Diary of a position trader

Trading Systems
41

Stopped on GBP/AUD short for 337.1 pip gain

42

Two Conqueror trades entered today

AUD/NZD 20/02/2012 Short 1.27968
EUR/USD 20/02/2012 Long 1.32104

43

Two Ichimoku trades entered today:

EUR/GBP 23/02/2012 Long 0.84572
and an exotic pair
AUD/NOK 23/20/2012 Short 6.0070

44

After 3 months of this system my results are as follows:

The pip gains include currently open positions, and as my system never exits me at the true end of the market are not 100% reflective of what my banked pip position will be when the trades are closed.

Conqueror 28 closed trades, 3 open for a current gain of 2525.5 pips
Ichimoku 11 closed trades, 4 open for a gain of 807.7 pips
Channel trading 8 closed trades, 3 open trades for a gain of 1709.4 pips

So for me Conqueror opens the most trades, and gains the most pips, but channel trades are the most profitable on a per trade basis. My system with Ichimoku has been modified, and will hopefully see it being more profitable in future.

This gain of 5042.6 pips has seen my account increase by just under 50% in 3 months, which I am rather happy with

45

Well done. Shows you what a bit of discipline can do…and a decent system doesn’t hurt either :wink:

46

Hi Cyco,

Good job. Would you please post how/when you manage the stoploss on Conqueror?

48

allexx, The broker I use has their candles close at midnight GMT, which is right when I am about to head to work, so every morning I scan the market for possible trades and adjust any stops at this point. Whilst some of my calculations may not be exactly at the close of the candle there are very few huge moves in the 30 mins to the close as the Asian session is not fully underway, and I am close enough to it.

I use the recommended 2 times ATR of the last 40 days, based on the close that is highest/lowest since I entered the trade. I reduce this by a 1/3rd (of the 2 times ATR) for each of the 3 entry indicators no longer being valid. I also use the Bishop exit signal.

Recent entries:

Conqueror:
EUR/USD 28/02/2012 Long 1.34681

Ichimoku:
EUR/CAD 24/02/2012 Long 1.33441
GBP/CAD 27/02/2012 Long 1.58888

Channel:
EUR/USD 27/02/2012 Long 1.34612
NZD/CAD 28/02/2012 Long 0.83904

Exits:
EUR/USD (Conqueror) +162.8
EUR/USD (Channel) -88.8
GBP/JPY (Conq) +432.8
AUD/NZD (Conq) -59.7
NZD/CAD (Channel) -38.3

49

Thank you Cyco

50

A few more exits:

EUR/GBP -68.9
EUR/CAD -45.9
GBP/CAD -144.6

A Conqueror entry:
USD/CAD 01/03/2012 Short 0.9882

A number of my ***/JPY trades are in Bishop territory, so keeping an eye on those for exiting at profit

51

Hi Cyco,

Excellent job. You have provided a very good insight from the higher time frame prespective. I have gone through the Courtney’s book and is very informative. I am only concerned about the Bishop signal, although good but it seems to come in some cases too early in a trending markets and you exit early. Do you re-enter if ADX turns up again above 40 with all valid signals?

Also I could only find an indicator for Conqueror for FXCM TS. Is there a similar indicator for Metatrader for Conqueror?

I enjoy your trade updates and will try to see if can run some in demo mode for my learning. This ofcourse not from your signals but my own analysis based on your valuable information. Thanks again.

52

hnk, I don’t use Metatrader, I use GFT’s DealBook 360 that I prefer. The 10 SMA is a simple set-up, but I just run vertical lines for the 10 and 40 day markers and move them when I open the chart.

I have not yet had a trade with a Bishop have a up turn again with ADX still over 40, but I don’t see why I wouldn’t re-enter at that time. Whilst letting a trade run as long as possible for max pip gain is the goal, sometimes you do just have to bank the pips and walk away.

Some non-banked pips:
EUR/USD -171.4

53

Ichimoku entries:

EUR/AUD 3/02/2012 Short 1.2332
GBP/CAD 3/02/2012 Short 1.57272

54

[QUOTE=Cyco;328314]hnk, I don’t use Metatrader, I use GFT’s DealBook 360 that I prefer. The 10 SMA is a simple set-up, but I just run vertical lines for the 10 and 40 day markers and move them when I open the chart.

I have not yet had a trade with a Bishop have a up turn again with ADX still over 40, but I don’t see why I wouldn’t re-enter at that time. Whilst letting a trade run as long as possible for max pip gain is the goal, sometimes you do just have to bank the pips and walk away.

Some non-banked pips:
EUR/USD -171.4[/QUOTE]

Thanks Cyco. Although not a programmer, I have put together the Conqueror conditions in the code below for Metatrader4. Not sure how accurate is it but love to hear your feedback to see if gets the same signals as yours (broker times may effect the output though). I know you don’t use Metatrader but appreciate if you can verify the correct working.

hnk

55

Hi Cyco,

I see that you trade a lot of pairs. Can you please post about which ones have a 0 correlation…

Thanks,

AKS

56

AKS,

I’m not the person to ask on the lowest correlated pairs.

My technical trading strategy relies on humans generally behaving the same over time, and using the charts to show that. I do get concerned about correlation risk in times like now with ***/JPY down against many countries due to artificial reasons, but if the market is trending then it will show me trades, and I will take them.

57

hi I’m watching on your journal …

good luck bro

58

Thanks Cyco.

59

I have been on holidays for the last week, and exited all open trades prior to going on holidays.

Most were profitable, apart from the last 2 that I opened, both closed with slight losses.

I’m adding Smith’s trend analysis to my strategies so I’ll have another string to my bow.

Lets see what the new week brings.

60

Nice journal here Cyco…how much net profit/loss as a percentage have you made so far and over what period of time, if you don’t mind me asking?

61

mozdef, since I started using Courtney Smith’s system (plus Ichimoku) on the 24th of Nov 2011 I have banked a net gain of 36%.

Recent trades opened:
Conqueror:
AUD/CAD 11/03/12 Short 1.04675
CAD/JPY 11/03/12 Long 83.316

Channel:
GPB/CAD 11/03/12 Short 1.5518