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Consistent trading

  • #1
  • First Post: Apr 1, 2012 8:44pm Apr 1, 2012 8:44pm
Hello All,

This thread is going to be my trading journal where I will record all trades win or loose. I have to do this for myself. An exercise, to keep myself honest and consistent. I will only trade one method and one price pattern. That's it!

The method I'll follow can be found here - http://www.forexfactory.com/showthread.php?t=345838

I would like to thank 60 MM for his views and sharing his method with us.

There are some slight variations to the method. The changes are:

Timeframe - Daily Only
R:R - No set rr. I will follow the trades and close as per my discretion. If I see market stalling, or potentially changing direction, I will move my stops.
This is based on my experience in the markets over last 5 years. Yes, I will make mistakes. Yes, I will have loosing trades due to this, but this is something I am going to improve on as I move along.
Pattern - Engulfing only (Close above open for long and vice versa for short)
Market - EUR/USD, GBP/USD, USD/JPY, USD/CHF, USD/CAD, AUD/USD, NZD/USD, SP500 and Gold only.
Money Management - I'll only open 2 mini contracts per market. Why not a set %? I am not sure, again something which I will work on.

All the best,

PIPMobile
  • #2
  • Apr 1, 2012 8:56pm Apr 1, 2012 8:56pm
Hello PipMobile
Care to share:
How long you have traded with Daily engulfing?
What is your winning rate?
  • #3
  • Apr 1, 2012 10:09pm Apr 1, 2012 10:09pm
Quoting yongezy
Hello PipMobile
Care to share:
How long you have traded with Daily engulfing?
What is your winning rate?
How long? Now that's a good question. See, in my search to find the grail, I have dropped this a few times but keep coming back to as this is the only one which keeps adding funds to my account. Cut long story short, I have traded this method for some time now and the win rate is approx 60% +.

But, the proof is in the pudding, as they say. Engulfing bar is only a method to enter. Trade management is the key here.

The main aim is to consistently grow the account over time.

So, thanks for your question. Feel free to drop by anytime.

Cheers!
  • #4
  • Apr 1, 2012 10:22pm Apr 1, 2012 10:22pm
Hi PipMobile - I also follow 60MM's system and have been tweaking to fit my style. Have tinkered with the Daily time frame but still am mainly H4 & a bit of H1 when time allows. Will follow with interest to see what's been added or changed to make the Daily work for you. Good on you for starting this.
dmost
  • #5
  • Apr 1, 2012 10:27pm Apr 1, 2012 10:27pm
Good Luck PipMobile

60 is teaching how to do it right IMHO....

Cheers,

Bluesteele
Master your Mind,,,Master the Market
  • #6
  • Apr 1, 2012 10:56pm Apr 1, 2012 10:56pm
Quoting dmostpips
Hi PipMobile - I also follow 60MM's system and have been tweaking to fit my style. Have tinkered with the Daily time frame but still am mainly H4 & a bit of H1 when time allows. Will follow with interest to see what's been added or changed to make the Daily work for you. Good on you for starting this.
dmost

Thanks dmost. Feel free to drop by anytime.
  • #7
  • Apr 1, 2012 11:03pm Apr 1, 2012 11:03pm
Quoting bluesteele
Good Luck PipMobile

60 is teaching how to do it right IMHO....

Cheers,

Bluesteele
Hi Bluesteele,

Indeed. I do not dispute that. The journal is here to document my experiences during this journey towards consistency. I am open to changing the trade management side of things, but entries are not negotiable. Regards, Pip.
  • #8
  • Apr 1, 2012 11:20pm Apr 1, 2012 11:20pm
Following along with interest as well Pip as I have been following 60mm. He's got some great stuff going on here. Good luck and good trading!
  • #9
  • Apr 1, 2012 11:34pm Apr 1, 2012 11:34pm
When I started trading about 5 years ago, I had no idea what I was doing. Buy and hold was the game then. I know I was silly. Then came the GFC, Oh boy, did that shake me.

Now I look at the past and see a great opportunity which went past me.

I learnt a lot from that big wild move, which drove a lot of people around the world in a tizzy. The experience was humbling. Was that just sentiments which wiped out billions of dollars from the markets?!

Anyways, I went through a learning process to educate myself on how the markets move, the patterns, waves etc. etc.

I came back with all the information (armed to my teeth), and tried it again. I was winning! Obviously I was doing something right. Then I improved my method, and some more, and I started to loose.

Hang on a second, that's not right, this should work. Why doesn't the method work, I have improved it right? So here we go, slapping one indicator after another, chopping and changing and changing some more.

Enter here, no enter here, this is a better/low risk entry and Oh no!!, I am loosing. This is not right, not possible.

I gave up after the ups and downs of the battle with myself.

And then I realised something - if trading was this hard, the guys at the pit must be bloody superman!!

Trading does not have to be hard. The fella at the pit has sub second to make up his mind and take the trade.

Hell, what do I know about pit, but I know about trading now!!
  • #10
  • Apr 1, 2012 11:41pm Apr 1, 2012 11:41pm
Quoting SMcGuire45
Following along with interest as well Pip as I have been following 60mm. He's got some great stuff going on here. Good luck and good trading!
Welcome SMcGuire. I agree, 60mm does have excellent stuff going on his thread.
  • #11
  • Apr 2, 2012 12:00am Apr 2, 2012 12:00am
Good Luck with this pip I will be watching with great intrest..
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #12
  • Apr 2, 2012 4:50am Apr 2, 2012 4:50am
Quoting Seabreeze
Good Luck with this pip I will be watching with great intrest..
Thanks Seabreeze. Love the "Seabreeze" name. I live in Australia and beach is the thing. There is something about the cool ocean breeze!!
  • #13
  • Apr 2, 2012 6:38am Apr 2, 2012 6:38am
Quoting PipMobile
Thanks Seabreeze. Love the "Seabreeze" name. I live in Australia and beach is the thing. There is something about the cool ocean breeze!!
Yes I love the costline too. The air is always clean and fresh...You are so lucky to live in Australia, it's a very beautiful part of ther world..
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #14
  • Apr 2, 2012 3:07pm Apr 2, 2012 3:07pm
Morning,

I look for trades right after the NY close. If a pattern has completed, it should have completed at this time. My charts are GMT charts though, so there is a good chance that they may not match what you have. For consistency sake, charts can be checked across at www.barchart.com. I do that some times.
  • #15
  • Apr 2, 2012 3:28pm Apr 2, 2012 3:28pm
I'll document my views in the following manner:

Market - Bias - EB (yes/no) - Long/short @

AUD/USD - Short - No EB - No Trade
EUR/USD - Long - No EB - No Trade
GBP/USD - Long - No EB - No Trade
NZD/USD - Short - No EB - No Trade
USD/CAD - Short - No EB - No Trade
USD/CHF - Short - No EB - No Trade
USD/JPY - Long - No EB - No Trade
Gold - Short - No EB - No Trade
SP500 - Long - No EB - No Trade

Ok, so no action today then!

Cheers,

Pip.
  • #16
  • Apr 2, 2012 5:04pm Apr 2, 2012 5:04pm
Couple of things I want to clear up before I move forward:

1. I am well aware of the correlations between currency pairs but I see currency pairs on their own merit, therefore selection of major currency pairs only.

2. The engulfing pattern I am looking for is not technically correct, however it may be at times. Basically I am looking for trend continuation with momentum.
  • #17
  • Apr 3, 2012 3:48pm Apr 3, 2012 3:48pm
A few exciting one's this morning:

Market - Bias - EB (yes/no) - Long/short @

AUD/USD - Short - EB - Short @ 1.0301 (-5) Stop @ 1.0465 (+5)
EUR/USD - Long - No EB - No Trade
GBP/USD - Long - No EB - No Trade
NZD/USD - Short - EB - Short @ .8167 (-5) Stop @ .8263 (+5)
USD/CAD - Short - No EB - No Trade
USD/CHF - Short - No EB - No Trade
USD/JPY - Long - EB - Long @ 82.99 (+5) Stop @ 81.55 (-5)
Gold - Short - EB - Short @ 1639 (-2) Stop @ 1681 (+2)
SP500 - Long - No EB - No Trade


Cheers,

Pip.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDJPY 040412.jpg Size: 183 KB
Click to Enlarge Name: NZDUSD 040412.jpg Size: 174 KB
Click to Enlarge Name: AUDUSD 040412.jpg Size: 175 KB
Click to Enlarge Name: GOLD 040412.jpg Size: 189 KB
  • #18
  • Apr 3, 2012 11:54pm Apr 3, 2012 11:54pm
Aussie and Kiwi picked up!
  • #19
  • Apr 4, 2012 3:42pm Apr 4, 2012 3:42pm
From the 4 identified yesterday, 3 orders were picked up.

AUD,NZD and Gold open.

USD/JPY to be cancelled if not opened at 00:00 GMT.

View of the markets this morning:

Market - Bias - EB (yes/no) - Long/short @

AUD/USD - Short - No EB - No Trade
EUR/USD - Short - No EB - No Trade
GBP/USD - Long - No EB - No Trade
NZD/USD - Short - No EB - No Trade
USD/CAD - Long - No EB - No Trade
USD/CHF - Long - No EB - No Trade
USD/JPY - Long - No EB - No Trade
Gold - Short - No EB - No Trade
SP500 - Long - No EB - No Trade

Open Trades
AUD/USD - Short - EB - Short @ 1.0301 (-5) Stop moved @ 1.0322 (+5)
NZD/USD - Short - EB - Short @ .8167 (-5) Stop moved @ .8182 (+5)
Gold - Short - EB - Short @ 1639 (-2) Stop moved @ 1648 (+2)


Cheers,

Pip.
  • #20
  • Apr 5, 2012 4:35pm Apr 5, 2012 4:35pm
OK, NZD stopped for 15 pip loss

View of the markets this morning:

Market - Bias - EB (yes/no) - Long/short @

AUD/USD - Short - No EB - No Trade
EUR/USD - Short - No EB - No Trade
GBP/USD - Long - No EB - No Trade
NZD/USD - Short - No EB - No Trade
USD/CAD - Short - No EB - No Trade
USD/CHF - Long - No EB - No Trade
USD/JPY - Long - No EB - No Trade
Gold - Short - No EB - No Trade
SP500 - Long - No EB - No Trade

Open Trades
AUD/USD - Short - EB - Short @ 1.0301 (-5) Stop @ 1.0322 (+5)
Gold - Short - EB - Short @ 1639 (-2) Stop moved @ 1633 (+2)


Cheers,

Pip.

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