Hi Cyco,
when you say 55/20 Channel, is this the originalturtles method?
i have thought about trading the turtle method as the backtests are good - but those massive stop losses!!!
do you only use Daily?
The S/L varies, for Conqueror trades it is 2x ATR - so somewhere between 150 and 300 normally, for Channel it is initially approx 1x ATR, but can get much wider, and Trend Analysis can also be huge. Up to 600 pips - this leads to very small lot sizes compared to account size to keep risk low.
I take most of the techniques I use from this book, but it is not the only way to do it by any means.
My average trade length is around 14 days, but I have had them go as long as 44 days so far.
The 55/20 channel method I use is a variation on the Turtle method, and explained in the link I provided.
Yes the stop loss is a long way away, but unless your account size is microscopic then you can still have a low risk trade, it is just also a small position size.
I tend to only use daily, but I do occasionally look at longer time frames to see what very long term S/R areas are doing.
New Entries:
Channel:
EUR/AUD 04/05/12 Long 1,28951
Trend Analysis:
AUD/USD 04/05/12 Short 1,02265
An open and a close, caused by having my stoploss too tight
Channel:
EUR/CAD Short 1,28926 loss of 71,9pips in the day
Hi cyco,
So for example, those two enteries, how long will you keep them for? So for a trading like this you surely can take 1000 pips?
robert211, I take them till they hit my stop.
For a channel trade like these I run several stop variants:
- On the back of the entry candle’s wick
- It must close past the breakout level/55 day channel line over the 3 days past the breakout
- The stop is moved with the 20 day channel once it passes the entry level
They may last less than a day - See my EUR/CAD trade - stop was in theory too close, but I couldn’t tell that when I’d set up the trade a week earlier. Other times they can last a month or more.
The thing with the methods I use is that you will never get the top or bottom of a move, and you will always suffer some retraction form your maximum profit position to the point you exit the trade.
hey cyco! Great trading there.
Whats the overal number of pips you’ve earned since you started this position trading strategies?
regards
kingich, I have closed trades for a total of 1696,8 pips and have approx 200pips floating profit atm. I will not get all of those pips as banked profit.
New trades:
Channel:
EUR/USD Short 07/05/12 1,29943
CAD/JPY Short 07/05/12 79,82
EUR/JPY Short 07/05/12 103,461
Conqueror:
AUD/CAD Short 07/05/2012 1,01347
Hi Cyco,
but based on your post made on the 25th Feb you did a count:
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
did the last 2 months go bad in terms of a few trades for you? (admittedly, the whole market was ranging for the last 1-2 months - so i guess that wouldn’t bode well for the channel system at least… i am unfamiliar with the ichimoku system you use? if this is cloud breaking then yea… and i haven’t read courtney smiths book yet)
although 1700 pips so far is good work Cyco - i’m planning on starting a journal here too… but i lose more pips than i gain unfortunately
Hey Cyco
you really got me interested in your method. I have the book that writes about your strategies (channel and conqueror) but I would like to learn more about your methodology, have you tweaked anything or?
I’m trying to swing trade for 3 years now, without much success. If you could msg me at kingich(at)gmail(dot)com to exchange ideas and stuff, I would be very grateful.
Wish you all the best,
frend in trading,
ivan
jangez, Yes, March and and the start of April was not good for my account balance, but it is now recovering.
kingich, I get in ‘early’ on some trades compared to the Smith’s recommendations - sometimes it works, sometimes it doesn’t.
New trades:
Conqueror:
AUD/USD Short 8/5/12 1,01129
Closed trade:
EUR/AUD 143,6 pip profit
Lots of new trades from me in a very busy week.
Most have been to ‘reintroduce’ risk to the trade when my stop moves past entry. This is usually done using the Conqueror system, once the market is 2x ATR past my entry, regardless of what the initial entry is.
This is a new modification to my trading strategy, and it appears to be working.
This will not work in a choppy market, but with the long trends we are seeing at the moment, esp in things like GBP/AUD, NZD/CAD, GBP/NZD it is proving very profitable.
I have had 2 trades hit the stops recently, GBP/USD Long for a 58.7 pip loss and USD/JPY short for a 9.5 pip loss.
Not to worried about this as my GBP/NZD floating profit is at about 1200 pips currently!
awsome trading my friend!! congratulations!
Exited my GBP/AUD long position for a 470,9 pip gain
2 exits today:
EUR/CAD -133,5 pips
AUD/CAD +43,1 pips
This is the downside to running tight stops on position trading. AUD/CAD resumed its fall, as did USD/JPY that I got stopped out of the other day.
On a side note, my initial trading made about a 68% account draw down. My floating profit has me within 5% of getting back ahead
EUR/GBP stop hit for 205,9 pip gain
The Bishop signal has been encountered at last, been expecting it some time.
GBP/NZD was a long channel trade opened on the 18/04/12 closed for a 1132.6 pip profit. New personal best!
wow cyco, that’s great, i must order your book, is it simple to understand and to implement? can i find the channel strategy somewhere on the net and the conquerer?
cheers
robert221, Smith’s book is not easy to read, but the basic ideas are very easy to apply.
There are lots of channel trading systems around, but Smith’s Bishop signal seems to have to ability to lock in profit at a greater rate than a standard channel system
Hey, Cyco, nice trading here! I saw you were using Smith’s trend following system, you still using it or its not perform well?
ANavar, I have been using it, however with the markets in a long trend it has tended to not give many entry signals of late.
A number of exits:
NZD/USD closed various trades at -110.8, +72.1 and +441.7 pips, total 403
AUD/JPY closed at -72.4, 419.4, 444.6 and 631.6 for a total of 1423.2
AUD/USD closed at 44.3, 255.7 and 369.3 for a total of 669.3
NZD/CAD 220.7 pip gain
AUD/CAD -53.1 pips
CAD/JPY 369.3 pips
This brings my total of closed trades to 5590 pips since I started using Smith’s system in November
Exits:
NZD/JPY closed at: -95.9, 99.2, 399, and 491.5 for a total of 839.8 pips