Hi Kyle,
Just thought I would mention it. Did you take notice of the down trend on the USA/CAD today? Would of been some nice trades on that. I will have to pay more attention to that currency as well.
Regards
Stephen
Had a setup on the Euro half an hour ago (2344 my time) but got stopped out within two bars. Canât win 'em all. Aussie setup shortly maybe. Last chance tonight for me and then bed. See if it sets up in the next 10-15.
Yup, just took a long on the Aussie @ 1.0715.
Set my 20 pip S/L and T/P, so will go to bed now. See how it goes in the morning 
Hey Stephen,
Havenât looked at the USD/CAD. Will have to check it out. Have had the JPY up but have not gone so well with that one, so might replace it with the CAD. Thanks for that
Just looked. Missed out on an entry 10 minutes ago
Hi Kyle,
The Aussie/US Short was good this morning. Just watching the USD/JPY and the EUR/USD on an uptrend at the moment but very low volume. No opportunity for an entry at this stage.
Regards
Stephen
Hi Steve,
Just got home from work and had a quick look. Very interesting with my account. Took the Long on the AUD last night. Got 2 practice accounts. One with FXCM and the other GoMarkets. Luckily on the GoMarket account, the Take Profit was hit just before the prices dropped (and it still is dropping), so got a win on that one. FXCM however, did not quite hit TP as the spread is higher on it, so lost on the FXCM account.
Why 2 accounts??
The FXCM (in itâs fourth week) was my main one for the Mad Scalper, but I made some large mistakes with it in regards to TP and SL levels. Came out real good in the end, but not a real picture of how the system went (profit is higher than it should be).
GoMarkets is in itâs second week and is much closer to correct in regards to the system. I will run this to the end of its month as well, taking trades as I see them.
The FXCM is currently $13814 from a start of $10000. 35/55 winning trades for 63.64% strike rate (17 trade days)
GoMarkets is currently $11084 from a start of $10000. 8/13 winning trades for 61.54% strike rate (6 trade days)
Looking at the strike rates, I would be extatic if I could keep this winning rate up. Just got to make sure I am also consistent with the TP and SL levels etc. I am also compounding the profits in regards to the level of money traded (ie $10k started with a volume of 1.0 traded, currently at $11084, I am trading with a volume of 1.11, so that TP and SL levels are always 2% of bank acct.
Will post when something comes up tonight if I see it
Kyle
Just decided to take the USD/CAD @0.9798
Looking in hindsight, may be a bit early on the trigger though. Volume not great. Will see how it goes.:20:
Iâm trying this out on demo, and like you guys am trying to understand vsd. Monday there was 80 pips to be made, lost 20 yesterday, lost another 20 this morning. Just put sell on eur/usd as it appears to fulfil the criteria.
Well done on the Euro Goldenmember. Looks like you would have come out on top for that one Iâm still in with my USD/CAD. Currently at 0.9880, half way there. I wasnât too sure on the Euro with the resistance at 1.4637, but it shot straight through it. Keep trying with it Goldenmenber as I am sure that this system works in the long term. Petefader had this started years ago and last November put in an update that he (and I) believes it has stood the test of time. It wont win every time, but I am happy with a close to 65% strike rate. If this can keep that up while I am studying and trying to understand VSA, then I will be happy.
Just for your info. My study as such currently involves reading Petefaders 1500 pips per month thread and reading âThe undeclared Secrets that Drive the Stock Marketâ by Tom Williams. He has a more up to date one called âMaster the Marketsâ but I have read that there is a lot more with his proprietary Tradeguider system in the newer one and the first has more relevant info without the Tradeguider stuff they are also spruiking. Both booke can be found fairly easy by âgooglingâ them. Thatâs where I got them from
Kyle
Hi Kyle,
Good entry on the USD/CAD. Perfect PIPS.
Stephen
Hi Goldenmember,
I hope you stayed with that EUR/USD till the end. Nice Trade!
Regards
Stephen
Hi Kyle and Goldenmember,
I hope you also saw the short on the EUR/JPY this evening.
I am so annoyed that I went out this evening. It would have been a good practice demo session this evening.
We will see how the evening pans out.
Regards
Stephen
H Kyle,
I have been using mt4 for charting and FXCM for the demo account.
Using the FXCM demo account has been a little tricky with the stop loses and Target profits.
It takes a little bit of getting use to. I`ve had situations when the SL & TP have defaulted on me when I have been changing the stop loss & Target Profits. I went to bed woke up and the account was down $$$.
This afternoon I think I have finally worked out the FXCM Marketscope trading platform.
Regards
Stephen
Hi Steve,
Yes, I believe that the Marketscope was easier for targets and stops, but I wasnât able to work out the mad scalper strategy with it. To be honest, I didnât think too much about having MT4 just for charting and then the Marketscope for the actual trades. Good idea
I have started to get a bit used to the MT4 setup with the TP and SL levels. I have buggered up a bit with the JPY at times as it has 3 decimals compared tot he 5 with most of the others. Worked that out eventually though. Would be much easier if it just had an option for pips for the targets. You can change the profit levels to pips which I have done to try to get focus off money and on to pip levels.
Anyway, looks like tonight is a bit slow for us. There are definate trends with most of the currencies I have open, but I am seeing a start of a reversal maybe with the AUD, GBP is just on 20 pips from resistance, same with the Euro, USD/JPY abt 4 pips from resistance, USCAD stagnating (still have my buy @ 0.97984 on it - 6 pips up) and not really going anywhere now, and EurJpy on previous support level.
Feel a bit gun shy tonight. Will be up for a few more hours, so hopefully something might come up. If not, I will just hope the USDCAD comes in for me. Either 2% up or 2% down for the day maybe???
Ah, looking at DailyFX website, I have found that the CAD is having news at 2215 my time (5 minutes). That is most likely the reason why the activity has stagnated. Thinking about pulling out before the news in case as one part of the mad scalper is not to trade during news events.
What to do, what to doâŚ
Decided to halve my profits and put a TP of 10 pips. Bit worried that the CAD wont get there.
GoMarkets just closed out the profit, but FXCM is still running, needing 2 more pips. ----just hit TP
May be all for tonight, but still a 1% profit for the day. See how things go for the last hour or so of my night
Actually I was knocked out on the eur/usd, as it went 21 pips against me. I may refine the system to sell when the MA14 crosses the MA50 to avoid being whipsawed out. But I did see the EJ short for 28 pips, and EJ for 11 pips. Lost out on the GU short as well, as I chickened out at 11pips lost whereas it was correct in the end.
Currently short on EU for 10 pips
Hi Kyle,
Yes. Just hanging around watching the screens. Nothing has really happened since that early excitment. Just watching and analyising the screens is good practise.
That USD/CAD doesn`t want to do much at all. Last time it got above that level was back on the 3rd of June. I wonder weather it will get back there. I would be gun shy as you put it on this one.
Regards
Stephen
Kyle,
I`m glad you pulled the pin on that trade. Very sensible.
Stephen
Hey Goldenmember, sorry to hear about that Euro trade, I saw it seemed to come just under the 20 pips loss before turning around. Have had that happen myself a few times and have also thought about your idea of cutting losses when the 14MA crosses the 50. Seems to indicate a possible reversal signal. I have got my son over on Firday and Saturday, so wont be doing much then, but Monday here is a public holiday, so I might do some backtesting etc on Sunday and Monday to test that and do some analysis of this method. Looking at analysing every entry in the pas few months, and further if need be, then look at correlation between volume and success/fail as well as the 14/50 crossovers along with how many 1st, 2nd 3rd etc entries along a trend line are successful.
Stephen, things have quietened down, although the Aussie may actually do what I thought an hour ago. Trendlines starting to point up. Bad day for the Aussie today though. Worst performer of all according to DailyFX. GBPUSD was valid and if I was more certain, it would have been a winner for me (no trade equals no loss though). The EurUSD would have been the same after temporarily breaking resistance, USDJPY did do a reversal and going back up. About a minute after I closed out the USDCAD, it would have hit the 20 pip target but has nosedived since. Still happy with the 10 pip (1%) profit out of it. I also got a screen of the EuroJPY after you mentioned it, and lucky I didnât trade that one as it has also reversed.
In all for the inexperinced (me), it looked to be a testing day. A few opportunities missed, but ending the day 1% is always good. See what you might end up with doing that successfully for 12 months. The way I see it, you donât have to get greedy or else you will inevitably fail. Being happy with a system and doing as it says will move you forward nicely
btw, just did the 1% a day for 50 weeks. Comes up as just on $12000 from a $1000 start. 12 times initial outlay. After 1 year, you would have a $600 per week profit
Keep that for 2 years, youâd get to $160k and $7600 per week profit
As the ad says, from little things, big things grow
My two accounts as of now in percentage terms of week beginning balance versus end of week balance are;
FXCM - 6.06%, -3.15%, 32.05%, 2.96%. You can see the stuff up week (although in big positive) which is why I went for another account to do things right.
GoMarkets - 4.86% and 6.83%. The difference in % in the last week of each is because a trade came out positive with Gomarkets but lost in FXCM due to different spread and price almost came to TP on FXCM, but then nosedived to SL.
Lastly for the night. Am maybe about to take the AUDUSD trade as it is about to give a signal. Give it 10 minutes, then thats it for me tonight.
Hear from you guys later
Kyle