Seeking consistency

This is a discussion on Seeking consistency within the Trading Journals forums, part of the Reception category; Originally Posted by Leia My trade order is @ 139.95 with a stop at 137.80 (-215pips) T1 = R1 = ...

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Old Mar 10, 2013, 5:25pm   #676
Joined Dec 2009
Re: GBP JPY long

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Originally Posted by Leia View Post
My trade order is @ 139.95 with a stop at 137.80 (-215pips)
T1 = R1 = +215pips @ 142.10
T2 at first potential resistance @ 144.00 (+400pips. almost R2)
T3 trialing stop to recent swing high @ 147.80 (+785pips if seen)
Target 1 and Target 2 achieved (+215pips, + 400pips) total R = 0.95, with remaining part @ breakeven
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Old Mar 10, 2013, 5:33pm   #677
Joined Dec 2009
Re: EUR NZD short order

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Originally Posted by Leia View Post
I have therefore placed an order to go short at 50% back into the 4 hour 'trigger' candle @ 1.58 80, with a stop above the high @ 1.59 40 (risk -60pips)
T1 = R1 = +60 pips @ 1.58 20
T2 = recent swing low @ 1.56 00 (+280pips, R4)
T3 = trailing stop to 1.54 50
Targets 1 & 2 achieved (+60pips, + 280pips) average R=1.9, with final part 'free trade'
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Old Mar 11, 2013, 9:10am   #678
Joined Dec 2009
Re: EUR NZD short order

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Targets 1 & 2 achieved (+60pips, + 280pips) average R=1.9, with final part 'free trade'
Part 3 closed out @ Break Even (NIL pips)
looking for a 'double top' &/or price action to re-enter short
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Old Mar 13, 2013, 9:07am   #679
Joined Dec 2009
GBP USD counter trend (long)

Leia started this thread The daily and 4 hour charts are both firmly indicating short

However the last few daily candles are indicative of a rejection of lower prices at this point in time

I have therefore placed an order to trade long (using a nicely constructed 4 hour candle) @ 1.49 15 with an 85pip stop @ 1.48 30
T1 = R1 = +85pips @ 1.50 00 (also a psychological level which may 'attract' price)
T2 @ recent swing high @ 1. 51 50 (R =2.7) also well below the very monthly strong support / potential resistance level that may also attract price @ 1.52 40
T3 trailing stop to an ambitious target of the next weekly Support / Resistance level @ 1.58 00

Because there is no obvious Support/Resistance at this level and this is obviously a higher risk Counter Trend Trade, I have reduced my trade size to 50%
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Old Mar 15, 2013, 10:44am   #680
Joined Dec 2009
Re: GBP USD counter trend (long)

Leia started this thread
Quote:
Originally Posted by Leia View Post
I have therefore placed an order to trade long (using a nicely constructed 4 hour candle) @ 1.49 15 with an 85pip stop @ 1.48 30
T1 = R1 = +85pips @ 1.50 00 (also a psychological level which may 'attract' price)
T2 @ recent swing high @ 1. 51 50 (R =2.7) also well below the very monthly strong support / potential resistance level that may also attract price @ 1.52 40
T3 trailing stop to an ambitious target of the next weekly Support / Resistance level @ 1.58 00
T1 achieved & stops to BreakEven
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Old Mar 15, 2013, 11:00am   #681
Joined Dec 2009
Re: GBP JPY long

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Originally Posted by Leia View Post
Target 1 and Target 2 achieved (+215pips, + 400pips) total R = 0.95, with remaining part @ breakeven
trailing stop to 141.70 (+175pips) on final T3 part (to 147.80 if seen before reversal hits trailing stop)
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Old Mar 15, 2013, 11:12am   #682
Joined Dec 2009
Re: GBP USD counter trend (long)

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Originally Posted by Leia View Post
T1 achieved & stops to BreakEven
T2 achieved
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Old Mar 16, 2013, 2:51am   #683
Joined Jun 2010
Leia -
It looks like you're doing well and have got consistent and comfortable in your trading. Do you have any summary non-money stats you could post like win/loss or perhaps something like the Omega ratio? Thanks.
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Old Mar 16, 2013, 3:01am   #684
Joined Jun 2010
Perhaps better request is not that you post these, but what statistics do you use to show progress?
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Old Mar 17, 2013, 5:13am   #685
Joined Aug 2012
Re: Seeking consistency

Omega ratio? Is that something new?
I'll take a gander, first time I've heard of it. Thanks
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Old Mar 18, 2013, 3:20pm   #686
Joined Dec 2009
Re: GBP USD counter trend (long)

Leia started this thread
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Originally Posted by Leia View Post
T2 achieved
Price seems to be stalling at the1.52 00 level
I have therefore (quite aggressively) moved my trailing stop on the final part of this trade to tight underneath the recently formed support on the 4hour time-frame @ 1. 50 50

CraigSam & FringFX
Very many thanks for taking the time to look at and submit a post (or two) to my thread
I too am unfamiliar with Omega (google search on 'to do' list)
The simple answer to performance measurement is my account balance. My objective is to add 2.5% per month
I have often wanted to find a way to post a 'screen shot' of a spreadsheet of trades taken and their results, but haven't found an easy way to to that, so have stopped making 'summary' statements.
I do have a list of every trade (usually three rows per trade, as I usually have three targets) in a spreadsheet, which I would be happy to share / make public, but a summary (one row per trade, weekly result summary - just number of trades, win / loss / 'R' achieved, monthly result summary - as weekly) would be better I am sure
If I could find a way of creating an up-loadable file, which is as easy to read as the 'chart screen shots' I post are, then I would go to the effort of creating (and then maintaining, the trade list, weekly & monthly summary)
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Old Mar 18, 2013, 7:22pm   #687
Joined Jun 2010
Re: GBP USD counter trend (long)

Quote:
Originally Posted by Leia View Post

CraigSam & FringFX
Very many thanks for taking the time to look at and submit a post (or two) to my thread
I too am unfamiliar with Omega (google search on 'to do' list)
The simple answer to performance measurement is my account balance. My objective is to add 2.5% per month
I have often wanted to find a way to post a 'screen shot' of a spreadsheet of trades taken and their results, but haven't found an easy way to to that, so have stopped making 'summary' statements.
I do have a list of every trade (usually three rows per trade, as I usually have three targets) in a spreadsheet, which I would be happy to share / make public, but a summary (one row per trade, weekly result summary - just number of trades, win / loss / 'R' achieved, monthly result summary - as weekly) would be better I am sure
If I could find a way of creating an up-loadable file, which is as easy to read as the 'chart screen shots' I post are, then I would go to the effort of creating (and then maintaining, the trade list, weekly & monthly summary)
If you're tracking your monthly percentage returns, you're almost there. I had a little difficulty figuring out the Omega ratio since most of the web info was academic, but there was a spreadsheet site that I'm sure you'll find. A simple version of the Omega (not considering an index return or risk free rate of return benchmark such as T-bill yields) is the sum of your monthly percentage gains divided by the absolute value of the sum of your monthly percentage losses. Jack Schwager in his latest Market Wizard book has an appendix on his Gain to Pain ratio which captures similar info.
Over a year, if you had six up months, each at 4%, and six down months, each at 3%, you would have an Omega ratio of 24/18, or 1.33, which is a way to look at your cumulative return to risk. I calculate ratios over different time periods to see if I'm making progress. Other metrics like Sharpe and Sortino don't do a good job of capturing the upward bias in your returns like the Omega, but do capture the volatility. Simple Sharpe is average return over standard deviation.
All this is based on web searches and trying to figure metrics out based on how hedge funds track performance so I could compare. Thus, use at your own risk!
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Old Mar 20, 2013, 9:51am   #688
Joined Dec 2009
Re: GBP USD counter trend (long)

Leia started this thread
Quote:
Originally Posted by Leia View Post
Price seems to be stalling at the1.52 00 level
I have therefore (quite aggressively) moved my trailing stop on the final part of this trade to tight underneath the recently formed support on the 4hour time-frame @ 1. 50 50
trailing stop hit for +135 pips
overall trade +455 pips (@ 33.3% = 151 'full' pips)
risk 85pips final R (risk/reward) of 1.78 - short of my target (of at least 2), but OK for a counter trend trade
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Old Mar 20, 2013, 11:37am   #689
Joined Dec 2009
EUR GBP short

Leia started this thread My daily indicator is long and 4 hour short
Price has just printed a 4 hour trigger candle (short) rejecting a daily SR level
February's monthly candle also indicated rejection of higher prices for this pair at this time

I have therefore placed an order to enter this pair short @ 0.85 60, with a stop @ 0.86 00 (-40pip risk)
T1 = R1 = 40pips @ 0.85 20
T2 = recent support @ 0.84 60 (+100 pips R2)
T2 = trailing stop to 0.82 50 (if seen)
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Old Mar 20, 2013, 2:02pm   #690
Joined Dec 2009
Re: EUR GBP short

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Quote:
Originally Posted by Leia View Post
I have therefore placed an order to enter this pair short @ 0.85 60, with a stop @ 0.86 00 (-40pip risk)
T1 = R1 = 40pips @ 0.85 20
T2 = recent support @ 0.84 60 (+100 pips R2)
T2 = trailing stop to 0.82 50 (if seen)
Orders triggered open and stop hit (full loss)
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