May '04 Forex

[ChowClown]

1am-8am €$ looking OK now. My chart gave a High of 1.1883 overnight (around 01:05). 50 odd pips up now.

 

[ivorm]

1am-8am €$ looking OK now. My chart gave a High of 1.1883 overnight (around 01:05). 50 odd pips up now.

Good stuff CC. That's the advantage of the wider (60 pip) stop used in the 1-8 system.

The 7-10 system triggered a long as well, but then got stopped out because of the 35 pip SL.

Oh well.......

Regards,

 

[FetteredChinos]

good stuff chow.

im still trying to claw back a minor disaster from earlier today lol..

5 consecutive winning days had to end eventually

 

[Goober]

FC

Have you tested your 7-11am system further to your post below?

have looked into trading with daftly tight stops. eg 15 points. results in a nice profit factor according to limited backtesting.

had a look at 3rd dawns sheet once more. (you know we really should get another sheet set up for other contracts....)

trying a breakout from 7-11 am, with a 15pt stop, and a 15pt trigger really seems to work. nice smooth equity curve, which is what we are all after

FC

 

[FetteredChinos]

not yet goobs, im still trying to **** away my account in the normal fashion lol.

im still testing the 7-10 as per the original rules. had a bad run recently, but we shall see.

live fwd testing in the only way

FC

 

[ChowClown]

....good luck FC, I'm hopeless at clawing stuff back, I almost always end up forcing trades and losing more. It's one of the reasons why I wanted to use a straight forward system.

If anyone with backtesting software can manage it, I'd love to know how the 7am-10am &/or 1am-8am systems have faired over the longer term (a few years at least). I think we have 12mths data tested (tops) posted so far.

 

[FetteredChinos]

thanks chow, i know what you mean.

im currently short on cable. i really really must stop fighting the trend on it.

simple trades, simple profits.

eg:- lower high followed by lower low? short the next retrace

high higher followed by higher low? long the next pullback.

simple, chinos, simple.

i really must tattoo that onto my eyeballs!

FC

 

[neil]

Oh bother

1300HRS BAR AT 1924 Long the Euro but now looks like I might get stopped out - bah!

EDIT: I am kicked out of Long ( Stop hit)....time for tea and a biscuit.

 

[FetteredChinos]

sorry to hear that neil.

looks like we have all had a pain of a day. been whipping around on news like a good (/bad) 'un!

FC

 

[ChowClown]

neil, do you trade full-time?

 

[Goober]

Long at 1.1917, stopped out at 1.1902 for -15 pips.

Lousy day for BO trading.

 

[Welshmal]

Yes a lousy day but plenty of oppotunities too. Just managed to miss that bit! So my learning curve continues.........keep to the stategy and do not part from it. So confident in my prediction of the drop in the euro/dollar I ran without a stop loss on my short. DUH!

 

[gus]

fwiw - on the EURUSD, I had an early warning (buy) on the 5/7 close of 1882 - it's begining to look like confirmation could come Friday..........'.looks higher, could go lower'
'"the afternoon knows what the morning never suspected" (swedish proverb)
gus

 

[FetteredChinos]

interesting Gus. do you have any links to explain this strategy of yours?

im curious as to how these early buys are derived. does the same also apply for shorts?

FC

 

[ChowClown]

...same here gus. I think you're using Tom DeMark's strat, which I've looked at a bit - do you go through the 3 stages manually or do you have a spreadsheet. I'm keen to get something into Excel.

 

[Welshmal]

GBP/USD 7-8 17661/17626 bo confirmed sell@17626
Euro/Usd 1-8 11928/11846 bo confirmed sell@11846

Have a feeling it could be a highly charged day with retail figures from US at 1.30, mounting oil prices and political unrest in the States.

 

[ChowClown]

Have a good one Welshmal. In with ya on the EUR/USD, although I've a sneeky feeling I ought to sit today/tomorrow out on the BO system - as you say, the reports today and tomorrow are likely to give us a rollercoaster ride.

 

[TheBramble]

Have a feeling it could be a highly charged day with retail figures from US at 1.30, mounting oil prices and political unrest in the States.

WM - Is there a possibility your expectations above may prejudice your trade planning/execution today?

You made a comment yesterday about running your short without a stop as you were "So confident in my prediction of the drop in the euro/dollar...".

 

[Welshmal]

Tony, sharp man! I will go to the back of the class and concentrate. The truth is you are right! I'll focus on trend and analysis.

Cheers

M

 

[TheBramble]

Mal, I didn't quite mean it that way! It's just that I've done (and do!) the same thing myself.

Set up a great trade plan and then let expectations on reactions to fundamentals 'colour' my execution.