On US Dollar index 30M chart
I just noticed this Hammer with long shade rejected by 81.75 level (old support -24 June 13)
I just noticed this Hammer with long shade rejected by 81.75 level (old support -24 June 13)
Attached Image
- #54,649
- Jul 25, 2013 7:28pm Jul 25, 2013 7:28pm
- | Commercial User | Joined Oct 2012 | 3,968 Posts
Understood. Keep up the good trading, wish you many green pips 
- #54,650
- Jul 25, 2013 7:53pm Jul 25, 2013 7:53pm
- Joined Mar 2008 | Status: PVSRA with Traderathome | 23,553 Posts
Hi everyone, I finally have some time today to give you an update. Today was quite busy for me. A lot of mistakes but a lot learned.
But first, my initial equity is about 915 on July 22, 2013 (reset start date in trade explorer) for PVRSA trading. Living in the US, we have 1:50 leverage, and FXCM only have standard lots (no micro). So 0.01 lots is the smallest. I was trading many pairs at the same time (5 max). It was fine when I had around 3-5 trades per pair, but that was max (so about 25 bullets total to expend). Result: trading too many pairs. Althought trading many pairs is good for diversification in that it increases the probability that one of the pairs has finally made a run for profit. This happened to me as UA, GJ, and GU had nice profits. However, UC and EU did not and resulted in a long build, that I'm not capable of keeping up (because of my spacing of 25 pip moves). Not enough bullets to last in the long term as more positions crease available margin, which results in less breathing room. I almost want to say, I should really trade 1 pair, or limit to very low number of trades per pair. At which case, you will not be able to average down/up.
At any rate, I have added more equity now (2k more) to alleviate this as I can't trade smaller than I already am. The other factor to help is to increase the spacing of my scouts from what was around 25 pips to something bigger depending on major moves. As I've increased my equity, I should still be fine with this spacing. Will have to just use judgement. Lots of margin now :-).
Here is a detail summary of my closed trades thus far. Quite impressive to me if I don't factor in my screw up:
My net for all closed trades is $57 or +6.2% (even after the screwup).
Here is my current open trades:
UJ: Opened long EP1 as MM's show bull action by pushing price below key SR levels on the M1.
UC: 6 Open Longs, currently in DD of about -350pips.
EU: 5 Open Shorts, current in DD of about -240pips.
Note that UJ and UC are highly correlated. A little late now, but a good strategy that has helped today was hedging UJ against UC during the big DD to gain some pips while building. Right now, our trades are not contradicting and in a way, we are "doubling down."
But first, my initial equity is about 915 on July 22, 2013 (reset start date in trade explorer) for PVRSA trading. Living in the US, we have 1:50 leverage, and FXCM only have standard lots (no micro). So 0.01 lots is the smallest. I was trading many pairs at the same time (5 max). It was fine when I had around 3-5 trades per pair, but that was max (so about 25 bullets total to expend). Result: trading too many pairs. Althought trading many pairs is good for diversification in that it increases the probability that one of the pairs has finally made a run for profit. This happened to me as UA, GJ, and GU had nice profits. However, UC and EU did not and resulted in a long build, that I'm not capable of keeping up (because of my spacing of 25 pip moves). Not enough bullets to last in the long term as more positions crease available margin, which results in less breathing room. I almost want to say, I should really trade 1 pair, or limit to very low number of trades per pair. At which case, you will not be able to average down/up.
At any rate, I have added more equity now (2k more) to alleviate this as I can't trade smaller than I already am. The other factor to help is to increase the spacing of my scouts from what was around 25 pips to something bigger depending on major moves. As I've increased my equity, I should still be fine with this spacing. Will have to just use judgement. Lots of margin now :-).
Here is a detail summary of my closed trades thus far. Quite impressive to me if I don't factor in my screw up:
My net for all closed trades is $57 or +6.2% (even after the screwup).
Here is my current open trades:
UJ: Opened long EP1 as MM's show bull action by pushing price below key SR levels on the M1.
UC: 6 Open Longs, currently in DD of about -350pips.
EU: 5 Open Shorts, current in DD of about -240pips.
Note that UJ and UC are highly correlated. A little late now, but a good strategy that has helped today was hedging UJ against UC during the big DD to gain some pips while building. Right now, our trades are not contradicting and in a way, we are "doubling down."
insanity: Doing the same thing over... and expecting different results -AE
- #54,654
- Edited 10:47pm Jul 25, 2013 10:28pm | Edited 10:47pm
- Joined Mar 2008 | Status: PVSRA with Traderathome | 23,553 Posts
- #54,655
- Jul 25, 2013 10:33pm Jul 25, 2013 10:33pm
- Joined Oct 2012 | Status: Trade Small, Win Big | 4,988 Posts
If you are good at something, never do it for free--Joker
- #54,656
- Jul 25, 2013 10:52pm Jul 25, 2013 10:52pm
- Joined Mar 2008 | Status: PVSRA with Traderathome | 23,553 Posts
- #54,657
- Jul 25, 2013 10:54pm Jul 25, 2013 10:54pm
All 14 positions closed for 1082 pips gained all positions winners. Chart is M15, trades taken on M1. See folks, if you trade small enough, you can do this all day long. Nothing mysterious about it. Short every climax candle above the 34 ema of the highs, buy every climax candle below the 34 ema of the lows. No conspiracy theories, no complicated long winded analysis, none of that. Just a simple reversion to the mean strategy. Joe Edit: Gain to account was just shy of 1%, time for this sequence was about 15 hours. {image}
Great jobs.
- #54,658
- Edited Jul 26, 2013 12:16am Jul 25, 2013 11:03pm | Edited Jul 26, 2013 12:16am
- Joined Mar 2011 | Status: I should be on your ignore list | 5,597 Posts
{quote} It is amazing, it is 10pm in Europe and they are really making new highs ........ not happy with that, but it is strange
Example: GU
High activity (churning) at 1.5430
- #54,659
- Jul 25, 2013 11:24pm Jul 25, 2013 11:24pm
- Joined Jan 2007 | Status: Trader | 11,838 Posts
All 14 positions closed for 1082 pips gained all positions winners. Chart is M15, trades taken on M1. See folks, if you trade small enough, you can do this all day long. Nothing mysterious about it. Short every climax candle above the 34 ema of the highs, buy every climax candle below the 34 ema of the lows. No conspiracy theories, no complicated long winded analysis, none of that. Just a simple reversion to the mean strategy. Joe Edit: Gain to account was just shy of 1%, time for this sequence was about 15 hours. {image}
IMO it would help if you placed a vertical line on the bar of your first entry.....I'm thinking that it will be in the small spinning top after the red bearish ~ engulfing candle on the left of your chart....
Trading Levels with WRBs
- #54,660
- Jul 25, 2013 11:34pm Jul 25, 2013 11:34pm
- Joined Oct 2012 | Status: Trade Small, Win Big | 4,988 Posts
{quote} Nice trading Joe
Thanks Islander, I will do that going forward!
If you are good at something, never do it for free--Joker