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Trading Forex only 4 hours a day... Not more than that

  • #21
  • Jul 1, 2012 9:01am Jul 1, 2012 9:01am
If you have any problem..post here..

Here,is the daily chart on Aud-NZD

This week i will be spending 300 pips on this pair..this will be my worst case scenario...we will see what happens by next week..

May be i will lose 300 pips or i will have some legs on this pair which can survive...
Attached Image (click to enlarge)
Click to Enlarge Name: daily chart.gif Size: 27 KB
I am a hunter...i kill both bulls and bears...
  • #22
  • Jul 1, 2012 11:00am Jul 1, 2012 11:00am
Have you tried doing the math on a pair for 2011 to see how much you would loose and how much you would gain?

I'm asking because I've had a similar idea as yours, but found that loosing around 50 pips per day is way to much. Especially as ranges can easily last two weeks in a row or more.

Do you place a position everyday or only when you feel like it?

Keep going and you shall succeed.
  • #23
  • Jul 1, 2012 11:28am Jul 1, 2012 11:28am
Quoting mordre
Have you tried doing the math on a pair for 2011 to see how much you would loose and how much you would gain?
Hi mordre

If i loose a trade on any pair i will wait till pair move away from range...if not i will not add any position at all...

Just in above chart look at last weekly candle...it is a reversal bar...i mean price went south but buyers pushed it north...so in my opinion it is strong uptrend...

Now i will draw a fib. extension to that last candle...i anticipate following moves
1)price might move directly in upward direction with out any retrace.
2)price might retrace 50% and move in upward direction.
3)price might be in range.
4)price might go southward.

if 1 or 2 happens i will stack positions..if it is in range then i will stop stacking untill price move away from that range...price should make higher highs and higher lows in uptrend...if it break low of previous bar then i will not trade....

At worst case scenario i will loose 150pips...if price goes in my direction then i will stack aggressively...

Hope i cleared your doubt...
I am a hunter...i kill both bulls and bears...
  • #24
  • Jul 1, 2012 12:21pm Jul 1, 2012 12:21pm
Ok, it makes sense then. Thanks.
  • #25
  • Jul 1, 2012 9:23pm Jul 1, 2012 9:23pm
I short AUD-NZD..with stop loss 60 pips...

if i lose this trade...only 240 pips are remaining for this pair....

We will see what happens....
I am a hunter...i kill both bulls and bears...
  • #26
  • Jul 2, 2012 2:16am Jul 2, 2012 2:16am
Quoting oathbreaker
I short AUD-NZD..with stop loss 60 pips...

if i lose this trade...only 240 pips are remaining for this pair....

We will see what happens....
I thought you were going long! But I think you doing the right thing - bounced very nicely back down again off 12800 resistance - trending down still
  • #27
  • Jul 2, 2012 5:39am Jul 2, 2012 5:39am
Quoting jmtini
I thought you were going long! But I think you doing the right thing - bounced very nicely back down again off 12800 resistance - trending down still
Hi jmtini

I am long AUD-NZD...Sorry for wrong quote...you can check my demo-trade for the trades i am taking...

-20 pips on Aud-NZD

Cheers
Prakash
I am a hunter...i kill both bulls and bears...
  • #28
  • Jul 2, 2012 7:13am Jul 2, 2012 7:13am
Quoting oathbreaker
Hi jmtini

I am long AUD-NZD...Sorry for wrong quote...you can check my demo-trade for the trades i am taking...

-20 pips on Aud-NZD

Cheers
Prakash
Hi Prakash

Here's my AUDNZD 4hr chart. I had a bad experience last Thursday on trading the daily GBPNZD chart (I went long) and I didn't check my 4 hr chart! I just think that the 4hr chart is reall important to trade from. The AUDNZD still looks a bit bearish? I'm looking to definitely (like you) trade longer term positional but I just don't know if it's better maybe to wait until daily vegas tunnel is above 1 hr vegas tunnel. Especially if counter trend breaks back down through trendline (black line). Don't know maybe what you think about that?

Regards

Jerry
Attached Image (click to enlarge)
Click to Enlarge Name: audnzd 4hr.gif Size: 23 KB
  • #29
  • Jul 2, 2012 7:29am Jul 2, 2012 7:29am
Hi Jerry

Regarding GBP-NZD...look at last four weekly candles...i don't think there was any chance of going long....

AUD-NZD....please check last weekly candle which was strong reversal bar...
Today and 2morow will have some retrace...But my anticipation is up-ward trend....
I am a hunter...i kill both bulls and bears...
  • #30
  • Jul 2, 2012 12:35pm Jul 2, 2012 12:35pm
Quoting oathbreaker
Hi Jerry

Regarding GBP-NZD...look at last four weekly candles...i don't think there was any chance of going long....

AUD-NZD....please check last weekly candle which was strong reversal bar...
Today and 2morow will have some retrace...But my anticipation is up-ward trend....

Hi oathbreaker

Quite right on GBPNZD - now I'm sticking to the 4 hr chart!

AUDNZD looks dangerous right now I would think? - broken down through ascending trendline looks to be heading back down to 12700 and below in my humble opinion - 4 hr chart really bearish!
  • #31
  • Jul 2, 2012 9:32pm Jul 2, 2012 9:32pm
Quoting jmtini
Hi oathbreaker

Quite right on GBPNZD - now I'm sticking to the 4 hr chart!

AUDNZD looks dangerous right now I would think? - broken down through ascending trendline looks to be heading back down to 12700 and below in my humble opinion - 4 hr chart really bearish!
Hi Jerry

I took long on open of weekly candle and s/l of 70 pips...ya...you are rite price is going down...but price hasn't breached 50% fib. of previous weekly candle which will be strong resistance...i am waiting for price to bounce back...
I am a hunter...i kill both bulls and bears...
  • #32
  • Jul 3, 2012 1:56am Jul 3, 2012 1:56am
Quoting oathbreaker
Hi Jerry

I took long on open of weekly candle and s/l of 70 pips...ya...you are rite price is going down...but price hasn't breached 50% fib. of previous weekly candle which will be strong resistance...i am waiting for price to bounce back...
Very good - I will have to start watching daily and weekly!
4hr chart looking a lot better - I even went long last night
  • #33
  • Jul 3, 2012 3:17am Jul 3, 2012 3:17am
hi oathbreaker,

it's nice to see real time progress of someone applying graeme's method, as I newly started reading millipede thread. I would like to ask you some questions about your entries, trade management etc. when I looked at your demo records on your profile I see that you seem to have established first few legs successfully. but I also see some trades without stop loss and in your trade history, I see some trades closed for small losses. so how do you determine your entry/exit points? I guess you do not trade with one determined pair (like this week's audnzd) and a fixed stop loss. or should we only consider your audnzd trades for the sake of this journals purposes? and how did you decide to quit your trades in profit, as they don't have a fixed TP as far as I see?

good luck...
  • #34
  • Jul 4, 2012 2:41am Jul 4, 2012 2:41am
Quoting isengoz
hi oathbreaker,

it's nice to see real time progress of someone applying graeme's method, as I newly started reading millipede thread.
Hi isengoz

Thanks for your reply...Very good quetions..let me answe one by one...

Quote
so how do you determine your entry/exit points? I guess you do not trade with one determined pair (like this week's audnzd)

The main rules in this trading style is to be in market all the time...with low-risk and increase your exposure by increasing your legs....
1)participation
2)Low-risk Entries
3)Growth

I determine my pairs using graeme's method such as flying buddha,voltaile breakout,200ema and 5/10 ema cross overs....

Regarding my fixed s/l...yes i will keep my s/l to be 300 pips on a pair per week..if i select that pair to trade that week...it help me to eliminate sloppy entries...it will keep me on track...

I open my trade at the open of the daily candle...Please,read 233-235 pages of Graeme's thread to get familar with 5/10 ema and 200 ema cross over method...

Quote
should we only consider your audnzd trades for the sake of this journals purposes?

Yes for the sake of journal consider audnzd..if you want any other pairs..please chek my timeline...

Quote
How did you decide to quit your trades in profit, as they don't have a fixed TP as far as I see?

I don't take any TP...I will take out half of my trades...suppose if i am in downtrend and price close above the open of previous down bar in daily timeframe...Leave rest of the legs on b/e...my aim is to make 5000pips on single leg...

Hope i cleared all your doubts...if you have any other doubts post on the forum...sorry of late reply...
I am a hunter...i kill both bulls and bears...
  • #35
  • Jul 4, 2012 10:51am Jul 4, 2012 10:51am
Hi guys...

AUD/NZD is still not trending...waiting for it to move....It has retraced from 50% of previous weekly bar...
But it has to still move upward....
I am a hunter...i kill both bulls and bears...
  • #36
  • Jul 4, 2012 11:55am Jul 4, 2012 11:55am
Quoting oathbreaker
Hi isengoz

Thanks for your reply...Very good quetions..let me answe one by one...
hi oathbreaker, thanks for your reply. it was very informative. you seem to have your own methods to enter into trades, but nothing bad comes from extra information. for the last two months I have been trying to improve my supply&demand trading. I would like to advice you to check "PA by Julexo" thread in interactive trading or some of Sam Seiden's webinars at fxstreet.com if you would be interested. you may find info there useful...

anyway, I'll be following your progress...

good luck...
  • #37
  • Jul 4, 2012 6:49pm Jul 4, 2012 6:49pm
Quoting isengoz
hi oathbreaker, thanks for your reply. it was very informative. you seem to have your own methods to enter into trades, but nothing bad comes from extra information. for the last two month.
Thanks for your recommendation and will follow it...

Keep pippin buddy...all the best...
I am a hunter...i kill both bulls and bears...
  • #38
  • Jul 6, 2012 9:46pm Jul 6, 2012 9:46pm
Hi Guys...here is the post for my last week trading...

My legs and My losses...

Gross gain : +2100 pips

losses : 500 pips

Total net pips: +1600 pips profit...

Look at my positions,i was bit sloppy r else i could have made some more pips..anyway next week i will control my entries.The fact is i am improving weekly...only 3 rules..
1)participation
2)Low-risk entries
3)Growth

Last week i tried around 35 positions of which only 8 have survived.

The pairs i considered for last week are as follows...
1)Gbp/Nzd
2)Gbp/Aud
3)Usd/Cad
4)Usd/Chf
5)Aud/Nzd
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 7-7-12 Number of positions alive.png Size: 53 KB
Click to Enlarge Name: 7-7-12 Number of positions dead.png Size: 72 KB
I am a hunter...i kill both bulls and bears...
  • #39
  • Jul 6, 2012 9:57pm Jul 6, 2012 9:57pm
GBP/AUD

Reason: This pair was trending down for last 4 weeks and in previous weeks i tried to have legs...but most of them died on b/e.

This week was good for this pair and i established some legs on this pair....

There are totally 8 legs i established and all are at b/e.But 5 Legs died yesterday because of retrace...

Look at my chart
Attached Image (click to enlarge)
Click to Enlarge Name: 4h-chart(7-7-12).gif Size: 29 KB
I am a hunter...i kill both bulls and bears...
  • #40
  • Jul 6, 2012 10:18pm Jul 6, 2012 10:18pm
Hmmm...this pair was the funniest pair for the last week...

Reason:I selected this pair because this was trending down as fast as GBP/AUD.

As usual i started establishing legs on Monday morning.This pair started going heavily down without any retrace.I added my first leg after 8 hours it was +60 pips and moved my leg to b/e.Then, i opened another leg by placing s/l at entry of first leg.Guess what these legs both legs died during retrace.This happened for entire week.I tried around 14 legs and all died at b/e or with small loss...

When this pair trended down i was in office.When i established legs this retrace and kill my legs...

Funny Pair...

I will try next week to add some more legs...
Attached Image (click to enlarge)
Click to Enlarge Name: daily-chart(7-7-12).gif Size: 21 KB
I am a hunter...i kill both bulls and bears...
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