Today I had a bittersweet day. I spotted some nice entries, and placed them with an script that helps placing pending orders when market is closed and do all the money management calculations.
The Sweet part is that the trades worked very good, giving +60 pips each in mater of 2 hours. The bitter part is that my script failed for a bug and didn’t placed anything hahahahah.
But I think this script could be useful to analyze the market on weekends and place pending orders when market is closed and forget about money management calculations and only focus on trade selection and managing.
I forced myself on not to try to take revenge of my error and avoided to enter the market when the move was nearly done. Well, there is always another day and another trade to do.
Today I placed two trades, one on audjpy and other on nzdjpy.
The audjpy opened with a gap high, and then retraced. Lucky me I didn’t placed a stop buy order on Friday, but a “virtual” buy that work more like buy stop-limit.
I don’t have the “let your profits run” bit down pat yet but this morning I bought the A/$ @1.323 only to see it reverse slightly and stay negative so I closed it for minus 11 pips. My buy on the E/lb did go my way but started retracing and I didn’t want my plus 18 pips to negate net profitsvsf the previous loss so I closed it. A good strategy and I am going to set up a demo acct so I can test hight TFs and if successful I will post those trades in a journal such as medisoft does.
I only got 13 pips out of this pair; I’m setting SL & TP from nearby high and low swings on the 1H. My kind of set & forget but I do want confirmation on all 3 TFs plus I want the sma to be pointing up for longs on all 3 TFs, otherwise no trade.
As everyone knows I am a California trader so trading the London session is very hard for me. I initated my first set and forget order before bed eur/gbp(long) and my results were +58 pips!
I also did another set & forget for the usd/cad (long) pair and had a +20 result! I know I have a lot to learn but I am happy with the turnout of these trades.
Thanks Salty for your breakdown on your logic for entering/exiting this trade. I need these type of examples as I move ahead with the set & forget approach to trading.
I ask the same conditions as you to enter into a trade. In the TF-M5 I just take the slope of the sma in advance. I am looking for a level at which all conditions will be met and I do not wait in front of the screen.
Set and forget on a logical and simple way.
Cap’n, your timing is impeccable with that post above. I broke the rules by placing a long demo trade of USDJPY @ 92.125 after my original short position got stopped out. Honesty tells me that the trade was stupid and only by blind luck may I possibly get out of it. Follow the rules, follow the rules… :28:
As a newbie poster, I’ve read the entire thread over the last month or so and want to thank all those who’ve contributed. The system is simple, concise and suits my risk averse style and some of your insights have given it a real edge such that I generally feel comfortable pulling the trigger on a trade without doubts.
How can you guys set and forget? I mean emotionally. I really can’t. Is soo hard, even if it is one lot. That get me tire every time. I guess that’s not my trading style.
I placed a “set & forget” order on the gbp/usd; a sell stop @ 1.5108, SL @ 1.5137 & TP @ 1.5074. All 3 TFs agreed and the stop was hit at 19:37 -6gmt. I am turning off the computer and will see what happened in the morning.
edit: I forgot to mention that I set the parameters based on the 1H TF
Let us know your analysis dobro! And I’ve requested the E-Book on the 3 Ducks trading system. Looks to be a decent starting point for me to build upon. Guys please keep the trade suggestions and analysis coming, really helpful for us rookies!
As it turned out i did get lucky and despite being in the hole for a while a further surge gave me a profit. Still lesson learned and shorted usdjpy adain this evening which was progressing nicely until a retracement spike took out the stop (almost to the pip). Am thinking that the setup and entry were still sound though. Perhaps need to review my tp and sl range.
My lousy day was Tue., 4 losses, 1 win. Today I had one loss, A/$ - I set the trade on the 5 minute and was in the process to see if I could find better R/R on the 1H when a spike took me out. Not trading anymore this week.
