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  1. #1
    Gold Member Array retireme's Avatar
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    Retireme Rants & Ravings (a.k.a. Trading Blog & Journal)



    The most common thing about trading journals is that they become labour intensive and hardly ever last longer than a few months. I do not claim to be any different by stating that I will be here for the long term, but what I will say is that if I have something to share, I will most definitely post it here.

    Like most people, I have timing issues as I work away from home for 3 months then return for a few weeks before I set off again on another 3 months. This plays havoc trying to dedicate yourself to any one thing. I have been in Singapore for the last few months, Egypt for 5 years before that... always doing the 91/16 rotation at work.

    So... without further ado and the introductions out of the way, it is onward and upward!!!

    Did I forget to mention that this is the best forum I have ever been subscribed to? Or did I also forget to say that the people who contribute to this forum are some of the greatest people on earth? Well if I did, I am sorry!


    RM

  2. #2
    Gold Member Array retireme's Avatar
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    What am I doing today?

    Well after closing an ABCD on GBPCAD this morning for +30 pips (sorry didn't save a screenshot), I am doing what all traders dislike.... I am waiting.... and waiting!

    I fully expected the USDCAD to continue its downward trend to 0.97000 by 0800 GMT, unfortunately there is some mid-term retracement and I am now looking for the downtrend to hit sometime late 22 Mar or early 23 Mar. In the meantime, I wait some more...



    Target will be 0.9868 but will be taking profit and adjusting SL at relevant Fib lines, will report back if there is a change. As you can see it is a medium range trade and anything can happen

    Cheers
    RM

  3. #3
    Gold Member Array retireme's Avatar
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    Still doing the same.... but!!!

    Things have changed a little and the move has come early... still not where I want it, but closer all the same


  4. #4
    Gold Member Array retireme's Avatar
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    Like watching paint drying...






    RM

  5. #5
    Gold Member Array kraven's Avatar
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    it looks like you use harmonic patterns?

    if so some nice indi's and info on here that may be useful to you
    http://www.forex-tsd.com/harmonic-trading/1093-harmonic-trading.html

    on US/CAD i'm waiting for CAD news response tomorrow then looking to sell.....was looking to sell at Sunday night open but forgot, did buy E/Chf though and doing nicely.

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  7. #6
    Gold Member Array retireme's Avatar
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    Thanks Kraven,

    I am using 2 manual trading methods at the moment and one of them is in fact Harmonics. The other is the trusty Previous Daily Hi/Lo breakout, this never lets me down but is a very slowwwwwwwww and boring way to trade. So I set the Hi/Lo pending orders as soon as I wake up and then go searching for a pattern to play with during the day

    As you can see, nothing triggered yet...



    P.S. The CAD jumped up on the oil price yesterday which blew my above pending trade to pieces. If you are waiting to get on the CAD, I think the movement will be quick depending on the news, but the retracement will be even faster...

    Rgds
    RM
    Last edited by retireme; 03-22-2011 at 01:16 AM. Reason: pic was crappy :)

  8. #7
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    Hi RM,

    A nice start to your ramblings and journal

    I've never really got to grips with harmonics though breakouts have always interested me.

    I've seen various methods of Daily breakout trading where differing degrees of filtering are used for those days which aren't trending. It's interesting to hear that your breakout system never lets you down - how are you trading it ?

    How do you calculate your stops and targets ?

    This breakout method may be boring, though if it shows good results, then I'm sure it would be of great interest to lot of folks here who have to drag themselves off to the "day job" in prime trading time.

    Even for more active traders, it's good to have some sort of slow, steady reliable longer term system gradually earning some cash in the background whilst you're scalping your way through the roller coaster of a day's trading.

    Any further illumination you can give us will be most appreciated
    Last edited by soundfx; 03-22-2011 at 02:14 AM. Reason: have just noticed the previous screenshot with orders at previous highs and lows - so removed that question :)

  9. #8
    Gold Member Array retireme's Avatar
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    Hi soundfx,

    I am not a professional at all, basically I set up a pending buy and sell on previous day high and low of AUDUSD, EURUSD, USDCAD, GBPUSD, USDJPY and EURAUD at 0.5 lots. At this stage no TP or SL are set. When one triggers, I delete the opposite trade and start to work out my TP & SL. I do this by Yearly Hi/Lo, Monthly Hi/Lo, Weekly Hi/Lo and finally Daily Hi/Lo. If there is a confluence of S/R I go for a quick TP and get out using the closest S/R lines as TP & SL. If there is a larger gap between the S/R lines I use the closest S/R to the trigger price as TP & SL. As price moves in my favour, I move to BE and follow the trend with a trailing stop. The trailing gap depends on the strength of currency that triggered and the S/R of that currency.

    A I said not a hugely professional approach, but it works for me. This method is no good for the 9 to 5 people as I monitor my trades carefully most of the day.

    Below is my method plotted on AUDCAD and as you can see, there is just too much going on at the current price...weekly high, feb low, daily trend and 50 fibo and converged, so no idea where it will go... so I STAY OUT!



    On the other hand, AUDUSD just triggered , still five currencies in limbo...



    Yeah, I know I have disappointed you, it isn't really a system but it does turn a very handsome profit most days, try is some past history and see what I mean.

    Rgds
    RM

    ***Update***

    There could be 60 pips in this one

    ***Update2***

    Damn stalled at +30 pips - SL moved to BE
    Last edited by retireme; 03-22-2011 at 07:44 AM. Reason: UPDATE

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  11. #9
    Gold Member Array retireme's Avatar
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    Final Update for 22 Mar 2011

    Only 4 currency pairs triggered today before I closed the inactive pairs, they were:

    EURAUD Short +21.3 pips
    GBPUSD Long +40.9 pips
    EURUSD Long -13.25 pips
    AUDUSD Long +41.4 pips

    Weird situation on the USDJPY, I realise both are weak currencies at the moment but 2 inside bars in the last 2 days? 30+ pips between hi and lo?



    Rgds
    RM

  12. #10
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    Great results RM !

    90 pips in a day is good going Have you every worked out the average pips you get per day from this system ?

    USDJPY as a pair has always baffled me, so I normally steer clear of it. With tight consolidation like that it must be limbering up for a big move somewhere which could be a good breakout when it goes.

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