Quick and Dirty EOD

23.

With all the retracements this week we're just getting a lot of setups (15 right now). Of course they may never come back to the entry. Might also get some monthly cross-over next Wed.

Yeah.... next week could be a doozy........ I think this news related burst is going to do just that..... pop and fizzle.......

Sorry I've not been around too much this week, been busy with other projects. Really nice to see some good discussion on the thread. Not sure why but my threads tend to attract courteous and kind people who are willing to help others. I like that a lot.

"Attitude reflect leadership" - quote from Remember the Titans

Hey HB and spyder, as for your rules, in a case like this one u place the order on the High of candle A or B? (the A is higher but the B is the first counter trend candle)

Neither A nor B are counter trend candles?! The red candle after it would be your candle.

Do you have a trading plan?

Over the last year and a bit I've been posting the systems that I've been personally testing and with the help of some good people here we have developed them into profitable systems. I know they are profitable because I still trade them myself (not every signal because I am only human) and there is enough anecdotal evidence to suggest that they are profitable.

One thing that concerns me on an ongoing basis is the number of traders I see dip in an out of the threads posting proftable trades when they happen and disappearing when the inevitable losing streak comes around.

The one thing that made the difference for me between losing continously and gaining steadily is sticking to the plan that I set out for myself.

I am not yet a full time trader, I do still work a JOB (Just Over Broke), but I can see in time what the future will bring.

My point with this post is to address the unrealistic expectations of the average trader when it comes to what can and what can't be achieved in retail forex.

Firstly, every time I have ever blown an account it was because I overtraded in one way or another. That can mean either one massive trade (usually a max margin trade) or a series of maximum margin S**T or BUST trades.

Secondly, my biggest mistake at the start was jumping from system to system. Now it is true to say that I post a lot of systems ideas just because I come up with a lot of system ideas. I don't always trade every manual system that I devise but I am fairly happy with a few of my more recent efforts.

These days I am heavily involved in mechanical trading systems and I am in the process of setting up a trend following system that will be documented in the journals section soon. Alongside that I still manually trade my discretionary systems.

My ultimate point is that my trading has improved greatly since I sat down and wrote out a loose trading plan. All it has to contain is a reason to enter, a reason to exit and some rational thoughts about position size. It can be more complicated than that or it can be very simple. Either way your chances of holding your discipline (especially if you write all your trades down and evaluate their success or failure honestly) are greatly increased.

What I would say to anyone reading this who hasn't reached a level of success yet that they are happy with is to write down exactly what it is that you are trying to do and stick to it. It doesn't matter how many systems you are following at the same time, what matters is that you follow EVERY system that you are following 100% to the rules. If you don't do this then how will you ever know whether what you are doing is correct or not? I suppose if your balance goes up continously then you've got an idea but in the long run you are much better off collating exact profit and loss figures for each system and evaluating them seperately.

At the end of the day the most successful traders have quantified everything, back tested everything to destruction and forward tested everything too. Have you?

I've seen that the EMAs of many pairs u have pending orders with, are crossed back on the daily chart.
Will you remove the pending orders or you wait the cross of EMAs on the montly timeframe before to cancel the pending?

Hope to be clear and sorry for my poor english

Non ti preoccupare. If the daily 5/8 is against you then leave it. We only want to trade strong trends in the direction of the monthly.

Thanks for your patience regarding my english and compliments for your italian.

What if 2 or more candles go counter trend? Do you keep the pending order on the 1st one or you move it to the 2nd, 3rd...... ? I've already read this question on this thread but the answer was not so clear to me. I think spyderman prefer to keep the pending on the 1st, but what about you HB?

Per me, I prefer to hold the pending on the signal candle. If there are more candles that pull back then let them pull back. The breakout of the swing high/low should be a good enough signal.

Hugh Briss,

Just want to share with you what i am testing. The method is exactly the same the only thing different is i am using a different risk to reward.

SL 50
TP 150

SL move to BE after 100 pips

30% success rate to be profitable, now since we are trading with the trend this should be more than achievable if we follow the rules.

I risk half of a % per trade , also don't trade more than 2 pairs at the same time unless SL is move to BE on another pair.

So far last week i am up 250 pips!

The key here is as you mentioned earlier to stick to the rules/trading plan. Numbers do not lie..

Happy trading!

Thanks for posting, good to hear of your success. Have you tested your approach with the manual trade simulator?

Not at all, all trades taken with pending orders.

Cheers

Good question Lucariga.

As Hugh mentioned, I won't take the trade if the emas haven't returned to the correct orientation. I won't necessarily remove the pendings yet because in most cases by the time price returns back down to that pending trigger the emas will have crossed back down (or up as the case may be.)

Aud/Chf and Eur/Cad hit profit this morning for 430 pips.

Still have secondary order in place for both.

Hey Spyderman - nice work - you talking pips or pipettes?
AndyG

Always pips baby...always pips.

Nice work.... Would you post a chart of those for me...
Looks like another long just got opened..... http://screencast.com/t/jOf45lkX

No problem. And yes, another long has opened. Up about 20 pips so far.