4hr that I set the pending order.

At the moment I very rarely trade against the trend.

If I trade off a pin, outside bar,engulfing bar, 2-3-4 day pin, it is always 10 to 20 pips below/above that bar ( combination of bars ).
  • #164
  • Mar 24, 2010 11:52pm Mar 24, 2010 11:52pm
Pending:

au 5 short, 0.9055, sl 0.9160, tp 0.9010
au 2 short, 0.9055, sl 0.9160, tp open

Bar 1 broke and closed below sr, bar 2, current daily bar, has already pulled back to about sr. Entry 10 pips below low of bar 1.

Stop set a few pips above sr and 10 pips above the 9150 round number.

Target: next minor sr, blue line, is at about the big round number of 9000, so tp is set 10 pips above, at 9010.
If the current daily bar retraces to the sr, about 9130 then the distance between that point and the tp would be 120 pips,which is more than the ATR, which is about 80 pips, but I use ATR as a guide not a condition.

a-b-c lower highs, d-e-f lower lows, same as looking at the weekly chart.
Attached Image (click to enlarge)
Click to Enlarge Name: aa.gif Size: 19 KB
  • #165
  • Mar 25, 2010 12:17am Mar 25, 2010 12:17am
ok this makes it easier to understand. so you wait for bar 2 to retrace towards s.r before placing your pending order? do you wait for bar 2 to wait for a close?

how many time frames do you monitor and how many pairs?

Quoting Four Kids
Pending:

au 5 short, 0.9055, sl 0.9160, tp 0.9010
au 2 short, 0.9055, sl 0.9160, tp open

Bar 1 broke and closed below sr, bar 2, current daily bar, has already pulled back to about sr. Entry 10 pips below low of bar 1.

Stop set a few pips above sr and 10 pips above the 9150 round number.

Target: next minor sr, blue line, is at about the big round number of 9000, so tp is set 10 pips above, at 9010.
If the current daily bar retraces to the sr, about 9130 then the distance between that point and the tp would be 120 pips,which is more than the...
  • #166
  • Mar 25, 2010 1:38am Mar 25, 2010 1:38am
Quoting coolshades
ok this makes it easier to understand. so you wait for bar 2 to retrace towards s.r before placing your pending order?
YES
do you wait for bar 2 to wait for a close?
NO. As in this au case, pending order has been placed before bar 2 has closed.

how many time frames do you monitor and how many pairs?
I monitor the daily's looking for a signal bar, in this au case it was a bear bar with the trend, breaking and closing below sr. Once I have a signal bar I then look at the weekly and monthly tf's, to get a feel for the pair, and to see if their is a reason to not take the trade, ie a pin bar forming on the higher tf.

If it all looks and feels ok, I sometimes drop to the 4hr tf to look for an entry.

I monitor 28 pairs, but if their are 3 or 4 or 5 or more pairs all looking good and all with a common currency, I will not tke them all, I will pick what I consider to be the best 2.
  • #167
  • Mar 25, 2010 1:46am Mar 25, 2010 1:46am
What I have tried to explain in the previous post, is a BPC trade.

Breakout Pull-back Continuation.

Breakout, of the sr. Pull-back to the sr. Continuation past the low/high of the breakout.
  • #168
  • Mar 25, 2010 3:06am Mar 25, 2010 3:06am
so essentially you look for trade setups only on dailies?

Quoting Four Kids
What I have tried to explain in the previous post, is a BPC trade.

Breakout Pull-back Continuation.

Breakout, of the sr. Pull-back to the sr. Continuation past the low/high of the breakout.
  • #169
  • Mar 25, 2010 3:07am Mar 25, 2010 3:07am
Quoting coolshades
so essentially you look for trade setups only on dailies?
Yes
  • #170
  • Mar 25, 2010 10:40am Mar 25, 2010 10:40am
gu 2 closed at 1.4825, +95 pips
  • #171
  • Mar 26, 2010 1:16am Mar 26, 2010 1:16am
when you look for a bpc trade, breakout has to be in direction of longer term trend right? not a counter trend breakout?

Quoting Four Kids
What I have tried to explain in the previous post, is a BPC trade.

Breakout Pull-back Continuation.

Breakout, of the sr. Pull-back to the sr. Continuation past the low/high of the breakout.
  • #172
  • Mar 26, 2010 1:29am Mar 26, 2010 1:29am
Quoting coolshades
when you look for a bpc trade, breakout has to be in direction of longer term trend right? not a counter trend breakout?
Yes, in direction of longer term trend.
  • #173
  • Mar 26, 2010 10:06am Mar 26, 2010 10:06am
Closed au 5 at .9020, +35 pips

au 2 still open
  • #174
  • Mar 26, 2010 10:20am Mar 26, 2010 10:20am
good going. i myself had a sell from 9130 which i closed at 100 points.

whats the 2 and 5 referred to in your trades?

Quoting Four Kids
Closed au 5 at .9020, +35 pips

au 2 still open
  • #175
  • Mar 26, 2010 10:35am Mar 26, 2010 10:35am
The 2 and 5 refer to the number of lots traded, so I like to get the bulk of the trade in the bank as soon as possible and then let a couple of lots run.

Nice going on that trade.

Why did you sell at 9130 ?
Did you just enter on the break of the sr ?, or did you see some pa on a lower time frame ?, or some other reason ?
  • #176
  • Mar 26, 2010 10:50am Mar 26, 2010 10:50am
i use a trend trading system (DanUK's system on FF), which is loosely based on wayne jackson's system.

attached is the h4 chart on audusd. like you, i believe audusd is ina downtrend now, since november onwards the peaks have been getting lower on the daily.

i took an entry @ 9130 due to failure of price to break s/r at 9130 and close of h4 bar below my upward trend line.

my stops in these trades are 100 pips usually.


when you mean lots, you mean you are trading 20k units, 50k units? or 2k units, 5k units?

Quoting Four Kids
The 2 and 5 refer to the number of lots traded, so I like to get the bulk of the trade in the bank as soon as possible and then let a couple of lots run.

Nice going on that trade.

Why did you sell at 9130 ?
Did you just enter on the break of the sr ?, or did you see some pa on a lower time frame ?, or some other reason ?
Attached Image
  • #177
  • Mar 26, 2010 11:01am Mar 26, 2010 11:01am
Cheers. I will have a look at DanUK.

Lots: 2k, 5k
  • #178
  • Mar 26, 2010 11:53am Mar 26, 2010 11:53am
Weekly round up:

From last week closed eu 2, +226

This week gu 5 +60, gu 2 +95, au 5 +35, au 2 still open

Total 416 pips

Balance at start of week $487, at end of week $598
  • #179
  • Mar 26, 2010 12:34pm Mar 26, 2010 12:34pm
Monthly round up:

19 trades, 13 won, 3 lost, 2 be, 1 open

+604 pips for March

Balance at start of month $389, at end of month $598.
  • #180
  • Mar 28, 2010 3:41am Mar 28, 2010 3:41am
very good going.

what's the risk you take on your account? i was just working out the maths and it looks like at any point in time you have 7-14k units in trade on an account size of about $500?

so per trade you are risking about 5 times your account?

Quoting Four Kids
Weekly round up:

From last week closed eu 2, +226

This week gu 5 +60, gu 2 +95, au 5 +35, au 2 still open

Total 416 pips

Balance at start of week $487, at end of week $598
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