The chart shows account growth if the trader starts with £/$1000 and achieves growth of 2%, 2.5% and 3% per week.
The compound difference is so huge that…after 5 years, if the trader can achieve these figures consistently, s/he will end up with £/$172,204.56, £/$614,051.79 and £/$2,176,097.87 respectively.
Of course, I am trying to achieve 5% per week. I know, it’s ambitious, but lack of ambition never got us anywhere.
Being able to achieve that extra 1% or 2% per week is not just a function of making more trades, it’s also a function of making less trades. Perhaps even a function of making better quality trades.
So here is a tough question: given that I’ve already made 4.44% this week and have 4 more trading days still to go, do I carry on trading, or call it a good week?
I scrolled down to the 15M chart and entered on the first good CBL entry. The bottom blue line is my entry and the top blue line is the SL.
Unfortunately, PA decided to range for quite a long time. After 7 hours I decided to quit and go to sleep. If I had decided to keep my computer on for my EA to take me out of the trade, this would have been another 4%+ win. In this case, it was a very small win.
Trade Statistics
Risk = 25 pips
Reward = 4.6 pips
R/R = 0.184
Max profit available = 5.1 pips
Max R/R = 0.204
Trade Efficiency = 90.2%
Hi Didier, I have attached the chart. Please see below.
My technique is a little different to the traditional DNA entry technique.
I look for trade opportunities on the 4H chart and try to enter on the risky 15M chart.
I don’t wait for squeezes on the 15M chart because I use the 4H chart as a guide.
When price is inside a bubble or a sausage, I wait for a close below the CBL to enter.
The reason I do this is because entering on the CBL line during a bubble or a sausage is risky and my tests have shown good results for entering at the close below the CBL.
If my tests show better results by not waiting for a close, then I will use that instead. But for now, I wait for a close below the CBL.
I understand very well your approach, I too am not “orthodox” approach in my entry … I just wanted you to watch your entry.
It does not matter, anyway I think …
Your trade would have been very good if you had not cut, but imagine (john. …) you let him run and he came to touch your SL, then you would think, "sh … . green horse,:eek: why is not closed this trade! "
There will always be other trades to do, do not look back, but remains positive, what you do elsewhere, to find new trades.
I just saw that our “FRIEND” Tymen had struck again, I am amazed by his ability to teach, create, and never to give up.
Regards, Didier.
Excellent results IronHeart. I’m hesitant to offer anything more than congratulations and encouragement to one who has done so well. You might not see what I’ve seen and what works for me may not work for you at all. Such is the nature of trading. I will go out on a limb though and offer a few words of counsel. As always, take what you like and leave the rest.
As you continue, you will see patterns in your trading where some things work better than others. But I’ll warn again against making “revolutionary” changes to a winning system. Many of us have made that mistake and lost profits and lifespan by trying to push a good system too far too fast. Staying level headed is a great challenge. I’d counsel patience and work toward consistency at this point. There will be weeks that personal conditions aren’t right or the market just isn’t moving right to give you good trades in your system. That doesn’t mean there is anything wrong with the system, it only means that patience is a required ingredient of success. On the other hand, given a normal distribution of trade opportunities over time, there will be weeks that present an unusually high number of good trade opportunities. It’s important to take those if they strictly meet your trade criteria, even if it might be more trades than you would usually take. The really difficult part is to quickly down shift back to patience after such a good week.
So what I’m saying is, if you are patient, due to the normal distribution of good trades in each week ranging from zero to very many, eventually you will have a truly blow-out good week. Of course you will want to take advantage of that opportunity. But just as price tends to return to mean, so does the number of good trades offered per week or even calculated as fractional good trades per trading day. It’s one of the hardest things in trading to not take bad trades after a long string of great wins suddenly seems to dry up just due to the normal distribution of good trades per week. I applaud your demonstrated will power to not take trades when personal or market conditions are not optimum.
In Texas we have two sayings that might apply. One is you don’t change horses in the middle of a stream. The other is you dance with the one that brought you to the dance. You are doing a great job dancing to the tune of the market. Just be ready for the quick changes in rhythm the market will definitely play out over a longer period of time. Be patient and keep up the good work!
Hi Graviton, many thanks for your kind words and welcome advice.
Believe you me, I’m an avid follower of your thread and part of my trading know-how and strategy has been inspired by your techniques.
I’ve tried and tested many things but gradually levitated towards this strategy. Perhaps part of the reason I found this one easier to implement was because I made it myself, it was essentially personalized to my own emotional needs.
Part of the reason I enjoy using this strategy is because opportunities don’t come so often yet reasonably often and when they are entered, I don’t get to stay in the trade for extended periods of time.
I’m certain that over the years I will experience new and different emotional situations related to trading.
I’m glad there are individuals like yourself who have already been through these emotions and share the wisdom so other’s can at least attempt to avoid going through the same hardships.
Here is the 15m chart, I entered at the bottom blue line and exit at the top blue line. The top blue line coincides with the mid-BB line on the 4H chart (see above). I guess this trade wasn’t really worth the risk, it sunk like a toy battleship as soon as I exit!
Trade Statistics
Risk = 27.5 pips
Reward = 24 pips
R/R = 0.87
Max profit available = ~24 pips
Max R/R = ~0.87
Trade Efficiency = 100.00%
Iron hello, great job, congratulations on your brilliant results.
Regarding your last trade, I think you came on a retracement before a BB Walk.
You’ve had your TP is the principal.
Good continuation in all your business, and especially in your studies.
Regards, Didier.
I’ve been a bit lazy this week, just haven’t felt like trading. I guess it could be stressful time period I’m going through right now.
So here is EURCHF (thankfully the Swiss have decided to stop controlling this currency pair for the time being) 4H timeframe.
I noticed the blue area on this chart (price was getting close to the mid-BB as a result of the retracement to the strong downtrend preceeding it), so I decided to take a short with trend entry.
Well the trade speaks for itself! It was a fantastic trade, yielding an enormous 6%+ with just one small drawback…
I’m currently using a different trade management strategy - I don’t set a BE and just wait until the trade either hits my BE or hits my TP point (which differs depending on the type of trade taken) Because this is a with trend entry, I expected price to continue its downward trend and hit the lower band on the 4H chart. My EA was instructed to take me out of the trade within 10 pips of the lower band being hit - which obviously never took place!
This trade proves the importance of an MFE (Maximum Favourable Excursion) study. Setting my BE at R/R=0.5 is too soon, many good trade are missed this way (and a lot of bad ones are broken even). My backtests have shown amazing potential for the current trade management strategy I’m using - but this is a high risk strategy and really needs a BE to be set at some point, just in case things go sour.
When I get time, I will carry out the BE study and evolve the strategy.
Trade Statistics
Risk = 17.4 pips
Reward = 0 pips
R/R = 0
Max profit available = 55 pips
Max R/R = 3.16
Trade Efficiency = 0.00%
Hey Didilut! Yes it’s true, that’s a very good long entry.
Only problem was, I wasn’t in front of my computer when it all happened! :eek:
I made an EA to take me out of the trade at specific points. I set it to take me out at the bottom Bollinger band on the 4H but this thing reversed before it hit the road…ah well!
Over the long term I think this will work out, but some improvements are necessary.
I would really like to see your trades, how about you make a journal too?
