Where’s Philbot with his report? It was going to be his first day trading live.
hi all,
well, thus far the new additions are working out well. up to this time today, we’ve had several, profitable goji candle trades and this evening a TP peak and valley trade. the evening’s trade:
7:10 eos, 1.2955 PV, based on low of 6:55 candle
7:18 exit, 1.2942-1, TP, +12.9
february total, +163.7
see you in the morning,
goji, bernie
hi all,
with the usa treasury secretary set to announce the stimulus package at 11:00 am est, i doubt we will have much activity until then. as such i will be on until 11:30, perhaps even 12:00, today.
g, b
Bernie can u tell us about your position sizing and mm for eg how many dollars per pip what percentage of your equity do u use per trade? Do u use fixed fraction?
This morning’s trades thus far:
7:40 long at 1.3000, -5 at 7:43. Trading off the high of the 7:20 goji candle.
8:09 PV short at 1.2980, TP of +12.9 at 8:14.
8:32 long at 1.2985, B/E at 8:32.
8:56 short at 1.2965, +7 at 9:00. This was a goji candle AND EMA cross trade.
9:16 short at 1.2950, -10 at 9:18.
9:28 long at 1.2980, B/E at 9:28.
9:44 PV long at 1.2985, +14.5. I rasied my TP here to include the PV trades that could have been triggered at 1.2990 and 1.3005 from earlier highs. It actually went up another 8 pips but I was following very closely with my stop right before it did.
Busy morning, so I’m going to take a break and walk the dogs.
Today’s pips: +19.4
February Total: +87.3
hi all,
wow, was i wrong! i didn’t think there would be much action but there was considerable. lavaman, i am quitting now, 10:06, at least until secretary G. speaks. i see many of your trades are pretty close to what i did today, so TAKE A BREAK, in other words do not over trade. it is OK to punt once in awhile! what kind of dogs? under normal conditions i would be quitting until 3:00 pm, now.
hess, i am not trying to be rude here but, one of my favorite sayings is “the simplification of anything is always sensational.” first, i am not on the same page with some of what you are asking, and it is not important to what we do to answer the other stuff. we try to keep things very simple. i have a bankroll. i use 80% of that on any one trade. regular readers will confirm this. the only other records i keep involve the session, daily, monthly, yearly, bottom lines! i think you are making this more difficult than it need be, unless you tell me something differently!
the morning’s, extensive list, of trades: (short version)
8:08 short, 1.2985-1 10X
8:11 exit, 1.2978-1 +7
8:32 long, 1.2985 10X
8:36 exit, BE
8:56 short, 1.2965 10X, GC, PV
9:00 exit, 1.2960, +5, +12
9:16 short, 1.2950 PV
9:18 exit, 1.2960 -10, +2
9:28 long, 1.2980 10X
9:30 exit, 1.2972-5 -7.5 -5.5
9:44 long, 1.2985 PV
9:51 exit, 1.997-9, TP, +12.9, +7.4
10:02 long, 1.3010 PV
10:05 exit, 1.3022-9, TP, +12.9 +20.3
later,
g. b.
Hey Bernie,
I’m excited about the discipline I’m discovering, but I’m still sharpening it (and will be for a while I suppose). I didn’t get your advice soon enough and already gave back 10 of those pips. But I’m now taking a break until after 11. I’m glad to see I’m finding the same trades as you however.
We have two rescued greyhounds.
hi all,
lavaman, i commend you on your selection of pets. i took one additonal trade during the speech. it was a TP trade and i will return at 3:00 pm.
11.20 eol, 1.3035
11:20 long, 1.3035
11:21 exit, 1.3047-9 +12.9
february total, +196.9
later,
goj, bernie
Hello everyone,
Well, my trades this morning, while being profitable in general, make me feel ridiculous about my current trading style.
Being overdefensive, I moved the SL fast and cut myself of many pips.:mad:
Anyway:
8:30 - long at 1.2985 - exit at +3;
8:55 - GC order triggered - short at 1.2965 - exit at +4;
9:25 - long at 1.2980 - exit at BE;
10:30 - long at 1.3025 - exit at BE:mad:;
11:30 - short at 1.3020 - exit at +2:mad:;
11:35 - PV - short at 1.2990 - exit at +2.5:mad:.
This makes +11.5 for the day and +44.5 for the month.
At this point I quit for the day, because I’m not sure if I’ll be able to keep my trading under control if I continue.
Best of luck to everyone.
PS. Where’s Philbot?
The rest of the morning:
10:32 PV long at 1.3035, B/E at 10:33.
10:37 PV long at 1.3045, -10 at 10:40.
11:22 long at 1.3055, -10 at 11:23. Goji candle breakout. I shouldn’t have entered a trade while Geithner was speaking. I was sitting here listening, and spreads were normal, and everything he was saying sounded pretty general. Then, as soon as the trade was triggered, he got into more specifics and I got stopped out. I’ve given away my gains for the day. I want to jump in and trade like a maniac but I will not. I’ll simply wait until everything is over, and then take a trade IF I see an opportunity.
11:35 PV short at 1.2985, TP of +12.9 at 11:35. This was based on the break of the 10:20 candle low of 1.2988.
11:42 PV short at 1.2945, -10 at 11:42. I based this off an earlier valley low of the 9:15 candle. Maybe not the best idea, getting in after such a huge move.
12:36 PV short at 1.2940, TP of +14.4 at 12:36. Woah, price entered into this range over an hour ago. Over a half hour ago, I placed a long and short order just outside the peak and valley. Then I waited and waited and waited. However, once it hit, it was effortless. Apparently, Oanda gave me an extra pip and a half for my patience on this one, not sure why. Now, I’m done until the afternoon.
A little overtrading perhaps, but I kept my emotions in check for the most part. Also, I had my math messed up, I just had to edit my February totals to reflect this mistake.
Today’s pips: +19
February Total: +86.9
Chasingpips, remember when you suggested I fatten up my pips to help me care more about them and use better discrimination in entering trades? Well, perhaps yours are TOO fat, and it’s causing you to be overly cautious once you’re in. Just a thought. I think you’re doing really well though! We can’t expect to trade Bernie’s system as well as he does in only a week or two!
Lavaman
“Chasingpips, remember when you suggested I fatten up my pips to help me care more about them and use better discrimination in entering trades? Well, perhaps yours are TOO fat, and it’s causing you to be overly cautious once you’re in.”
You’re ABSOLUTELY right on this one. But I’m not sure what to do with this situation anyways:)
“I think you’re doing really well though! We can’t expect to trade Bernie’s system as well as he does in only a week or two!”
No, I’m not competing with Bernie, no way:). My concern is that when I pick up a loser at some point, which is inevitable, it will erase a significant part of my “+1” winners.
A few steps forward, a few steps back…
Afternoon:
2:55 short at 1.2865, -10 at 2:55.
2:56 PV long at 1.2885, -10 at 2:57. Wow, in two minutes I gave back 5 hours of work.
3:01 PV long at 1.2890, -10 at 3:06. When I’m losing, I really look hard for trades. In reality, this was almost the same trade I tried last time. It didn’t work then, and it didn’t work this time.
3:23 short at 1.2865, -10 at 3:25. Trade off the low of the 3:00 goji candle.
Wow, this afternoon was brutal. In every case I was just barely triggered, and in many cases, just barely stopped out. I really felt I should initiate a limit of 3 losses after I had 3 losses, but I just had to go one more. I thought, “4 losses in a row, that would be insane!”. Obviously, with the amount of trades we place, it’s bound to come up. And when in a tight range, it will.
I could go crazy with revenge trades right now, but that would be stupid. Today’s just not my day. I’m still up for the week.
Today’s pips: -20.9
February Total: +47
Now I’m just anticipating Bernie to post “Didn’t see any trades this afternoon” or something like that.
hi all,
here’s a little secret. i have been exactly where chasing is right now. as soon as i got any kind of a profit, i got out. most of my trades were between one and five pips. now, this happened long before i started reporting my results here. i kept tinkering. i kept studying. however, the real bottom line is that i had to feel comfortable with what i was doing. I REALLY HATED, AND STILL DO, hate it WHEN A WINNER TURNS INTO A LOSER. that’s why i do not like the longer, swing trades, that many do. swing trading, one to three days, using three hour charts, BEING UP 50-100 PIPS AND THEN DOWN 50-100 PIPS, just doesn’t fit my personality. I HAD TO LEARN THIS. if you go back to day one. i was still doing something longer term. it was working, or i never would have offered it to anyone else, and i really felt comfortable with it. keep in mind, though, that is not what we are doing now. also, go back and look at my first month’s results. they were greater than anything i have been able to attain since. I FEEL MUCH MORE COMFORTABLE DOING WHAT I AM DOING NOW, EVEN IF IT IS NOT PRODUCING AS MUCH. MY BOTTOM LINE WILL ALWAYS BE MAKING A PROFIT, REGARDLESS OF HOW MUCH PROFIT THAT MAY AMOUNT TO. ESPECIALLY, IF I AM MAKING THAT PROFIT WITH THE LACK OF ANXIETY I NOW HAVE WITH MY TRADING. I HAVE SAID IT BEFORE, THEREFORE, I REITERATE. i have traded when that trading was critical to my monthly income. ultimately, that was pressure i did not need and i was not very successful with the trading. now, i do not need to make a dime at forex, AND IT IS AMAZING, yes, even to me, HOW SUCCESSFUL I HAVE BECOME. TO END, this is why some of my commentary over the last several months has had to do with the psychology of trading. anyway, i hope this helps.
the afternoon’s trade, of which i am not pleased!
I WAS LATE GETTING STARTED THIS AFTERNOON. IT IS TUESDAY, AND MY WIFE AND I USUALLY SPEND QUALITY TIME ON TUESDAYS, RUNNING ERRANDS, GETTING GASOLINE, PAYING BILLS ETC. I GOT ON BOARD AT 3:05 PM. oops, before i forget, lavaman, i have had several trades where i received more than i thought i should have with oanda, thus, it does happen!
3:05 eol, 1.2894-8
3:15 eos, 1.2965, THIS ACTION WAS TAKEN BECAUSE THE 3:00 CANDLE BECAME A GOJI CANDLE
3:23 short, 1.2865, CANCELED LONG
3:26 exit, 1.2875, S/L -10
i’ll be back at 7:00 pm
february total, +186.9
goji, bernie
Bernie,
Do you have a rule about when to stop when you’re losing? I was looking at Nick B’s blog the other day and he said something I often see, to stop trading after 3 losses in a row. I should have done that as I logged 5 losses in a row this afternoon. Losing is a major weakness for me. I don’t think I’ve ever seen you lose 3 in a row.
Lavaman,
Wow…
I rarely do 3pm to 4pm, I normally busy at that time, but I always try to see what happened while I was away. And I keep wondering, Bernie, why you consider this timeframe advantageous? The spread is bigger, little or no movement…
Any other timeframe between 2am and 2pm looks better to me. IMHO
hi all,
ok, here is some homework for those interested. i use a -20, during any session as stopping point. if you’d like, you can go back and re-read the most negative period of time that i have had since i began reporting. it includes one such day. it began january 6th. please read the following posts: 312, 313, 314, 316, and 318. i hope this helps you. also, i started trading the 3-4:00 pm time slot back in dec., i think. there are times when the closing usa stock market has a effect on the E/U. also, i think you have to dismiss the actions of this day due to the fundamental events taking place. on days like today, any positive is good. remember, the systems we use are totally technical, thus, was today like trying to fit a square peg into a round hole? the evening’s winning trade:
6:55 eol, 1.2920
7:03 long, 1.2920
7:04 moved S/L, 1.2915
7:05 " " 1.2921
7:06 " " 1.2923
7:06 exit, 1.2923 +3
february total, 189.9
see you in the morning,
gpji, bernie
Yes! That helped immensely, thank you. I just put a note up on my monitor to refer me back to post #312 whenever I hit -20.
I remember reading that string of posts back when I was interested in the goji system before. I remember thinking “Geez dude, find a new system, this ain’t workin’!”. Your system prevailed, mine did not. I’m not ashamed to say I have been, and still am, a bit naive…
Lavaman,
Thanks for your clarification on my take of the goji candle. A bit late with my response,but I don’t check in as often as the regulars here.
I just made my first goji inspired trade on the eurusd.
Aussie time Feb11 3:30 pm. Whatever that is EST. As I mentioned earlier, Forex is all new to me, and all these different time zones are making my head spin.
The trade picked up 9 pips in eleven minutes. As we speak, if I had of stayed with the trade, I’d be up 37 pips. Like gojilover, I am very adverse to losing trades, and tend to take profits when they present themselves. Still, early days. Look forward to playing with the system.
Cheers,
woofx
h all,
it is 9:20 am and i am quitting for the morning. i really didn’t like the action this morning, yet, i had a very good morning. now, i am quitting before i give a portion back. i am not doing this as a lesson for anyone, however, you could use it as such. it is OK to quit while ahead, especially if you feel something does not seem just right. the morning’s trades, with commentary:
7:55 eos, 1.2935 10X
7:55 short, 1.2935
7:56 moved S/L to 1.2940
7:57 moved TP to 1.2920, based on possible PV from 7:20 am
8:00 exit, TP+, 1.2920 +15
8:10 eol, 1.2945
8:10 long, 1.2945
8:11 moved S/L to BE, had been to 1.2949-8
I DO NOT LIKE THE VERY LONG WICKS ON MANY OF THE CANDLES THIS MORNING. THIS IDENTIFIES INDECISION, NORMALLY!
8:22 eol, 1.2970 PV
IF MY NEXT TRADE IS A TP, I WILL QUIT FOR THE MORNING.
8:30 news, spreads to five. i did not cancel the long order. price was at 1.2945 as the news came out. i lucked out becasue i came very near getting filled! this was somewhat a gamble on my part and it came very close to hurting me. i say somewhat because i was aware of the situation and chose to not cancel.
8:34 long, 1.2970
8:37 moved S/L to 1.2973
8:37 exit, 1.2973, had been to 1.2978-3 +3, +18
JUST MISSED BEING STOPPED OUT, THUS, OANDA NOT STOP HUNTING
8:45 long, 1.2985 PV
8:51 moved S/L to 1.2990
8:53 exit, 1.2990, had been to 1.2997, +5, +23
9:00 eos, 1.2950
9:05 canceled short, eol, 1.2975
9:10 canceled long, eos, 1.2950
GOJI CANDLE AT 8:55
9:11 short, 1.2950
9:12 moved S/L to 1.2955
9:15 moved S/L to 1.2948-5
9:16 moved S/L to 1.2943-5
9:17 exit, 1.2943-5, +6.5, +29.5
february total, +219.4
until 3:00 pm
goji, bernie
2 micropips from quitting with decent profit…
7:55 short at 1.2935, B/E at 7:56. Typically, I don’t move to B/E until +5, I was too defensive this morning and it cost me a TP.
8:00 PV short at 1.2925, +4 at 8:04.
8:10 long at 1.2945, B/E at 8:12.
8:20 long at 1.2955, +3.9 at 8:21.
Around 8:35 I got back to my computer and tried to catch a PV trade right then at 1.2970. I placed the order too late, then canceled, then accidentaly put in a sell order and luckily canceled it just in time. I think this could have been a TP trade, but oh well. I make mistakes when I rush myself so I’ll let this be a lesson.
8:49 PV long at 1.2990, B/E at 8:54. Spreads jumped up to 3 pips here, not sure why. This trade was off the 4:00 AM peak. Price dropped insanely when it failed to make a decent breakout. Makes me happy we use tight stops! Spreads are .7 pips right now, I thought Oanda’s lowest was usually .9. What a deal!
Does anyone know if there is a way you can see how much money Oanda (or any broker) has made from your trading?
9:11 short at 1.2950, +5 at 9:17. What a tease! 2 micropips from my TP level before retreating back to my stop. I had decided to quit if this hit my TP. It did not.
9:40 long at 1.2975, -10 at 9:46.
9:56 short at 1.2955, B/E at 9:57
10:07 short at 1.2930, B/E at 10:09. I should have had +5 out of this one.
10:40 PV short at 1.2875, B/E at 10:42.
10:49 PV long at 1.2895, B/E at 10:50.
11:03 long at 1.2905, -10 at 11:06.
Admittedly, I am very frustrated with today. This, in itself, is a good reason to end the morning session. I basically got 2 -10 stops in a row (with several B/E’s in between) so I’m going to use Bernie’s rule and call it quits. I believe that the habits I can start to form from stopping at a time like this are far more important than the pips I could stand to make if I kept going and things went my way (which they probably wouldn’t anyway).
Today’s pips: -7
February Total: +34.7