Let's make some pips 60/120
Hello there my trading pals:
I am no champion but after spending two years and losing $350 net(some wins and some loses mainly because of trying out different systems and trying to find what suits me the most) I think I have reached to some conclusions today. I am putting all I have in this Journal where I am going to record what I have done and Why. Wether win or lose. I am starting slow with 5k lots and $650.00 (As I started with $1000.00 two years back. Losing $350.00 was my learning cost). I have seen people losing thousands before they can find themselves somewhere. I think I am kinda proud of myself with the dedication. I have noticed It is the descipline and patient that I always lacked and thus I kept on trying systems with bad risk reward. Now finally I have decided that I will only be dealing with 1hr chart as I had good success trading using 1hr.
Following were the problems I recognized. Traded a lot on demo and small 1k lots. Always lacked desciple about using one system and sticking to it. This was mainly because I had decided in last year November that I will try all that I want to try, during this year and all try outs will end today as I completed one year. I was trying out different time frames, different systems etc. No need to look for it any more. As it is, I want all newbies to know It is not the system by itself, which will make you money. It is the money management and recognizing lots of other things along with your indicators that will make your account grow. I have made some good profits on demo accounts using several systems however it was not the strategy that was good or bad. It was what I saw and what I missed before taking my trades. So here I go....you will all know how I do from this point on. I will not be respondng to the queries about different strategies... I will only follow my stategy with good money management and descipline and patience. I will be listing my trades here as I take them and I do not advise anyone to follow my advise and take the trades, as this thread is strictly about me and my trades. Other traders can come and definitely give their opinion which will always make it more interesting and increase our knowledge.
Mehod of trading:
TF: 1HR, SL 60 and Profit 120 Min can be more sometimes. Trailing: Mostly None
Indicators: Super Trend, Kinko, Slow Stochastics 14,3,3 , MACD 12,26,9 EMA 30(Joe's system little modified)
Pivots and Fibs
Long: When Price is above Super Trend, Super Trend is above EMA 30, MACD is starting a new trend, Stochastics are heading up, Kinko has turned green. Enter when the candle closes. Always check the pivots. If the pivot is crossed success rate is higher. Target R2 or 1.618 If not sure.... Standard Target would be 120 Pips.
Short: Take short when Price is below Super Trend, ST is below EMA 30, MACD is gaining momentum, Stochastics heading down, kinko has turned red, Pivots are crossed or far.
Before we take the trade we will make sure the daily trend and price action in the direction of the trend. Then we shall go to 4hr and draw trendlines and major support and resistances. Next we will go down to 1hr and look for trades,
Key to success is Money Management. Many trades we will not need SL to be at 60. It would be less. Yet profit can be way more. Which makes me believe will help our account grow. We do not want to take trades just for a sake. We only want to take trades that make sense.
News and major events for the next two days will be taken into consideration for the pair.
Trade can take more than a day or two to complete. This is swing trading guys.
Trailing is a bit difficult as trades are not predictable and close early or late based on the pair so I suggest we will start without it and see how it goes. We will be moving gradually as the price continues in our favor.
So Let's make some pips guys.....Happy trading.
Like they say a picture is worth thousand words...
Please look at the attached picture for more understanding of the above system.
Originally Posted by bigpips007
So what was your entry? Long?
I will post a picture of a chart as i take the entry and let you know what conditions were met and why i took the entry. I am sorry for not showing exact entry points in the above chart. However please look at the chart. You could take a long entry when MACD is increasing, Stochastics are heading upwards Kinko color has turned green and price is above the supertrend and supertrend is above the 30EMA. I usually check and make sure How much would be the reward -what i mean look at the next major support or resistance. Price will bounce back from there so never want to take any entries close to next support or resistance level. There must be enough room for price to fall or rise before it hits support or resistance.
Gbp.jpy-Nice short set up
I took a short on Gbp/JPY. Actually it was my entry order that was sitting below the support. It was kinda late but worked out fine. Could only take 56pips and got out as corrective waves were expected to start.
Please look at the chart for more info. One could have taken the entry shprt at 123.35 for a target of 121.70
total of 165 pips. 60SL
You could think about going short once the correction is completed. Eur/JPY is also in correction... Wait till the correction is completed and entry conditions are met.
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"I do not think there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature."