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  • #201
  • Jul 13, 2011 6:18pm Jul 13, 2011 6:18pm
Quoting fxozgirl

ps. I would be especially careful with the eur crosses over the next few days
Yes agree, I trade completely different to this system and also trade currency futures and some Forex. I'm expecting this run up to top out either Friday or Monday, and I'll be looking to get short in a big way. I don't think the downside is done yet, with everything going on in the financial world right now especially in Europe. This sharp pull back in the Dollar is just that, a sharp pullback. If however it takes out 75 on the downside then it's probably had it and the Euro will rally. There's major trouble brewing in Europe, with all these bailouts going on, the big ones are still to come, SPAIN! If Spain puts it's hand up for a bail out, the Euro will fall in a hole like you've never seen.

So for me any lagging system to trade FX is quite risky, but as long as you can get in early with low risk and tight stops it should be okay.

The other day I was looking at your trades and how far away you have your stops. I thought to myself you'd need a big account to trade with such large stops. But then I realized you're only trading micro lots, 0.03, I first thought this was 0.3. Trading with a tiny lot size will help keep the emotions out of it. The other way to look at it is if you had a larger account and traded the same percentage as you did with micro lots you should get the same results. For testing though Micro lots are okay.



Cheers
  • #202
  • Jul 13, 2011 11:52pm Jul 13, 2011 11:52pm
Quoting fxozgirl
No valid entries on eurgbp, eurjpy or eurusd today......
My eurusd has crossed below 20 and now closed above 25..
Why isn't that showing on yor chart?
On my chart itīs a valid entry.. :S
  • #203
  • Jul 14, 2011 1:26am Jul 14, 2011 1:26am
Quoting tradercnx
Yes agree, I trade completely different to this system and also trade currency futures and some Forex. I'm expecting this run up to top out either Friday or Monday, and I'll be looking to get short in a big way. I don't think the downside is done yet, with everything going on in the financial world right now especially in Europe. This sharp pull back in the Dollar is just that, a sharp pullback. If however it takes out 75 on the downside then it's probably had it and the Euro will rally. There's major trouble brewing in Europe, with all these bailouts...
I agree with your sentiments with the euro...things are looking grim, and panic is not far away , I won't be looking at any longs in the short term either with eur x, I hope it doesn't get too bad. Mind you, I'm not sure if the EU will really allow a full scale collapse (although it may be end up being out of their control)

As for my sl, they are set to take in the average daily range (given I'm trading on the daily charts), but you do need to have your money management in place and definitely not overtrade. I am trading micro lots (10c pip) on a $2000 demo account, so not even close to having to worry about margin.

Remember I am still testing this strategy and going through a rough market like we're going to have for at least the next week or more I think will test it out.

Looking at the bigger picture, it may turn out that this system doesn't work as well in a really volatile market, but this is also a good reason not to just rely on one trading method and to spread the risk...time will tell.

I will continue to post trades and charts, whether they win or lose, it will be interesting to see the results.
  • #204
  • Jul 14, 2011 1:27am Jul 14, 2011 1:27am
Quoting anderssv82
My eurusd has crossed below 20 and now closed above 25..
Why isn't that showing on yor chart?
On my chart itīs a valid entry.. :S

Can you post a chart for me to see?
  • #205
  • Jul 14, 2011 4:04am Jul 14, 2011 4:04am
Hiya fxozgirl,

Yip I understand exactly where you're coming from. It's just as easy to test a strategy with micro lots as larger lot sizes, in fact probably easier with micro lots as you definitely have no emotional attachment to the trades. I see what you're saying in regards to stops and ATR. That would scare me having stops that far away on larger size trades, like 5 full lots or more. I'd need a bigger account. Or could scale in and reduce risk that way.
  • #206
  • Jul 14, 2011 4:22am Jul 14, 2011 4:22am
Quoting tradercnx
Hiya fxozgirl,

Yip I understand exactly where you're coming from. It's just as easy to test a strategy with micro lots as larger lot sizes, in fact probably easier with micro lots as you definitely have no emotional attachment to the trades. I see what you're saying in regards to stops and ATR. That would scare me having stops that far away on larger size trades, like 5 full lots or more. I'd need a bigger account. Or could scale in and reduce risk that way.

haha, the plan is to grow my account and lot size gradually, so maybe I wont even notice it when I'm trading 5 full lots
  • #207
  • Jul 14, 2011 4:46am Jul 14, 2011 4:46am
Yes well it's a good plan, I think you'll certainly notice it when trading 5 lots. I'm not there yet but should be! You must trade according to your money management rules. I was trading only 1 % of acc and found it was not enough to keep me on the edge. Now I try to keep it around 3% and certainly below 5%. At times a good setup can warrant a 5% stop but it's rare it happens. I don't know about you but I'd rather have less in my brokerage account and risk a larger % than have more in it and risk less %. I keep surplus funds in MY bank account, I don't trust any of these brokers now days. A friend in OZ lost an almost 6 figure sum when Sonray went under and has no chance of seeing that money again.
  • #208
  • Jul 14, 2011 7:55am Jul 14, 2011 7:55am
Quoting fxozgirl
Can you post a chart for me to see?
Now i noticed that the candle is not closed yet, my bad!
But the signal line is above 25...
  • #209
  • Jul 14, 2011 7:56am Jul 14, 2011 7:56am
Quoting tradercnx
Yes well it's a good plan, I think you'll certainly notice it when trading 5 lots. I'm not there yet but should be! You must trade according to your money management rules. I was trading only 1 % of acc and found it was not enough to keep me on the edge. Now I try to keep it around 3% and certainly below 5%. At times a good setup can warrant a 5% stop but it's rare it happens. I don't know about you but I'd rather have less in my brokerage account and risk a larger % than have more in it and risk less %. I keep surplus funds in MY bank account,...

Yes, I'm sure I will notice 5 lots (I was just joking)...I'm a fair bit away from that just yet, so will have to wait and see.

Good point about the broker's...def need to be careful there. I'm with GoMarkets and they are ASIC regulated (and boy are they strict) so hopefully they are safe.

I feel for your friend that lost that much money...hard to recover after something like that!
  • #210
  • Jul 14, 2011 9:25am Jul 14, 2011 9:25am
Yeah I knew you were joking.

I'm with Go Markets too. One thing I don't like about these brokers (not just Go) is whats written in their PDS. Our funds are not protected one iota from a default.

This is why I don't keep much money in my FX brokerage account. I have a futures and options account and a FX brokerage account in Chicago, funds in my futures and options acc are insured against a failure. But with everything going on over there at the moment I don't trust them 100% either. But what can one do? Just keep enough money in the accounts to cover your margins and keep pulling profits out regularly. My FX account in the US is with the same broker but the FX side is separate, have to shuffle funds back and forth when I want to trade FX with them. The spreads were horrible and loads of slippage and totally different to deal with. The customer support with the futures and options side is excellent. On the FX side you're one step away from dealing with a bucket shop and the other foots on a banana skin. I don't use them for FX now.
  • #211
  • Jul 14, 2011 4:24pm Jul 14, 2011 4:24pm
Quoting tradercnx
Yeah I knew you were joking.

I'm with Go Markets too. One thing I don't like about these brokers (not just Go) is whats written in their PDS. Our funds are not protected one iota from a default.

This is why I don't keep much money in my FX brokerage account. I have a futures and options account and a FX brokerage account in Chicago, funds in my futures and options acc are insured against a failure. But with everything going on over there at the moment I don't trust them 100% either. But what can one do? Just keep enough money in the accounts to...
You are right...you can never be too careful with your money, there are plenty of bucket shops out there who will take your money without blinking
  • #212
  • Jul 14, 2011 5:15pm Jul 14, 2011 5:15pm
15/07/11
eurjpy

There is a valid buy signal on the eurjpy this morning, however I have decided not to take the trade due to the fact the signal line is only just above the 20 level and given the perilous and volatile state the euro is in at the present time I believe the trade has a good chance of retracing and being stopped out.

Even though the testing is on demo, I do try to trade as if I would on my live account and under the current circumstances I would definitely not take this trade live.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy_110715.gif Size: 18 KB
  • #213
  • Jul 14, 2011 5:42pm Jul 14, 2011 5:42pm
Morning fxozgirl I'm in with this one. I start early Perth time so i miss the opening but like you trading micros so no harm done if it doesn't work out.The markets a bit crazy and i guess i just wanted to trade....
  • #214
  • Jul 14, 2011 6:26pm Jul 14, 2011 6:26pm
Quoting Aussie Phil
Morning fxozgirl I'm in with this one. I start early Perth time so i miss the opening but like you trading micros so no harm done if it doesn't work out.The markets a bit crazy and i guess i just wanted to trade....

The signal is valid and if the market wasn't so volatile I would have taken it myself, but you only need 50 pips to get to breakeven, so hopefully this small rally will hold to get you there...

good luck
  • #215
  • Jul 14, 2011 7:44pm Jul 14, 2011 7:44pm
Quoting fxozgirl
The signal is valid and if the market wasn't so volatile I would have taken it myself, but you only need 50 pips to get to breakeven, so hopefully this small rally will hold to get you there...

good luck
I am having trouble adjusting to trading daily charts even though my time constraints demand that I do. Isn't it funny how you enter trades even when the little voice in your head says its not quite right! The beauty of this strategy is there is time to get out. Lovin your commonsense approach fxozgirl.
  • #216
  • Jul 15, 2011 4:49am Jul 15, 2011 4:49am
Quoting Aussie Phil
I am having trouble adjusting to trading daily charts even though my time constraints demand that I do. Isn't it funny how you enter trades even when the little voice in your head says its not quite right! The beauty of this strategy is there is time to get out. Lovin your commonsense approach fxozgirl.
Well I think you would have banked a few pips anyway, so that's ok too...

...and there is always another trade
  • #217
  • Jul 18, 2011 5:12pm Jul 18, 2011 5:12pm
There are no trade setups again today...

It is a time for patience this week, I will be waiting to see what happens on Thursday before trading again with this system.
  • #218
  • Jul 18, 2011 5:55pm Jul 18, 2011 5:55pm
what about gbp/cad, i have a stoch cross on my chart and ma above price - good looking angle down?
  • #219
  • Jul 19, 2011 1:19am Jul 19, 2011 1:19am
Quoting iamboston
what about gbp/cad, i have a stoch cross on my chart and ma above price - good looking angle down?

Hi iamboston,

This trade doesn't meet the entry criteria...
the stoch cross must occur above 80 or below 20 to be a valid entry.

Cheers
  • #220
  • Jul 19, 2011 1:21am Jul 19, 2011 1:21am
ah...seems a good reason..
my bad
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