me too:
gbp/chf long
eur/gbp short
from yesterday
less than perfect entry points… but let’s see what’s going on
Ok Guys,
how about the opened postions for the EUR/GBP. Rob how things going with u so far on this postion .As for me yesterday was too slow but i gained some pips and today it went faster for gaining some more pips.
Another thing i would like u guys to have a look at which is the OIL it is facinating every thing had been met in our rule i think we shouldn’t leave this trade!! just wait till the candel closes and then we can go short!!!
Regards,
Akram
Hello again guys,
Here is to share the wishlist i have and all of them are vaile entry i am so happy to have them coz i was about to lose hope!!
1-EUR/GBP That is in the basket already!!!
2-Oil tonigh we can open it if things goes well although i wanna do that now!!!
3-Silver also tonight we can open it
4-USD/CHF Tonight as well
So i just wanted to share it with you guys
Regards,
Akram
Evening everyone,
Here’s the latest on my positions.
No new PSAR entries to report today. EUR/GBP Short, GBP/CHF Long and XAG/USD Long were taken on Monday.
[U]Open Positions[/U]
AUD/JPY Long (SL set on 3H timeframe to lock in profits)
EUR/AUS Short (SL set on 3H timeframe to lock in profits)
EUR/JPY Long (SL set on 3H timeframe to lock in profits)
EUR/CHF Long (SL set on 3H timeframe to lock in profits)
EUR/GBP Short
GBP/USD Long
GBP/CHF Long
NZD/USD Long
All of the above are currently in profit.
[U]Closed Positions[/U]
GBP/USD. Closed manually for a loss after Fed rate cut. -50 pips
USD/CAD Short. Stop Loss on reduced time frame for +350 pips
XAG/USD Long. Stop Loss on reduced time frame for +5000 pips
AUD/JPY Long. Stop Loss on reduced time frame for +180 pips
AUD/NZD Short. Stop Loss on reduced time frame for +100 pips
NZD/USD Long. Stop Loss on reduced time frame for +190 pips
XAG/USD Long. Stop Loss on daily PSAR. -5000 pips
The XAG/USD position that I re-opened has had it’s top loss hit after a big downward move in silver price today.
Cheers
Timbaboy,
The rules for exiting the postition are to move your stop loss daily to the value of the latest PSAR dot until that dot reaches a point where you have profit locked in. Once you have done this, you can then switch to the next timeframe down (e.g 4H or 3H) and set a stop loss on the value of these dots.
The advantage of doing this is that you can lock in more profit. The disadvantage is that you can get stopped out earlier, hence miss out on greater profits.
Rgds
Both EUR/GBP and GBP/CHF positions are currently showing a profit.
it is just my poor charting site or you can see a change of psar on eur/usd?
Price has just pierced PSAR on my chart but MACD has not crossed and Stochs is still in the overbought zone although it looks like it could be breaking out pretty soon. However, I’m no longer dealing in ‘almost’. I’ve learnt my lesson:D I’m going to wait until all the indicators are going in the same direction…
Rob, Akram,
Thanks for the info on MT4 platform. I will check out Metaquotes. What broker are you using Akram?
Akram,
Sorry, I can’t comment on oil as I dont have it at my broker, but If the indicators are lined up then why not take it eh? Wonder what Dale thinks about this:)?
Rob,
Was it you that asked about Oanda? I use that platform on demo and think it is great. The charts are not the best but certainly good enough to get by. I like them a lot. I am going to go live with them initially.
Cheers
Scott
Bocajunior,
Thank you for you reply, but I am not very sure I got it, if you could attach some images or something just to show how it is done as an ex. I would really appreciate it, if you don’t have time for this , is ok, I then will try to some how figure it out from your previous explanation.
Thanx again,
Best regards,
Hello bocajunior,
Ok my broker is stifx and i don’t want to take silver or oil now coz the canddel is not closed yet i have to wait till it does that tonight!!
ohh boy please check the silver and the gold they r going down and down badly the Gold might be one of our wishlist as well!!
Regards,
Akram
It’s a good thing I’m still trading a practice account…
I managed to wipe out most of my profits by gambling - yes gambling - on a USD drop on the housing news today. This of course is completely against the PSAR rules, but I have consolation of being spanked by the market while still trading with Monopoly money.
bangs head on wall
With that said… does anyone see any new entries with the PSAR method? I’ve looked through Oanda, and I don’t see anything yet on the daily. Should I start trying the 4H or 1H? Has anyone had good trades on smaller timeframes?
Timbaboy,
Have a look at the attached chart here of EUR/JPY Long position. The first arrow shows the entry point to go long and the bottom red line shows the stop loss set at the current SAR dot value.
As the trade progress, the dots rise up so you would move your stop loss everyday. On the chart some 14 days later the stop loss is now above the entry price (higher red line @ 159.27) so you have guaranteed profit.
At this point you could switch to the next time frame down (4H) and it’s the second chart attached. You could set a stop loss closer to the current price if you like to lock in more profit.
Hope it helps
Bocajunior,
Thanx a lot mate for the help, I will go through this carefuly and see what I can get, I guess it should be clear enough now.
Thank you very much again,
Best regards,
Hello guys! I’m new here (first post) and being only studying forex for couple weeks.
Anyways, i opened a demo account couple weeks ago at oanda, and were playing with it, but the results were very random because i found i was too much gambling…it reminded more like online poker 
I then changed my style for longer term…
Just like in online poker, i find that using “play money” is not realistic at all, so i opened the real thing (oanda) two days ago! 
Mind you, VERY small account (100 USD) and yes i know leverage is killer and so on…
When i found this thread, this system hit my style of play immediatly, i was instantly tuned with the idea …sound almost too easy(scary). i very much understand the power of slow gains and compounding…this kind of system seems to minimize the human factor (greed, inpatience)…
I currently have 5 trades open, in each i bought units of around 10% of my total capital…so that would be roughly about 35:1 true leverage …if i calculated it right. About 35 $ used in margin.
[B]Would you guys tell me your opinion of risk / margin / capital percent per trade ?[/B][B]…i mean what % of capital and how many trades you guys have open relative to the overall capital / margin?[/B]
I laugh out loud because it seems my Unrealised P&L is hoovering currently at 2 $, W0hoo !
Small capital, small gains…at least its real money 
I’m using Oanda’s fxgame to learn Forex as well - not quite ready to put cash into it until I’m more disciplined! I highly recommend only risking 1% of your capital. You can do this at Oanda by setting a reasonable stoploss, then adjusting the amount of units you buy until the stoploss dollars equal about 1% of your NAV or Balance. This way, if the trade goes south, you’ve only lost 1%. When I was actually following the PSAR method instead of gambling on the news, I was able to place 16 trades, have 3 stop out on me and 4 others go negative, and maintain a profitable account.
Hello fellow knights of the forex round table. Seems like we’re onto something here. Here’s my humble report. Long live King Dale:
Open Positions
EUR/GBP Short
EUR/HUF Long
EUR/USD Short (a bit early since dot has not yet appeared but the other indicators look good)
Closed Positions
GBP/CHF Long +164 pips
Hey all
Wow, lots of posts already today! Welcome Johto!
Currently my open positions are as follows:
MT4:
GBP/USD Long
EUR/GBP Short
USD/CHF Long
OANDA:
USD/CHF Long - got into this last night to try out OANDA. On their charts, PSAR dot has yet to appear, but MACD has crossed and Stochs are going up. I only took it because I did on MT4. Maybe I can tweek the PSAR in OANDA to match MT4.
So far I enjoy using OANDA. Just a few little quirks like the PSAR for instance. I’ll probably go with them when I decide to go live.
Dr. Zeus,
I’m glad you’re using a demo account too! I was making the same mistakes as you when I first gave this a try. But its a good thing, because unfortunately, people learn the best by failing. So I learned to follow PSARism blindly and so far it is working out. The only thing I could say that one could break away from the mold is on when to exit. I think one could tailor their exit strategy however they like. For instance, last night I pulled out of AUD/USD because I don’t like the way it is going and I wanted to keep my profits. Yes, I know… I’m using feelings here. BUT I also got into this trade late and I wasn’t able to set a good stop loss. Well, I could’ve but I didn’t consider the options that Bocajunior laid out a few posts back. Now with that plan, I’m going to give it a try and see what happens.
I think it’s important for anyone just starting out to demo this system for awhile before going live. I also highly recommend using MT4 as a supplement to your existing platform… or strictly use MT4 for charting purposes and your current platform just to buy and sell. I’m going to use MT4 as a supplement to OANDA. Just as a quick reference and something to double check positions with. And also to continually demo the system and try different strategies. That is if you don’t feel your platform’s charting abilities are all that great. Otherwise, trade on!
If ya’ll haven’t noticed, I like to type a lot! LOL
Have a great day everyone!
-Rob
Hello everyone,
I’m still here - getting increasingly frustrated with everything - only 4 valid trades - GBF/CHF, GBP/BGN, EUR/RON, EUR/GBP - and - although going well (except for EUR/RON but that will ‘come right’ tomorrow) - I NEED MORE!!!
Thanks for the compliment forexology. Actually - Dio / Rainbow wrote a song about me now that you mention it - it’s called ‘He’s The King Of Rock And Roll’!!! (Only kidding of course but thanks anyway).
Anyway - to pass the time - I’ve invented a new game - it’s called ‘Pick-A-Chart’!!!
Have a look at the three ‘f*****g’ Gold charts attached to this message.
I don’t get it???
I have not sat down and ‘manually’ calculated Parabolic SAR as yet because it’s a ‘f*****g mission’ and takes forever to do BUT you don’t have to be a ‘rocket scientist’ to see that there is DEFINITELY something wrong here.
I have also not had any response from Mr Wilder’s organisation regarding the possible reasons for the differences in the value of Parabolic SAR at different brokers and - by the looks of things - I’m not going to get one either (once again - looks like selling books . . .)!!! Sorry - I was not saying it was your problem - I just wanted some ‘pointers’ - you know - what to look for - we’re all trying to learn here you know!!!
Initially - I thought that the different ‘representations’ of Parabolic SAR at the different brokers was a disaster. Then I had another look and formed the opinion that it probably was not such a problem with the proviso that you were trading ‘long term’ i.e. daily timeframe or longer BUT the ‘differences’ on THESE Gold charts are ‘extreme’ wouldn’t you say???
For those of you who are watching Oil (Akram) - everything ‘LOOKS’ good - on ALL the charts - but I’m ‘feeling uneasy’ and I couldn’t tell you why (same with Gold actually). I made some money on Oil yesterday and today but not using Parabolic SAR i.e. I don’t have the ‘guts’ to open a position based on Parabolic SAR and leave it to run to ‘Parabolic SAR maturity’ i.e. I think you’ll get stopped out at a HUGE loss if you wait for that.
Gold - believe it or not - have not touched yet!!! I don’t know - maybe it’s just me - but I HATE when something drops that fast because I don’t believe it’s ‘genuine’ (and these charts don’t help much either). I’ve said this before on this thread (and observed it MANY times in the past couple of months) - Gold gets ‘manipulated’ by ‘da big boyz’ I’m sure and the problem is how can you be sure it’s a ‘genuine’ move or not just some ‘play on stops’ i.e. ‘stop hunting’. I mean - again - company earnings coming out of the US are really not that ‘hot’ - so WHY is the Dow (and stocks) going up and Gold is going down???
Well done dr_zeus!!! DON’T start looking at the shorter timeframes - trust me on this (although Bocajunior DOES seem to be having a lot of success on the shorter timeframes). I’d be interested to know what your ‘gamble’ was today by the way.
And johto, welcome, and DON’T get discouraged by your results. It’s not the amount of profit you’re showing that matters - it’s the percentage gain on captital that counts (somewhere earlier on this thread I posted the ‘correct’ formula for calculating this). It does not matter whether you’re making $2 on $100 - it could be $2 000 on $100 000 (that’s not too good but you get the picture).
Bocajunior - thanks for answering some of those (repeat) questions - you’re a good person!!!
Anyway - good trading.
If anybody else has another ‘version’ of a Gold chart - please post it here.
Regards,
Dale.
Good stuff Dale! I understand. Rome was not build in a day
I’ll definedly try and holding my position with not rushing anything. I will keep checking this thread and babypips in general. Lets see what happens to the these trades during this week!
Btw, here’s another from the land of Nightwish, cheers! 