The Forex Portfolio - How to Gain Consistent Profits by Staying in the Market 24/7

mastergunner99 · February 8, 2013, 2:25pm

Sweet,

Can you post the link to your journal so I can bookmark it?

Sweet_Pip · February 8, 2013, 2:30pm

http://forums.babypips.com/trade-journals/50393-sweet-pips-journal.html

fortnight · February 8, 2013, 2:38pm

Great to hear that advice, that’s exactly my plan. Thinking/acting longer term rather than the madness of looking at one minute charts to scalp for 10-20 pips is much more my style. I snagged 100 pips on GBP/USD long overnight, then cashed out and reversed for a short now as it seems it reached the peak of its trend and will continue on its longer term downtrend.

Probably shouldn’t have bought it yesterday as I’m looking more towards multiple day trades and the overall trend is short. I guess that was just one of the last stepping stones toward long term thinking - making the transition from 1 minute/1 hour charts to the dailies, where I belong.

mastergunner99 · February 8, 2013, 7:15pm

By Sunday night, I’ll post a specific trade set up that I would trade just about every time. Right now I have the feeling you guys are all over the place with Price Action. Figured if I toss a set up your way you can better focus on some things I look for.

rynlds2 · February 8, 2013, 9:33pm

That would be extremely helpful. Since the market closed for the weekend, I’ve been looking for good possible set-ups for next week, but like you said, I’m all over the place. I think one looks good, but then I look too far into it and can find reasons not to take it. Either the price looks too likely to go the wrong way on me, or I feel like I missed the boat. Another worry I have about next week is I feel like last week was a bit of a crazy week and I can’t really decide if I should trust what I’m looking at or not. I’m looking forward to seeing what you see as a good set-up so I can get a better idea of what I should look for and at what point you like what you see. Thanks again!

Pippatron · February 9, 2013, 4:08am

For those who are interested in adopting MG’s approach I would highly recommend Forex Tester 2. It provides you 10 years of historical data that you can step through bar by bar. That really speeds up the learning process for a long time frame strategy. It also allows you to test multiple currency pairs at the same time.

I just started testing 6 currency pairs starting from Jan 2010. Managed to go through 9 days of data in a couple of hours. Balance is down just as MG warned, but equity has been rising nicely from the start:

MG, I’m practicing with H4 charts instead of D1 as I feel more comfortable with that time frame. Do you have any reasons other than convenience to stick to D1 charts?

mastergunner99 · February 9, 2013, 8:33am

Yes, convenience is the number one reason. I would rather trade for 20 minutes once a day than to dragged back to the charts 6 times a day.

Also, by going down to a lower time frame, you will be missing out on the really long trends. The 4HR wil have you dip out of trades more frequently.

So I’m not against it, if it’s working for you. I just won’t be able to provide you any direct feedback as that’s not how I trade.

If you’re looking for more action, I promise you, the daily will keep you in the market and busy enough.

Freedom787 · February 9, 2013, 2:49pm

MG,

You have contributed a significant amount in this thread. Thank you.

Would you consider opening a managed account where you can continue trading the way you do and we can all actively participate with you? It would be a great experience if we could throw some money in with you and watch the trading daily from our reports. We could also profit together this way.

mastergunner99 · February 9, 2013, 2:53pm

The idea has probably crossed every profitable trader’s mind, and even those who aren’t profitable yet at some point.

At this point in time, I’m not looking to implement anything like that for reasons that go beyond the scope of this forum.

Pippatron · February 9, 2013, 10:59pm

I just feel a bit lost when judging entries on the daily chart as the strong trends can continue for weeks without a decent retracement. I see more obvious entry points on H4 for my buy/sell on dips approach. Would really like to hear more on how you tackle that so looking forward to that post you mentioned.

Thanks!

sstrnod · February 9, 2013, 11:05pm

MasterGunner,

Apologies if this has been asked and answered; although I’ve stayed up with the entire thread, I don’t recall this specifically:

Given that your focus is on daily bar charts, to get a sense of the historic price action and trend (1) what overall time period(s) (i.e., number(s) of days) do you use in your chart analysis, and (2) do you ever use less granular charts?

For example:
. do you strictly use daily charts exclusively – and if so, how many days (or how far back in time do you go), in general, as part of that analysis; and/or
. do you ever use weekly or even monthly bar charts – and if so, how far back do you go, in general, as part of that analysis?

Thanks!

mastergunner99 · February 10, 2013, 4:31am

Patience is required on the daily chart.

mastergunner99 · February 10, 2013, 4:43am

I only look towards the daily chart for analysis. And how far back I look is relevant to the current price movement. Support and resistance play a huge part in price action. If a price is changing direction, I want to know why. So I will scroll back if it’s not already visible already.

Beginer22 · February 10, 2013, 7:11am

Dear MG,
just finish to read this thread from the begining. I’m interested with your metodology and approach cause I have a main job and family. Very inpressive results. Have the following questions:

do you have separate results for 2013? if yes, how it looks like?
how many open positions do you have currently?
could you please highlits in very simple words your rules of openning position? Is Fib use must?
which time or time period will you recommend to open position (in GMT term)
Thank you in advance and wish you and all here very profitable coming week.
Beginer

sstrnod · February 10, 2013, 9:02am

I’m going to begin employing the MasterGunner99 Methodology® (MG99M) as presently understood.

[I intend to begin demo trading with a $20,000 account, meaning any initial entries will be for 20,000 units. Currently, there are zero positions open.]

Following is Analysis #01 for this weekend –

EURUSD
Bias: Bullish

Analysis: Long-term uptrend since reversal on 7/25/12, with generally 4 intermediate-term rallies/retracements. [Note of interest: none of these specific retracements during those periods has closed below its respective 61.8% Fibonacci level.] Current retracement is at the 50% level. Near-term historical support exists at each of the next three current retracement levels: 61.8%, 76.4%, and 100%.

Action: Looking for (1) short-term downtrend (likely retracement) to reverse, placing a Buy Stop (1+ pip above the high) if price closes above the 23.6% retracement level, or (2) downtrend to continue (possible reversal), placing a Sell Stop (1+ pip below the low) if price closes below the 61.8% retracement level. [Or, should I ignore (2) until there’s further downward movement in the price, perhaps closing below the 100% retracement level, before going short – since my bias is bullish, and there are 3 nearby levels of support that would need to be penetrated?]