syk1kz trading journal

[syk1kz]

http://img602.imageshack.us/img602/9798/capturedv.jpg

 

got a while to go yet before we hit any profit levels

 

 

*EDIT* just noticed i am posting results from both account, both are using daily TF just on diff settings anyway here are both stats, post #1 still contains the stats i am publicly trading, other stats are testing and cannot be taken seriously at this point

 

http://img600.imageshack.us/img600/1549/capturejel.jpg

Edited December 31, 2010 by syk1kz

[syk1kz]

end of week update. EURAUD went from +95pips to -30 :|

 

http://img525.imageshack.us/img525/4686/capturefo.jpg

[syk1kz]

I have updated the first post with the new daily time frame template and the S&R indicator i am using. I removed all other templates, if you really want them download 1.4 or make them yourself. Included within the H4, daily, weekly & monthly S&R lines only, everything else will be ignored. A few pics below might help you pick out why i went in the direction i did, i included the euraud +95 now -30 chart as well

 

http://img707.imageshack.us/img707/9185/gbpusdh.gif

http://img522.imageshack.us/img522/3076/eurusdw.gif

http://img35.imageshack.us/img35/9875/captureth.jpg

 

me being an idiot again., last post shows this @ -50pips

http://img191.imageshack.us/img191/4889/captureey.jpg

Edited January 1, 2011 by syk1kz

[Guest sparky08]

I have been trying to understand your system - and still confused, is it fully automated EA or not how much manual stuffs are there? What are the entry and exit conditions could you please explain further. I thought u were using the powerband system - why did not use that solely?

[syk1kz]

I started using the power band system after watching Benny3 for a while, But after trading it exclusively for 2 months or so i found there was a serious lack of A setups. Whenever an A setup came along you are meant to take partial profit at middle BB and let the rest ride from memory. Maybe you were meant to close position out at middle BB but i remember only partial profit. This can lead to some skewed risk:reward positions and generally the risk:reward is 1:1 or less using the power band technique. I think the system is solid and provides great trading opportunities and i am moving it to the daily time frame instead of the 4hourly looking for better risk:reward. the only reason i have stopped trading it for now is the end of year provides thin trading conditions so i figured now is the time to add my system into my arsenal while i can be bothered. The Powerband technique is solid but i think it is not as black and white as the manual and cheat sheets would have you believe. ALL systems require thought and there is no black and white enter here and make pips system. If it exists please tell me where i can get this enter make pips system, they simply do no exist. ALL systems take winners and loosers, there is no 100% win system its physically impossible to win 100% of your trades long term. The best you can do is come up with a system that wins no less than 50% of trades if you are trading 1:2 risk:reward. if you trade 1:3 risk:reward you obviously do not need to be as accurate but you should aim for high accuracy regardless of risk:reward.

 

As far as my system goes well i have hardly tried to hide the fact i am subjective as all hell and the reason behind this thread is to try and long term replicate what i know works. My problem is i trade what i see and feel more than i trade any one system or signal. I like to see what i see coincide with any system i may trade but again i have hardly tried to hide the fact that i do indeed take stupid blind positions for unknown reasons, this is what i am attempting to stop.

 

The system is 100% manual with its entries but once the position has been entered it is somewhat controlled by the quick trailing EA. All the EA does is set take profit and stop loss, and move the stop to break even +1pip when we hit whatever out stop loss is in profit. So for example if you have downloaded the 1.4 system you would have 3 templates, If you place a long trade on EURUSD then the EA will auto set a stop loss depending on the template you choose. Assuming you are using the M30 time frame and template the stop loss is 30pips. If/When we get to 30pips in profit the EA moves the stop loss to break even +1 pip securing 1 pip profit at minimum. The EA DOES NOT PLACE TRADES OR ALERT IN ANYWAY WHEN WE MAY HAVE A POTENTIAL TRADE. The indicators will do that should you turn alerts on which is the way the 1.5 daily time frame template has been setup.

 

My entry conditions are fairly simply and i will explain them again in some detail in the next post. Its close to dinner time and i don't want to get stuck here while i should be eating. Exit signals i am open to any suggestions, I have heard many a great trader say i can show you the perfect entry point but have no idea when they should be exiting. Simply aiming for a high risk:reward is not an exit signal it simple means we have hit an acceptable level of profit we are happy with, but does this mean we should now blindly exit? I don't think so but i have no good or usable answer when it comes to exiting so i simply do what i just mentioned - let the EA blindly exit when we hit an acceptable R:R

[Freddie]

Hi Sky, just stumbled onto your thread and very pleased to see that you are going 'daily'.

 

Thanks for sharing your system. Downloaded 1.5 and will set up ready for the morning... Morning for me is midnight GMT so ready for the week to start and also ready for each day to end and make my assessment.

 

Looking forward to the details of your next post. Hope that you enjoyed your dinner.

[Guest sparky08]

sky1kz, thanks for your post. I am also looking forward to your next post.

 

I know you have tried a lot playing around with system and regularly posting your thoughts on setups. I know you have had a crack on the powerband system - you said there is a serious lack of A setups. How badly does the A setup comes - frequency? Couldn't multiple currency search would enable you to get more A setups? I dont understand your comment regarding powerband's Risk:Reward less than 1:1 - what do you mean? Why would that happen? Did you end up being profitable on the powerband system? Kindly explain further

[syk1kz]

Hi Sky, just stumbled onto your thread and very pleased to see that you are going 'daily'.

 

Thanks for sharing your system. Downloaded 1.5 and will set up ready for the morning... Morning for me is midnight GMT so ready for the week to start and also ready for each day to end and make my assessment.

 

Looking forward to the details of your next post. Hope that you enjoyed your dinner.

 

Thanks man good luck to you and hopefully i can further explain what i am doing so people can follow. I will be funding a new live account in the coming weeks and will post here so people can view real trades with money on the line.

 

sky1kz, thanks for your post. I am also looking forward to your next post.

 

I know you have tried a lot playing around with system and regularly posting your thoughts on setups. I know you have had a crack on the powerband system - you said there is a serious lack of A setups. How badly does the A setup comes - frequency? Couldn't multiple currency search would enable you to get more A setups? I dont understand your comment regarding powerband's Risk:Reward less than 1:1 - what do you mean? Why would that happen? Did you end up being profitable on the powerband system? Kindly explain further

 

Sparky i suggest keeping all power band technique questions and comments in Benny3's thread since he has spent a great deal of time and effort sharing and posting in that thread. I will reply to your questions over there soon

[syk1kz]

I will be using NZDUSD for this explanation, Before i am placing a trade using this system i am looking for a few things.

 

First the slower stochastic[bottom one] needs to be in over bought or oversold area. This can easily be identified by the arrows present on the chart. All the arrows represent are stochastics entering OB or OS. I no longer look for double overbought or sold

 

Second i like to see some divergence present on the MTF indicator. I do not require the divergence/indi to be present in OB/OS, but i prefer it.

 

Third i want a candlestick formation such as shooting star or pinbars or engulfing, google fxwords and look at the high probability bull and bear candlestick formations. They are just some of the ones i look for.

 

Fourth since adding the S&R indicator i want to see it respected before entering, This could mean a bounce from a resistance level while stoch is in OB/OS and the MTF indi is putting in some divergence of some kind like the chart below. Remember arrows just alert to stoch entering OB/OS this is the first thing we are looking for. But this does not mean we could have a trade anytime soon it simply means to keep an eye on this pair from now on

 

 

http://img23.imageshack.us/img23/2769/capturequ.jpg

 

Very slight divergence here but after multiple bounces from support it moved higher as expected.

http://img258.imageshack.us/img258/3439/capturejxg.jpg

 

selling pressure was slightly rejected and the MTF indicator was telling me the same thing, no CS formation had formed but there was CLEAR divergence present. Jumped the gun a bit on this one.

http://img207.imageshack.us/img207/4444/capturezz.jpg

 

I was late on this one but since it was so close to the resistance i waited for it to break or bounce, just went with the flow on this one. But it was following the stoch with divergence and OS

http://img524.imageshack.us/img524/4408/eurusdy.gif

 

Liked the fact price pushed lower and was rejected, then pushed higher and was rejected back down but nowhere near the days open which would imply buyers want to take over. This was some what subjective entry

http://img63.imageshack.us/img63/9743/euraudp.jpg

 

Good example here, weekly + daily support stoch OS divergence

http://img831.imageshack.us/img831/8254/captureyv.jpg

 

And here's a perfect example of what NOT to do, in other words this was a fools trade to enter.

http://img718.imageshack.us/img718/9585/chfjpy.gif

 

I have decided to trade off the daily charts only when first beginning; either the setup is there or it’s not, i need to learn don’t try to force a setup where there isn’t one, if it’s not obvious on the daily chart it’s probably not worth trading. i am going to set aside a regular time each day that you spend looking at the daily charts of currency pairs, any price action setup that is at a confluent level and well-formed will likely stick out like a sore thumb. If i don’t see it on the daily charts after about 10-20 minutes of analyzing, there is probably no trade to take. I have to realize that if there is not a valid and obvious setup, then i walk away until the next day, don’t sit there and over-think and try to figure out a way to get into a trade, you are trying to control the market when you do this and it is impossible to control the market.

Edited January 2, 2011 by syk1kz

[syk1kz]

Well thanks to my daughter i now have an extra 10 open positions lol, Gonna restart from scratch since this acc has now been tainted

 

http://img211.imageshack.us/img211/3747/captureuu.jpg

 

I also attempted to gap trade today which burnt me.

[syk1kz]

Change of plans i am funding my new live account earlier than expected. I will post stats later, its 5pm here so i wont be doing anything today and i go back to work tonight. Stay tuned for details

[syk1kz]

lol not a good day, now my daughter has decided she hates the laptop and has removed a key i cannot find anywhere, now taking bets i find it immediately after buying an ebay replacement.

 

http://img41.imageshack.us/img41/2702/16379148183393567766818.jpg

[chrisbenjy]

Lmao, gd job it's a demo account.

 

Btw, what system's you going to be trading on your live account? Just this one or others such as Forex Powerband system?

[syk1kz]

yea i will be using forex powerband along with this

 

 

For those who have 1.5 check out this chart, there wouldnt be an entry for well over 24hours since we want a candlestick formation to appear

 

http://img825.imageshack.us/img825/6089/gbpcad.gif

[syk1kz]

Heres a list of pairs to look at using 1.5 template on the daily time frame which is what it is designed for.

 

GBPCAD

NZDUSD

EURCHF

EURJPY

GBPJPY

 

 

Cannot be botheres posting that many charts, and if you look yourself things make so much more sense using your own eyes

[syk1kz]

maybe the power band entry i am waiting for is not going to play out, but this certainly did. I am throwing these trades out live over the stream now and have opened a new L account with gomarkets which allows me to trade nanolots or 1cent a pip. it is not verified yet so i cannot fund it until they get back to me.

 

http://img26.imageshack.us/img26/6756/eurjpyz.gif

 

*EDIT* i know i said daily time frame but i got bored so i dropped back a few to scalp here and there.

Edited January 4, 2011 by syk1kz

[syk1kz]

yum yum, TP just hit

 

http://img510.imageshack.us/img510/1963/eurjpy.gif

[syk1kz]

banked 240pips today in just 2 trades, both went out over the stream.

 

Not taking this but it looks pretty sexy

 

http://img831.imageshack.us/img831/581/capturenq.jpg

[chrisbenjy]

banked 240pips today in just 2 trades, both went out over the stream.

 

Not taking this but it looks pretty sexy

 

http://img831.imageshack.us/img831/581/capturenq.jpg

 

Thanks syk1kz, I enjoy your trade log,

 

Did you not take the trade because you are happy with today's pip count, or is there something you don't like about the set up?

 

Btw, the S&R lines, are they pivots or is it a different indicator or manually plotted?

[syk1kz]

the S&R come with the 1.5 download in the first post its an indicator i'm not sure how the levels are determined but i must say they are extremely accurate. Obviously once a level is broken it gets repainted to somewhere else. If you look at gbpchf its still holding at this area. The reason i have not shorted is the hourly support level would need to break first. I think its only fair to pay attention to the corresponding time frame/support level and anything higher than it. If this breaks down i will short it. I am just waiting for gomarkets to ring today, I signed my partner up at 1am this morning lol she will get a phone call and be like "Forex? no sorry he doesn't live here, bye!"

 

http://img692.imageshack.us/img692/4977/gbpchff.gif

[syk1kz]

tired and heading off to bed early again, Sitting up for these daily candle formations is harder for me than i would of thought, But it is the first week of work so i am still adjusting from lazy to go mode, So i have forced this so see if i really should of waited or not. time will tell

 

http://img810.imageshack.us/img810/7956/gbpchf.gif

Edited January 5, 2011 by syk1kz

[syk1kz]

forced entry taken out at breakeven, if floated all day doing nothing was about 15pips profit when i got up so i just moved stop to be safe.

 

Not to sure about this anymore, the 4hourly support has now appeared under along with the hourly, we are sitting just above daily res with more res just above it. To much going on here for my liking letting it go.

 

http://img267.imageshack.us/img267/1227/gbpchf2.gif

 

*EDIT* that doesn't mean we cant trade a breakout...

Edited January 5, 2011 by syk1kz

[syk1kz]

Trading this breakout, using PA and PA alone here, no indicators or whatever even though they are on the screen they were ignored. Sometimes i will simply trade what i see and i see this moving higher, it spiked 100pips, retraced hit a fib level found support and started moving north, i will have some of that. sl 50pips tp is open for now, but will be nothing under 100pips to keep our risk:reward in line with rules.

 

http://img31.imageshack.us/img31/7956/gbpchf.gif

[syk1kz]

http://img529.imageshack.us/img529/3227/gbpchfh.gif

[syk1kz]

stopped out, going to scan for some divergence setups before work in 30mins, will post anything of intererst