Forex trading live calls and set ups

I am thinking of closing this thread (Beachtrader voted a No)

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Following recent posts and pms I just want to add add a little about Old Ma Flashearts secret trading recipe.
It is a trading method that is currently 124 pips down after 23 trades and 8 days. This is equivilant to 3 trades. If I was 1000 pips up and had a drawdown of 124 no one would blink an eyelid
Rest assured Old Ma will be waving her bloomers from the turret soon.:)
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IF YOU ARE LOOKING AT THE CALLS AND THINKING IT DOESNT WORK THE CHANCES ARE YOU MAY NEVER BE A PROFITABLE TRADER. THE HARDEST PART OF TRADING IS DEALING WITH LOSES AS THEY COME ALONG.
seeing me call say 8 losers on the trot does not mean i cant trade or that the method is flawed. Id like to watch a guy call 20 winners on the trot , copy his method and live happily ever after. It cant be done, there are always losers,many of them. It really has to be accepted before you can become a winning trader.
I trade this method as I want an easier life and to be done by midday. If it fails i will be at a lose end with my trading, but will not go back to my previous methods.They made cash but my life balance went pear shaped. I hope to prove a simple method can be used to great affect and do it with live calls as I enjoy the pressure and feel it improves discipline. I have held back from re leasing the exact method simply because I dont want My wheel re-invented yet and whats the point if it when its behind.:mad:

I appreciate the comments and I know youd all like the method to succeed if just to prove something simple can pay good dividends. I believe the reason most people watch the thread is to see others make money and see their set ups with a live trade attached to it. Its great to see so many live callers lately and most are ahead(ive checked) and pass on much valuable information. I plan to be in that group very soon. Sorry for the long post,im bored wife gone out kids asleep,
 
Lord Flasheart said:
Its great to see so many live callers lately and most are ahead(ive checked)
Click to expand...

oooohh, who are the top traders from your research?? im guessing chowclown and maybe wacky??

WOuld be cool to have a little feature on the site that tracks your pip count next to your avatar or soemething, lol.
 
Sorry Flash, I didn't follow all the posts.

Do you go for 1/1 (risk/reward) on your system? If so do you include the spreads and how does it affect your risk/reward? Do you calculate your risk/reward based on the charts or you go for a fixed monetary risk/reward?

PS I attached an example (based on mid prices)
 

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OK, not really a live call this as I entered a little while ago... Short EU 1.3216. Trading the breakout of a wedge on the 4hr in the belief market is heading lower.

If market pulls back to 1.3350 I sell another 1K lot and if it pulls back to the top of the triangle I sell another 1K lot so we're not breaking the bank but this is my christmas gamble. Stop on all positions is at 1.3500 and the total risk is $50 which is a sizeable chunk of my micro account. If it doesn't pay off I'll simply put the $50 back so let's not all start going on about MM.. Trust me, I know all about that.

The reason I'm doing this is I recently switched to longer TF's and I've been absolutely battered as my stops have been too tight. I was actually short several times over the last few days but kept getting stopped.

This trade is based on my belief that we're heading down to around 1.2750 provided we trade below 1.3500 but my account can't handle the stop I need with decent MM, even at $0.10 per pip so f*ck it. It's a micro account and I can afford to replace it.

Now, please keep in mind that every time I post a live call I either lose, get spooked out or get shaken by others' trades. Well this one is running. End of.

 
Black Swan said:
Julian, he's a multi nic attention seeking troll, but here's a hedge that could work;

OK, so you know a news event is coming, let's pick NFP. 13:00 hours (CET) you go long and short on the Euro, stop of 30 limit of 50. You might make 20 pips if price goes in one direction when the news is released. What could possibly go wrong..other than slippage, double spike, etc..etc..:D
Click to expand...

Sorry for the late response to this which is several pages back now but I'm only currently reading this thread at the end of the day. I just wanted to comment on this issue of simultaneous long and short positions which LF is puzzling over.

LF is of course correct: there is no advantage at all in going simultaneously long and short as the two positions do indeed cancel each other out. In all cases you can get exactly the same effect by starting off flat. In Black swan's scenario quoted above you don't need the initial long/short position. If you set up the following orders before the news comes out then it's identical to what BS says:

X is the pre-release price:
sell stop X-30
buy limit X-50
buy stop X+30
Sell limit X+50
These orders correspond to the stop loss and profit target of the two sides of the hedge.

The only case that I can see whereby you might want to use simultaneous long/short positions is where it makes it easier to follow a complicated method such as Leerees's grid trading method. One should always bear in mind that one is paying an unnecessary cost of the spread for every time that one does this though.

Talking of grid trading, I do remember a couple of years ago on T2W in whatever the live FX trading thread was called then, some chap came along with a flash grid trading method and wowed all the regulars for a while by making several hundred pips per day with seemingly no effort required. Needless to say, it all ended in tears when the market just kept on going in one direction and wiped out his account. For anyone contemplating any such path to "easy riches", over time there's only one possible result and it's not the one you're hoping for!
 
redart said:
oooohh, who are the top traders from your research?? im guessing chowclown and maybe wacky??
Click to expand...

Whaddya mean "maybe wacky??" I'll have you know I don't take 2nd place lightly!

from movie "Trading Places" said:
It's kill or be killed. Buy low, sell high. Fear...that's the other guy's problem
Click to expand...

Remember, it's not how you play the game, JUST WIN!!

Peter
 
redart said:
oooohh, who are the top traders from your research?? im guessing chowclown and maybe wacky??

WOuld be cool to have a little feature on the site that tracks your pip count next to your avatar or soemething, lol.
Click to expand...

that would be a great but pointless feature,by all means keep your own tally and add to the pressure.:)
Wacky is ahead by my account over the last 6 months. Be positive has been calling longer than any of us but doesnt always post his trades but is ahead. I would say Dinos has the biggest % but he survives on less pips. So how do you compare hin against longer term tarders,Vaco etc. Porcel, Bedsit, Redart all look good to me. Chowclown is diffficult to judge, of the calls hes made in real time, hes ahead and I think would have a smooth equity curve, unlike wacky whos method is more descretionary and prone to bigger equity swings i feel. Ive probably missed a few and do not want to offend anyone,so this is all said without prejudice and is completely pointless.
There is however one trader with a 100 % record and averages about 200 pips per live trade called. Theres a brownie point for guessing whoo it is
 
bedsit said:
Sorry Flash, I didn't follow all the posts.

Do you go for 1/1 (risk/reward) on your system? If so do you include the spreads and how does it affect your risk/reward? Do you calculate your risk/reward based on the charts or you go for a fixed monetary risk/reward?

PS I attached an example (based on mid prices)
Click to expand...
1:1 for the first trade(1/2) unless its moving my way quickly. Rest then to b/e generally and hope to get at least 1:2. My stops are normally above the last local high + a bit for spread
 
bedsit said:
EJ has been a real pain for the last two days. Short I opened yesterday morning hasn't hit stop or target as yet - had enough of it - closed it at +20.

PS My target was 11133 (not hit as yet)
Click to expand...



It hit the target - without me. One day may start using limit orders for as long as it takes (2 days or whatever).

PS May become a happy and successful trader one day when I learn how to be patient and disciplined.:whistling
 
EURUSD - important res/supp levels for the next 24hours

After FED the pair gained a few pips above its previous high but stalled immediately afterwards. Today it broke below the up-trend line that was in place since 30 Nov (more than 2 weeks ago). This is for me a good sign to expect more downside, especially since the current level is not yet oversold (so there is still plenty of room to go down). Coincidentally or not, the high made Tuesday immediately after FED was exactly on 62,8% fibbo retracement of the last downtrend impulse (22-30 Nov).
Regardless of the fact that I anticipate more downside for the pair, we must be objective and look for significant support and resistance. We could find support near 1,3120 and afterwards near 1,3015. To the upside, first resistance is near 1,3376 (this morning high and also weekly R1). Another important resistance is near 1,3410 and beyond that 1,3485 and 1,3528.
 
Last edited by a moderator:
The Asian session has become almost completely lethargic, mostly do to seasonal tendencies. Many traders have closed up books on 2010. No trades for me tonight.

Peter
 
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