Spreadbetting Journal Ė Trend Strategy

This is a discussion on Spreadbetting Journal Ė Trend Strategy within the Trading Journals forums, part of the Reception category; Originally Posted by isatrader Iíve gone long Hecla Mining using the Dec 10 spread at the US open today, as ...

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Old Nov 8, 2010, 5:59pm   #41
 
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Hecla Mining Exit

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Originally Posted by isatrader View Post
Iíve gone long Hecla Mining using the Dec 10 spread at the US open today, as I was annoyed at being whipsawed out of my Randgold Resources position yesterday, which is now up considerably higher again today. Randgold was far too big for my account size, so I searched for gold miners that track the gold price closely and that were manageable in my account. Hecla seems to fit the bill and was on my watch list, so I decided to get in.

Entry Price: 724.2
Qty: 0.32
Spread: 6

Stop: 662.8
Limit: 900

Account Risk: 0.48%
Potential Account Profit: 1.38%
Risk Ratio: 2.86

Hecla Mining has surged higher for 3 days now and has gained an A+ grade. So although my target was 900, Iím happy to take profits here, as a 13.67% percent move in 3 days has the chance of reversing just as quickly if gold stalls at itís long term resistance line.

Closing trade
Entry Price: 724.2
Exit Price: 823.2
Qty: 0.32 per point
Points: 99
P/L: £31.69
Trade Percentage: 13.67%

Daily Channel Captured: 66%
Trade Grade: A+

Account P/L: 0.78%
Attached Thumbnails
hecla-mining_entry_4-11-10.png   hecla_mining_exit_8-11-10.png  
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Old Nov 8, 2010, 10:17pm   #42
 
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S&P 500 Long Exit

isatrader started this thread Think I bought this one too high away from the 100 bar EMA, so am exiting at breakeven and going to wait for the next decent pullback to get back in.

Closing trade
Entry Price: 1220.3
Exit Price: 1220.3
Qty: 0.5 per point
Points: 0
P/L: £0

Daily Channel Captured: 0%
Trade Grade: C-
Attached Thumbnails
sp500_exit_8-11-10.png  
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Old Nov 9, 2010, 1:51am   #43
 
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EUR/USD Stopped Out

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Originally Posted by isatrader View Post
EUR/USD has got into my value zone. So as itís too much risk for my account Iím going to paper trade it.

Trade
Entry Price: 1.394
Stop: 1.3879
Limit: 1.4199
EUR/USD has broken lower in the last hour or so, so my stop would have been hit at 1.3879. So closing paper trade is -61 pips. Iím glad Iím so strict with my risk management for my account and couldnít trade it for real.
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Old Nov 9, 2010, 2:00am   #44
 
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Currencies update

isatrader started this thread USD looks to be picking up strength. EUR/USD signal got within 1 pip of the chandelier stop a little while ago. So looks like the buy signal is going off tonight for EUR/USD. GBP/USD is in the value zone and AUD/USD is moving down towards it. Those two might not turn off as are further from their stops and the negative news is focused on the euro zone again, probably as itís a quiet news week and traders like to make up a reason to move the markets when thereís no real data to focus on.
Attached Thumbnails
audusd_signal_9-11-10.png   eurusd_signal_9-11-10.png   gbpusd_signal_9-11-10.png  

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Old Nov 10, 2010, 3:23pm   #45
 
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Halma Entry

isatrader started this thread I’ve gone long in Halma Dec 10 Spread. It was on my watchlist from the weekend scans and it had an inside day yesterday, so I’m looking for the up move to reassert itself.

Trade
Entry Price: 338.60
Qty: 0.7
Spread: 2.42

Stop: 331.49
Limit: 354.14

Account Risk: 0.12%
Potential Account Profit: 0.28%
Risk Ratio: 2.32

Small risk on this one as it’s a different strategy than I usually use.
Attached Thumbnails
halma_entry_10-11-10.png  
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Last edited by isatrader; Nov 10, 2010 at 5:51pm. Reason: Put the mid price instead of the ask price as my entry price
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Old Nov 10, 2010, 5:50pm   #46
 
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Halma Exit Ė Stopped out

isatrader started this thread Closing trade
Entry Price: 338.60
Exit Price: 331.49
Qty: 0.7 per point
Points: -7.11
P/L: -£4.98
Percentage P/L: -2.10%

Daily Channel Captured: -15%
Trade Grade: E

My Halma trade was stopped out a little while after the US opened, but has recovered and closed slightly higher on the day. I made a few mistakes on this one which I hope I will learn from.

1. I used the 4 hour lows to calculate the stoploss position instead of the daily lows.

2. I rushed my entry because I was working and didnít have the chance to day trade into the position. I imagine this would be ok when using a wide stoploss, but I canít do it when using such a tight stop. I either shouldnít have traded or waited till near the close.

3. Finally, I have a negative view on the market currently and think itís going to pullback a little further. So Iím going to make a new rule for myself that I can only go long stocks when Iím willing to be long the S&P 500.
Attached Thumbnails
halma_exit_10-11-10.png  
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Old Nov 10, 2010, 10:16pm   #47
 
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Risk Ė Stop loss on my account?

isatrader started this thread Iím back to thinking about risk again as I really think getting it right is the key to me being successful in my spreadbetting account. Iím currently limiting myself to a maximum risk of 1.5% drawdown a month, with a maximum position size of 0.5% per trade. Iím attempting to trade even smaller position sizes than that where possible as 0.5% per trade would mean that Iíd be stopped from trading if I had 3 losers in a row for the rest of the month. So position sizes of 0.15% is my target size now.

The question Iíve been pondering today is whether I should attach a trailing stop loss to my profits. i.e. as my max drawdown is 1.5% per month, should I be protecting my profits from eroding and turning into a loss once I reach 1.5% profit in a month? Iím currently 2.54% up in November. So what Iím considering is whether I should now have a trailing stoploss on my account 1.5% below the daily or weekly high for my account at which point I would stop trading for the rest of the month?

Iíd be interested to know anyone's thoughts on this who reads this post? PM me or reply in my journal thread if itís sensible.
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Old Nov 11, 2010, 7:23pm   #48
 
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S&p 500

isatrader started this thread Iím currently waiting for the pullback on the S&P 500 to reach the 100 Bar EMA on the 4hr chart, which I like to use for as an entry point. My target entry price on the SP 500 Dec Spread is around the 1198 price level, which is the previous high before the breakout and should be supported by the 100 Bar EMA which is moving closer to that level. But if it stabilizes and moves higher from here instead, then I will use a breakout of the trend line on the 4hr RSI instead.

I will aim to keep my position size small in case itís a reversal of the recent bull trend and add to it if it continues higher.
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sp500_4hr_11-11-10.png  
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