Sweet Pip's Journal

[Sweet_Pip]

This weeks trade results:
Trades: 8
Wins: 4
Losses: 4
Pips: -60
Gain: -4%

Y-T-D
Trades: 37
Wins: 30
Losses:7
Win Rate: 81%
Pip gain: +177
Avg win: 10
Avg loss: -20
Actual R:R: 2:1?
Gain: +20%

The strength table going into next week:

So unless that changes the pairs to watch will be:
Longs: EURJPY, EURGBP,CHFJPY
Shorts: GBPCHF

[Sweet_Pip]

This would be really impressive… if it weren’t a demo account.

I’ve come to learn (well actually about 5 years ago) that the real challenge of trading is coping with real money losses. You have to take the losses, and still have the guts/faith/composure to continue to trade your strategy consistently.

Following your history on this forum, all I can see is you jumping to new methods of trading when you take real $ trading losses. Because then the problem isn’t you… it’s the method. The problem could never be you… Sweet Pip

… could it?

Oh no, it’s not me, never…! :21:

Actually I’ve only traded real $ on one method…and yes lost some…and yes then doubted the method and went looking for another. So after a whole lot of more demo trading/learning since then, I am here, and should I get to 3 months and remain as impressive then I will go live for a 2nd time…or not. If I can’t do it in demo, I certainly can’t do it with real $. :31:

[Sweet_Pip]

5:00 pm (PST) - Early Asian session
Long EURJPY (5 min chart)
Strength Chart=7 & 0
Direction of pair - up
Cycle of oscillators - leaving oversold on several t/fs
VSA background (loosely) - Higher volume at prior support (yellow line) to indicate some continued buying activity there (white dashed vertical lines)…?
S&R areas - Reach up to retest lime line?
News timing - few hours until high impact news
Spread - low
Other - trying to buy in the pullbacks to a prior support (yellow line).

Went long 3 times during Asian session in pullback areas closer to yellow line…all totalled +20 pips

[Sweet_Pip]

I’ll take it you got the desired message in my posts sweet pip… out of respect for your journal thread, I will delete them now, as well as this post (tomorrow)

Well, I have said I’d be going live many times now and I’m sure that’s become very annoying to some…lol…even to me.

No, scraping up the $500 bucks is not a problem. I guess you could say it is about the fear of losing but not the way you put it. It’s trying to find a way to trade that works during the Asian session where I can capture an average of 20 pips a day. Lately I keep going back to the days when I took my demo account from $1k to $5k in a few months or so doing just that… which prompted me to start using real $. However I wasn’t using a stop loss back then and took a few big hits by not doing so. Yes that scared me. So until I could find a way to incorporate a stop loss that wasn’t going to be the death of me by a thousand small strokes, I wasn’t prepared to go live again and everything I’ve tried since did just that…so it isn’t fear thats holding me back, but common sense…if I use real $ again, I will lose most of it.

I appreciate your concern and will deal with the “real” fear again when that time comes

[PipNRoll]

Time is on your side Sweet pip. The least thing you wanna do is to rush everything. You will be ready when you think and feel you are ready.

You will do just fine

[d-pip]

Oh right, I forgot about your asian session restriction.

People with kids and jobs just don’t like the idea of working their life around the market’s schedule, but the ones that DO make those sacrifices and bear those burdens are the ones that find success. There’s bank traders in New York and London that sit at their desk during Prime volatility and you really expect to compete with them? Satisfied with scraps I guess.

But then again, if this is just a hobby to you, it all makes perfect sense that you wouldn’t want to make any real sacrifice to become profitable. Just as long as you can talk about it on the forum, and have people pat your back and say “oh sweet pip, you’ll get it eventually, just keep doin your thang girl!”

No PAIN, No GAIN

akeakamai

Pretty rude and condescending comments. Especially from someone that has been a FX trading failure for over 4 years, lost a ridiculous amount of real money, over 20K, has a “no responsibility” J.O.B. Sounds like you didn’t do any better in high school either.

Just saying, folks in glass houses should be careful about throwing stones.

PS sorry Sweet Pip, I’m an old fashion guy and get pissed when bullies pick on the cute girls!

Inner Circle Trader's 5k To 1mil - Live Trading Tracking Thread

I placed my first live FX trade on November 2, 2007

Since then, my results have been as follows:

[B]2007: -$385.53
2008: +$867.87
2009: -$6,454.86
2010: -$6,329.39
2011: -$7,115.60
2012: -$3,501.49[/B]

That’s pulled from my tax records, so the values are, or have been converted to CDN$

[B]I love shocking people with my losses.[/B]… they seem far more upset than I am. What I have now is priceless, it really won’t be long (in the grand scheme of things) before those losses are negated.

2013 will be, without a doubt, my best year of trading. It’s too bad none of you will get to see it! :57:

Inner Circle Trader's 5k To 1mil - Live Trading Tracking Thread

So it’s like this market was made for me, haha. That was a big factor in deciding to be a trader… I realized I could never hold a normal job with my crazy sleep cycles.[B] I have a 8-430 job now… but luckily it requires very little mental focus, and there is no responsibilit[/B]y (in the sense that someones life could be at risk because of my sleep deprivation).

In school I often missed the first class of the day, and my first period teachers would always[B] give me lectures all the time about the importance of attendance or punctuality[/B] or other things. [B]One day I’m going to go back and tell them I have a f*cking sleep disorder and that I make more than a Doctor staying up all night…[/B]. like I have always been naturally inclined to do.

[Sweet_Pip]

Thanks d-pip…you pretty much took the words right out of my mouth there…and saved me from having to find those quotes…lol.

We’ll just leave it at that.

[Sweet_Pip]

Well I’m glad I’m not live right now after pulling a bonehead trade last night…shorting the EURJPY right at support…now I’m -200+ pips because I didn’t set a stop loss when I opened the trade (and went to bed), and I didn’t have my trade manager EA on either…which would actually have gotten me a small profit before going to BE. This is very painful even for demo (PAIN & NO GAIN)…I’m so mad at myself for going against the rules and should have just stayed out. :mad:

[Hogarste]

Thanks d-pip…you pretty much took the words right out of my mouth there…and saved me from having to find those quotes…lol.

We’ll just leave it at that.

Unless one has kids and and a demanding lifestyle, it’s hard to understand what it’s like. The nights I’m lucky enough to be home by 830, reading my daughter a story before bed is a million times more important than looking at charts, and I love looking at charts.

I like your thread Sweetpip, and have been thinking a lot about lining up weak currencies against strong ones. I need to look into this more.

[Sweet_Pip]

Unless one has kids and and a demanding lifestyle, it’s hard to understand what it’s like. The nights I’m lucky enough to be home by 830, reading my daughter a story before bed is a million times more important than looking at charts, and I love looking at charts.

I like your thread Sweetpip, and have been thinking a lot about lining up weak currencies against strong ones. I need to look into this more.

Yes, first responsibility is to one’s family. However, my youngest son just moved out this month, so I’m an “empty nester” :17: But it will give me a little more flexibility in my schedule now.

I’ve been trying to use the strong/weak correlation more or less with the 3 ducks method for choosing pairs to trade. It usually narrows it down to about 4-6 pairs out of a possible 28, and then I out of those I drop any that have high spreads. I prefer to call it “getting my ducks in a row” rather than “duck hunting” (that’s a guy’s thinking although I really enjoy watching Duck Dynasty…they’re such a bunch of quacks…A HA! lol).:10::10::10:

Anyways, after last night’s trade meltdown, I have some issues to seriously work out now.

[Sweet_Pip]

Have switched gears…again…quite dramatically this time. Going to daily charts…daily candle ends at 9pm PST on which to assess trade decisions…perfect time. Will not be using stops or targets to start with. Will open a portfolio of trades based on a few price action & indicator conditions. I’ve restarted my demo back to $1k and will trade with micro lots based on account “equity”.

I’ve started a couple of trades with 0.01 lots for the following reasons:

Long EURAUD
Strength Chart=7 & 2
Direction of pair - up
Cycle of oscillators - leaving oversold on several t/fs
S&R areas - Lime line is a recently made weekly high…but might not be set yet. Following a channel, it hasn’t hit upper channel yet…about 300 pips away.
Candlesticks - An elephant bar on 2 days ago followed by a spinning top yesterday…this bar likely to continue same direction as elephant bar.
Currently up +55 pips = $5.50

Long USDCHF
Strength Chart=4 & 6 - strength fairly equal
Direction of pair - down - could be ranging
Cycle of oscillators - leaving oversold on several t/fs
S&R areas - Orange line is daily support…triple bottom
Candlesticks - with a bullish doji a couple of days ago
Other - rising volume…not sure how meaningful on a daily…just noting could be buying pressure
Currently -18 or -$1.80

[SimonTemplar]

akeakamai

Pretty rude and condescending comments. Especially from someone that has been a FX trading failure for over 4 years, lost a ridiculous amount of real money, over 20K, has a “no responsibility” J.O.B. Sounds like you didn’t do any better in high school either.

Just saying, folks in glass houses should be careful about throwing stones.

PS sorry Sweet Pip, I’m an old fashion guy and get pissed when bullies pick on the cute girls!

d-pip, you’re my kind of guy.

[Sweet_Pip]

What I need to do this weekend is to compile a list of the interest rates per currency and use that as part of my criteria when choosing pairs to trade. By not doing that, I can lose money just because I traded against the interest relationship. When holding trades long term, interest (swap) is either earned or deducted daily…and Wednesdays are double dip day accordingly!

Opened 2 more trades:
Long NZDCAD
Strength Chart=4 & 3
Direction of pair - up
Cycle of oscillators - leaving oversold on several t/fs
S&R areas - at retest of broken resistance now support.
Candlesticks - decent looking bullish pinbar
Target areas: Resistance approx 60 pips above…if breaks that, next resistance 60 more pips above.

Long NZDUSD
Strength Chart=4 & 5
Direction of pair - up
Cycle of oscillators - leaving oversold on several t/fs
S&R areas - at retest of broken resistance now support. Also lower channel line support area.
Candlesticks - decent looking bullish pinbar
Target areas: Heavy looking resistance about 100 pips above.

Yesterday’s trades progress:
EURAUD: -100
USDCHF: +60
Unrealized Loss: $-4.00 approx.

[Sweet_Pip]

After looking up the interest rates for each currency, I decided to close the losing EURAUD Long trade @ -150pips (-$15). A long position actually costs money…a short position earns it. My NZDCAD & USD are both earning interest for being long, and the USDCHF interest rates are the same…so it doesn’t matter. I made a new indicator to display the interest rates applicable to the chart I’m looking at so that should help.

[Sweet_Pip]

Long EURGBP
Strength Chart=7 & 2
Direction of pair - Up
Cycle of oscillators - leaving overbought on several t/fs - a concern
S&R areas - daily support established 3 days ago at 38% fib
Candlesticks - bull elephant bar with really high tick volume
Other - possibly heading to 127% fib extension at top of weekly channel.
High impact news coming out in 20 mins - another concern

Open trades:
USDCHF: +90
NZDCAD: +60
NZDUSD: -15

Unrealized profit +$15 approx

[Sweet_Pip]

@Sweet_Pip

Long USDCHF
Strength Chart=4 & 6 - strength fairly equal
Direction of pair - down - could be ranging
Cycle of oscillators - leaving oversold on several t/fs
S&R areas - Orange line is daily support…triple bottom
Candlesticks - with a bullish doji a couple of days ago
Other - rising volume…not sure how meaningful on a daily…just noting could be buying pressure
Currently -18 or -$1.80

Trade stopped out at +55 pips…or +$5. Was at over+100 pips so set a stop just under the lowest low of the small consolidation after the elephant bar.

[Sweet_Pip]

@Sweet_Pip

Long EURGBP
Strength Chart=7 & 2
Direction of pair - Up
Cycle of oscillators - leaving overbought on several t/fs - a concern
S&R areas - daily support established 3 days ago at 38% fib
Candlesticks - bull elephant bar with really high tick volume
Other - possibly heading to 127% fib extension at top of weekly channel.
High impact news coming out in 20 mins - another concern

I closed this one out at BE…it had gotten up to 30+ pips, but there were a few other traders including cyclopip who had gone short on it so they probably know better. http://forums.babypips.com/eurgbp/51251-eur-gbp-neckline-resistance.html

[Sweet_Pip]

Opened 3 new trades.
Long AUDUSD
Strength Chart=2 & 4
Direction of pair - 3 ducks up.
Cycle of oscillators - leaving overbought on several t/fs - a concern
S&R areas - bouncing off lower lime channel line up
Candlesticks - engulfing bull elephant bar with really high tick volume
Other - bottom of weekly channel and at support of established weekly range - horizontal lime lines
Longs earn interest.

Long AUDCHF
Strength Chart=2 & 5
Direction of pair - 3 ducks up.
Candlesticks, S&R etc, basically same as AUDUSD

Long AUDCAD
Strength Chart=2 & 3
Direction of pair - 3 ducks up.
Candlesticks, S&R etc, basically same as AUDUSD & AUDCHF

[piptronix]

Hi Sweetpip

What time frames are you trading?
The 3 ducks uses the 60 sma on the H4, H1 and 5 min charts.
I looked at those charts and I don’t see the ducks being up on AUDUSD H4 chart.

@Sweet_Pip

Opened 3 new trades.
Long AUDUSD
Strength Chart=2 & 4
Direction of pair - 3 ducks up.
Cycle of oscillators - leaving overbought on several t/fs - a concern
S&R areas - bouncing off lower lime channel line up
Candlesticks - engulfing bull elephant bar with really high tick volume
Other - bottom of weekly channel and at support of established weekly range - horizontal lime lines
Longs earn interest.

Long AUDCHF
Strength Chart=2 & 5
Direction of pair - 3 ducks up.
Candlesticks, S&R etc, basically same as AUDUSD

Long AUDCAD
Strength Chart=2 & 3
Direction of pair - 3 ducks up.
Candlesticks, S&R etc, basically same as AUDUSD & AUDCHF

[Sweet_Pip]

@piptronix

Hi Sweetpip

What time frames are you trading?
The 3 ducks uses the 60 sma on the H4, H1 and 5 min charts.
I looked at those charts and I don’t see the ducks being up on AUDUSD H4 chart.

Hi there,
I’m on the Daily, but in the top right corner you can see (somewhat) the ducks…from left to right there are 3 black dots, then 2 green ups arrows (H4 & H1), then 2 more black dots, then the another up arrow (M5). The 4HR AUDUSD duck is just straddling the 60SMA and was above at the time I took the trade and pic…and now it’s not. It’s part of a little signal dashboard I made.