How I will turn $100,000 into $1,000,000 in a month

Mike, thanks for the reply, what's your take on EJ and GJ, it's kinda an interesting deal there, since yen is pretty much stalled in the range, and both pound and euro are heading lower, does that translate into more downside on crosses? The deal is that we are almost ouf of the room on the monthly range for the may.

The EURJPY is in a clear down trend that is very clear, we have hard core resistance at 113.477. A break of this would be quite a bearish signal, because there is not a lot of support under us. In my old days I would be buying this as I was a pattern trader. Thankfully I learnt the error of my ways.

GBPJPY is sideways with no clear direction, as the former trend was down into the range my bias is to the downside, but it is a jumpy monket and it does tend to range sometimes with massive swings in either direction. I don't like it, because it goes very whippy from time to time.

I go down to the 5 min chart, usually this would not be a place to look for reversals unless the bigger time frame told you there was something there.

My strategy is simple sell CHFJPY at 90.78, stop 91.09

provided that 90.78 is exceeded first and in that time the market has not exceeded 91.09

nice signal there on CHFJPY for sure! top of the downwards sloping channel with only one retest.
also that happens to be WP, and we are below WP now.

chf nice setup, however the setup failed.

Because the market moved first through the previous top this trade is a no go. As I was expecting the market to roll at this point and it moved higher it proved that my analysis was incorrect and I did not enter a trade. I did not make any money, but I did not lose any money either.

If I want to trade the market it has to move in the direction I want to trade. If it does not then it shows me my analysis is incorrect. Today is a nasty day its just ranging not idel conditions to trade for me so I am calling it a day.

Trade when the wind is in your sails ints no good trying to force the market, it will only lead to frustration. the market is full of opportunities, but sometimes those opportunities are limited. Fish when the fish are bitting, when they are not go and have a beer and take it easy.

All the best


Mike

balance $335,629.50 sitting flat at the moment

http://www.dukascopy.com/traderconte...trader=Fraqtal

Mike that's fair enough, good luck for the new session tmrw though!

Successful considered a trader that even when his (hers) loosing trades are more than
winning still make’s money to proof that a great trader by name Tom Basso he made
Random entries with excellent money management and he had enormous success
(Ref. Van Tharps book “Super trader”) “is not the entries that matter but the exits”
Those methods are followed by trend followers .Once Basso asked by a novice trader
about his objectives “Up to the moon” answer
“Don’t exit the market by your self let the market kick you out “ Richard Denish
Back in 80,s a very successful trader had been asked about his strategy and how was so success full
“I Buy When 3Ema crosses 10 Sma” answer and continue “but you don’t ask me the most important how I buy it”

I had a look at my sucess in the contest and I noticed that at one stage I was upto $340,000 then i performed so badly and went back to 150,000.

I decided to then look at my loosing trades to see if I could figure out what I was doing wrong. A couple of things I noticed were that my trades got more random in nature and I started to use the stocastic in my trades which to be honest was a bad move.

Stocastics really are a 50/50 indicator at best, I am not even sure they work at all. I have decided to stop using them as they really are poor, in their functioning, this week I am back to time cycles and pure price action. Time cycles do appear to have a lot more going for them than stocastics.

Failed trades, I need to concentrate on those because the winners were good and then need no disection. One trade I did on the GBPCHF, I sold within 3 pips of the top, this is a great example of selling in the trend and I think everyone would do well to look for these type of trades because they are usually quite amazing. It was so good that Dukascopy featured it in their contest update.

Here is the link to the trade

http://www.dukascopy.com/traderconte...trader=Fraqtal

I sold it because the trend was down and the market was returning to a previous resistance area where most people would have placed a stop, it was a classic case of the dealers gunning for the tight stops. I also sold the EURJPY on Friday both in my real account and my contest account. This is a really great trade you can do on a Friday and it has a very high success rate, you will see the details on the link just look for strategy, in my comments.

I still intend to make a million and I hope to trade much better this comming week.

All the best to you all


Mike Haran

Basically the markets like to repeat the same moves again and again, study the charts and you will find that price action often preceeds market movements, combine that with cycles and you have a powerful trading strategy. Here was my expectation of the possible move in the EURJPY made over the weekend.

The general direction and approximate magnitude of the move was very similar to past market moves. Even down to the double wave correction up. This chart was constructed before the market made its move and this is why I sold the EURJPY on Sunday propelling my account back up to 300,000 and my position back to 14th. Here is the link

http://www.dukascopy.com/traderconte...trader=Fraqtal

Hello I saw your posts in Planetary Cycles Trading (EUR/USD). Though I am a newbie for trading I have put a lot of effort to study gann's stuff. Currently I dont have much contacts with people who really going after gann. So i would like to keep in contact with you. Also like your way of analyzing markets. So can you please give me a way to contact you through a messenger or skype or mail or anything to share some ideas.

have profitable trades
thanks

Great post. All of it.

i clicked the link but i don't see any performance updates..plu avg end of month equity is only 42k?

Yes my performance in the contest has been crap, so I am refining what I do this month. Lets see how it goes in December.

This was my winning performance

http://www.dukascopy.com/traderconte...l&month=201012