retireme Posted March 21, 2011 Report Share Posted March 21, 2011 :D 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 Quote Link to comment Share on other sites More sharing options...
retireme Posted March 21, 2011 Author Report Share Posted March 21, 2011 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... I-) http://img823.imageshack.us/img823/8898/2103201121013pm.png 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 Quote Link to comment Share on other sites More sharing options...
retireme Posted March 21, 2011 Author Report Share Posted March 21, 2011 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 :P http://img190.imageshack.us/img190/6011/2103201172143pm.png Quote Link to comment Share on other sites More sharing options...
retireme Posted March 21, 2011 Author Report Share Posted March 21, 2011 Like watching paint drying... :-O http://img263.imageshack.us/img263/9723/21032011104732pm.png RM Quote Link to comment Share on other sites More sharing options...
kraven Posted March 21, 2011 Report Share Posted March 21, 2011 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. retireme 1 Quote Link to comment Share on other sites More sharing options...
retireme Posted March 22, 2011 Author Report Share Posted March 22, 2011 (edited) 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... http://img694.imageshack.us/img694/3350/hilo22mar11.png 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 Edited March 22, 2011 by retireme pic was crappy :) Quote Link to comment Share on other sites More sharing options...
soundfx Posted March 22, 2011 Report Share Posted March 22, 2011 (edited) 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 :) Edited March 22, 2011 by soundfx have just noticed the previous screenshot with orders at previous highs and lows - so removed that question :) Quote Link to comment Share on other sites More sharing options...
retireme Posted March 22, 2011 Author Report Share Posted March 22, 2011 (edited) 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! http://img806.imageshack.us/img806/2545/audcad22mar11.gif On the other hand, AUDUSD just triggered , still five currencies in limbo... :) http://img405.imageshack.us/img405/9967/audusd22mar11.gif 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 :P ***Update2*** Damn stalled at +30 pips - SL moved to BE Edited March 22, 2011 by retireme UPDATE soundfx 1 Quote Link to comment Share on other sites More sharing options...
retireme Posted March 22, 2011 Author Report Share Posted March 22, 2011 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? http://img16.imageshack.us/img16/801/weirdusdjpy22mar11.png Rgds RM I-) Quote Link to comment Share on other sites More sharing options...
soundfx Posted March 22, 2011 Report Share Posted March 22, 2011 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. Quote Link to comment Share on other sites More sharing options...
Freddie Posted March 22, 2011 Report Share Posted March 22, 2011 Hi Retireme, I'm already retired, it is wonderful!! Anyway I have been looking at IBs and breakouts from them. 12 pairs, look at them once a day -0600 or 0700 depending on the broker. I am in Malaysia. Going to Bulgaria in a month. Net is more reliable there and I am expecting to go live then. Once a day then is 2200 or 2300 I believe. Have to look at your idea now, each day's H/L Would have to choose less pair. Quote Link to comment Share on other sites More sharing options...
retireme Posted March 23, 2011 Author Report Share Posted March 23, 2011 (edited) Hi Freddy, I know all about retirement, I have retired twice already :) This name is quite a few years old but I am known by it so I haven't changed it. With regard to "Have to look at your idea now, each day's H/L Would have to choose less pairs..." Based on my money management, I have a max of 3 lots. (I try to keep to this but sometimes a nice opportunity presents itself) but basically, how I choose to use this 3 lots depends on what is showing on the charts. If I am looking at H/L I use 0.5 lots but of course not all of these open and because I am using the D1 charts, I have plenty of time for control methods to maintain my 3 lot self limitation. If I cannot sit in front of the screen on a particular day, I may take the harmonic route and place a set and forget trade, still using my 3 lot limit. This is what I will be doing today! There is a 426 pip bearish bat formed on the EURUSD, I have been watching it since 0400GMT yesterday and it finally formed at 1030 GMT (remember I am +8 GMT). I have used my 3 lots on this and will head off to do some shopping. I am looking for 60+ pips but I will take what it gives me, at +10 the trade is set to jump to BE. As I write it is +4 pips, we will have to see what lady luck brings us today! Rgds RM http://img823.imageshack.us/img823/6720/eurusdm3023mar11.png ****UPDATE**** THIS BAT DON'T WANT TO FLY ~X( Edited March 23, 2011 by retireme Update Quote Link to comment Share on other sites More sharing options...
retireme Posted March 24, 2011 Author Report Share Posted March 24, 2011 Needless to say, I had a lean day yesterday and was stopped out with the above trade. Was quite disappointing because at 10:30 GMT we saw a 163 pip drop which would have given me my 64 pips with ease... this is the way the cookie crumbles :) Today I left the harmonics and hi/lo methods and tried a 10 pip scalper, it looks like a real account breaker but surprisingly, it i up 177.5 pips so far with a DD of 0.08%. Will provide more information after I let it run for a while. Rgds RM Quote Link to comment Share on other sites More sharing options...
retireme Posted May 25, 2011 Author Report Share Posted May 25, 2011 So where am I, what have I been doing and why have I not updated this Blog? Well the answer is simple, I have been away working... I quick project in Singapore Dec-May. Anyway, I am back for a while and over the next few days, I will update with some new stuff I have been working on. Rgds RM Quote Link to comment Share on other sites More sharing options...
jessiethom Posted May 28, 2012 Report Share Posted May 28, 2012 Alright, please know that we are waiting for your updates RM. Quote Link to comment Share on other sites More sharing options...
retireme Posted May 28, 2012 Author Report Share Posted May 28, 2012 As requested, have been trying something new lately... http://www.mediafire.com/download.php?iag3n19gdhqdxyn Rgds RM Alright, please know that we are waiting for your updates RM. Quote Link to comment Share on other sites More sharing options...
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