EJ Daytraders v The Rest of The World

[MIKE FARRELL]

Hi Guys,

Sorry for so late signing in. What with France & the USA on holidays today I think I will give it a miss. The adjusted EP for the Long would have been 132.57. May be it will reach 30 pips but I won't count it today

Back tomorrow

 

[MIKE FARRELL]

Good morning pip pickers,

I should have kept the faith yesterday and would have won 30 pips.

The bandwidth range today is 53 pips. I have set a "long" at 133.46 20SL & an initial 40 pips limit

I have also set a short at 132.87 with a 20SL & initial 40 pips limit. It looks as though the "long" could trigger first. If it does and wins then I will cancel the short and vice versa

 

[MIKE FARRELL]

The market retraced 31 pips taking out my stop and now is going forward going past the 20 pips profit mark. I therefore have cancelled my "short" pending order

 

[MIKE FARRELL]

Good morning guys,

I am up very late today and have PC problems.

Luckily the bandwidth is only showing 27.8 pips so I have to wait for it to expand past 30 pips.

Back later

 

[MIKE FARRELL]

Price expanded past 31.7 pips at 8am.

Official price entries "Long" at 133.98 but this is too close to the BRN for me so I will wait for it to go past 134.20 & retrace a bit before going long in this regard.

The short is much more straight forward. I have set this at 133.61 for a 20SL & initial 40 limit

 

[MIKE FARRELL]

My trade is still going and have to go out soon. I have adjusted the limit to 30 whilst I am out.

I am not doing anything with the "long" while I am out; it needs too much hands on manipulation

 

[MIKE FARRELL]

Good morning pip pickers,

I should be going long at 134.34 & short at 133.71 but am holding fire atm

 

[MIKE FARRELL]

I could have got in but decided to wait for a decent retrace. If it gets to 134.54 and beyond I will assume I've missed it for today, Other than that I'll wait for it to drop to below 134.20 before chancing a long.

 

[zuke]

I am long from 134.16...got in at 06:45 this am...taken off a portion (50%) at 134.46 and moved stop to 133.86. My next target is 134.76 and Ill take off 25% more, then shooting for the moon...final target 135.36 for the final 25%. Each time I scale out, Ill move the SL to the previous scale out level and trail with PSAR on 15M

 

[MIKE FARRELL]

I am long from 134.16...got in at 06:45 this am...taken off a portion (50%) at 134.46 and moved stop to 133.86. My next target is 134.76 and Ill take off 25% more, then shooting for the moon...final target 135.36 for the final 25%. Each time I scale out, Ill move the SL to the previous scale out level and trail with PSAR on 15M

Many thanks Zuke, I'll take a look at your figures later

Incidentally, that Bond quote is quite often cited; however it was one of the most stupidist 007 statement ever made. Goldfinger was obviously leaving Fort Knox and was not remotely going to interview Bond. However, in the the film industry, they say anything to make an impact

 

[MIKE FARRELL]

Going through some funny changes on FX criteria atm; however, I have placed an order to go short at 134.83 with a 20SL & initial 40 limit

 

[MIKE FARRELL]

Well that didn't last long.

I have now set up a "long! at the other end of the bandwidth 135.38 with a 20SL & 30 pip target as I will be away from my PC possibly when and if it triggers

 

[MIKE FARRELL]

Got back at 3.30 pm and found nothing going on so I have cancelled the long. It looks like movement has been exhausted for the day

 

[MIKE FARRELL]

Good morning pip pickers,

We have a 47 pips bandwidth on the EJ this morning. The long EP should be 135.02 & short 134.57.

I haven't set the "long" as I don't like setting trades around the BRN with a short stop. Also, the most recent high 23.10.13 of 135.49 may be there for the taking but it makes me nervous.

I have set the short up at 134.57 with a 20SL & initially no limit.

Good luck to all trading today

 

[MIKE FARRELL]

Good morning one and all.

We have a 49 pips bandwidth today. The Long EP would be 135.97 and as you know I don't like entering the market with a 20SL (it saved me from a loss yesterday). However, price is nearer to the "short" entry which is 135.41 therefore I have ordered a short there with a 20SL & no limit as I would like to monitor the trade if it triggers

 

[MIKE FARRELL]

Good morning one and all.

We have a 49 pips bandwidth today. The Long EP would be 135.97 and as you know I don't like entering the market with a 20SL (it saved me from a loss yesterday). However, price is nearer to the "short" entry which is 135.41 therefore I have ordered a short there with a 20SL & no limit as I would like to monitor the trade if it triggers

Well that trade was good for at least 30 pips

 

[MIKE FARRELL]

Hi Guys,

Sorry I haven't been in touch over the last few days.

I have been studying the EJ from different angles and this has somewhat interfered with my own trading.

I have no problem with quoting the EP's based upon 3 pips above the high of the bandwidth and two pips below the bandwidth of the times between 11pm the previous day and 6am of the current day. This is easy. I do have a problem with the SL & targets for profit.

The original each way method upon which the criteria is based always demands a longer stop loss than a profit target. This is something that I have struggled with over the past year.

However, in its original format the method is back to 1,064 pips in profit over a 13 months period. The big let-down comes when one experiences a few double loss days that can seriously damage cumulative profits, for a while at least.

My attempt to get around this by only using a 20SL doesn't seem to work that well.

What I have decided to do is continue with my new studies and try to find how I may make the EM EJ more palatable and avoid the wild fluctuations that occurs from time to time.

This being so I am going to take a break from posting up entries here and hopefully come back in the New Year with a much improved alternative.

Best wishes to all my EJ friends.

I am not giving up; just taking a breather whilst on a path to improve my trading.