Grow your account by 100% every week? Humbug!

Hello everyone

After I posted here (post #6) I had some messages from people asking how I grew my account that fast, which strategy I use, etc.

Well, I want to share what I do now when I trade, and what I have stopped doing.

1) I usually trade one pair EURUSD; one standard lot 100k with a 30 pip S/L and 30-50 pip take profit.
2) One to Two trades per day.
3) Open trades one or two hours before London Trading session opens. Close my trades 3 to 4 hours before US trading session closes.
4) I use PRICE ACTION to find a good trade entry
5) The only two indicators on my charts are CCI and MACD to help me confirm my PRICE ACTION strategy.
6) Check economic calendar for High impact announcements and wait until the frenzy is over. If announcement is in line with trend, then I buy/sell.
7) I BUY/SELL on "end" retracement levels. I found this very good because in the past I would buy/sell at the high or low point and got stopped out many times on my 30 Pips S/L limit. When I enter at the end of the retracement and I'm correct on the trend, I stay in green numbers most of the trade which helps you stay relaxed and postive.
8) When my trade goes 20-30 pips in my favor, I move my S/L level to Break even. This helps me minimize my loses Even If it means a reversal happens soon after. No LOSS no WIN, I still have my capital and new opportunities will come.
9) if Im up 30 pips and market is moving strong on my trade trend direction I let my trade Open, move up my S/L to about 20 pips from my entry point. This ensures me I get at least 20 pips from my 30 pip target. On the other Hand I only risk 10 pips to gain 20 + pips. Its like a trade within a trade but with lower risk.
10) I know markets move anywhere between 40 to 120 pips on average, but If Im able to capture 30 pips or 50 pips on that move, I'm more than happy. I would love to take 200 or more pips on a trade, but i believe that will come down the road when my experience, confidence, discipline, emotions, etc become stronger.
WHAT I DONT DO ANYMORE!!!
1) Expect to get 60 pips every time
2) move my S/L point to hurt my equity
3) I had quit playing around with indicators once I found out PRice Action is more reliable, and more importantly, your discipline is what makes the money.
4) I'm happy taking $800 dollars in a week for now. For that reason my Excel Spreadsheet that shows 1 million in a year is on hold.
5) revenge trading. If I'm wrong on a trade, I take the loss, and wait for a new entry point hours or even a day after a bad trade.
6) If I'm not 100% confident with a trade, I make sure I'm 100% confident with my strategy and my emotions.

GOOD LUCK TO EVERYONE>>>>

Comments, critiques, Welcome.

Coatl

Hi Coatl

Interesting stuff my friend and I totally agree about entering on pullbacks only. I use cci set to 20 for my pullback indicator, see chart attached which shows some nice entries(yellow vertical lines) on EURNZD today. This was a 200 pip move today, unfortunately I had gone to work whilst this was going on and of course they are easier to spot in hind sight. How do you identify the "end" of retracement levels??

I like your idea of taking a trade before London open and holding until end of New York session, although I will say you might do better to hold until London open completes about 1230hrs then close out before New York opens as very often New York reverses Londons move.

I often try to do something similar catching the momentum of the London open and hold for as much profit as possible. I am at present experimenting with different ways of trailing my stops until closed out to maximise my profit. eg trail behind 100sma. This would of produced about 160 pips today on todays EURNZD move as shown on chart below.

I love the 1 minute timeframe. What time frame do you trade???

Well thanks again for your posts look forward to hearing more from you. I will be around for tomorrows London open maybe we could hook up somehow??

I am going to load up a demo account for the next couple of weeks to iron out some problems on my strategy but will soon be "live" again when comfortable with my strategy.

All the best Clive.

PS One thing I have discovered is chasing 100% per week leads to some crap trading decisions so instead I will just trade my strategy and see what I get at the end of the week if its 100% brilliant if not so be it.

Very nice London open today where I was trying out a new entry EA a friend has recently written for me, but unfortunately it didn't work too well today missing 2 lovely entries on EURNZD today eventually gave it up and entered manually at the 3rd pullback for a nice little 32% trade. If I had caught the first 2 pullbacks would have resulted in a possible 100% return day.

I try to catch the pair that is moving the fastest out of the London open or in the run up to it, watching for a sudden move as the money comes to the table. Today EURNZD shot out the blocks as per chart below but I missed the first 2 pullbacks (marked by yellow vertical lines) due to EA's not working right but caught the 3rd pullback ok, entry on green vertical line closed out on red line for a 32% win.

I will use that as my standard colours yellow for missed entries green for actual entry and red for close on all my charts.

As you can see got the explorer working eventually thanks to FF admin so all go for next week where I will endeavour to capture the London money as it comes to the table.

Got a new version of my pullback trailing entry EA so testing it out tonight with 0.01 lots ready for action in Mondays London open so you might see a couple of strange entries whilst testing but they will be at 0.01 lots.

So starting balance for next week £157.05.

Lets see how next week goes on Demo and when I am happy with EA's and my strategy then give it a blast "live".

Hello Cliverpackham, Nice chart, clean .

I notice u use 1min chart, is this the timeframe you trade mostly?

Oh and I wanted to say that is good to have a Demo account, as long as is for learning the trading platform, which I believe you understand very well by now. My recommendation to you is to open a LIVE account with 100 pounds/ dollars and trade micro lots.. The reason I said this is because demo trading doesnt have the thrill of emotions in it. Fear, greed, breaking rules, etc. And by using a small live account you will get to know yourself deeper and begin to layout a good strategy and become a disciplined trader. Its hard, very hard to control emotions.

Good luck in your trading week.

Thanks Coatl will change to "Live" soon as I am happy with my EAs and system just got a few wrinkles to iron out this week.

Well back to todays London open and how its looking.

Hmmm overnight was a bit of a mish mash with nothing really showing its self so will need to wiat for the London open to give us some direction and a good pair to trade. Quite often the overnight trends just continue through the London open so you can take an entry prior to open and hold it through but today looks a bit quiet.

I try to identify a strong currency and a weak one then trade that pair if it sets up ok. I am trying to catch a strong move on the 1 min chart, basically following the money as it comes to the table. As they say buy when price is going up. Sell if it is going down. Simple really.

I try to scalp a few pips durring the London open and hopefully get a position established at break even and leave it to run for the day whilst I am at work.

I trade at 1% per pip whilst my account is fairly low but will decrease risk as account grows or withdraw funds as I see fit.

Audusd and Gbpusd both looking good for buying so will wait for a pullback and see which one shapes up the best. Only enter on pullbacks not really a breakout trader but depends what sets up.

Will update when i can.

USD looking weak GBP EUR AUD looking strong so looking at GBPUSD AUDUSD and EURUSD

Gbp strength across the board so a nice pullback now in a gbp pair would be good trouble is I have got to be at work early today so might miss it today.

Took an earlier entry in AUDUSD but a bit too early by the looks of it holding a negative position right now so looking for a good time to bailout or is it going to get some support here at 0.9625???

you would be in positive right now with this trade, wouldnt you be? I'm sorry for you. Hate it when I close trades to early to say afterwards "I knew it!".

Hi Clover
Yea that is a bit annoying but to be honest I was only after the London move the other move up was due to negative USD news at 1500hrs. This mornings loser shown on first chart below. My entry was after a couple of HHHL sequences so took next HL but it never went anywhere couldn't even move to BE as never got up 3 pips my minimium stoploss pips. A far better entry is the next -100CCI pullback to support at 0.9625 level where I could at least of gotten to BE.

What was more annoying was I picked the wrong pair to trade as I had identified that the GBP was strong this morning so I would have been better on GBPUSD as shown in 2nd chart with a nice -100 CCI pullback after a break and retest yesterdays high. A total move of 44 pips so might have gotten 25% out of it instead of losing on AUDUSD.

Lesson learnt today wiat for the proper pullback of +/- 100 CCI back to a good level, if it goes without you let it go!!! After all on a 1 minute chart another entry is just round the corner.

Hey but thats the way it goes can't always get it right can we???? Better luck tomorrow.

Clive, I must say I really enjoyed your few month run of posts on the Trading Made simple thread, Just read the entire thread. Looks like you stopped posting there in Dec of 2011 for some reason even though Jon gave you the OK. I See you have started this thread am I will def be watching your posts, if your still trading the simple method, and the info you have to give. I think price action, S&R, Trends, and just reading a chart is a sure way to profit, like you are doing. Keep it up and share your experience and Knowledge!


Chris

Hi Chris

Thanks for your kind words and yes I did enjoy posting on Jon's thread and not much has changed in my system. keep it simple. Buy when price is going up. Sell when price is going down.

Best way of doing that for me is find a strong trending pair then wiat for the pullback to a good level and hit it. Simple ABCD pattern but in a strong trending pair.

Anyway back to todays open and JPY looking weak today EUR and GBP strong looks like I missed some good signals earlier today see eurjpy chart below. Just have to wiat now for another good signal or another pair to set up.

Just took a couple of nice trades on EURJPY and GBPJPY will post charts later but now expecting a bigger pullback here back to some stronger levels then if I like the look of it will see if there is anymore in the pot today.

But there again maybe enough is enough for one day???

Might try to get a position attached and at BE on EURJPY or GBPJPY and leave it to run for the day

Just got one on and to BE quickly after 3 pips but it didn't hold and now EURJPY has thrown a LH in to just make me very cautious about buying anymore but might be interested when it comes down to 131.00 level as a very strong support level.

But there again what goes up must come down so just going to sit it out for a bit and watch, just see what happens.

I definately like the 131.00 level as its also yesterdays high so a very high probability of support there so might take a small risk for 10 pips and see what happens.

Well back in on EURJPY and at BE so going to let this one run as quite often the 100 levels are a good base for starting a reasonable run either that or it will reverse and take me out at BE so nothing lost.

If it holds I will probably trail behind 100sma and see what I get.

Hmmm the market structure had changed now on EURJPY with it producing LHLL's which is a extended pullback if you still believe its going up. But it tricked me long enough for me to give up 10 pips as I thought it might be reversing. Bit of a panic close really as yesterdays high still held and 131.00 providing plenty of support, but of course you never know so just closed out in case. Better safe than sorry I say.

I am not sure what it is going to do here but do like the support here at 131.00 so going to have little goes every now and again as it comes down to that level get to BE and see if one sticks. Hopefully for the day.

Ok this is looking hopeful just had a HH followed by a HL so maybe this one will stick at BE so can't lose can only win from here and hopefully win big as hopefully its not coming back to 131.00 again today.

Going to trail this behind 100sma see how much I get when I come home from work.

Gotta go will update later when I get home.

Late one today at work but quick review of todays London open.

9 trades in total 3 winners 5 break evens and 1 loser total growth today 29% so all in all a pretty good morning. Left 2 trades to run today trailing behind 100sma one on EURJPY and one on EURNZD but both stopped for next to nothing.

However both those trades were up 20 plus pips before stopping out at BE so I am questioning whether its a good idea to leave them to run hoping for a BIG win. But to be honest I have been trying to catch a runner for last couple of weeks with no success so I am wandering if I should just snap up the pips when they are there, today could of added another 35% to my tally if I had done that. Could of had a 64% return day.

So learning pionts today:

Just trade the impulse moves as they fade, basically trading the ABCD moves, watch AB wait for pullback B to C enter at C take profit at D, simple as that and if it goes again then rinse and repeat.

Forget about trying to hold for the bigger move trailing behind 100sma just seems too hit and miss.

Well thats it until tomorrow morning where we will try again and see what we can get. Bet tomorrow I catch the big mover but close out early and miss a 100 plus run, bet you thats what happens.

Just to clarify what I am looking for in the morning is a strong trending pair like GBPJPY this morning racing up the page then wait for a nice ABCD move watch AB wait for BC then enter at C (nice CCI signal here) and close as close as possible to D. (see chart below)

However closing at piont D is not as easy as it seems in real time as it reacted to the 153.50 level causing me to close it out too early for a measley 13 pips. So how could I prevent being shaken out in the future???

Well, the theory is AB=CD so therefore we could use that as a take profit target which in this case would of worked out very well as AB and CD were pretty equal at about 50 pips.

So how about I just use AB as my target??? Put a TP there and wait for it to be hit???. It also coincided with a 25 level at 153.75 and would of given me 40 pips (40%) instead of the 13 pips I did get closing manually. Hmmm food for thought.

By the way that was a very good entry signal as it was a 50% fib level plus pulled back to a 25 level (love my 25 levels) and a nice -100CCI signal too! Thats about as good as it gets!!!

Well off to bed as a nice early start tomorrow before the European open lets see what we get tomorrow.

Ok another day starts so quick look to see what happened overnight as sometimes London will just pick up where Tokyo and Sydney left off so I look for continuation entries and sometimes London will reverse the overnight move. Of course theres another theory that you don't get any action 2 sessions in a row so as Tokyo was active, could be a quiet London open but a busy New York one.

Well thats the theory, but my theory is simple. Watch what happens and take the appropriate action. Wait for the market to show its hand then jump all over it like a rash so again watching for a solid move and a trend develop then if price is going up, buy the HL's if price is going down, sell the LH's.

Ever heard of the "KISS" trading strategy???? KEEP IT SIMPLE STUPID!!!!!

Anyway back to todays analysis. Overnight JPY strength and a bit of AUD weakness due to some adverse news release so if it continues look to sell JPY pairs but watch out for a London reversal , I keep an eye on my 15min CCI if it the JPY pairs give me a reverse 15min CCI signal then I will be looking to enter on my 1 min in opposite direction to overnight move.

But for now lets sit back and see what happens then respond appropriately.

Happy hunting.

EURAUD looking strong so bought it and at BE alao put a TP in at next 25 level 1.36500 so lets see how that goes???