The £10K Gamble - [The Journey]

Those are weekly, compiled every Tuesday but only made public on Fridays.

Weekly contracts not published weekly just to be clear

My understanding is that the numbers are cumulative as there’s a tab of change since the previous week.
‘Generally, the data in the COT reports is from Tuesday and released Friday. The CFTC receives the data from the reporting firms on Wednesday morning and then corrects and verifies the data for release by Friday afternoon.’

There’s only 1 strategy regardless of the amount of money and who the account belongs to.

2 Likes

In a nutshell, no it doesn’t.

9 posts were split to a new topic: Compiled COT reports!

To get this back on track.

Its the monthly chart that is the main chart for me. Then drilling down to the weekly.

The SL distance depends on the trade in question it can be anything from 300 pips to 500 pips, have to take each trade on its own merit.

You don’t need large capital per se - it all comes down to correct position sizing.

SL is based on recent support and resistance levels.

Exit points are similar, usually just before an obvious support or resistance level.

Depends on the account size, I trade any pair and usually have 6-7 positions open at any given time.

Again, depending on the trade, I can hold for days, weeks and even months.

10 Likes

Thank you brother, I love you…

1 Like

I get what u mean!

1 Like

Hi Baller, relative newbie to the forum, have dabbled in day trading on and off for a couple of years but am trying to take things a little more seriously now. I’ve read your thread with great interest, especially as it generally seems to be something that most of us could do given the relatively little time it takes up for you.

I completely understand why you’ve traded (ie closed trades) as you have, as it then gave you something concrete to post in the thread; otherwise, as you said, it woulda been pretty boring. However, I’m curious, do you know what the balance of the account would be now if you’d stayed in the first trade for each pair (most of your screenshots of trades don’t show the level you entered at)? I know you’ve jumped straight back into some pairs after banking a profit from a trade, but I wonder whether you would normally have just held certain pairs for much longer, if it weren’t for the need to have something to post here, and, if you’d have done that, would the account have a significantly different balance.

Many thanks again for your contribution to the forum :clap:

2 Likes

Curious as to how this strategy has gone for you over the last couple of months?

Thanks. Apologies I should have read the entire thread before asking my questions as everything I was unsure about popped up and was answered throughout. Great post and great read. Thank you!

Hello @the_baller thank you very much for sharing your experience you have helped me a lot to prepare before jumping into the markets. Although your method seems great to me I have a doubt, in this thread you mentioned that there are no Bollinger bands or things of that style that help identify weaknesses, but you have also said that buy into weakness and sell into strength. So, can you identify that weakness and strength with S / R or not identify it? ¿Smart money uses Trend Channels and Envelope channels techniques?
Apart from that if you can give me some advice on how to operate like the big players I will be very grateful, thanks.

thanks lots

NZDCAD EURCAD AUDCAD are underneath everything: Price is under the Ichimoku Clouds and Kijun Sen on D and H4, Chikou has penetrated the clouds both in D and H4.

Price is under Ehler;s two pole smoothe on W, D and H4 (however last weekly candle is bullish not bearish for all three)

BUT the price NZDCAD and EURCAD is right on support. How do we know that is has officialy penetrated the support?

AUDCAD looks good to go as it’s not near any supports but I’ll wait for the daily candle to see whether is still gonna respect the shorting rules and the weekly candle to close bearish so to enter a few minutes before the weekend market close.

Also the Non-Commercial column on the COT report agrees on the currencies direction:
Ratios Long to Short
CAD 38.9 : 30.2,
AUD: 25.7 : 54.8,
NZD: 19.2 : 72.7(!!!),
EUR 29.6 : 44.5

What do you guys think?

You can use bollinger bands, if it works for you. I simply use S/R levels and see how price reacts to it.

All you have to do is observe.

image

There is no other magic formula big player use.

3 Likes

Quiet week this week.

Nevertheless slowly increasing the overall pot.

4 Likes

I see you had a closing quantity of 0.8 on one of those. What was the reason for going so high?

Thanks.

I haven’t used anything, right now I start with the demo account, thanks Baller for the advice I will focus on that I also like simple things.

First, AUDCAD short-train is rolling nicely, will have a quick retrace up but don’t mind that. I would hold a while to go long on EURCAD as the price is still under the cloud.