XTrade's 50 pips

Hi all,
I am starting a new journal. The goal is simple.

50 pips a day.

Now the rule is not to make 50 pips then lose them, it is to maintain a consistent net and if applicable roll - each day that is 50 pips by the end of a 24 hour day.

It does not matter what session, post any time, it does not matter what bias,
it does NOT MATTER HOW THE 50 pips are made and K E P T.

It just matters they are booked profit at the end of the day when your broker takes your P&L.

Now. There will not be any bashing of others or fighting tolerated in this thread.

I am going to try to post my daily setups to achieve this goal.
DON'T FOLLOW ME unless you share my conviction and bias.
I am not you. And- the only one who can grow your account is you.
I can only provide the insight as to what I do and why.

I may have to set the voucher limit for posting at one or two - in order to keep out some of the "one weekers" and "how do I traders" if this becomes a problem. You will all be able to read.

If I do my job correctly 3 days out of the week we will be in profit.
The goal is to do it 5 days a week, thus the limit of 50 pips.
X.

------------------------------------------------------

Today's trades were
LONG AUD/USD
LONG NZD/USD

both netting over 50 pips.

Now, doubling or tripling up on a trade is recommended if you are behind it, thus your 50 pips becomes 150 on a 50 pip move.
Not too shabby.

Best trades of the week I was not in
LONG EUR/USD
SHORT USD/CHF.

The thread will commence Sunday or Monday.

I trade London with orders usually b/c I am in the EST, I like to trade Aussie and Asia for setups for london and I am always around during US / NY session.

I am also long Gold and Silver as positions not day trades. But that is another thread.

SO, I will base this on currencies.

All pairs are welcome. These are my preferred.

AUSSIE, KIWI, SWISSY, CABLE, EURO.
Sometimes Geppy and Chunnel and AUD/NZD if I feel crazy.

Follow you

I like the signature " Be Patient . Donot Over Trade "
Following the thead .

Thanks
mixter

Thanks for stopping in guys.

We will start discussion on Sunday night.

Sometimes as we saw on Friday, a day may be flat P&L like thursday's aussie's price action, in order to wait for the prize on Friday of a Hundred pip move,
essentially making up for the lost day.

I will try to keep the goal for most of the trades a real 50/+ trade.

But in slow sessions a note may be made if doubling up lots for say a 25 to 30 pip move.

Again, the key here is to be consistent and keep the gains in the account, not give them back to the market. As well, if it is just not going to happen on any said day, I will not chase the market looking for "bets" instead of trades.

I am questioning my closing the AUD and NZD longs or letting them roll.

I keep a demo as well and my Aussie long has 400 + pips on it. The problem with day trading and positioning is watching the pair fall 100 pips
to then rise 300... And the thought, "well why not just buy the dip at a better price and re establish the long" well.... we all know this does NOT always go as planned.

There is Aussie news tonight.

7:30pm AUDPPI q/q
FF definition of PPI (q/q = quarter over quarter)

FF Notes
Change in the price of finished goods and services sold by producers;

This data has added importance because it's released ahead of CPI. Source first released in Jul 2001;
Why Traders Care It's a leading indicator of consumer inflation - when producers charge more for goods and services the higher costs are usually passed on to the consumer;
Acro ExpandProducer Price Index (PPI);

0.5%forecast
0.6% previous

Some of Friday's move may have been attributed to speculating a positive number.
..................................................................................................

There may be a gap further up and there may be a dip...We'll have to see on sunday.

Expected dip on Aussie and Kiwi.

Unfortunately AUD news came in 1% below expectations....

Nonetheless, nearing center pivot. AUD appx 1450

Eyeing entries for longs to target 50 pips or more.

EDIT while writing entered LONG AUD and NZD.

appx time 8:13 PM EST don;t have time to write entries right now. I can look back later.

Shooting for R1 Pivot on AUSSIE right now. APPX 50 pips away.

NZD want breach of 8075 and would like a test of .81

I am wary of london session and unless the 50 pip goal for tonight is locked I may have to exit longs during asia...
We will see.

H1 - NZD bounced off 21 EMA.

If you trade H1 as I do you may like this EMA as an indicator for entries for day trading.

RESISTANCE IS 8075

a breach of this level may create breakout. thus, netting us more than 50 pips

Due to the purpose of this thread if possible I am going to round up or down
to the nearest 0 or 5 when discussing entries, TPS, resistance, support.

example = price = 1.0523

I will write appx 0525

if 0522 I will write 0520

Looking good so far. I outlined two potential minor resistance areas on both the
top of aud and kiwi charts.

Here are the entries.

Knew I should have rolled, but I have decided to dedicate this account to the purpose of this thread.

Now, obviously if you feel a trade is going to break 50 pips STAY IN IT!

We might get some stall on these lines but I think both R1 pivots and beyond are achievable for tonight if things keep up.

I used to write about a phenomenon I call the "London Headfake Selloff"
which basically is when ldn hits at 3 if a pair is trending up they may smash it down 50 60 even 90 pips to EAT stops and get a better entry.

Basically manipulation in a can by big banks / funds etc.
Then buy back lower and by 7am the pair is up 100 and by 10 it's at the ATR
and time to exit for the day.

Forgot the chart.

I mentioned the London selloff due to a meager correction on the open on these pairs it may be something to watch out for...
EDIT: Come to think of it you can see the Selloff in both of these charts right before the larger move up, there was a small one during euro sess open, then london came on and crushed it down to support only to buy back and.......now if your not in, you might wait till then to open trades on these pairs IF and ONLY if desired.

Remember GOAL: 50 pips a day RETAINED.

There is a nice possibility these upswings and resistance could create bullish flags which would give us an opportunity for a 100 pip move on either pair from flag center.

Set some targets before sleep 80 pips on AUD / USD double long.
got hit just a little while ago.

so there is net 160.

and appx 70 on KIWI also hit. Wasn't sure if these pairs would rocket open on London or hit targets today

So I have created a little wiggle room for myself total from last night
net 210 appx pips way over 50.

Funny thing is that the pairs look like they may want to keep rising through NY/LDN Cross. Not sure whether I should enter again.

I am trying to not engage in too many sessions and don't want to foolishly lose back 150 of my take by overtrading..

While writing I tested a scalp and lost 10 pips.....

ALRIGHT. I have to be out for most of this session.

I am FLAT.

I have set orders appx 30 to 50 pips below market.

Even if the pairs go another 50 pips and I miss it - whatever -
another important thing I want to stress, not to be greedy.

OK to review - entered Long AUD and KIWI at appx pivot- exit at R2
orders set long around R1 at the moment using pivot points.

Going to keep an eye on Euro and swissy and look to enter

EURO long SWISSY short. Last night would have been a great Euro entry

Here is the result screenshot in pips. notice the two unnecessary trades attached to Aussie? Another thing I am trying to work on.

Also there is no need to post account statements. We are just concerned in making and retaining 50 pips at least. A day.
Thus I have put the chart in pips.


Euro really had a great move last night....

Hi X, I'm subscribed.

yup, i like the idea. subscribed.

hello xtrade, good luck at this tread.
steve

Hey buddies, thanks!

re-entered long on AUD @ 0447 plus one more that's in the hole 30 pips atm.

Long Kiwi from earlier order @ 8100

seems like we are in a decent area of support and retracement on both.

0450 should hold aussie in case of further descent.

My re-entry was a bit premature. Yet it seems the areas of support I had in mind 0450 and 8050 are holding as of now.

THese areas seem to have produced a better entry as well as potential reversal of H1 trend.

I had some tight stops appx 25 pips (ie risk 25 for 50) both of which got hit while asleep. Could have held the trades with larger stops and would be likely in the - 100+ for the day. Which I didn't want and preferred to take the smaller combined loss in order for a better entry point, that I see offering a potential 100+ move to come. Thus, including the desired 50 for the day. I only like to accept these losses rather than hold, if the new entry point will afford me a longer trade and erase the loss + produce the goal.

I am giving a second chance to the longs and re-entering here while I will be trading this session actively into asia.
If failure at this entry, I will re asses strategy for these pairs.

AUD= o440
NZD = 8060

Target is 50+ pips for both pairs. This will regain my loss and put me at the daily target for this account.

Luckily I got a jumpstart this week on catching the move putting me into the
4th day of trading.

Losses put me back about one day and a half from 4.

Weekly average target could be 300 to 250 pips + ( 50 pips a day concept is to establish a consistent usually achievable base net)

NOTES:
Another thing I am trying to work on here is stopping trades after big wins until the market is really where I see fit to re-enter. Using orders is the best way to do this assisted by TA, and always reading news/fundamentals.

Writing these down I am trying to share some of my flaws and hopefully rid of them as well as some of my calls which are profitable.

Likewise taking "positions" that last for several weeks, this is a very low stress way of trading if the move presents itself, it is also highly profitable.

Be careful with position sizes.

ANOTHER NOTE.

I knew that after my initial profitable exit (see earlier posts) this week I could
have shorted both pairs, and likely doubled my profit.

Yet, I did not because I try to trade in the direction of the prevailing trend.

AND

Although these moves of correction did offer the +50 pips in fact closer to 100 each - I would be taking on more exposure to risk and potential loss.

Unless I am in a nice long running position, I don't want to always be "in the market" at all times.


Flip Flopping from long to short can get confusing and skew one's initial longer term goals.

Great when scalping though.