Benny3's Trading jounal

[chrisbenjy]

But both systems are in profit, H4 is pushing 60%, i am considering opening a new account with gotmoneyfx and going live with this very soon. But i will give it a bit longer before diving head first into an empty pool

 

Good results. How much are you risking per trade?

[syk1kz]

Good results. How much are you risking per trade?

 

http://www.myfxbook.com/members/syk1kz

 

BB + STOCH H4 & BB + STOCH M15

 

here is just the H4 risk since mt4i wont let you have seperate sub accounts like fxbook

 

http://www.mt4i.com/users/pipstealer/risk

Edited November 6, 2010 by syk1kz

[syk1kz]

watching GBPCAD GBPCHF looks distorted after the weekend

 

http://img191.imageshack.us/img191/6089/gbpcad.gif

 

 

daily shows a pretty solid range

 

http://img602.imageshack.us/img602/6089/gbpcad.gif

Edited November 7, 2010 by syk1kz

[syk1kz]

totally missed it while sleeping :/

http://img132.imageshack.us/img132/9318/gbpcado.gif

[syk1kz]

so here my next possible trade opportunity and it would appear to be trend following

http://img301.imageshack.us/img301/6969/audnzd.gif

 

same pair different GMT, top is GMT +2 this is GMT +0

http://img232.imageshack.us/img232/6969/audnzd.gif

 

EURJPY

 

http://img819.imageshack.us/img819/5580/eurjpyw.gif

Edited November 8, 2010 by syk1kz

[syk1kz]

EURCHF

http://img263.imageshack.us/img263/5107/eurchf.gif

[Guest sparky08]

My 2 cents on Multi time frame analysis as follows for this strategy:

 

1. Open an 4H chart, find either A or B setup, lets say we found a A setup which is long (i.e., Price pierced lower BB, etc)

2. Now go to a 5min chart and see if the price is on the bottom of the BB as aswell (doesnt have to have it pierced), if the price is at the bottom half of the BB then open a long position - this will enable to fine tune the entry, reducing SL.

 

Dont know how effective the above is.. keep me posted your findings...

[chrisbenjy]

My 2 cents on Multi time frame analysis as follows for this strategy:

 

1. Open an 4H chart, find either A or B setup, lets say we found a A setup which is long (i.e., Price pierced lower BB, etc)

2. Now go to a 5min chart and see if the price is on the bottom of the BB as aswell (doesnt have to have it pierced), if the price is at the bottom half of the BB then open a long position - this will enable to fine tune the entry, reducing SL.

 

Dont know how effective the above is.. keep me posted your findings...

 

This may be ok for B setups, but I don't think any additional filtering is needed for A setups. If you make sure the candle formation is perfect and the confluence is strong then this is unnecessary.

[chrisbenjy]

Hey benny,

 

How are you doing with this system now?

 

I am live with it, but I'm about 1.5% down overall because I keep missing trades as I'm only available for 2 of the 6 4hr candle opens.

 

I'm trying to set up a remote desktop connection to my phone, but it's not working.

[wowzers]

Nice Journal, Benny.

 

I see you are already trading live after having learned how to program MQl.

 

Congrats

[syk1kz]

looks about as solid as it can get really, it is not counter trend and we have confluence via MA + round number along with extreme OS stoch, waiting for confirmation.

http://img337.imageshack.us/img337/9585/nzdjpy.gif

 

Daily chart showing trend and we are also at MA support which adds to the strength.

http://img684.imageshack.us/img684/9585/nzdjpy.gif

 

 

CADJPY - stoch divergence

http://img713.imageshack.us/img713/4101/cadjpy.gif

Edited November 23, 2010 by syk1kz

[chrisbenjy]

looks about as solid as it can get really, it is not counter trend and we have confluence with extreme OS stoch, waiting for confirmation.

http://img337.imageshack.us/img337/9585/nzdjpy.gif

 

I see it too, are you taking it? I don't quite like the candle formation, but theres very strong confluence and amazing R:R.

[benny3]

Sorry guys i've just been busy trying to improve this system i'll update you guys soon

 

regards benny3

Edited November 23, 2010 by benny3

[benny3]

Here's a small update indicators and template

 

http://www.4shared.com/file/-lTfv3dV/inditemp.html

 

1. The 2 Blue lines represent the daily macd but used on the 4hr chart just to help confirm trend

 

and i'm sure you can guess the others, they are a 4hr stochastic lines + histogram ect

 

http://oi56.tinypic.com/29bdmv9.jpg

Edited November 23, 2010 by benny3

[syk1kz]

@chrisbenjy, i am waiting for conformation via a clear bullish candlestick, if you wanted to get aggressive you could enter long on a hourly close above 63.3, i am considering this myself

http://img547.imageshack.us/img547/4101/cadjpy.gif

Edited November 23, 2010 by syk1kz

[syk1kz]

Here's a small update indicators and template

 

http://www.4shared.com/file/-lTfv3dV/inditemp.html

 

1. The 2 Blue lines represent the daily macd but used on the 4hr chart just to help confirm trend

 

and i'm sure you can guess the others, they are a 4hr stochastic lines + histogram ect

 

http://oi56.tinypic.com/29bdmv9.jpg

 

Nice work man

[syk1kz]

actually i have just jumped the gun on this, since the risk is extremely small i am ok with taking a loss, i have actually told myself it has already lost and closed off MT4 so i can goto bed, Super aggressive and not sticking to the rules, i know. I will probably get stopped out and i deserve it if i do. Anyway bed for me

http://img8.imageshack.us/img8/46/nzdjpys.gif

Edited November 23, 2010 by syk1kz

[syk1kz]

stupid f***ing jackoff next dorr started mowing his lawn, how dare he at 10am on a weekday!

 

trade is floating +25pips

http://img194.imageshack.us/img194/9585/nzdjpy.gif

[benny3]

Nice trade buddy sometimes you just have to feel the markets,if you know what i mean.

[syk1kz]

yes i do know what you mean, i moved stoploss to breakeven and got 0pips on this one, but i bagged 89pips this week on audusd so i am not worried. the last 2 demo accounts i have used this on i have made atleast 65% on each in 30days, and now i am on my third which is 50% in profit in under 2 weeks. I am going live with this next month, probably start off with a very small micro account, few hundred dollars at maximum and see what i can do just using this.

 

I have added a few simple rules to this system which is helping me achieve better results, it is simple yet affective.

 

1) No trades Monday or Friday, Tuesday Wednesday & Thursday ONLY, No holding over the weekend.

 

2) No Open positions during high impact news, Opening after news is fine. I actually like to watch high impact news go against the trend, hit a round number or MA, reverse, then jump onboard for the reversal. 90% success with this method.

 

3) Set a weekly pip target, once hit stop trading until next week, increase lotsize as your account grows.

 

I am not telling anybody here they should be following these rules, i am saying this is what i am doing with good success. - personal choice and nothing more!

 

I am targetting 50-80 pips a week, easily achieved with a H4 timeframe.

 

My stoploss generally is tight as hell, we are talking as low as 20pips for a H4 timeframe, and sometimes even less. This weeks profit of 89pips came from a trade with a very very tight stop of under 20pips. This equals a 1:4 risk:reward and this is achievable more often than you probably imagine.

 

I will come clean though and say that i am being subjective [using H1 + H4] somewhat as you can tell from the above post with the chart. Obviously there was no clear signal here based on H4 timeframe, BUT i did note daily support and the extremely tight stoploss so i felt comfortable risking my pips for the pay off here, But 99% of the time i wait and wait and wait, i am being payed to wait, not to jump the gun like i did earlier.

 

Bottom line? This works if you believe it works and you honestly believe in the trades you take, hell you are risking money here right?

 

Thanks Benny for all your work and sharing this, i believe that with good candlestick analysis [ i have added more in not in the cheat sheets ] and with patience everybody can achieve profitable results, if they are picky enough. Being picky is probably the most important lesson i have learnt using this, hense rules #1 and #2

 

 

 

http://www.mt4i.com/users/pipstealer/

Edited November 24, 2010 by syk1kz

[benny3]

Thanks Benny for all your work and sharing this, i believe that with good candlestick analysis [ i have added more in not in the cheat sheets ] and with patience everybody can achieve profitable results, if they are picky enough. Being picky is probably the most important lesson i have learnt using this, hense rules #1 and #2

 

You are very much welcome buddy and all the best to you and all those trading this system.

I'll be with you guys every step of the way.

 

Regards Benny3

[syk1kz]

Here is something interesting, Note the system being used here, and then the comment about coding it all himself, lol?

http://forexshredder.blogspot.com/2010/11/day-4-recap.html

[wonder833]

Here is something interesting, Note the system being used here, and then the comment about coding it all himself, lol?

http://forexshredder.blogspot.com/2010/11/day-4-recap.html

 

Not sure who is this Forex Shredder, is he kenny?

[syk1kz]

It is somebody i used to trade with, but not anymore, so no it is not Kenny [ who is kenny? ] or did you mean Benny? either way No

[wonder833]

Kenny (not benny, and its not typo).. refer to first post in page 1.. he's the one who write the code for this EA manager you using..

 

http://indo-investasi.com/showthread.php/7248-%28REQ-Plz%29-Simple-Take-Profit-EA-based-on-Bollinger-Bands