The Forex Portfolio - How to Gain Consistent Profits by Staying in the Market 24/7

Hi!

This is my analysis for today :slight_smile:

Today I have lots of negative trades, while the total pip value is positive, the net cash value is negative because first trades are very small, as you can see here.

[ul]
[li]NZDJPY bias long. Closed at the previous resistance. That is a little scary! The candle is a small doji. I think Iā€™m going to analyze other yen pairs to decide if move my stop or not.[/li][li]AUDJPY bias long. Closed down but the signals are not enough to make me move my stop[/li][li]USDJPY bias long. Closed green, opened with a gap up, not made any bearish pattern, but it is on a strong resistance, the 100 level. Not moving my stop.[/li][li]AUDUSD bias long. I made a typo on previous post, what it made is a double BOTTOM, not top.[/li][li]CADJPY bias long, the same as USDJPY. I want to see a break above the 100 level on USDJPY and above 99 level on CADJPY. If it makes it, I think the trade will go my way fast and furious.[/li][li]GBPJPY bias long, I placed a trade on Sundayā€™s open. Made a new high, thats good for me. It is far from the next resistance and it is above previous resistance, now support, it should be tested once or twice to declare a winning support.[/li][li]NZDCAD bias long. is wondering where to go. Meanwhile the price is flirting with the S/R, the trend line is approaching. I think that, if the uptrend stays, in a couple of days the price will be near enough to the trend line to be rejected and make itā€™s way up.[/li][li]AUDCAD bias long. Made a big drop yesterday, but has not been below the low of the pinbar that triggered my entry decision. Holding my stop where it is now.[/li][li]GBPCAD bias long. it is making what I see as a head and shoulders pattern, it s short term one, but enough to drop about 150 pips. My entry has not been triggered, so I donā€™t worry about it.[/li][li]AUDCHF bias long. Previous candle is inside / bearish harami, but for me it is not in a resistance, so it is not very meaning and Iā€™m not moving my stop.[/li][li]NZDCHF bias long. It is showing some resistance but it managed to close above the level. It is hard to see what is going to happen next, but the current market structure shows higher low after a higher high, so this could be a continuation. Not changing anything.[/li][li]GBPNZD is becoming more and more attractive for long bias. Iā€™m going to place my entry on close above previous resistance at 1.8372.[/li][li]GBPAUD bias long. Placing an entry order at 1.5168[/li][li]CADCHF bias short. Current price has been trending up for 3 days, so Iā€™m feeling that this could be a reversal. Iā€™m moving my stop barely above previous strong resistance level, adding at much 22 pips more risk.[/li][li]GBPCHF bias long. Any signal here.[/li][li]EURJPY,CHFJPY bias long. Waiting for my entry.[/li][li]EURAUD bias long. made a higher low, waiting to see if it can do a higher high![/li][li]EURGBP bias short. Strong support found. I need a break below current support![/li][li]GBPUSD bias long. Support is holding. It could be making a H&S pattern in 1H/4H time frame with a target of 60 pips to 1.5460, that is a good level of support. Will see, not doing anything.[/li][li]AUDNZD bias short. continued down! It is a pity that this beautiful trade has too little volume for me :frowning: well, waiting to see what happens next, it made a new lower low, so I continue with my short here[/li][li]EURNZD bias long. It is showing some support at this level, will see in some days, maybe 2 or 3.[/li][li]USDCHF bias short. In a retracement. I have an entry on close below 0.9939.[/li][li]EURCAD bias long. Iā€™m going to buy it at 1.3235[/li][li]NZDUSD bias long. Waiting to see if it follows my idea or reject it.[/li][li]USDCAD biasā€¦ maybe long. Waiting for clearer signal. It is holding on the support, and very well could be bouncing on it to continue the previous uptrend, or maybe only bounce to a new lower high, only time will tell.[/li][li]EURUSD bias long. It is on the bottom of itā€™s channel and it could be in the process of making a cypher harmonic pattern (ignore this if you donā€™t know about harmonics! Iā€™m only trying to incorporate harmonic trading to price action). It is also on a lower time frame up trend line, if it closes below that line, it could drop up to 1.29, before bouncing, or it could be worse and become a bear trend.[/li][li]GOLD bias short. Currently in a range that has not been broken yet.[/li][/ul]

Based on correlation with other pairs, and with news for the AUD I think Iā€™m going to stay where I am on NZDJPY. If the trade balance news from the AUD is good enough it could move the aussie up, and could make the yen down and the kiwi stay where it is. If the news are bad, the aussie could drop, pushing yen up and dragging the kiwi down, but only a little. The market expects a better value than previous report. Will see in a couple hours.

See you!

Interesting find. I will sit down sometime this week for a read.

Just making sure Iā€™m subscribed to this goldfield of knowledge.

Hey mastergunner this is pretty off topic but i have a question and i remember you talking about it. Anyone else who knows is free to chime in.

So at some point in the future Iā€™d like to be a CTA. Which licenses does that require? Iā€™ve been reading and to me it looks like I just need a series 3 to handle commodities and a series 7 for stocks. So I obtain one or both of those and then I register with the CFTC and Iā€™m able to give trading advice. To handle clients money I have to register with both the CFTC and the NFA?

Are there any good study materials available? Books you would recommend I could read or maybe sample tests? Iā€™ve googled already and found some but it seems ripe with scams Iā€™m just being cautious.

medisoft seems to be missing for a number of daysā€¦

How do you guys determine the daily bias, on what timeframes ? It sounds so easy for you guys ? Entry and exit signals ? I know they are price action based, but do you look at lower timeframes to exit ?

Sorry! I had lot of work and also this Friday was motherā€™s day, so I was busy with my wife, but Iā€™m here again.

Iā€™m opening a new live account where I trade only with this methodology, and I just added to myfxbook. Do you think it would be useful to post the link here?

MG99 says in this thread that he looks only to daily time frame. I do also the same.

And it is easier the entry and exit signals than the to define the right bias. Bias is the tricky part of this methodology.

What I do to define my bias is to try to find a nice LRC (linear regression channel) that fits well on a big number of days, with 2 or more lows and highs respecting the limits of the LRC. If I can find a channel like that, I use it as my bias.

I confirm that with correlation with other pairs and in less importance, with every country economic outlook.

Are you a salesman?

Becoming a CTA is one thing, developing a book of business is something else entirely.

Prospecting and promotion is such of extreme importance that I have employed someone in my practice to focus solely on new client acquisition.

I personally am not a CTA as my career path has me in a different direction professionally, but the parallels of generating business are similar.

But to answer your question, you will likely need to spend money on study materials to prepare for both tests. Everyone has a different style of learning. I have studied both with online classes, self study courses, and accelerated live learning courses.

[QUOTE=ā€œmastergunner99;488457ā€]

Are you a salesman?

Becoming a CTA is one thing, developing a book of business is something else entirely.

Prospecting and promotion is such of extreme importance that I have employed someone in my practice to focus solely on new client acquisition.

I personally am not a CTA as my career path has me in a different direction professionally, but the parallels of generating business are similar.

But to answer your question, you will likely need to spend money on study materials to prepare for both tests. Everyone has a different style of learning. I have studied both with online classes, self study courses, and accelerated live learning courses.[/QUOTE]

Anything you recommend? Thatā€™s what I was wanting. I couldnā€™t find many reviews for stuff online. I found stuff but I couldnā€™t make heads or tails if it was gonna help. One book I saw was Kaplan $80 itā€™s has mock questions in it also.

Hi Medisoft

Yes I think it would be useful as I am not always confident that I am interpreting what is said correctly.

For example; in your postings you have AUDUSD as long, but on my D1 chart I see it as being short since 14th April. Seeing the chart you are looking at would certainly help in situations like this.

Thanks
Kiwiman

Thereā€™s nothing specific I would recommend for studying as Iā€™m not picking up a CTA designation. Just about anything out there is probably worth something.

I would however recommend you read books on how to build a finances practice. Having the knowledge is the easy part. Developing your book of business is something else entirely.

Having a website and facebook page and shoeing off results isnā€™t enough. It requires countless phone calls, guerrilla marketing tactics, seminars, conferences, networking.

Also, being a CTA will not make you a better trader. And thatā€™s an entirely different issue on its own.

Develop yourself there if you want to go on your own.

[QUOTE=ā€œmastergunner99;488629ā€]

Thereā€™s nothing specific I would recommend for studying as Iā€™m not picking up a CTA designation. Just about anything out there is probably worth something.

I would however recommend you read books on how to build a finances practice. Having the knowledge is the easy part. Developing your book of business is something else entirely.

Having a website and facebook page and shoeing off results isnā€™t enough. It requires countless phone calls, guerrilla marketing tactics, seminars, conferences, networking.

Also, being a CTA will not make you a better trader. And thatā€™s an entirely different issue on its own.

Develop yourself there if you want to go on your own.[/QUOTE]

Yea I know Iā€™m not trying to think to far ahead. And Iā€™ve read that it helps to live in a big city like New York or Chicago. And I may not need this later on. Mostly just want to manage family and maybe a few close friends.

You donā€™t need a CTA designation to do that. There are setups in place where they keep control of their assets and just copy the trades you make automatically.

MG99,

Since the conversation has turned to the business side of things, could you elaborate on how this portfolio method fits into your business scheme? Is it bread and butter or extra cheese for you?

Iā€™m not trying to pry, but it would go a long ways motivation wiseā€¦ The method is growing on me and would love to understand how far it can be taken.

I donā€™t think it really matters. Whatā€™s important is whether you see this methodology workable or not. Would it make a difference if you found out MG99 made Ā£100k a year using this versus Ā£1k ? In the end of the day, itā€™s a technique - make it your own, test it, try it and take it from there.

It compromises part of the high risk portion of my overall investment portfolio. I rebalance often.

I think why it works for me is that I am not attempting to derive an income stream from it. As a result, I can ride out the rough times because I know overall this methodology is profitable.
L

Hi! This is the latest snapshot of my account. After this snapshot Iā€™m moving all my PA trading based on MG99 methodology to another, new account, fully dedicated to this methodology.

Iā€™m going to start posting the analysis of that account tomorrow. Meanwhile, this is the myfxbook link Optical Fund System | Myfxbook

Real money mate?

Medisoft you been killing it man. I just started this method about 4 weeks ago and it has definitely helped me alot. Thanks MG. I first got started trying to scalp and would make a good bit then lose a good bit. My main problem I found after starting this method was before I would look at one or two currencies so long that I would eventually ā€œfindā€ a trade. By using 28 different pairs there seems to always be a few pairs doing exactly what I want. It seems so easy now after doing it I cant believe I did not think of this sooner. Its not a hard method. Its actually very simple. Maybe it has been luck the last few weeks but Its definitely better than what I was doing before.