Consistent FX Trading

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121

[B]TRADE #013[/B]

[B]~GBP/USD~[/B]
24.04.2007

[B]Entry[/B] - 1.9995
[B]Lots Traded - [/B]2.0

[B]Target 1 / 10 PIPs[/B] - 1.9980 (LIVE)
[B]Target 2 / 30 PIPs[/B] - 1.9860 (LIVE)
[B]Target 3 / 50 PIPs[/B] - 1.9840 (LIVE)

[I]INTRA-DAY[/I] [B]Stop Loss[/B] [B]/ 50 PIPs[/B]- 2.0045 (LIVE)
[I]SWING [/I][B]Stop Loss[/B] [B]/ 51 PIPs[/B]- 2.0046 (LIVE)
[B]Lash[/B] - 0 PIPS

[B]TRADE TYPE: 100% Mechanical[/B]
(Entirely Indicator Based / No Technical or Fundamental Anlysis)

[B]STATISTICS[/B]

[B]TOTAL [/B][B]Profit Since Trade #001 /16.03.2007/: [/B][B]+1109[/B][B] PIPS[/B]

[B]TOTAL [/B][B]Loss Since Trade #001 /16.03.2007/: -[/B][B]190 PIPS[/B]

[B]TOTAL[/B] [B]P/L On Current Trade: [/B]
B[/B][B] PIPS[/B]

[B]SUM TILL DATE:[/B] [B]+919 PIPS[/B]

[B]RECOMMENDATIONS:[/B]
Close your first lot when you hit 30 Pips Profit or a Target of your choice T1-T3 and set a SL for the remaining lot 5 Pips ahead of your Entry Position or at B/E so even if the trade goes against you, you will close with a minimum of 50 + 5 PIPs profit or no incurred expense.

PS: Had no internet for 5 days :frowning:

122

[B]TRADE #013

SUMMARY
[/B]
[B]~GBP/USD~[/B]
24.04.2007

[B]Entry[/B] - 1.9995
[B]Lots Traded - [/B]2.0

[B]Target 1 / 10 PIPs[/B] - 1.9980 (TERMINATED)
[B]Target 2 / 30 PIPs[/B] - 1.9860 (TERMINATED)
[B]Target 3 / 50 PIPs[/B] - 1.9840 (TERMINATED)

[I]INTRA-DAY[/I] [B]Stop Loss[/B] [B]/ 50 PIPs[/B]- 2.0045 (HIT)
[I]SWING [/I][B]Stop Loss[/B] [B]/ 51 PIPs[/B]- 2.0046 (HIT)
[B]Lash[/B] - 51 PIPS

[B]TRADE TYPE: 100% Mechanical[/B]
(Entirely Indicator Based / No Technical or Fundamental Anlysis)

[B]STATISTICS[/B]

[B]TOTAL [/B][B]Profit Since Trade #001 /16.03.2007/: [/B][B]+1109[/B][B] PIPS[/B]

[B]TOTAL [/B][B]Loss Since Trade #001 /16.03.2007/: -[/B][B]240 PIPS[/B]

[B]TOTAL[/B] [B]P/L On Current Trade: [/B]
B[/B][B] PIPS[/B]

[B]SUM TILL DATE:[/B] [B]+869 PIPS[/B]

[B]COMMENTS:[/B]
Consolidation sucks!
I am working had to implement a filter which will help me detect periods of consolidation better. The more we can stay out of there the better.

123

Elang,
The pair has been ranging between 2.0050 and 1.9950 for a number of days, and yesterday you gave a great entry at 1.9995 and I took it for 30 pips to the then pivot S1 at 1.9965.
Do not be discouraged, you are giving great entries and we all have to make our judgement as to whether the particular pair is ranging or trending. Keep up the good work.

124

Effi,
It was a good call. It hit the target 1 and closed the position before the news came out with us housing. I still think its not done correcting.

Adam

125

Thanx a lot guys,

I appreciate the support, especially right now… sniff.
Means a lot to me.

Here is the next trade.

TRADE #014

~GBP/USD~
25.04.2007

Entry - 2.0040
Lots Traded - 2.0

Target 1 / 10 PIPs - 2.0055 (LIVE)
Target 2 / 30 PIPs - 2.0075 (LIVE)
Target 3 / 50 PIPs - 2.0095 (LIVE)

INTRA-DAY Stop Loss / 50 PIPs- 1.9995 (LIVE)
SWING Stop Loss / 100 PIPs- 1.9940 (LIVE)
Lash - 0 PIPS

TRADE TYPE: 100% Mechanical
(Entirely Indicator Based / No Technical or Fundamental Anlysis)

STATISTICS

TOTAL Profit Since Trade #001 /16.03.2007/: +1109 PIPS

TOTAL Loss Since Trade #001 /16.03.2007/: -240 PIPS

TOTAL P/L On Current Trade:
B[/B] PIPS

SUM TILL DATE: +869 PIPS

RECOMMENDATIONS:
Close your first lot when you hit 30 Pips Profit or a Target of your choice T1-T3 and set a SL for the remaining lot 5 Pips ahead of your Entry Position or at B/E so even if the trade goes against you, you will close with a minimum of 50 + 5 PIPs profit or no incurred expense.

GBP USD ANALYSIS:
Cable’s retreat from 2.0132 was support above 4 hours 55 EMA and rebound from 1.9954 has now brought 4 hours MACD above signal line, suggesting the retreat has already completed. At this point, intraday bias is turned back to the upside and break of 2.0067 will confirm this and bring retest of 2.0132 high. But still, firm break of 2.0132 is needed to confirm recent rally has resumed. Otherwise, consolidation might extend further with risk of another fall remains. Below 1.9954 support will bring further decline towards short term rising channel support (now at 1.9863)

In the bigger picture, we’d like to point of that risk of medium term reversal is increasing. Firstly, the whole up trend from 1.7047 is not clearly impulsive. One interpretation is that rally from 1.7047 ended with three waves up to 1.9024. Subsequent correction ended at 1.8090. Rally from 1.8090 has already met mentioned target of 100% projection of 1.7047 to 1.9024 from 1.8090 at 2.0067. Secondly, regardless of the larger trend, rise from 1.8090 can be interpreted as being a five wave sequence with first wave ended at 1.9142, second at 1.8517, third at 1.9913 and fourth at 1.9183. The channeling property supports this interpretation too. In such case, the fifth wave rally from 1.9183 has also met target of 61.8% projection of 1.8517 to 1.9913 from 1.9183 at 2.0046 too. With bearish divergence condition remains in weekly RSI and Daily MACD and key 2.0106 resistance (92 high) not decisively taken out, cable could be forming a top at the current price level.

On the downside, break of 1.9723/26 support will warn that the rise from 1.9183 has completed and put medium term rising channel support (now at 1.9428) back into focus. Firm break of the channel support will indicate that the whole rally from 1.8090 has completed and add much credence to the case that an important medium term is already formed and put focus to 1.9183 low. However, a sustained trading above mentioned 2.0106 resistance will dampen the above interpretation and indicates that underlying bullishness in cable is much stronger then we thought. Further medium term rally should then be seen towards 61.8% projection of 1.3680 (01 low) to 1.9554 (05 high) from 1.7047 (05 low) at 2.0677.

gbpusd.jpg1100×800 150 KB

126

Effi

It finally continued its correction, hitting the 38.2 as you predicted. It still may have further to go but my long was triggeered at this level so let’s see where it goes.

Adam

127

[B]TRADE #014[/B]

[B]SUMMARY[/B]

[B]~GBP/USD~[/B]
25.04.2007

[B]Entry[/B] - 2.0040
[B]Lots Traded - [/B]2.0

[B]Target 1 / 10 PIPs[/B] - 2.0055 (TERMINATED)
[B]Target 2 / 30 PIPs[/B] - 2.0075 (TERMINATED)
[B]Target 3 / 50 PIPs[/B] - 2.0095 (TERMINATED)

[I]INTRA-DAY[/I] [B]Stop Loss[/B] [B]/ 50 PIPs[/B]- 1.9995 (HIT)
[I]SWING [/I][B]Stop Loss[/B] [B]/ 100 PIPs[/B]- 1.9940 (HIT)
[B]Lash[/B] - 150 PIPS

[B]TRADE TYPE: 100% Mechanical[/B]
(Entirely Indicator Based / No Technical or Fundamental Anlysis)

[B]STATISTICS[/B]

[B]TOTAL [/B][B]Profit Since Trade #001 /16.03.2007/: [/B][B]+1109[/B][B] PIPS[/B]

[B]TOTAL [/B][B]Loss Since Trade #001 /16.03.2007/: -[/B][B]290 PIPS[/B]

[B]TOTAL[/B] [B]P/L On Current Trade: [/B]
B[/B][B] PIPS[/B]

[B]SUM TILL DATE:[/B] [B]+819 PIPS[/B]

[B]NOTES:
… :rolleyes:
[/B]

128

Just posting very quickly guys its 4:11 AM here so i gotta go count the sheep, ill get these trades in properly tomorrow:

[B]GBP JPY : LONG 238.15[/B]
STOP LOSS: 236.65

T1: 239.35 /Close First Lot & Move SL to B-E/

T2: 241.45 /Close Second Lot/
(I will update T2 as we may make the target higher)

[B]GBP USD : LONG 1.9860/70
[/B]STOP LOSS: 1.9798 OR 1.9830

T1: 2.0131 /Close First Lot & Move SL to B-E/

T2: 2.0300 /Close Second Lot/

Best Regards and Good Night,
E. Lang

129

I am wondering if anyone know hows to edit the Ema crossover signal to display sound or email alerts whenever there is a long or short arrow that shows up?

Thanks!

130

Hi!
Read the whole thread and am hooked. However I’m trying to understand how it is you are able to give the approximate entry price before the cross & full candle above/below the EMA? For example the trade in your last post (#128). I dont understand how you’re calling those long entries.

-fudge-

131

[B][I]UPDATE[/I]

GBP JPY : LONG 238.15[/B]
STOP LOSS: 236.65

[B]PROFIT: +97 PIPS[/B]
T1: 239.35 /Close First Lot & Move SL to B-E/[B][/B]

T2: 241.45 /Close Second Lot/ [B][/B]
(I will update T2 as we may make the target higher)

[B]GBP USD : LONG 1.9860/70[/B]
STOP LOSS: 1.9798 OR 1.9830

[B]LIVE - [/B][B]+98 PIPS:
[/B] T1: 2.0131 /Close First Lot & Move SL to B-E/
[B][/B]
[B]LIVE:[/B]
T2: 2.0300 /Close Second Lot/

[B]STATISTICS[/B]

[B]TOTAL [/B][B]Profit Since Trade #001 /16.03.2007/: +[/B][B]1206[/B][B] PIPS[/B][B] [/B]

[B]TOTAL [/B][B]Loss Since Trade #001 /16.03.2007/: -[/B][B]290 PIPS[/B]

[B]TOTAL[/B] [B]P/L On Current Trade: [/B]
[B]+97[/B][B] PIPS[/B]

[B]SUM TILL DATE:[/B] [B]9[/B][B]16 PIPS [/B]

Best Regards,
E. Lang

132

Hello Guys,

Hope you are all having a nice weekend.

I wanted to take this opportunity of free time to do some TA on my last trade which is unofficialy labeled trade #15.
It was just so late that day i just coudn’t bother to do it all properly like inormaly have.

The trade was caught in 3 Easy Steps.

1: Trend Determination
2: Catching the Current
3. Taking the Dive

[B]TREND DETERMINATION:[/B]

Go to the daily chart and Draw Trendlines and or Channels:

[B]Another Channel BUY

[/B]

The two trades above were easy picking.
The channel was established. You are ware of this and so is everyone around the world and you can be certain this level will be monitored. This one of the reasons i always recommend trading on higher time frames or at elast keeping good technical track of them.

The next chart below. Uses the Fibonnaci Extension which requires three points A, B and C in order to project possible levels of reversal or take profit. These are also levels everyone watches. You can note that the FE 100 AREA (not point, not level, but AREA, becase S and R are never exact) is just around the channel resistance.

Over all, we’ve established the Tend. It is bullish.
We have a major channel yielding a good 1000 pips on each test of the R and S. Our most recent bounce can be noted around the 1.9181 area. By way of logic we are expeting a test of the R now. To illustrate this i’ve drawn a channel within the major channel which depicts our current short term trend. The bigger channel is the long term trend. The smaller channel as you ntoe can be rellatively Short when bounced of R and Long when bounced of S, so this is our short term trend, ever changing in accord to its long term trend. This is Point 1 complete.

Also not how i will look to buy at the S area which coincides with Fibonnaci levels. This just gives more power to your trade as you know you now not only have one mass of traders on your side (those trading channels and trendlines;) but also those trading fibonnaci levels.

Sorry for the unorganized text, but if u’ve beent rading with me you’ll be used to it by now, i just spit out whatever pops in my head.

Point 2 on next post.

133

[B]2. Catching the Current[/B]

More to H4 (Medium Term) and take a closer look at the Smaller / Medium term channel.

By catching the current i mean, jumping in where you need to do the least work. Piggybacking. Getting from the middle of nowhere to Australia on the East Australian Current like Nemos’ Dad did on The Turtles back in Dysney-Pixars finding Nemo.

We want to place our trade there where we know everyone else is going to trade.
What better way to do that, than to use the chart time frame that everyone will be monitoring ?
The big boys > the ones who will make the price move!

On the chart bellow, you will notice the same occurences, but on a small levels.
Same channel, same bounces off of R and S.
Once again we will be looking for areas where the channel R or S coincides with a fibonnaci level.

On the next chart below we are actualy coming closer to our present day and Trade No. 15 which i took the other day.

We apply the same rules. We estimate the channel bottom and try and find a significant fibonnaci level that complements it.

NOTE: How the price hit the channel bottom, but was not satisfied and tested 50% Fibonnaci right below it before it came back up.

If you werent aware of the FIB level below the chanel and entered long prematurely with a small SL, you would have gotten knocked out.

This is catching the current.

[B]3. Taking the Dive[/B]
In this stage all we do is go to a lower time frame.
I prefer anything from H1 to M5. This is where i execute with an accuracy to the pip so i make the best entry and set the optimal stop loss.

As you can see on the chart above. If you executed at 50% Fib and set you SL at the next Fib Level down (61.8) you would have had an approximate SL of 60 to 70 pips with potential gains of up to 800 pips.
Talk about a win to loss ration eh ?

Note: After the price bounced off S it moved up about 180 pips, then some short term and mid term folks who might have been trading with multiple lots locked in some profit and a profit taking correction took place which as you can not terminated at 50.00 spot on.
We should witnes trend continuation now.

My assumption about the multiple lot traders is a wide one, but i’m just giving an example. I for instance did just that, locked profits with 1 lot and let the remainder run.

Well dudes and dudettes.Thats it for that.
for GBP JPY i used the exact same TA.

Once again i do apologise for the unorganized text and everything, but im doing this in real time just off the batt.

Regards,
E. Lang

134

Elang, I just wanted to say thank you for all the time that you have put in on your blog.

I to am a new trader and have been in drawdown since I began (55%). I like the mechancial nature of your stragety.

Keep up the good work.

135

[B][I]UPDATE[/I][/B]

[B] GBP JPY : LONG 238.15[/B]
STOP LOSS: 236.75

[B]Live: +95 PIPS[/B]
T1: 239.35 /Close First Lot & Move SL to B-E/

T2: 241.45 /Close Second Lot/
(I will update T2 as we may make the target higher)

[B]GBP USD : LONG 1.9860/70[/B]
STOP LOSS: 1.9798 OR 1.9830

[B]LIVE - [/B][B]+146 PIPS:[/B]
T1: 2.0131 /Close First Lot & Move SL to B-E/

[B]LIVE:[/B]
T2: 2.0300 /Close Second Lot/

[B]STATISTICS[/B]

[B]TOTAL [/B][B]Profit Since Trade #001 /16.03.2007/: +[/B][B]1206[/B][B] PIPS[/B]

[B]TOTAL [/B][B]Loss Since Trade #001 /16.03.2007/: -[/B][B]290 PIPS[/B]

[B]TOTAL[/B] [B]P/L On Current Trade: [/B]
[B]LIVE: +241[/B][B] PIPS[/B]

[B]SUM TILL DATE:[/B] [B]9[/B][B]16 PIPS [/B]

We are currently +241 up live on both pairs. I can still see a good 300 pips on each pair so i will be updating this trade as we progress. For those interested in knowing my entry please refer to the chart TA in the post above and in particular the trade #15 entry.

Best Regards,
E. Lang

136

If you arent long, you can buy in at 2035 now when Wave 3 of V breaks wave 1s high, this is when the bigger buyers will come in so you should be able to catch the current quickly.

Your target should be about 100 pips as there should be mild profit taking around this area.

Regards,
E. Lang

137

Elang

thanks for your system and all

excuse my english i m spanish speaker

so i think you can use these tradingroom place to put your information

these is a free place where you can open a private room and you can put your chart where all we can see the chart on live time.

take a look it its very nice

i start study your system thanks

TradingRooms™ - the Interactive Trading Community.

muchas gracias

138

Thanx for the software, downloaded it.
My username is: elang

Its got lots of bugs that need to be fixed, but looks like something very potential.

139

Hi,

I was wondering if you have created an alert yet for your system? While reading through your blog I noticed that there was some discussion a while back regarding having this feature added to your system.

Has there been any development yet?

Keep up the good work and great post. You are definitely a “PAY IT FORWARD” person. I really appreciate that.

Have a great day!!

Cheers cyberRick

140

ELANG where are YOU!!! come back, I need guidance, I’m getting slaughtered