First Strike Trading Journal...

Hello everybody,

First of all sorry for my English, I'm not from English speaking country, so bear me with this please .

I'm dedicating this journal to one of the easiest and simplest yet IMHO powerful Long Term trading strategies I've ever tried on demo. And after a week of trading live with cent account (I'm still can't afford to use "real" live account ), I've decided to make a journal of my trading.

This strategies is developed by one of the FF member, Joel "TheRealThing" Rensink. It was called First Strike Plus.

The basic entry sistem is so simple, just calculate previous week range (weekly high - weekly low) and then multiply it with 0.3 and add to current weekly open for both buy and sell stop order entry point, and add another 0.1 multiplier for both order stoploss. While the exit, I'll be experimenting with exit conditions, but I guess for the guideline, when the trend for my open positions starting to make suspicious move, then I'm out.

I'll try to post my entry and exit chart, and also will try to update if anything I think necessary.

I hope I've made myself clear, if you have any question feel free to contact me.

Best regards,

Irfan

PS: Attached is the whole system document you can download.

First trade commenced last monday was NZDJPY short, currently +211 pips. Stop moved to BE + swap at 26/09/14..

Second trade also triggered at monday, CADJPY short. currently +59 pips. SL moved to BE+swap at 26/09/14.

hello,

first of all, congratulation to the good entries!

just curious, are you really willing to potentially give back +211 pips? (having SL now at breakeven )...my greediness sure would move SL at least somewhere in the + territory.
not questioning you, just saying that once so much unrealized gains, the risk:reward surely changed from the original entry, ie. if you were thinking then say 3:1, then now with the price being where is, it isn't to gain 3 anymore.

First, it's not the entry that was good, but the system that gave me the entry that good and I'm just trying to follow the rule, just read the pdf I've attached and you can also do it .

Second, I'm also reading from pipseasy's post about building equity milipede, he stated that our job as a trader is only make a good entry based on the system, put the stoploss, and if that position can survive, put the stoploss to BE and leave it. Let the market reward you the way she want, by doing this you can make a lot bigger, if not humongous, risk:reward ratio. And I can tell you that I'm also a greedy person just like you, and it was one hell of a pain not to close those green pips and let them build their own leg.

I hope I've made myself clear, if not feel free to contact me.

Best regards

Irfan
Edit: Just search TheRealThing and pipseasy at FF search box. Try to read and understand their way of thinking.

Thank you for your answer.
All I meant, that probably I would settle for a 150 pips trailing SL, so, once quite massively in the green, wouldn't want to go back to BE.
But that's me.

Also, thanks for the offer, currently I am doing just OK scalping, and since the limitations of the current equity, I am not looking to mess around with swing/longer term positions. Only, as I stated, am a curious person. Will read the PDF too, weekend plenty time, but I am not seeing myself to change just now.

No problem, the original First Strike system saying to close the position in profit at friday, but I also want to try to apply pipeasy's principle to let the market reward you the way she want. So, rather than closing the position, I'm moving the SL to BE+swap, so when my position growing bigger, it would be great. But if it hit SL, I have nothing to lose..

I'm also a scalper just like you, I have another account for feeding my family and my main method for that account is scalping. So, it is really hard for me to not close those position or just like you said, moving the SL to the + territory.

Best regards,

Irfan

Fresh monday after 1 week out of civilization, and another week out of cellular phone signal. Should try it once a year (at least)

Ok, back to business, update to my position:

1. addition to previous position at NZDJPY short, entry at 84.968 currently at +35 pips
2. NZDUSD short @ 0.77712 currently -113 pips
3. AUDUSD long @ 0.88853 stopped out @ 0.88289 (25/9)
4. GBPAUD short @ 1.83887 stopped out @ 1.85503 (25/9)
5. GBPCHF short @ 1.54478 stopped out @ 1.55142 (25/9)
6. USDCAD long @ 1.11286 stopped out @ 1.10926 (26/9)
7. AUDUSD short @ 0.86902 stopped out @ 0.88311 (29/9)
8. EURAUD long @ 1.45497 stopped out @ 1.44014 (29/9)
9. AUDCAD short @ 0.97217 stopped out @ 0.98082 (29/9)

current balance 416.03 with floating profit 46.84

Your trade reminds me of one of my current trades which I don't look at much. My EURNZD trade made on 23rd July , 2014 went to a profit of over 950 (29th July , 2014) pips which I didn't close. Currently it is 600+ pips green. But somehow and sometimes I can be really very patient in closing long term trades. I am looking at profit pips between 1500-2500.(If I can be really that much patient). Hope you also can follow your system with discipline.

Hi,

Does this strategy still work in 2024?

vmd