Currency trading (Oct 16th > 20th)

[wasp]

B: problem is I have a primary working system, but tend to fritter away too much of my profits on whimsical Fib/Delta/Gann type ideas.
I manage 50-100 per week on 4-hours ( approx 3 trades ), and about same on 30-mins ( about 10 trades ), and give away around 50 pips per week on testing new ideas.

Trying to improve my trade-selection!
Better than average week this week.

what would be interesting is how many gross pips are required to make the net.
eg; in order to make 100 pips, do you;
a: make 300, lose 200,
b: make 150, lose 50
c: make 200, lose 100

that might give a better picure of trade-efficiency.

I think that does give a better overall picture and a better representation although the overall total month end is more important, how you get there is highly relevant as drawdowns on route cause the whole physchological problems.

I make between 500/800 pips a month (cable) on average, and over the last 2 months my worst drawdown en-route was 100 pips in a row.

Out of your options, I'd be with b: most of the time though which is pretty comfortable for me.

 

[wasp]

P.S. I hope DC's target wasn't the top of the day.....I had thought of using his levels to take some profit but I hate followiing other people's calls because they only seem to be right when you don't follow them (sod's law)

I hope so too! DC does have a pretty good strike rate tho and always worth paying attention to his figures.

 

[breadman]

we are at the top of the channel (4 hour chart) from the 10 Oct to now and we have hit DC target. what are we going to do for the rest of the day. Is this a short term top, with us testing 18720 on monday the bottom of the channel.

breadman

 

[dewi141]

hi trendie,

I hope it is the top of teh day, as I would have been stopped out at my origianl stop of 8827, but itm still in due to dcs call last night (so thanks to him!).
I know I shoudl follow my own plan, but the extra 13 pips are not materail in the long run

cheers

 

[ChowClown]

we are at the top of the channel (4 hour chart) from the 10 Oct to now and we have hit DC target. what are we going to do for the rest of the day. Is this a short term top, with us testing 18720 on monday the bottom of the channel.

breadman

....banking on the hrly TA to reach it's target - 910 initially for me. Left a stop at b/e (783) for the time being, to give it room to wiggle.

 

[wasp]

Despite what I said about the poll and how it should tally up right as it runs all week, its still looking to come out wrong!!!!

 

[jacinto]

...flag pole target circa 8910.

agree with your target, but needs to clear 827 (50% of move down 9143 to 8520, and in the same way that flags are very reliable with cable, so are the 50% retracements ). Then swing high at 8875 (NFP day i think), and this would be the 61% extension of the flags target. very likely it will stall there, if not 8900 is 61% of above mentioned move.

swissy with bear flag not triggered yet. agree with your target.

i didnt take the break of the flag as it was just prior to the news and i simply dont take trades prior to news. waiting for a pullback or continuation pattern to join in.

good call.

(edit: 9143 high instead of 9070)

 

[wasp]

New poll idea

How about one for figuring out how DC calls highs/lows to the pip! starting to bug me now!

 

[Uphios]

How about one for figuring out how DC calls highs/lows to the pip! starting to bug me now!

And me Wasp! Note his forcast on Monday said take Friday off. Not sure if that meant no movement or you should have made enough by then.

 

[ChowClown]

How about one for figuring out how DC calls highs/lows to the pip! starting to bug me now!

lol, it won't be the first time we've tried. There are a few that know from acquiring Genesis last year...tightly bound with the NDA of course

 

[wasp]

Trendie... Didn't you try Genesis? Have you Chow? whats NDA?

 

[ChowClown]

agree with your target, but needs to clear 827 (50% of move down 9070 to 8520, and in the same way that flags are very reliable with cable, so are the 50% retracements ). Then swing high at 8875 (NFP day i think), and this would be the 61% extension of the flags target. very likely it will stall there, if not 8900 is 61% of above mentioned move.

swissy with bear flag not triggered yet. agree with your target.

i didnt take the break of the flag as it was just prior to the news and i simply dont take trades prior to news. waiting for a pullback or continuation pattern to join in.

good call.

...thanks for this jacinto, probably part way to solving the DC riddle too

 

[trendie]

Trendie... Didn't you buy Genesis?

tried to. but no longer available.
would love to get my hands on it. there is a thread about it somewhere.

actually, this can cause problems - because I get email alerts from Rob Booker, Kathy Lien, etc, and they only cause me to waver on my own signals.

I have to remind myself we may be looking at different time-frames.

EDIT: any copies of Genesis available for sale ?

 

[ChowClown]

Trendie... Didn't you try Genesis? Have you Chow? whats NDA?

Non Disclosure Agreement. I didn't buy Genesis. Hooya did though, he did a review on TacticalTrader once i think and Fetteredchinos might also have tried it, not sure.

 

[wasp]

I remember reading the thread and there was alot of people saying that DC did put an element of discretion in there too though.



Something to read for the weekend...!

http://www.trade2win.com/boards/showthread.php?t=10424

 

[Offshore Trader]

With the dollar rising here against most currencies if EUR/GBP bounces off 6700 Cable could really get caned...lots of ifs, I know

 

[wasp]

DC,

Are you trading 'genesis' or just doing your own thing these days?

 

[ChowClown]

With the dollar rising here against most currencies if EUR/GBP bounces off 6700 Cable could really get caned...lots of ifs, I know

Agreed. Locking in a few pips now...

 

[Offshore Trader]

With the dollar rising here against most currencies if EUR/GBP bounces off 6700 Cable could really get caned...lots of ifs, I know

But if I'm wrong on both counts, my long position will look very good....

 

[dewi141]

stopped out at 8840.
There is strong pnf resistance at 8900 which coincides with fib 61.8 level mentioned in prev post...