The old mans trades

[theoldmanstrades]

eurjpy setup to short at 101.273
usdcad setup to long at .98834

 

[theoldmanstrades]

euryen short removed.
holding usdchf short for now.
possible trades on cad, aud, nzd and gbpyen still.

 

[theoldmanstrades]

new setup on euryen short at 101.341

 

[theoldmanstrades]

eurusd short setup at 1.29013

 

[theoldmanstrades]

usdcad pending order is cancelled.

 

[theoldmanstrades]

waiting on
long audusd
long nzdusd
short eurusd
short gbpyen

Currently short usdchf and short euryen

 

[theoldmanstrades]

Off for a few errands. I'll check and see the results of these trades later.

 

[theoldmanstrades]

Long scalp setup at 1.60896 on gbpusd if low doesn't get broken.

 

[theoldmanstrades]

pending orders:
gbpyen sell @ 126.114

open trades:
audusd long now
usdchf short now

closed trades:
audusd +10
nzdusd +10
gbpusd -26.6
eurusd -16.8
gbpusd +10

total -13.4

I closed euryen at +4 when I realized it wasn't large enough for 10 pips so shouldn't have been taken. So I didn't count that trade.

 

[theoldmanstrades]

pending orders:
none

open trades:
usdchf short now

closed trades:
audusd +10
nzdusd +10
gbpusd -26.6
eurusd -16.8
gbpusd +10
audusd -41

total -54.4

I believe this is NFP week. I always take Thursday and Friday of NFP week off for any short term trading. So I'll continue this on Monday.

I also have been informed the only scalps to take on this method are off the last swing of markets. So while market is going up, look for a short scalp, and the opposite for long scalp. (sell high, buy low). But only off the last swing of market. I've been looking at larger swings (with smaller swings inside but ingnoring them) and this is not correct. So you are only concerned with the current markets last few candles. Hopefully that will make a difference. I'll find out next week.

 

[hwsteele]

Welcome to the forum!
I hope you don't mind but I will be keeping an eye on this thread for a while
When I get some time I will go back and read through it.
Since you won't be trading over the rest of the week that should give enough time.

 

[DionysusToast]

Any chance you can actually document the method you are using here?

You know - the rules you are using?

 

[BeginnerJoe]

So while market is going up, look for a short scalp

High risk to go against momentum.

 

[theoldmanstrades]

Any chance you can actually document the method you are using here?

You know - the rules you are using?

I thought I had done that, the best I could. Having said that though, I hand tested back a couple of months for a few pairs. Seems when losers come, they rarely net +10 pips, so all I might be doing overall by using a limit of 10 pips is cutting down my profit. Doesn't turn many losers to winners.

So next week I'll use the 1-1 chart ratio for each trade. I do get over 2-1 win/lose ratio when I look back (although not much of a back test), and I may add a condition of my own to see if it will gain accuracy. So I think I'll focus on the trades next week for a week, and if all goes well, I can break down some trades next weekend and post a more detailed analysis.

 

[theoldmanstrades]

High risk to go against momentum.

Anytime you sell high and buy low aren't you going against momentum? I find every addage you hear over and over in forex, there is an opposite addage for the same condition.

I'll either win next week or lose. We'll know in a week.

 

[natureboy]

Anytime you sell high and buy low aren't you going against momentum? I find every addage you hear over and over in forex, there is an opposite addage for the same condition.

I'll either win next week or lose. We'll know in a week.

Momentum is relative to timeframe - buying low on 1m could be in line with 15m momentum. There are many paradoxical sayings though

 

[theoldmanstrades]

pending orders:
nzd/usd long at .8188

open trades:
none

 

[theoldmanstrades]

pending orders:
none

open trades:
none

 

[theoldmanstrades]

pending orders: (stop, limit)

gby/yen buy at 126.55 (-11, +10)

open trades:
none

 

[theoldmanstrades]

pending orders: (stop, limit)

gby/yen buy at 126.55 (-11, +10)
eur/yen buy at 102.06 (-9, +10)

open trades:
none