The old mans trades

Pending orders:

gbp/yen sell @ 125.70 stop 126.35 limit 125.20

Open trades:

usd/chf buy @ .9376 stop .9350 limit .9396
eur/usd sell @ 1.2898 stop 1.2941 limit 1.2858
aud/usd sell @ 1.0368 stop 1.0405 limit 1.0338
gbp/usd sell @ 1.6134 stop 1.6177 limit 1.6095
eur/yen sell @ 100.53 stop 101.05 limit 100.03

Total profit in pips:

-60 pips

Closed trades:

Sell usd/chf @9425 stop 9438 limit 9413 = -13
Buy eur/usd @2821 stop 2802 limit 2838 = +17
gbp/usd buy @ .6119 stop .6108 limit .6130 = +11
usd/chf sell @ .9424 stop .9440 limit .9410 = +14
eur/yen buy @ 100.03 stop .9977 limit 100.26 = +23
eur/usd sell @ 1.2891 stop 1.2913 limit 1.2871 = -22
usd/chf buy @ .9379 stop .9363 limit .9393 = -16
eur/yen sell @ 100.51 stop 100.72 limit 100.33 = -21
eur/usd sell @ 1.2911 stop 1.2928 limit 1.2895 = -17
nzd/usd sell @ .8301 stop .8318 limit .8288 = -17
aud/usd sell @ 1.0370 stop 1.0386 limit 1.0357 = -16
gbp/yen sell @ 125.86 stop 126.05 limit 126.65 = -19
usd/cad buy @ .9826 stop .9812 limit .9836 = -14
usd/cad buy @ .9810 stop .9798 limit .9820 = +10
nzd/usd sell @ .8298 stop .8325 limit .8278 = +20
 
Hoggums said:
you are effectively putting the same trade on diff pairs but they'll all end up with the same result because of the correlation.
Click to expand...

Right, EURJPY and EURUSD sometimes are about the same trade. And if you're long those, and short USDCHF its basically 3X the same trade.

I too wanted to only trade at certain times, that's what I do now, focusing mostly on news releases and a 3hr Time Window around certain ones. Check out my journal for examples. I also use various other timing methods i'd be willing to talk with you about, but honestly framing the trade day in context of economic releases works well.
 
theoldmanstrades said:
I can't change to equities. That would defeat the challenge.

When trades last for days it can require constant checks. To be able to trade exactly 8-9 hours a day and then quit would be great.

Thanks for your comments. :)
Click to expand...

With equities, you can trade max 8-9 hours a day. Can't do more even if you want to. Hence my suggestion. Also there are significantly more choices in equities. That means more action more of the time. Being relatively slow moving means one can get away with checking once a day or less.

I am not trying to dissuade you from your challenge, and just suggesting something that appears to fit your requirement.

I will be watching your challenge with great interest. I have played with short tf forex for less than a year and haven't been able to defeat it and I consider myself a natural born trader (in the conventional sense of business buying and selling). I certainly would like to see someone succeed and see how they do it.
 
natureboy said:
Right, EURJPY and EURUSD sometimes are about the same trade. And if you're long those, and short USDCHF its basically 3X the same trade.

I too wanted to only trade at certain times, that's what I do now, focusing mostly on news releases and a 3hr Time Window around certain ones. Check out my journal for examples. I also use various other timing methods i'd be willing to talk with you about, but honestly framing the trade day in context of economic releases works well.
Click to expand...

Sure eurjpy and eurusd are sometimes the same trade. But any two pairs are sometimes the same trade. I've tested probably thousands of systems now over the years, and I've never seen any of them perform the same on those two pairs. One might make 100 pips a month and the other lose 400 pips a month. So to me, unless your trading based on time, the correlated pairs don't trade correlated. If I go long euro and short chf and 12 hours later the euro made 100 pips and the chf made 30 pips, I don't call that the same trade. 100 and 30 are very different. Both went the same direction, but not the same trade. I don't think long eurjpy and long eurusd and short usdchf is 3x the same trade at all. One or two could stop out, one or two reach limit but other one doesn't and turns on you, finishing with totally different pips etc...

Seems to me that if I traded only one pair today with 8 lots instead of 8 pairs, I would have -1280.00 if I chose audusd (even less if current trade loses), or +240.00 if I chose to trade the nzdusd. Doesn't seem to be much of a correlation of results to me.

If I chose Eurusd I would have -1760.00, but if I chose gbpusd I would have +880.00 at this point in the day.

I just don't see trading system results being correlated for correlated pairs (and then you would have to define what correlated pairs means...time frame etc..). But to each his own view. Maybe we are talking about two different things. :)

I would love to hear about timing methods you use! Post away! I love hearing new trading ideas. (Well, new to me at least). Thanks for the post Natureboy.
 
BeginnerJoe said:
With equities, you can trade max 8-9 hours a day. Can't do more even if you want to. Hence my suggestion. Also there are significantly more choices in equities. That means more action more of the time. Being relatively slow moving means one can get away with checking once a day or less.

I am not trying to dissuade you from your challenge, and just suggesting something that appears to fit your requirement.

I will be watching your challenge with great interest. I have played with short tf forex for less than a year and haven't been able to defeat it and I consider myself a natural born trader (in the conventional sense of business buying and selling). I certainly would like to see someone succeed and see how they do it.
Click to expand...

I didn't think you were trying to dissuade me. I was just being sarcastic/funny. Sorry about that. But alas, I'm too old to learn new tricks.

I too have never seen a trading record or report of a successful scalper. I hear about them, but have never seen proof. I've seen a few successful traders, but none who scalp the market. So I too have great interest in seeing if it can be done. What happened with your attempt to defeat it, would you say overall?
 
theoldmanstrades said:
What happened with your attempt to defeat it, would you say overall?
Click to expand...

I am on a slow but steady tactical retreat. The enemy cheat too much and they can see my cards. However, they are unable to finish me off, since I am able to throw occasional heavy counter pounches.
 
Same not equal to similar, you're right. And the correlations aren't 100%.. For instance last week there was an instance where most EUR pairs were moving up, but EURNZD dropped instead. The dimensions of the swings among correlated markets are different, even when moving in the general same direction, and the occurrence of chart patterns among correlated markets on the same timeframe/chart type is not equal either - all true.

However, -20 pips and -35 pips is still -55 pips, whether spread over two markets or in one. As long as its in line with your risk parameters, then I could even see a benefit to doing it your way (a type of diversification to be exposed somewhere where you could profit from). It seems on the correlation spectrum of 0-100, from a practical trading perspective EURJPY and EURUSD can move closely enough much of the time to behave like very similar trades.

Regarding timing - have you looked into Fibonacci/Measured Move Cycles? The Dynamic Trader program, though expensive, has a timing program that is based in those concepts, could possibly work for you. Have you looked at making an economic release 'hot' list? Have you looked at any other timing methods/tools?

A lot of my methods are detailed in my trade journal, using Relative Strength, Chart Patterns, Timing.. also support/resistance.
 
Pending orders:

gbp/yen sell @ 125.94 stop 126.35 limit 125.54

Open trades:

usd/chf buy @ .9376 stop .9350 limit .9396
eur/usd sell @ 1.2898 stop 1.2941 limit 1.2858
gbp/usd sell @ 1.6134 stop 1.6177 limit 1.6095
eur/yen sell @ 100.53 stop 101.05 limit 100.03

Total profit in pips:

-30 pips

Closed trades:

Sell usd/chf @9425 stop 9438 limit 9413 = -13
Buy eur/usd @2821 stop 2802 limit 2838 = +17
gbp/usd buy @ .6119 stop .6108 limit .6130 = +11
usd/chf sell @ .9424 stop .9440 limit .9410 = +14
eur/yen buy @ 100.03 stop .9977 limit 100.26 = +23
eur/usd sell @ 1.2891 stop 1.2913 limit 1.2871 = -22
usd/chf buy @ .9379 stop .9363 limit .9393 = -16
eur/yen sell @ 100.51 stop 100.72 limit 100.33 = -21
eur/usd sell @ 1.2911 stop 1.2928 limit 1.2895 = -17
nzd/usd sell @ .8301 stop .8318 limit .8288 = -17
aud/usd sell @ 1.0370 stop 1.0386 limit 1.0357 = -16
gbp/yen sell @ 125.86 stop 126.05 limit 126.65 = -19
usd/cad buy @ .9826 stop .9812 limit .9836 = -14
usd/cad buy @ .9810 stop .9798 limit .9820 = +10
nzd/usd sell @ .8298 stop .8325 limit .8278 = +20
aud/usd sell @ 1.0368 stop 1.0405 limit 1.0338 = +30
 
Hi Oldman,

I spoke on the phone with another old-er trader last night. He pointed out a way he exits his scalps using just simple slow stochastics. Applied to one of your trades yesterday:

Oldman2.jpg

The short entry was good. The exit could've been better. Hey - i'm no master, i have exit issues and much learning to do myself. Just look at my journal.. The point for you is - My old trader friend told me he uses slow stochastics - once it goes under 20, he exits his short. Down swings usually bottom with increased momentum, right? Makes sense. You could use that technical exit after you are 1/2 way to your target, for instance (would've exited 805 EST). Just a thought :)

Other factors on that particular EURUSD trade were the potential support trendline and upcoming economic news at 855 EST.

Regards - Good Trading
 
Pending orders:
gbp/yen sell @ 126.00
eur/yen sell @ 100.79
usd/cad sell @ .9810
aud/usd sell @ 1.0290


Open trades:

usd/chf buy @ .9376 stop .9350 limit .9396
eur/usd sell @ 1.2898 stop 1.2941 limit 1.2858
gbp/usd sell @ 1.6134 stop 1.6177 limit 1.6095


Total profit in pips:

-123 pips

Closed trades:

Sell usd/chf @9425 stop 9438 limit 9413 = -13
Buy eur/usd @2821 stop 2802 limit 2838 = +17
gbp/usd buy @ .6119 stop .6108 limit .6130 = +11
usd/chf sell @ .9424 stop .9440 limit .9410 = +14
eur/yen buy @ 100.03 stop .9977 limit 100.26 = +23
eur/usd sell @ 1.2891 stop 1.2913 limit 1.2871 = -22
usd/chf buy @ .9379 stop .9363 limit .9393 = -16
eur/yen sell @ 100.51 stop 100.72 limit 100.33 = -21
eur/usd sell @ 1.2911 stop 1.2928 limit 1.2895 = -17
nzd/usd sell @ .8301 stop .8318 limit .8288 = -17
aud/usd sell @ 1.0370 stop 1.0386 limit 1.0357 = -16
gbp/yen sell @ 125.86 stop 126.05 limit 126.65 = -19
usd/cad buy @ .9826 stop .9812 limit .9836 = -14
usd/cad buy @ .9810 stop .9798 limit .9820 = +10
nzd/usd sell @ .8298 stop .8325 limit .8278 = +20
aud/usd sell @ 1.0368 stop 1.0405 limit 1.0338 = +30
gbp/yen sell @ 125.94 stop 126.35 limit 125.54 = -41
eur/yen sell @ 100.53 stop 101.05 limit 100.03 = -52
 
natureboy said:
Hi Oldman,

I spoke on the phone with another old-er trader last night. He pointed out a way he exits his scalps using just simple slow stochastics. Applied to one of your trades yesterday:

View attachment 146306

The short entry was good. The exit could've been better. Hey - i'm no master, i have exit issues and much learning to do myself. Just look at my journal.. The point for you is - My old trader friend told me he uses slow stochastics - once it goes under 20, he exits his short. Down swings usually bottom with increased momentum, right? Makes sense. You could use that technical exit after you are 1/2 way to your target, for instance (would've exited 805 EST). Just a thought :)

Other factors on that particular EURUSD trade were the potential support trendline and upcoming economic news at 855 EST.

Regards - Good Trading
Click to expand...

Thanks for the post. I'll definately look at that on the weekend. I always thought it would be great to enter trades and let someone else manage them. Yesterday I could have exited all trades, and just gone to bed up 70 pips. But I told myself I would leave the limits and stops as they are so I would be able to look back and learn from them. Had to fight myself to let these trades run though.
 
Pending orders:
gbp/yen sell @ 126.00
eur/yen sell @ 100.79
usd/cad sell @ .9810
usd/cad buy @.9834
aud/usd sell @ 1.0290
nzdusd sell @ .8311
 
Pending orders:
gbp/yen sell @ 126.00 stop 126.49 limit 125.65
eur/yen sell @ 100.79 stop 101.10 limit 100.56
usd/cad sell @ .9810
usd/cad buy @.9834 stop .9810 limit .9850
aud/usd sell @ 1.0290 stop 1.0326 limit 1.0261
nzdusd sell @ .8311 stop .8340 limit .8290
gbp/yen buy @ 126.27
eur/yen buy @ 101.10
nzd/usd buy @ .8340
aud/usd buy @ 1.0326
usd/chf sell @ .9350
eur/usd buy @ 1.2941
gbp/usd buy @ 1.6177
 
Last edited:
Pending orders:
gbp/yen sell @ 125.90 stop 126.49 limit 125.65
eur/yen sell @ 100.79 stop 101.10 limit 100.56
usd/cad buy @.9834 stop .9810 limit .9850
aud/usd sell @ 1.0290 stop 1.0326 limit 1.0261
nzdusd sell @ .8311 stop .8340 limit .8290
gbp/yen buy @ 126.27 stop 125.90 limit 126.57
eur/yen buy @ 101.10 stop 100.79 limit 101.35
nzd/usd buy @ .8340 stop .8311 limit .8365
aud/usd buy @ 1.0326 stop 1.0290 limit 1.0356
gbp/usd buy @ 1.6177 stop 1.6130 limit 1.6217
usd/cad sell @ .9810 stop .9834 limit .9790

Open trades:
usd/chf sell @ .9350 stop .9395 limit .9310
eur/usd buy @ 1.2941 stop 1.2874 limit 1.3000
gbp/usd sell @ 1.6134 stop 1.6177 limit 1.6095


Total profit in pips:

-192 pips
 
Pending orders:

aud/usd sell @ 1.0290 stop 1.0326 limit 1.0261
aud/usd buy @ 1.0326 stop 1.0290 limit 1.0356

Open trades:
usd/chf sell @ .9350 stop .9395 limit .9310
eur/usd buy @ 1.2941 stop 1.2874 limit 1.3000
gbp/usd sell @ 1.6134 stop 1.6177 limit 1.6095
eur/yen buy @ 101.10 stop 100.79 limit 101.35
nzdusd sell @ .8311 stop .8340 limit .8290
usd/cad buy @.9834 stop .9810 limit .9850
gbp/yen sell @ 125.90 stop 126.49 limit 125.40
 
Pending orders:

aud/usd sell @ 1.0290 stop 1.0326 limit 1.0261
aud/usd buy @ 1.0326 stop 1.0290 limit 1.0356
gbp/usd buy @ 1.6156 stop 1.6120 limit 1.6186

Open trades:
usd/chf sell @ .9350 stop .9395 limit .9310
eur/usd buy @ 1.2941 stop 1.2874 limit 1.3000
gbp/usd sell @ 1.6134 stop 1.6156 limit 1.6095
eur/yen buy @ 101.10 stop 100.79 limit 101.35
nzdusd sell @ .8311 stop .8340 limit .8290
usd/cad buy @.9834 stop .9810 limit .9850
gbp/yen sell @ 125.90 stop 126.49 limit 125.40
 
Pending orders:

aud/usd sell @ 1.0290 stop 1.0326 limit 1.0261
aud/usd buy @ 1.0326 stop 1.0290 limit 1.0356
gbp/usd buy @ 1.6156 stop 1.6120 limit 1.6186
nzd/usd buy @ .8340
usd/cad sell @ .9810
gbp/yen buy @ 126.17

Open trades:
usd/chf sell @ .9350 stop .9395 limit .9310
eur/usd buy @ 1.2941 stop 1.2874 limit 1.3000
gbp/usd sell @ 1.6134 stop 1.6156 limit 1.6095
eur/yen buy @ 101.10 stop 100.79 limit 101.35
nzdusd sell @ .8311 stop .8340 limit .8290
usd/cad buy @.9834 stop .9810 limit .9850
gbp/yen sell @ 125.90 stop 126.17 limit 125.40
 
Pending orders:


aud/usd buy @ 1.0326
nzd/usd buy @ .8340
usd/cad sell @ .9810

Open trades:
usd/chf sell @ .9350 stop .9395 limit .9310
eur/usd buy @ 1.2941 stop 1.2874 limit 1.3000
gbp/usd buy @ 1.6156 stop 1.6120 limit 1.6186
eur/yen buy @ 101.10 stop 100.79 limit 101.35
nzdusd sell @ .8311 stop .8340 limit .8290
usd/cad buy @.9834 stop .9810 limit .9850
gbp/yen buy @ 126.17 stop 125.69 limit 126.60
aud/usd sell @ 1.0290 stop 1.0326 limit 1.0261

Total profit in pips:

-241 pips

Closed trades:

Sell usd/chf @9425 stop 9438 limit 9413 = -13
Buy eur/usd @2821 stop 2802 limit 2838 = +17
gbp/usd buy @ .6119 stop .6108 limit .6130 = +11
usd/chf sell @ .9424 stop .9440 limit .9410 = +14
eur/yen buy @ 100.03 stop .9977 limit 100.26 = +23
eur/usd sell @ 1.2891 stop 1.2913 limit 1.2871 = -22
usd/chf buy @ .9379 stop .9363 limit .9393 = -16
eur/yen sell @ 100.51 stop 100.72 limit 100.33 = -21
eur/usd sell @ 1.2911 stop 1.2928 limit 1.2895 = -17
nzd/usd sell @ .8301 stop .8318 limit .8288 = -17
aud/usd sell @ 1.0370 stop 1.0386 limit 1.0357 = -16
gbp/yen sell @ 125.86 stop 126.05 limit 126.65 = -19
usd/cad buy @ .9826 stop .9812 limit .9836 = -14
usd/cad buy @ .9810 stop .9798 limit .9820 = +10
nzd/usd sell @ .8298 stop .8325 limit .8278 = +20
aud/usd sell @ 1.0368 stop 1.0405 limit 1.0338 = +30
gbp/yen sell @ 125.94 stop 126.35 limit 125.54 = -41
eur/yen sell @ 100.53 stop 101.05 limit 100.03 = -52
usd/chf buy @ .9376 stop .9350 limit .9396 = -26
eur/usd sell @ 1.2898 stop 1.2941 limit 1.2858 = -43
gbp/usd sell @ 1.6134 stop 1.6156 limit 1.6095 = -22
gbp/yen sell @ 125.90 stop 126.17 limit 125.40 = -27
 
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