Benny3's Trading jounal

[syk1kz]

only take the trades that follow the trend will remove a lot of loosing trades, using higher highs and lower highs will help you define the trend and then allow you to enter when price hits the opposite outer bollinger band and forms a candlestick formation. benny's NZDUSD candlestick formation looked valid but the stochastics was not oversold properly and GBPUSD was not really a candlestick formation but the stochastics was oversold. Problem using stochastics is it will remain overbought/sold for long periods of time. More often than not the real money is made when stoch is at extreme level's, using stochastics pop strategy allows you to trade these situations. Getting a bit off track here, sorry :)

 

*edit*

 

so here would be a perfect example of why using higher highs and higher lows would of kept you out of this trade, the downtrend had been violated and this was now counter trend, and also a loosing trade. I can see ALOT of trades like this today in particular.

 

So if we had of entered on the #2 where the clear engulfing candlestick formation was, and stochastics was also overbought, it was a valid A setup signal since the moving average was also in the mix. however if we were also noting higher highs and higher lows or lower highs and lower lows we would of immediately noticed we had started a slight reversal and since the trend is our friend hopefully you would not have taken this trade, i know i wouldn't have. we need to be smart when using a system like this and Benny has the proof that it works when you are picky enough.

 

there is a railroad in between #5 and #6 stoch was overbought we were at round number resistance but we were not really at the top BB. but this was a trend following trade so a reduced lot trade probably would of been acceptable depending on your view. It is easy to look back at a chart and say yea i would trade that, but when we are once again provided with a similiar opportunity how many people really pull the trigger ?

 

http://img841.imageshack.us/img841/4741/usdcad.gif

Edited October 20, 2010 by syk1kz

[syk1kz]

Heres 3 setups, 2 B setups and one A setup, however none were valid if using higher highs and higher lows, but they were damn good moves if you did indeed take them.

 

Having said that, if we have indeed started a strong USD move across the board, these sure look like attractive short opportunites on those 3 pairs if we get a setup. I am going to watch the hourly on EURUSD for a fine tuned entry rather than missing the move entirely, it looks like the better of the 3 to me, the hourly will have to be a strong signal though, will update in here if any positions are entered

 

http://img301.imageshack.us/img301/4120/eurusdb.gif

http://img258.imageshack.us/img258/6782/audusdb.gif

http://img683.imageshack.us/img683/9833/gbpusda.gif

Edited October 20, 2010 by syk1kz

[chrisbenjy]

What are the gmt offsets of Ava Fx and FXDD?

 

I'm not seeing any of these setups that you are posting wonder and benny. I think its because my 4 hour bars are opening and closing at different times to yours. Im using GoMarkets.

[benny3]

What are the gmt offsets of Ava Fx and FXDD?

 

I'm not seeing any of these setups that you are posting wonder and benny. I think its because my 4 hour bars are opening and closing at different times to yours. Im using GoMarkets.

 

I'm prity sure that FXDD is GMT +2

Avafx is GMT + 0

[benny3]

Great posting guys keep up the great work.

 

I've just been busy searching the charts.

[alright]

I'm prity sure that FXDD is GMT +2

Avafx is GMT + 0

FXDD is GMT +3, just checked. Dont know AVA

[syk1kz]

Great posting guys keep up the great work.

 

I've just been busy searching the charts.

 

yea i cant see much myself, i have been thinking of adding another few high probability candlestick formations such as a shooting star / evening star, they are high probability formations but i think the fewer the signals the better with this

[syk1kz]

It not the cause of stochastic position in NZDUSD & GBPUSD that Benny resulted the failure. It is the lack of analysis & confirmation that cause it.

This problem had been repeated in his early journal.

 

Not paying attention to stochastics or not waiting until it signals is part of the system, stochastics remain in extreme levels for long periods of time, simply waiting for an oversold or bought with candlestick is not enough, stoch must cross back, or did you not view any of the site material on post #1 - To me they are the same thing

 

1. If you trading H4 while you cannot monitor the market, you may want to put a pending order 1 ticks+spread above the High (Esp. Doji)

 

Why ? Doji does not mean a reversal it means indecision, doing this is risky.

 

2. Using John L. Parson's Technique - COSMO, using 1 & 3 periods SMA of Typical price (H+L+C/3). When you see at bad trades at doji, the 2 MAs was not crossover, assume the trend is still down. So you can avoid the Buy.

 

MA cross over is not part of the system, why complicate the system? i do not care for 200ema and 365ema lagging signal crossover, they mean nothing if i am using a 4hourly chart, by the time they cross over the moves probably over, however on lower time frames this might be fine, but again not part of the system. Now if we were to use a, what? 1+3 SMA? why? thats useless, can you not tell what the last candle did without a SMA? if it closed higher the SMA will point up ... pretty obvious

 

John L. Parson's Stochastic cross up 20 then take the trade is a bit late, you may want to use it if you late for entry.

seems to me to are picking and choosing what you want from the system rather than using the system as was intended.

 

and counter trend is a personal preference, one i do not agree with

Edited October 22, 2010 by syk1kz

[syk1kz]

anyway rather than filling Benny's thread with personal preferences and non system related additions i suggest keeping it on track with the system as it was intended to use, if you want to modify it then start another thread and post in there. I am going to watch the EU for some potential setups tonight. i would like 1 trade before the weekend comes but wont chase anything

[chrisbenjy]

This is an example of what I meant about the different brokers open/close times.

 

http://img148.imageshack.us/img148/2904/brokercomparisionbenny.jpg

 

These are charts of GBP USD at the same time on different brokers. The left chart is left is Ava FX and on the right is GoMarkets.

 

On Ava FX there was a valid trade with an engulfing candle that had a good run up too, there was also confluence with the 365 EMA. The trade would have won.

 

However on the right (GoMarkets). There wasn't a valid candle formation. There was a pin bar, but the wasn't very good because there was a poor run up, so I wouldn't have taken the trade.

 

Therefore, I think I'm going to use Ava FX's MT4 to look for potential trades and then trade with my GoMarkets demo account, eventually trading on my GoMarkets live account.

[syk1kz]

chrisbenjy i have a live account with gomarkets, I find gomarkets sux, the data feed sux and they suck. Look at the 200day SMA on eurusd for an example, its a few hundred pips away from any other brokers 200day sma If you are on demo move to www.axistrader.com.au as the spreads are identical, if you are live i suggest not giving gomarkets your spreads anymore, they dont deserve it. On another note i have moved to the hourly chart rather than 4 hourly chart. Strong trending moves are hard to enter on the 4hourly, but i am being extremly picky at this stage. I did manage one trade but i exited to early, and only snagged 14pips. But a winner is a winner. I am going to add candlestick formations to this system, but wont mention them unless requested, this will help to keep this thread vanilla if you like.

[syk1kz]

I had heard a lot of same kind of repeating pattern - people like you, cannot accept different view & suggestion, then you will defend yourself and then you will ask people to start own thread.

 

You don't like to trade Doji and dont like EMA200 & 365 (Pls read the ebook - this system using it as Dynamic S&R), It you own personal fear. But I found that Benny like it so much. I merely trying to exchange experiences and illustrating some techniques to people who follow the system to avoid mistake. If they found it useful, they can use it, if not then throw it away.

 

Why take it so seriously, I am not against you. If my blunt writing had offended you, please accept my apology.

 

If Benny and all follow this thread, feel that my illustration don't make sense and not helpful, please feedback and i will ask the moderator to erase all my posting in this thread.

 

please, continue the personal attack, it is quiet enlightening as to your real motives for being here. There is no need to have any posts removed from anywhere, i can't understand why when offered an alternate point of view you went on a personal attack. If anybody is scared it is you, you cannot handle it when people do not agree with you. I questioned your methods and your response was i am scared, lol grow up. i do not need a 200ema cross over to tell me the price has gone higher, i have eyes, and i am 100% aware of what the EMA's are there for, not a cross over obviously they as you mentioned are for confluence when taking A setups

 

I notice the lack of Benny's posts, so i suggest rather than personal attacks your and my posts should be directed to the system or related questions, wouldn't you agree that is the point of the thread?

[wonder833]

Guys, stop quarrel.. and help to maintain the peace we used to have.. i'm not interested in finding whose right or wrong, but have a look again at the title.. its trading journal.. kindly share how you enter your trade and the after-trade result.. I find this more interesting than merely demonstrating how you would have traded based on the market trend that has already happened. cheers.

 

*PEACE*

[syk1kz]

I have just scouted out the charts before the markets open, and i see alot of candlestick formations from the friday close but i cannot see any with descent confluence, and with weekend gaps coming into play who knows what will happen. Using BB can be tricky directly after a weekend, especially if it does gap. Anyway here are 2 charts with potential A setups on the hourly rather than the 4 hourly.

 

Also lol at artoftrade being a bitch and having his posts removed

 

EURAUD - EMA'S been holding as support for a while now, also seems to be making higher highs, so a long would look good here with the proper CS formation and stoch going into extremes

http://img214.imageshack.us/img214/9817/euraud.gif

 

CHFJPY - bit counter trend here, round number support, stoch oversold, engulfing candlestick, and around the 22nd we had buyers step in and clearly try to take over, getting long sure looks attractive to me on this, but again with weekend gaps maybe this opportunity has vanished.

http://img257.imageshack.us/img257/9585/chfjpy.gif

Edited October 24, 2010 by syk1kz

[syk1kz]

euraud still seems viable depending on a CS formation appearing.

http://img594.imageshack.us/img594/9817/euraud.gif

 

not worth it, the risk:reward isn't great and the middle bb is like 20pips away or something, pretty tight BB range overall really which i didn't initially notice i was fixated on the formation confluence and stochastics :/

 

http://img824.imageshack.us/img824/9817/euraud.gif

Edited October 24, 2010 by syk1kz

[ArtOfTrade]

please, continue the personal attack, it is quiet enlightening as to your real motives for being here. There is no need to have any posts removed from anywhere, i can't understand why when offered an alternate point of view you went on a personal attack. If anybody is scared it is you, you cannot handle it when people do not agree with you. I questioned your methods and your response was i am scared, lol grow up. i do not need a 200ema cross over to tell me the price has gone higher, i have eyes, and i am 100% aware of what the EMA's are there for, not a cross over obviously they as you mentioned are for confluence when taking A setups

 

I notice the lack of Benny's posts, so i suggest rather than personal attacks your and my posts should be directed to the system or related questions, wouldn't you agree that is the point of the thread?

 

I don't understand what the anger of accusing me for personal attack, my real motives is trader help trader. Your post #158 is not difficult to explain. Part of the it was explained of the post you question. MA cross is lazyman technique to filter out the bad doji technique. Not everyone can see the market structure higher high and high low like your expertise. Not every chart that everyone can see the chart pattern very clearly. But when see a doji with 2 mas still pointing down, you can immediately access the trend still not finish. Why recommend John Parson 1+3 SMA of typical price, this is because he is known person and successful and had good explain in his book. If interested can find into his section and research. I never even talk about 200&360EMA cross over. System had it strength and also had it weakness, finding a method to minimize risk, is it not the nature of human ?. The ebook never mentioned chart pattern, does it means you cannot put into your radar. The ebook mentioned a few reversal pattern, does it means you cannot include other additional reversal pattern (eg Morning Star & Evening Star) for the trade.

 

"Doji does not mean a reversal it means indecision, doing this is risky. " - Yes I agree with you. I said that it is your personal fear. But to other person it is a golden opportunities. Know how to it and do it right, some people like to get more pips then waiting for "Morning star" confirmation. Sometime by the time waiting for this confirmation, 50~100pips gone. There are successful trader like James16 group and the auther of this system doing pinbar in his 10minfx ebook.

 

I got no intend to personal attack. I got no objection of your last statement. That the only weakness in the system that i want to address and propose the solution view. I used to had a lot of bad trade on doji, but successful minimize all this problem. If you find not suitable, then no obligation to use.

 

I know this is the personal journal, I would not spent too much time here

 

Thank you and best regard...

Edited October 25, 2010 by ArtOfTrade

[syk1kz]

pity there is no formation here, seems usd is set to give back all those gains from last week.

 

divergence is pretty clear here though

 

http://img51.imageshack.us/img51/508/usdchfi.gif

Edited October 25, 2010 by syk1kz

[ArtOfTrade]

I have just scouted out the charts before the markets open, and i see alot of candlestick formations from the friday close but i cannot see any with descent confluence, and with weekend gaps coming into play who knows what will happen. Using BB can be tricky directly after a weekend, especially if it does gap. Anyway here are 2 charts with potential A setups on the hourly rather than the 4 hourly.

 

Also lol at artoftrade being a bitch and having his posts removed

 

EURAUD - EMA'S been holding as support for a while now, also seems to be making higher highs, so a long would look good here with the proper CS formation and stoch going into extremes

 

CHFJPY - bit counter trend here, round number support, stoch oversold, engulfing candlestick, and around the 22nd we had buyers step in and clearly try to take over, getting long sure looks attractive to me on this, but again with weekend gaps maybe this opportunity has vanished.

 

Hi Mr. syk1kz,

Great Job of guiding.

[benny3]

Man I was tempted to take this trade, but didn't.

 

http://oi52.tinypic.com/k0nk03.jpg

[syk1kz]

2 more potential setups here but they are only B setups so i will stand aside

http://img220.imageshack.us/img220/1160/nzdusd.gif

http://img541.imageshack.us/img541/1734/usdcadq.gif

 

Possible A setup, depending on your view you could say 99700 is resistance since we haven't closed above. but it is not clear so will let it go

 

http://img821.imageshack.us/img821/6782/audusdb.gif

[syk1kz]

usd/cad might be an A setup since trend lines are mentioned in the cheat sheets, but maybe your trend line aren't the same as mine

http://img51.imageshack.us/img51/4741/usdcad.gif

[wonder833]

no trade looks good for me today. i only trade with trend. Regards.

[benny3]

Here's my trades guys + I decided to take that EUR/USD :)

I chickened out and stopped the trade at +65 pips

 

http://oi53.tinypic.com/5ehdg1.jpg

Edited October 26, 2010 by benny3

[benny3]

Here's another

I also stopped this one out at +30 pips

http://oi55.tinypic.com/2hwmc1.jpg

Edited October 26, 2010 by benny3

[benny3]

And another

Got stopped out at -55 pips

 

http://oi56.tinypic.com/25rnwxs.jpg

Edited October 26, 2010 by benny3