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  • #121
  • Jan 31, 2011 3:58pm Jan 31, 2011 3:58pm
As today is the last day of the month I have given the summary of my trades. January has been good and I am developing the nerve to stay in a trade for longer than minutes.

Summary of January trades taken so far

Sold eurgbp @0.8566 Closed @0.8554 (+12pips)
Sold audcad @1.0075 Closed @1.0040 (+35pips)
Sold eurgbp @0.8473 Closed @0.8453 (+20pips)
Sold usddkk @5.6700 closed @5.6177 (+523pips)
Sold audusd @0.9994 closed @0.9969 (+25pips)
Sold eurgbp @0.8420 closed @0.8445 (-25pips)
Sold eurcad @1.3189 Closed @1.3109 (+80pips)
Sold eurgbp @0.8340 Closed @0.8365 (-25pips)
Sold usddkk @5.5642 Closed @5.5431 (+211pips) two-thirds
Sold usddkk @5.5642 Closed @5.5242 (+400pips) remaining one third
Sold gbpusd @1.5940 Closed @1.5896 (+44pips)
Sold audcad @0.9824 Closed @0.9867 (-43pips)
Sold gbpchf @1.5249 Closed @1.5040 (+200pips)
Sold audnzd @1.2907 Closed @1.2847 (+60pips)
Sold eurcad @1.3630 Closed @1.3719 (-79pips)

+329 pips total
+796 piplets (usddkk) - spreadbet this pair at a way smaller lot size

14 trades in all. 4 losers. Still overtrading in my opinion as this is an average of one trade every 1.3days.
My main target is to open trades and let them run till all the pips have been squeezed out of them. I have been reading a thread on this forum 'equity millipede' and it is a gutsy way of trading.

According to my trading rules. As my monthly pip target has been reached the trade size increases

Here's to February trading...
If you think you can or cannot do it you are correct
  • #122
  • Edited 2:12am Feb 1, 2011 2:10am | Edited 2:12am
Risk is back on in the market. short [email protected]. Would very much like to see a break of 1.3670 to comfirm my analysis. The above chart is a 4h chart. We can see a small head and shoulder forming (unconfirmed!). If it breaks...
Attached Image (click to enlarge)
Click to Enlarge Name: euraud-4h-01022011-0805uk.jpg Size: 91 KB
If you think you can or cannot do it you are correct
  • #123
  • Feb 1, 2011 12:45pm Feb 1, 2011 12:45pm
Quoting Olu
I have uploaded a 4hr and daily chart of the euraud
please consider the following as an argument for a short

price has broken below a dominant trendline on the 4hr and the daily
there has been a feeble retest of the trendline which has failed. Todays candle shows indecision on the daily and sitting bang on the 100sma
Stochastics on the daily has turned down (not shown here)
The trade is carry positive

A break below 1.3670 might be a good sell. We would have our 123 entry setup

Comments?
The price is above 100 sma and you go short?
  • #124
  • Feb 1, 2011 12:48pm Feb 1, 2011 12:48pm
Olu, I have onother idea for your entry

You have the direction from Daily. Then, on 4h you wait until Stochastik turns in your direction - that will be the signal bar. Then, entry is above/below the signal bar, stop - opposite.
  • #125
  • Feb 1, 2011 1:25pm Feb 1, 2011 1:25pm
Quoting Olu
Risk is back on in the market. short [email protected]. Would very much like to see a break of 1.3670 to comfirm my analysis. The above chart is a 4h chart. We can see a small head and shoulder forming (unconfirmed!). If it breaks...
closed @1.3660. (+52pips)
If you think you can or cannot do it you are correct
  • #126
  • Edited 8:29pm Feb 1, 2011 8:26pm | Edited 8:29pm
really speculative sell in this pair

4h stoch has turned down from lofty highs
low of the 4h reverse hammer broken
support 1.6082 then 1.6060
very tight stop - above the highs of the reverse hammer
price overstretched from previous day

short @1.6132 and not doing too well at he moment...
Olu
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-4h-02022011-0215uk.jpg Size: 77 KB
If you think you can or cannot do it you are correct
  • #127
  • Feb 2, 2011 1:40am Feb 2, 2011 1:40am
Quoting Happy68
Olu, I have onother idea for your entry

You have the direction from Daily. Then, on 4h you wait until Stochastik turns in your direction - that will be the signal bar. Then, entry is above/below the signal bar, stop - opposite.
Thanks Happy68 for this contribution. I actually do something loke this already. For example I look at the weekly amd the monthly with the stoch on. Determine the trend from there. I particularly look at ones where the stoch are going in the same direction. Then I check the daily and try to catch the conformation to the weekly trend from there. I am not usually able to check the 4h during the day except at lonchtime at work hence my entry routines aroound the 123 on the daily chart with a largish stop above the high

I have set up a your suggestion in my sysyem and will be incorporating this when I can.

Thanks again

Olu
If you think you can or cannot do it you are correct
  • #128
  • Feb 2, 2011 1:43am Feb 2, 2011 1:43am
Quoting Olu
really speculative sell in this pair

4h stoch has turned down from lofty highs
low of the 4h reverse hammer broken
support 1.6082 then 1.6060
very tight stop - above the highs of the reverse hammer
price overstretched from previous day

short @1.6132 and not doing too well at he moment...
Olu
Needless to say the markets have taken 30pips back from me.
If you think you can or cannot do it you are correct
  • #129
  • Feb 2, 2011 1:58am Feb 2, 2011 1:58am
yesterday we had an inside bar. Price has just broken the low of that inside bar. Daily stoch has turned down. Possible target 3578 area. I have tried to do something in this pair but donated money to the markets then

short @1.3673
If you think you can or cannot do it you are correct
  • #130
  • Feb 2, 2011 1:59am Feb 2, 2011 1:59am
Might be able to look in lunchtime

Olu
If you think you can or cannot do it you are correct
  • #131
  • Feb 3, 2011 6:53am Feb 3, 2011 6:53am
Quoting Olu
yesterday we had an inside bar. Price has just broken the low of that inside bar. Daily stoch has turned down. Possible target 3578 area. I have tried to do something in this pair but donated money to the markets then

short @1.3673
Stopped moved to 1.3618. Lots of data coming out today...
If you think you can or cannot do it you are correct
  • #132
  • Feb 3, 2011 7:05am Feb 3, 2011 7:05am
Quoting Olu
Stopped moved to 1.3618. Lots of data coming out today...












Next take out 1.3550 then 1.3272.




golferfx
  • #133
  • Feb 3, 2011 7:09am Feb 3, 2011 7:09am
Olu,

Nice eurgbp and eurnok....did you do the nok ?



golfer
  • #134
  • Feb 3, 2011 7:49am Feb 3, 2011 7:49am
Quoting Olu
Stopped moved to 1.3618. Lots of data coming out today...
trade stopped out @1.3618 (+55pips)

Stop too tight. I was bombed out by the volatility of the announcement. Then the market headed my way
If you think you can or cannot do it you are correct
  • #135
  • Feb 3, 2011 7:54am Feb 3, 2011 7:54am
Same here with my EURAUD short, when I checked the chart noticed a huge red candle and my target hitted, next time I should put all major economical news in my calendar, anyways its always good to have the TP hitted rather then SL
  • #136
  • Feb 3, 2011 8:24am Feb 3, 2011 8:24am
Yes it is better for TP to be hit instead of stoploss. One of my past experiences with eurcad which made me move my stop was a 250pip range ensued around a time of this same announcement. That if it happened would have stopped me out for a loss. And I didnt want to lose on this trade I have been babysitting for two and a half days. I have learnt a valuable lesson today.

Position trading stops need to be wide

One good thing though and what I give myself a pat on the back for is that I did not close this trade this morning before coming to work. My entry point was tested then. But I stood firm and therefore booked this 55pips. So I am getting better in this switch from short term trading to longer term trading.

The second reason for a pat is that increasingly I am picking winning trades and therefore can concentrate more on trade management. Without excellent and sound trade management one would not last in this business. It would be a disaster for me if I didnt have a trade picking system that was statistically profitable and didnt have trade management skills as well. Double trouble!

So here goes
If you think you can or cannot do it you are correct
  • #137
  • Feb 3, 2011 9:10am Feb 3, 2011 9:10am
Short term play. Short @1.0095 Reasons and chart to follow...
If you think you can or cannot do it you are correct
  • #138
  • Feb 3, 2011 10:05am Feb 3, 2011 10:05am
Double top on the hourly with a break of the neck line
overbought stoch levels
sinking euro

...just checked now -10pips at the moment...
Attached Image
If you think you can or cannot do it you are correct
  • #139
  • Feb 3, 2011 3:46pm Feb 3, 2011 3:46pm
Quoting Olu
Short term play. Short @1.0095 Reasons and chart to follow...
Total misadventure on this one closed out for -52pips around the double top on the hourly chart

This wiped out the eurcad trade I profited from earlier. Bringing todays tally flat.

There goes another negative on my foray back into entering trades intraday. The lesson here is.

Stick to the trading plan and style

Olu
If you think you can or cannot do it you are correct
  • #140
  • Feb 3, 2011 4:04pm Feb 3, 2011 4:04pm
I have uploaded the daily chart of the eurjpy.

we have a 123 breakdown today @111.40
stochastic entrenched downwards
price below the 100sma
123 target is 108.80

the conditions for a sell in my system has been met. However I am looking for a retracement for entry
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy-daily-03022011-2130uk.jpg Size: 127 KB
If you think you can or cannot do it you are correct
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