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SpecTrade
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Posts posted by SpecTrade
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I cannot find time to get all up to date on my journal here. I'm during the renovation of my apartment before my 1st kid arrives to this world. The tiles' work should be done in 1 week, or so they told me, now it has been over a month and it's still a mess. Then there will be carpenters. What a mess and dust at home!
I still put trades, but just not that many, since I need peace and quiet. I could go to a coffee shop, but every time I leave the workers they make some mistake.
When I finally have time, I will update all my trades that were opened during that time.
I am in DD now, but no fear, I'm coming out of it. Strategy wasn't the problem. the problem was that I traded a completely new idea with real money on 4 pairs. Yeah, but that's me: after I started trading life I have no patience to forward test a new strategy.
Good trading!
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GBPUSD short on pin bar @1.5940 & 1.5888 - delay of my updates - trades from march 3rd. I was too greedy to take RR1:2 profit on the 1st trade, now it seems to be going back.
Also, if GBP froms a pin bar today I will place long trade orders.
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After backtesting, I came to conclusion. I am changing the fractional % risk to fixed dollar amount risk following the simple formula:
fixed dollar amount risk / SL pips / pip value.
I will use it grading the trades into: high risk - low dollars amount, medium risk - medium dollar amount, low risk - high dollar amount.
The dollar amount is discretionary and it should be proportional to the size of account, meaning: use a fraction of an account larger than 10%.
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CAD long @9950 stopped at BE+7
GBPJPY short @ 125.59 stopped -62pips, short@126.68 stopped +26 pips
Short@ 125.46 was interesting: as soon as the trade went on I've realized I'm wrong, this time the breakout might be real, so I manually closed trade at BE, and went long @126.27 with SL125.31, triple the normal position size, closed +202 pips.
USDJPY similar situation, 1st short @79.88 stopped out -51pips, 2nd short@80.14 closed @ BE.
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GBPJPY short from 12372 loss-208pips, short from 12559 still on, short from 12668 still on SL=BE.
GBPUSD short@ 1.5768 closed +30pips only
USDCAD long@1.0050 closed +80pips, long @9975 loss -45pips
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Gold long @1,732.2 SL@1,706.6 half@1,720 entered on h8 chartGBPUSD long@1.5849 SL@1.5711
CAD longs bring SL very close @9910/20. Short half still in
gold closed @-3pips
gbp closed @-3pips
cad closed @-56pips total
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eur closed total +97pipscad long closed -75pips
aj half closed 81.68
cad reversed for short @9995, sl1.0075, half closed 1.0027.
unstable time for touch trades.
new orders:
cad long @9950, gbp short @1.5990
AUDJPY closed -37pips
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eur closed total +97pips
cad long closed -75pips
aj half closed 81.68
cad reversed for short @9995, sl1.0075, half closed 1.0027.
unstable time for touch trades.
new orders:
cad long @9950, gbp short @1.5990
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EUR long half closed @1.3091 - bearish reaction in the PPZ. Half @ BE.
GBP half SL moved to 1.5745 - above Pin Bar which penetrated the sell zone (quarterly mean).
USDCAD long@1.0046 if filled, SL 9972. Pin Bar off 200sma.
AUDJPY short@81.55 if filled, SL:82.95. Yearly Mean level - Pin on Alpari charts but Outside Bar on Oanda charts, I place entry below OB, because I was too late for Pin Bar.
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Original CAD long from jan18th closed @BE+6
CAD short as post above -45pips
Gold -270pips (orig. SL 320)
EUR short from jan 13th closed @-90 pips (orig. SL 133pips)
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USDCAD short order @1.0100 SL:1.0175. After bullish signal it gave immediately bearish signal out of Pitchfork. Looks like it wants to leave upper pitchfork.I used Shiff Median here.
-45pips loss. original SL was 75pips
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Be wary of anyone in the trading business selling ANYthing, especially a sucker's web site like the one in question here. Please, save the money and give it to the market instead and at least you'll get some real experience.Yep. Couldn't say it better myself. Take joshdance's advice. Keep away from software that offer signals. To trade you really have to learn about market by yourself. Can't depend on a software!
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Gold short @1,647 SL@1,679. Bearish sign at 200smaUSDCAD long @1.0090 SL@1.0025, bounce trade 365ema, on chart also nice bullish signs @ 365ema, but I will not add, since recently Cad has been very undecided. If it breaks up, I will look of INR4 (inside narrowest range in 4 days) to add. So far, just waiting if I can move SL=BE
EUR short@1.2950 SL:1.3083 order from jan13th, bounce off yearly mean reversion support.
Gold half closed @1,6690 (-220pips). short signal seems to fail.
CAD SL moved @1.0100/0095. reversed pin - i have a short order.
EUR SL half moved @1,3010. initially rejected zone and moved down, but now it seems to be rejecting shorts, hence my SL moved closer on half.
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gold has some more space to go imvho...will 1678-1685 resistance work?Thank you. Yes, I agree. If 1,6800 -1,7000 breaks through it may go even to 1,8000. If so, I hope it will give me retrace setup and signal around 1,6800.
Short signal was bad, but I had to take it since before just too many times I didn't stick to my plan. Half closed @ 1,6690.
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I had no time to update trades in real time.EUR short @1.02787 SL:1.2915, now moved to 1.2820/25 - touch trade
Gold short @1,653 SL:1,670.3 - H8 pin bar off daily 100ema
USDCAD long @1.0156 SL:1.0105 half moved to 1.0119 - H8 pin bar off 100ema with DGL support
EUR loss -36pips
Gold loss -22pips
Cad loss -39pips
I was really too busy and always on the way somewhere. could not update in time. but again, this is not a signal service.
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gold is bad. no bearish continuation. but i have no choice but to wait, since there is no way to move SL.
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Gold short @1,647 SL@1,679. Bearish sign at 200sma
USDCAD long @1.0090 SL@1.0025, bounce trade 365ema, on chart also nice bullish signs @ 365ema, but I will not add, since recently Cad has been very undecided. If it breaks up, I will look of INR4 (inside narrowest range in 4 days) to add. So far, just waiting if I can move SL=BE
EUR short@1.2950 SL:1.3083 order from jan13th, bounce off yearly mean reversion support.
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Let's Create a Simple System for Beginners.
in Forex
Posted · Edited by SpecTrade
For beginners? I like the idea. Not sure if there is a "system" that a beginner would really follow, due to lack of discipline, greed/fear factor, and maybe even laziness? Easy come, easy go.
But generally, a simple system or rather a strategy, could be created.
Since here we started with breakout method, my input is:
1. Breakout of significant range (or let's say opening range, or the 1st hour range, etc),
2. Wait for the retest of 20EMA (it doesn't much matter 20, or 21 if one likes fib. numbers, or even 20SMA).
3. Entry below (+1 + spread) the bar that retests 20EMA, SL above (+1 +spread) - for shorts. Reverse for longs. After 1:1 is obtained, bring SL to B/E.
4. For M5 TF maybe 1:1.5 is enough. Or target could be the nearest SR (i.e.: Round Number or pivot, or previous day's H/L).
5. 2-3 trades maximum to prevent revenge trading.
6. Options: Close all, scale out of half, half trail with 8EMA, etc, but that's trade management.
Quite simple, not every day there will be a trade (unless one "forces it"), not every trade will be a winner.
It is better to confirm the entry in the direction with daily TF. Not just "with trend on D1", but also for example: if daily comes near significant resistance, better not take longs, but watch for shorts.
But that's maybe too complex for "simple" strategy?