Ichi:
NZD/CAD 14/03/12 Short 0.80311
Stopped out on:
NZD/CAD loss 89.5pips
GBP/CAD loss 150.6 pips
Entered:
Conqueror:
AUD/JPY 15/03/12 Long 87.947
Have used Smith’s Trend Analysis I have a Stop order in on AUD/CAD at 1.03371 Short and GBP/AUD at 1.50217 Long
Good Stuff Big Homie i am currently making the adjustment to higher time frames i am currently up 40% on my acct using 4hr
charts i will follow your post closely thanx for the updates
Hey Cyco,
Are you still trading? it’s gone awfully quiet here, I have just started demoing Smith’s methods, would like to know how you are doing.
Sorry for the lack of updates. I have been trading, but have had 3 day jobs on top of that limiting computer time.
As I’m now back to 2 day jobs I will go back to updating the thread as usual. There will be a period of time of the missed trades though.
Current open positions:
Conqueror:
AUD/NZD Short 1,27082 28/03/12
GBP/AUD Long 1,53822 06/04/12
Channel:
EUR/AUD Long 1,26425 21/30/12
AUD/USD Short 1,03115 04/04/13
AUD/CAD Short 1,03115 02/04/12
EUR/GBP Short 0,82616 05/04/12
Trend analysis:
AUD/CAD Short 1,03371 22/03/12
AUD/USD Short 1,04214 21/03/12
USD/JPY Short 81,906 30/03/12
AUD/JPY Short 84,602 04/04/12
NZD/JPY Short 66,541 06/04/12
GBP/JPY Short 129,499 06/04/12
CAD/JPY Short 81,526 08/04/12
Today’s Inside day currencies:
GBP/CAD
EUR/USD
GBP/USD
Hi Cyco,
I’ve been following your trades with interest, I am also looking for channel breakouts following Courtney Smith’s methods. I’ve noticed this trade you entered, are you still in this trade or have you exited it on the grounds of the rejection rule and also ADX has now turned down?
I am waiting for this to break the channel to the downside also but am thinking of cancelling my pending sell order. What do you think?
Good trading to you.
Ltrader, This trade exited for me on the 12/4 as it hit my stop and I made a loss if 117.9 pips on the trade.
The Bishop exit signal was not triggered as ADX did not go over 40 before turning down.
The last 2 weeks have not been particularly great for my trading, with my month to date being a loosing one.
I will try and update this soon.
Hi Cyco,
I hope you do update your journal once in a while, it’s very interesting and convinced me to give position trading a try on my demo account.
I’m just wondering why you decided to abandon short-term trading in favour of long-term trading?
Also do you watch a lot of your trades go into the positive only for them to end up hitting your SL?
I abandoned short-term trading for 2 main reasons:
I didn’t have the time to spend hours per day watching the market for set-ups and entries
It wasn’t profitable for me
I have had some go positive, and then negative but I move my stop losses during my time looking at the charts. If the market is moving in my direction I will move the stop loss along with it, or if it goes flat or against me I may move it in closer. Depends on my reason behind entering the trade, and my guess if the market is undergoing a correction during a trend, or moving against me.
Current open positions:
Conqueror:
AUD/JPY 82,732 Short 10/04/2012
AUD/CAD 1,02609 Short 18/04/2012
Channel:
EUR/AUD 1,24265 Long 21/03/2012
GBP/NZD 1,96684 Long 18/4/2012
EUR/GBP 0,82616 Short 05/04/2012
GBP/AUD 1,54973 Long 10/04/2012
GPB/USD 1,60625 Long 19/04/2012
Trend Analysis:
AUD/JPY 84,602 Short 04/04/2012
NZD/JPY 65,584 Short 17/04/2012
GBP/AUD 1,55007 Long 19/04/2012
I took an Inside Day trade on CAD/JPY today, with a take profit at 20 pips, and the Short worked for me on that.
Yeah I’m not having much luck with lower time frame trading at the moment hence why your thread has caught my attention.
Anyway I don’t know if you’ve considered this already but instead of having vertical markers for conquerer, can you not shift your SMA backwards like a chikou span? It would mean one less vertical marker to move because you can look for a crossover instead.
Actually a 1 SMA shifted 40 days backwards would eliminate all vertical markers for you… Anyway just a thought…
kwyjibo, Hadn’t thought of that, would reduce the the need to shift the vertical lines, and be relevant across all time frames.
New trades opened:
Channel:
AUD/CAD 24/04/2012 1,01842 Short
Conqueror:
NZD/CAD 25/04/2012 0,80211 Short
Keep up the good work.
Trend analysis:
USD/JPY 27/04/12 80,293 Short
nice Diary Cyco, will follow this thread
New trade:
Channel breakout:
AUD/JPY 01/05/2012 82,48 Short
hi cyco,
Glad to see your position trading journal, personally,i love position trading,it has brought a whole lot of relieve to me.since i no longer sit for hours watching charts.For the past 56days,i have implemented a position trading strategy i learnt from an experienced position trader on forexfactory,wish i can share it with you,i think i will help you minimize your losses,just take some time and read it,i bet you will thank me for this,ive been reading your diary for the past 3 days and must say itz quite impressive,keep it up…why not check the thread out —>>its called Building an Equity Milipede by Pipeasy on forexfactory… search for it,itz gonna make you sharpen your position trading skillz… sincerely…lyon
Lyon, I’ll have a look. Minimising losses is the way to max profit.
New entries:
Channel:
NZD/JPY 02/05/2012 Short 64,659
NZD/USD 02/05/2012 Short 0,80587
very nice work, i’ve being following you on this thread and you incourage me to swing trade ruther day trading for verious reasons but mainly lack of time during the day.
how long do you leave your trades on for? on average? and whats the S/L on them, about 150pips? can you advise me on a simple system to start swing trading?
Thanks