Consistent FX Trading

[elang]

We are looking for a break of the highs here to solidify the continuation of this upmove; both on GBPUSD/right and EURUSD/left

For EURUSD thats just over 50% and GBPUSD the H of the last H4 candle.
If it fails a second time i'll call it a split and probably give it a third attempt before bailing.

Buys above these H breaks are in order.

Regards,
E. Lang

[elang]

I booked 100% of all profits on EUR/USD and GBP/USD today and made a very hansome gain of a couple of hundred pips.

My GBP JPY trade is still running, but i am not in the least bothered about that.

Lets take a look at how EUR USD and GBP USD are developing below:

EURUSD:
From what i can see we finaly manage to break over 50% and the current candle is trading around the 3409 area at the moment.

Buys are definately in order once again.
Targets on the upside are 3465 (mind 61%) > 3525 > of 3551

GBPUSD:
Things aren't looking quite as nice here as they are on the EURO.
All candles that attempted to break 61% closed below it, we are going to be looking for price action over 61% and preferably a close on at least H1 above 61% before attempting any longs.

Targets on the upside are 9873 > 9949 > H of 9960

Possibilities here are that this is a top forming finaling C of an ABC downwards correction after which the price would be expected to fall down in an impulsive wave. Both sides are under pressure trying to keep price closes on major frames below/above 61% at the moment, respectively.

The bears are evidently winning for the moment, and the more candles continue to close below 61%, the more people are going to consider selling there and fulfilling that ABC corrective hypothesis, placing their stops on their short positions right above 61%.

I'm sure that as soon as we clear 9840 both EUR and GBP will pick up and resume the trend. The bearish scenario remains almost the same for EUR USD if we don't proceed higher and continue stalling, we will start selling.

We will probably loose a good 30 pips or so waiting for a strong confirmation if the scenario turns bearish before entering, but its better than rushing in on a sell basis now and then gettin rammed in the butt hole by a bull, so well wait like the pip ninjas we are and kill with one strike.

Regards,
E. Lang

[shaun365]

Elang,

First of all, thanks for sharing all this great info with us as well as the system you've developed. I've just got a couple of questions for you:

1) Now that you're looking at multiple pairs, have you abandoned the mechanical approach (with some TA, of course) completely and have gone to using strictly a discretionary method?

2) The mechanical method: What time frames were you typically using? I see in the documentation you use the daily chart and a 1 hour (I assume that's what 1H means??) but I seem to recall you saying someplace that you'll go down to as small as a 5 minute (5M?). What's the story?

Thanks!

[mike1349]

Where is his system?
Mike

[elang]

First of all, thanks for sharing all this great info with us as well as the system you've developed. I've just got a couple of questions for you:

1) Now that you're looking at multiple pairs, have you abandoned the mechanical approach (with some TA, of course) completely and have gone to using strictly a discretionary method?

Well, i've always been a discretionary trader. I just wanted to make something mechanical for folks to use. I am working on presenting my trading method the best i can, hopefully ill get it on here soon.

2) The mechanical method: What time frames were you typically using? I see in the documentation you use the daily chart and a 1 hour (I assume that's what 1H means??) but I seem to recall you saying someplace that you'll go down to as small as a 5 minute (5M?). What's the story?

I think M30 updwards, im not sure, that was a while ago.
There is nothing wrong after having gotten a signal from a higher time frame to go lower to get a close pick; some folks do it others dont, preference i guess.

Regardless, i've always advised that people trade on higher time frames.

Regards,
E. Lang

[elang]

This is just to show that you do not need a 90% WIN system to make money.

As you can see over half of my trades are loosers...

BUT
Because I keep my losses smaller than my GAINS

I come on top every time

Newbees; look at this and let it sink into your virgin trading brain...

[mike1349]

Hi Lang,
First thanks for fantastic postings.Second do you use any systems?if yes ,where can I find it?did you post it here in babypips?
Thanks
Mike

[elang]

Originally Posted by mike1349

Hi Lang,
First thanks for fantastic postings.Second do you use any systems?if yes ,where can I find it?did you post it here in babypips?
Thanks
Mike

I will be posting a system soon.

Regards,
E. Lang

[elang]

TRADE #016

START

~GBP/USD~
22.06.2007

Entry - 1.9922 OR Above 1.9960
Lots Traded - 1.0


Target 1 / 500 PIPs - 2.0400 (LIVE)
Stop Loss / 165 PIPs- 1.9752 (LIVE)

TRADE TYPE: 100% Discretionary
(NO Indicators / Entirely TA Based)


STATISTICS

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL Profit Since Trade #001 /16.03.2007/: +1109 PIPS
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL Loss Since Trade #001 /16.03.2007/: -323 PIPS
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL P/L On Current Trade:
(0) PIPS
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SUM TILL DATE: +786 PIPS
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

[shaun365]

Elang,

Are you gonna be posting updates in this thread any more or have you put the method you've been developing here aside?

-S