The £10K Gamble - [The Journey]

Trading Discussion Trade Journals
819

Indeed I am still holding.

1 Like
820

Cheers. Thank you

821

Amazing thread on a forum filled with nonsense @The_Baller !!

I have a couple of questions as I am currently trading this strategy of yours (live money, no demo shit).

  1. In your screenshots I see you often take profits at small pip amounts (20 pip tp, 4 pip tp etc) but you mentioned at first that you have a stop loss of at least 300 pips sometimes. So why do you not take profit at lets say 150 pips? Why such small tp’s?

  2. Do you only sell resistance levels when the monthly is in a downtrend and vice versa for a buy? Or do you buy/sell on any weekly/monthly support/resistance levels?
    For example: MONTHLY TREND = DOWN - PRICE MOVES TO SUPPORT LEVEL - YOU BUY? or do you wait for the price to reach a resistance only?

Thanks a lot! Very good thread of yours and I look forward to making big bucks trading like you:)

1 Like
822

No worries.

Firstly, so its not a boring thread. Taking 5 positions and coming back 4 months later doesn’t click with most people. Secondly, some trades just don’t get moving and end up being closed at a few pips.

If its a downtrend on the monthly, all I’m looking at is where is the most obvious level of support, and if there is still room, I’m in.

Likewise if its an uptrend on the monthly, all I’m looking at is where is the most obvious level of resistant, and if there is still room, I’m in.

6 Likes
823

I’m thinking how to enter a trade magazine through Exel.

825

Hi @The_Baller so going over this thread again to make sure I’ve got it before trying out in demo (been busy with other stuff), and correct me if I’m wrong, but you’ve actually provided two strategies: the one you’ve been using for this experiment, and another which uses the same indicator?

If so, I’m trying not to get the two mixed up as they seem pretty similar. So, is the following correct?

Strategy 1 - £10k Gamble

  1. Pull up monthly charts and determine if its an uptrend or down trend (forget range bound).
  2. Draw support and resistance (using the Chikou Span?)
  3. Drill down to weekly chart.
  4. Draw support and resistance. (using the Chikou Span?)
  5. Find an entry in there somewhere.
  6. Set your stop loss well away

Strategy 2 - The Ichimoku Cloud Breakout

  1. Use the daily chart to plot support and resistance (.Work out your own support and resistance to maximise profits, don’t rely on the cloud.)
  2. Use the Ichimoku Kinko Hyo indicator.
  3. Remove the Tenkan Sen and Kijun Sen elements.
  4. You should now have a chart with the Chikou Span and Ichimoku Cloud.
  5. Wait for the Chikou Span to pierce the cloud completely and enter the trade (trade the 4 hour chart)
  6. If an uptrend it will be above price, if a downtrend it will be below price.

Thanks again

8 Likes
826

Sounds right to me.

4 Likes
827

How things currently stand.

image

828

Thanks for confirming.

I think I prefer the concept behind the 10k gamble strategy more, but for playing around during the day, cloud breakout could be a good experiment.

Are any time sessions better/worse for using the cloud strategy?

Many thanks

829

Just closed a few of those on my account with that sudden move this afternoon. Nice bit of profit for the week.
Will celebrate with a pizza. Can’t do the Hut though. Girlfriend’s Italian, she’d have a seizure we go there.

3 Likes
830

This was my first week trading The Baller’s way and I had my best week to date. Picked up 175 pips. I still have two trades open, put they currently are at break even at the moment.

Thank you again Baller!

831

A little bit of patience is all it takes to make some cash nowadays.

Yeah I agree - Pizza Hut isn’t renowned for its authentic Italian pizzas, they just about manage to get the toppings to stay on the base.

2 Likes
832

Here’s to many more pips to come.

1 Like
833

@The_Baller, I think you are the only trader/investor that show much you gain and how much you loss. That’s very transparent.

1 Like
834

@D00M_20XX Why not combine both strategies?

835

I’m too inexperienced at this stage. In time I’ll be very experimental, but for now I’m only concerned with profitability over dynamism.

836

Yup. Italians mostly snub UK pizza, I think it’s more American in its origins, like our coffee. She likes Fatto a Mano, a small Neapolitan chain down here in Brighton, though complained merrily about the Ricotta last night.
Her brother is a pro chef in Rome. He goes to Bir & Fud in Trastevere, kinda touristy but famous among those who know for its pizza and craft beer. Lievito 72 also recommended.
You might guess I know more about pizza than trading!

Have to check the charts later for slow-moving winners

1 Like
837

So, for this experiment, you said you took some profits before you normally would just to make the thread more interesting.

  1. So how do you determine when to take your profit and move along? For example, USD/CAD. It has been bouncing up and down, but trending up for the last several weeks, more importantly, trending up the last 2 months. It goes up but then gives back some of those gains. Is it a good idea to take incremental profits during the rise or is it more wise to wait until you feel it is getting close enough to one of the lagging line levels when you take your TP?

  2. Do you ever increase your position on a pair beyond the initial entry?

  3. On average, it seems my SL/TP ratio is roughly 1:1 depending on where Chikou Span is set. Is 1:1 roughly what it should be or am I doing this wrong?

  4. Why post your winning strategy? If this is your moneymaker, why share it out? It seems that people who are successful in this business usual keep their edge to themselves. Don’t get me wrong, your insight and feedback has been much appreciated bud, just curious that’s all :slight_smile:

1 Like
838

EurCad
ChfJpy
AudCad
EurJpy

@The_Baller What are your thoughts about these to sell for the next week or two?

1 Like
839

@Dev22 and @The_Baller I would like to test my analysis skill against the master. :slight_smile:

My two cents.

EURCAD - Monthly chart direction is short. But H4/Daily chart is yet not aligned with monthly chart. I wait. Support line 1.40388

CHFJPY - Monthly chart direction is short. H4/Daily chart is aligned with monthly chart. I skip because it’s not 3R or above. Support line 103.756

AUDCAD - Monthly chart direction is short. H4/Daily chart is aligned with monthly chart. I skip because it’s not 3R or above. Support line 0.88131

EURJPY - Monthly chart direction is short. H4/Daily chart is aligned with monthly chart. I skip because it’s not 3R or above. Support line 113.533