Silvos FX Journey

Silverston

Junior member
30 5
I decided to start a journal here to keep everything in the same place and track progress.

I trade just the one setup on forex and have been on and off since 2009. Its a early to mid trend entry on a pullback. The system weeds out low volatility range bound areas so the idea is to trade just on the beginning of trends or take a bit from the mid trend.

Since I work from home already there's another laptop with the trading platform (GKFX spread betting) I can keep an eye on through the day but maybe going forwards it could be that I keep the trading just to a couple of hours in the morning - also only made entries between 8am and 4.30pm.

Pairs - EU, Cable, EJ and AJ on M15, H4 but probably also try H1

Entries - defined pullback into 15EMA area, I use an envelope around the 15EMA (0.5ATR either side) to make it obvious when to begin trading on the pullback. I'm not too fussed about exact entry level but have three intended entry points, 1/ as near to 15EMA as possible 2/ on farthest channel from direction of trend (can give very low risk entry if achieved) and 3/ on break of low (for shorts) and high (for longs) of previous price bar. There are plenty of nuances around these entries but this is essentially it.

Exits - target prices M15 - 20, H1 - 50, H4 80 - not that ambitious as the idea is to trim something out the the mid trend but sometimes will stay in until trend over defined by failure of price crossing 15EMA envelope. Another point is price levels round number levels of 50/100/20/80 are used sometimes for targets.

Stops - either fixed stop or failure of price at 15EMA envelope - will show this on charts - I've played around with using ATR in the past for stops but leaning towards fixed stop (around 1.5ATR) just for simplicity. R:R about 1:1.5.

Results - showing 60% win rate but think should be possible to get closer to 70%. I've been through a period of just taking lots of small losses without capturing decent moves and have been placing stops too close - the above stops are pretty generous to give the trades time to breathe and for the trend to reassert itself.

P.s I was not going to add AUD:JPY but it is relatively uncorrelated to EU and Cable and is a good synthetic commodity type play too which I like. Also its just broke above 80.00 this morning so could be interesting on the long side if it holds.

Charts to follow to illustrate typical setup and its main variants. Comments always welcome.
 

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