Gio's Journal

[gio9]

I'm not good its just the strategy is working even though i'm not executing properly. I looked at the charts again for 2 days ago and i missed a 25 pip gain due to sleep.

I missed the trade last night because I fell asleep early. I found out that my wife is pregnant for the second time. If that's not a good excuse to miss a night of trading. I don't know what is. What is funny is that you guys know before my family.

Last night I missed a 15 pip move in london session and a 25 pip move in US Session. so my returns are still the same as posted above.


Countertrend strategy rules
1. Enter on 1 hour breakout candle short and long.. no indicators, Must have a higher close then the previous open. Or a lower close then the previous close.
2. It must be the first candle in the reversal. Only trade the first one.
2. Trail stop loss 10 pips above or belowwith the lowest low or highest high of the next candle on hourly
3. Search 5min chart for correct entry
5 Taking trades from 4gmt to 13gmt. no trades on hourly candle of news.. unless it's a clear signal
Trading only 3% of the account with a max risk of 1% on any trade.
Not taking candles over 75 pips from open to close
6. Only trading GBP/USD right now.
7. Minimum target and sl of 20 pips.
8. Risk management is 1 to 1 but SL improves the ratio.
7. Check news and don't take trade 2-3 hours before.
8. Watch first 5 min candle.. if it go's in direction enter trade.. if it go's against.. wait to enter at higher or lower price.
9. only trade 5gmt to 14gmt.. i might extend the 14gmt since it usually trends good after 14gmt until 18gmt
10. Take all candles.. averaging 2-3 trades a day.
11. Exit on stops,limits, or reversal candles. (Reenter on reversal candles)

Things I've learned. Simple but solid.
1. Look at smaller time frames to view trend, channel tops and bottoms, clear entrie

Modifications I might make.
1. Adding a trailing stop for 25% of the position.
2. Adding an exit for doji's or reversal candlesticks.
3. Trading strategy on a 4 hr chart
4. View 4 hr chart to make sure I'm not trading against obvious candlestick paterns. Large wicks etc.

 

[gio9]

-18 pips last night. Got stopped out by 4 pips and it went on to become a winner. No shame in that. But shame in missing a 25 pip gain.

Today gained today -18 pips

Total pips week -22
Total pips month -28
Total actual live pips since inception -28
Missed 185 pips in potential gains since inception due to sleeping.

 

[gio9]

Last night the system made 30 pips but i did not trade.. I'm going to wait until my alarm is programmed to trade live.. I am unable to follow system without an alarm.

 

[gio9]

Plus 20 pips today.. off to bed

i missed a 30 pip move due to not having an alarm

I didn't take a 15gmt trade and it would've been a 35 pip winner. I'm thinking I should expand my timeframe to 16gmt since it usually trends after that. ?? hmmm


Today was actually the perfect market for my system. Today my system is up 260 pips since inception

 

[gio9]

5/29/08 12pm Sell 1.9750 1.9714 1.9788 +36
5/29/08 4am
Buy 1.9734 1.9766 1.9704 -30
5/29/08 6am
Sell 1.9700 1.9666 1.9739 -39
5/29/08 8am
Buy 1.9760 1.9808 1.9716 +47

so ended a plus 14 pips for the day

 

[sammymu323]

5/29/08 12pm Sell 1.9750 1.9714 1.9788 +36
5/29/08 4am
Buy 1.9734 1.9766 1.9704 -30
5/29/08 6am
Sell 1.9700 1.9666 1.9739 -39
5/29/08 8am
Buy 1.9760 1.9808 1.9716 +47

so ended a plus 14 pips for the day

Dude,

Are you the infamous '24/7 MAN' I heard about? Don't you ever sleep??

Sam

 

[gio9]

pound made 50 pips yesterday.. I didn't trade it due to my news rule.. hmmm.. maybe just follow the charts from now? What do you think?

 

[gio9]

-27 first trade of the night= 1 bar up.. 1 bar down, 1 bar up.. it's a bad day for my system.. i think a bad day for any system; SECOND trade-35. one more and i'm out plus 43 on 3rd trade.. thank goodness
-19 for day

 

[sammymu323]

yo..

-27 first trade of the night= 1 bar up.. 1 bar down, 1 bar up.. it's a bad day for my system.. i think a bad day for any system; SECOND trade-35. one more and i'm out plus 43 on 3rd trade.. thank goodness
-19 for day

Haha high roller.. all I can say is that when you are not so sure, put in less lots. Some trades are easier than others, some are not.

Sam

 

[gio9]

Plus 24 pips for the day.. I missed 2 trades.. 1 with -38 and other +15.. It was a good thing to miss the trade today

 

[gio9]

Countertrend strategy rules
1. Enter on 1 hour breakout candle short and long.. no indicators, Must have a higher close then the previous open. Or a lower close then the previous close.
2. It must be the first candle in the reversal. Only trade the first one.
2. Trail stop loss 10 pips above or below the lowest low or highest high of the next candle on hourly. If the next hour has a better SL price
3. Make sure price breaks the previous close with at least 3 pips
5 Taking trades from 4gmt to 14gmt. no trades on hourly candle of news.. unless it's a clear signal
Trading only 3% of the account with a max risk of 1% on any trade.
Not taking candles over 75 pips from open to close
6. Only trading GBP/USD right now.
7. Minimum target and sl of 15 pips.
8. Risk management is 1 to 1 but SL improves the ratio.
7. Check news and don't take trade 2 hours before.
10. Take all candles.. averaging 2-3 trades a day.
11. Exit on stops,limits, or reversal candles. (Reenter on reversal candles)

Things I've learned. Simple but solid.
Keep pulling the trigger. It's scary but it works.

Modifications I might make.
1. Adding a trailing stop for 25% of the position.
2. Adding an exit for doji's or reversal candlesticks.
3. Trading new pairs
4. View 4 hr chart to make sure I'm not trading against obvious candlestick paterns. Large wicks etc.

 

[sammymu323]

Plus 24 pips for the day.. I missed 2 trades.. 1 with -38 and other +15.. It was a good thing to miss the trade today

Man you are awesome! -9 for me on Euro. I can't believe Euro held up this well on a 200 pip drop previous day??!! I have to pride myself for making good entries at 60 short, had 35 pip gain at one moment around 11, did a stop loss, went to sleep and next day I wake up...... haha it reversed? Damn Euro!!

I have lost my touch in Euro, time to learn from you and move on to lb now!!!! :idea:

Sam

 

[gio9]

-39 on first trade
+28 on second
+40 on third
+21 for day... but.. I didn't take the second 2 trades due to news releases. What do you think? Should I start taking all trades and forget the news?

 

[gio9]

Stick to euro... you'll get it back.. This trading is a balancing act. Just remember when you lose that means the winning trade is just getting that much closer.

Man you are awesome! -9 for me on Euro. I can't believe Euro held up this well on a 200 pip drop previous day??!! I have to pride myself for making good entries at 60 short, had 35 pip gain at one moment around 11, did a stop loss, went to sleep and next day I wake up...... haha it reversed? Damn Euro!!

I have lost my touch in Euro, time to learn from you and move on to lb now!!!! :idea:

Sam

 

[sammymu323]

-39 on first trade
+28 on second
+40 on third
+21 for day... but.. I didn't take the second 2 trades due to news releases. What do you think? Should I start taking all trades and forget the news?

Dude who cares about news when you have a stop loss???!! That's my thinking :innocent:

 

[gio9]

If I didn't close the trade.. I would be positive 24 pips for the day.. I think I'll let all trades play out

 

[gio9]

-23 On First Trade
+37 ON SECOND TRADE
+15 for the day

I'm getting an ea programmed right now to help me with this strategy. I help me enter my trades. I'm also going to incorporate a trailing stop loss on partial position which will help me capture more pips on the big moves. I should have the software done by next week.

Plus 135 pips for the week. Damn this is looking good. 5 weeks with great results

originally I was trading 3% margin. Since my goal is to make 30%-50% yearly. I believe I will change it to 2.5% margin since the system is gaining enough pips.

I'm going to work on 2 things since the system works. 1. Keep this as system 1a. Since it works I don't want to tweak it.

I'm going to have system 1b that is going to focus on riding the winners longer, I'm undecided on how I will exit these positions. Some thoughts are
1. Trail SL 1 pip for every 1 pip gained.
2. Exit macd cross signal
3. Exit at 20gmt daily.

Any suggestions?

 

[gio9]

yesterday

Original system +15

system w trailing stop and 5 pip gap +45

today
original system -40
system w trailing stop -10

I'm still waiting on my EA

 

[gio9]

market moved too much 2 days ago.

original 0 -60

w trailing stop 0
-25

 

[sammymu323]

yo..

Man,

I haven't been doing as many pip as I should have and the market has been awesome this week. : ( My entry was perfect, but my exits were all too early. However, I have been watching the market about exits. I guess in response to your question about capturing a big one. I am realizing w/ Euro, depends on your entry. 4 hour is a good indicator. You can basically look at the color for exits. If you shorted and it's red, hold on to your position no matter how big or small the next candle will be. When the color start to change, it's a sign of reversal. I will keep this in mind if my entries are good. Hopefully it works for lb too. Damn I only captured 30 pip last night. I am pissed. >_<

I do not think lb you should hold over a day because it is a very short term currency to trade, hence the big fluctuation each day. Just my thoughts, hopefully it helps a little.

Sam