Seventh Wave Trading (maybe it IS rocket science after all?)

Everything ticking over ok. Equity has been up to around breakeven for the week but has dropped back a little again now. I'm waiting for the major trends to resume and then I'll jump on anything that looks good. For now it's just about patience.

Incidentally I have been giving some thoughts to targets/goals for my trading. I want to keep it realistic to start with so the first target is to increase the account balance to 200 gbp by the end of January. This can include closed balance and locked in equity. I think this is achieveable. Once I have reached that level then I will start trading with 0.02 and set another target then.

Here is gbpusd on a 30 min chart. Also you can see my current trades. As before, ticking ok. I thought 1.55 might hold gbpusd. If it starts trading above that level I'll close it. No new trades for the moment, I'll check again at 3pm.

Just closed gbpjpy, don't like the look of it. Going to keep gbpusd a bit longer.

Sold usdcad, got a feeling it could carry on down. Might not hold it open too long.

Closed gbpusd, I think this usd weakness may carry on for a while, I'll wait for a better opportunity to sell this.

Just sold gbpaud, gbpcad and another gbpnzd.

Usdcad stopped out for a small loss. Here's the current situation. Not too bad, equity not far off break even for the week so hopefully a few good trades in the next few days will push it into a good profit.

Current trades. A bit of drawdown again but I will keep a close eye. I'm thinking tomorrow will be the day to open more trades.

Sold usdcad again. Sold usdjpy too.

Hey Hugh. I have "Forex Tester" which is pretty cool. Allows you to test multiple timeframes and pairs at the same time. I've spent many hours on those other testers and one day just decided to folk out the extra cash for FT. Well worth it if you do a lot of back testing.

Thanks for that, I'll take a look.

This is the state of play this morning. All pairs look like turning round. I have closed usdjpy and usdcad for small losses each and opened eurusd, eurgbp, eurjpy short, added another eurcad, usdchf and gbpusd. The equity is still not far from the balance at the start of the week so hopefully today will be the big push to profit. I'm going to put the equity guard EA on this now to stop out all trades if the equity reaches 50 gbp. This is just to protect my account in case the overnight movement of these pairs reverses sharply rather than carries on. I can easily start again with 50 gbp but if it goes lower than that then I will be in trouble. I think this will be a good day though. The worst that can happen is that I will be wrong, big deal.

Thanks for good information
I started to play baskets in December
It's nice.
I will read and learn. I'll try to add some thing useful

Glad to have you onboard.

I've set a take profit for eurnzd 20 pips above 1.60 (to account for the spread). Eurnzd is making new all time lows and I want to see what happens at 1.60 before I trade it more. It could easily put in a bounce here. Nzdusd is close to resistance too. It will be nearly 200 pips up if it hits so a nice profit to take.

Equity on the way up too

Just closed eurgbp, I think it will go higher before it goes lower and I can always sell it again later if I'm wrong.

Here's the current situation at my 11am 4 hour candle close. Equity has been as high as 102 gbp but dropped back a bit, if those eurusd, eurjpy and usdchf trades come good then there should be a good push in equity later in the day.

Eurnzd target hit, equity building now.

Closed gbpaud for a couple of pips loss as it doesn't seem to be going anywhere.

Moved all stop losses to break even. Just got to sit and watch now.