Interesting thread and strategy - I'll keep an eagle eye on it from about 200k north of Melbourne. You need a big post note on your screen that eads "DO NOT BREAK THE RULES" Works for me! Look forward to seeing how you handle the money management side of thing later on. Good luck.
Interesting thread and strategy - I'll keep an eagle eye on it from about 200k north of Melbourne. You need a big post note on your screen that eads "DO NOT BREAK THE RULES" Works for me! Look forward to seeing how you handle the money management side of thing later on. Good luck.
Good to have you dropping by...nice to hear from another Victorian
.Great suggestion about the sign...definitely going to take you up on that one.
As for money management, I haven't really worried too much about that just yet, wanted to see if I could grab some consistent pips first.
Once I start trading on my live account, I will definitely need to plan around this.
I expect I will limit myself to probably 2 trades open at any one time with this strategy for starters, but will think on this a bit more yet.
I hope you are making pips too
Hate to burst your bubble, but your losses need to be multiplied by 3. Good luck.
Thanks for dropping by...
You're not bursting my bubble, I've already mentioned that I'm yet to deal with the MM side, and I am aware that when a trade goes to SL it will be at the full trade, which is why I need to make sure I maintain the discipline of keeping with the rules, as to date the only trades that have gone to a loss are trades where I didn't enter correctly.
With that being said, I'm sure there will be losses, but hopefully few enough to not cause a problem...time will tell!
thanks for taking time to comment, I do appreciate your interest
Hi Ozgirl,
I know you have mentioned that Money management is something that you have not been concerned with until now..but I think the point that the previous poster was perhaps trying to make is that if indeed your losses were multiplied by three (to account for the lot size) this is perhaps a loosing strategy?
Approx 700 lost pips * 3 = approx loss (2100 Pips). This is about the same as what you made? close enough to a 50/50 system?
I agree with what you're saying as well as jb3, that my losses are 3x the pips, and if this is how my testing was to continue, then perhaps it's not worth pursuing and I move on.
However at this stage, the losses have all been attributed to bad entries on my part (not following the rules), so if I had followed the rules I would not have taken any of those trades, and therefore would be looking at a 100% winning trades to date.
Now I am not expecting 100% wins, we all know that is not probable, but I do want to see what the % of losses the strategy incurs when it is traded correctly and once I get this figure, this is where mm will determine how many pips I walk away with at the end of the day/week/month etc. or if necessary, I stop trading it.
What I want to do for now is discipline myself to making sure that I only take confirmed trades with this strategy, so I can get a more accurate handle on the potential of the strategy and then depending on the results I will then be able to apply mm that will adapted directly for this strategy.
So, I did some manual backtesting.
Trading on all possible charts for my broker, and starting on 21/03/11 and finishing on 18/05/11 this very simple strategy made 8024 pips.
69 trades - 12 losses, 57 wins
83% win rate on correct strategy entries over a 2 month period.
So maybe that's a better way to trade it rather than the staggered close I've been doing...time will tell!
Either way, I thank you for taking the time to post, as one of the reasons I started the thread was to make myself more accountable for my trading decisions and already with posts like yours and jb3's you are making me think things through more completely.
I will continue to post daily updates and I would welcome your contributions if you happen to be around
going into the new trading week...
Friday was definitely a bad day for my concentration levels, this trade I only took it a 0.01 (instead of 0.03 so I can make partial closes) so won't be able to make any partial closes.
The trade is currently up 26.4 pips, and after giving it some thought, I am going to close the trade as soon as trading opens and start the week fresh even though the trade is looking ok.
17/06/11
audcad
open 0.01 buy 1.03744
currently up 26.4 pips
Trade closed at breakeven...
Ready for a new weeks trading, with brain function turned on
Pairs I'll be checking at Monday open:
eurgbp
eurcad
euraud
eurusd - unlikely though, as I don't think it's going to meet the rules
Good luck to everyone for the new trading week....
I wish you lots of pips
Took eurgbp buy
eurcad - entry not yet confirmed, stoch signal line not crossed above 20 line. will check again tomorrow at close of candle.
euraud - entry not yet confirmed, will check again tomorrow
eurusd - signal is borderline and flattening out. Not likely to take this trade.
- #54
- Edited 5:19pm Jun 20, 2011 3:01am | Edited 5:19pm
20/06/11
eurgbp
opened buy 0.03 0.88290 sl 200 tp 500 be+2 50
update 6pm (my time): trade currently approx 30 pips down
update 21/06/11
trade still open, just starting to move into positive territory...let's see what today brings
eurgbp
opened buy 0.03 0.88290 sl 200 tp 500 be+2 50
update 6pm (my time): trade currently approx 30 pips down
update 21/06/11
trade still open, just starting to move into positive territory...let's see what today brings
- #57
- Edited Jun 21, 2011 5:09pm Jun 20, 2011 5:32pm | Edited Jun 21, 2011 5:09pm
eurgbp has started to move in the correct direction for me overnight and now only about a pip down.
still an hour to go to the close of candle, so will be watching eurcad, euraud and eurusd closely. Also noticed that chfjpy is near os zone, but again will need to wait until candle close and checking again then.
eurcad - trade taken today
euraud - still watching, waiting to get clearer confirmation with the signal line breaking clear of the 20 level of the stoch.
eurusd - didn't take trade, signal line didn't penetrate sufficiently into oversold area for me to jump in on this one.
chfjpy - stoch has not crossed into oversold zone, so no trade
Off to work now...happy pips
20/06/11
eurgbp
opened buy 0.03 0.88290 sl 200 tp 500 be+2 50
update 6pm (my time): trade currently approx 30 pips down
update 21/06/11
trade still open, just starting to move into positive territory...let's see what today brings
break even +2 set just before the new candle, banked 52.8 pips - we're now in a free trade
