I have changed this section now. No more posting all my trades (who really cares anyway and how does that help anyone?) as doing so proved to be too difficult for me to dialogue about my trading and still make good decisions. Instead – I will be looking at the day/week with respect to my favorite proven strategies to review how the strategies performed. The strategies I use are based on very simple price action pattern setups that anyone can see on a very basic bar chart. No need to know about MACD or moving averages or fibonacci or any of these more in-depth technical indicators to implement any of these. Knowledge of support and resistance levels is helpful to implement these as they can help you know where to place stops.
These strategies all have a “set and forget” method too them. However I find that if I at least monitor the trades checking in every half hour or so that I will minimize nearly all losses and gain at least a small profit on all of these strategies. (More on this in another post soon.)
5/27/09
Several trading setups based on my favorite proven strategies occurred today. Today was a very good day.
1) A set up based on the NY Morning Breakout strategy occured right after 8:30 am Eastern Time -
=> RESULT: I gained +40 pips in minutes. Could have gained 68 pips today with this strategy!
2) A set up based on my preferred Method 1 Strategy occured this afternoon/evening with the GBP/USD - this one was a very clear set up and it would have netted over +100 pips with ease!
=> RESULT: +100 pips (but unfortunately.. I was not in this trade I was busy chasing the Euro and watching the GBP for another setup (see below). It was a set up that occured and was there for the taking. Of course if I had taken it I probably would have closed at +50 to +60 pips because the trade did stall there.
3) The 4 hour Sterling set up just occured (I will be posting a link to this strategy soon, so come back and check!) and I did take this one and…
=> RESULT: I took another +40 pips within about 15 minutes. This trade just completed as I write this. It could possibly go further but usually once I am up 40 to 50 pips I like to just go ahead and sell.
4) Another 4 Hour Sterling Set Up (more info coming soon) occured early in the morning hours during the European session
=> RESULT: I wasn’t in this trade as I was asleep, but it would have netted +30 pips within minutes for the person who was awake and took it.
6) A set up has also occured at 5 pm Eastern Time based on my Method 1 Preferred strategy on the EUR/USD -
=> RESULT: +50 pips overnight as I slept. (This trade actually gave +120 pips if the trader had kept it open for more time. I set it to close at 50 pips because I had to go to sleep! But thanks to the Method 1 Preferred Set Up, 50 pips worth up to $500 as I sleep is quite nice!
5/28/09
1) This morning I did implement the NY Morning Breakout strategy and the strategy DID perform as it should have. My trade was stopped out however as I only set the stop loss at 30 pips from my entry. So I lost -30 pips. However, if I had set the SL at 40 pips, the trade would have been successful with +80 to +90 pips potential ! I am still working on this strategy. I paper-traded it the past 2 weeks and have just begun trading it live on the EUR/USD this week.
2) Going back and looking at the charts from overnight, there was a 4 hour Sterling strategy to take advantage of last night as I slept. This trade released a total potential of +97 pips !
RESULT –> I didn’t take the trade above, of course, because I was asleep. However for those of you in Europe or those who are able and willing to trade all night long…this trade strategy was spelled out and waiting for you for an easy, easy +40 to +50 pips and a total potential (if you have been patient) of +97 pips!
3) Finally another 4 hr Sterling set up strategy just presented itself, and I took the trade and just grabbed +20 pips! It will likely go much further - but I am happy with +20 pips and it is close to midnight here and I’m tired.
=> RESULT: +20 pips Update - I don’t believe it! This trade had a potential of over +180 pips!! I hope some of you were able to catch it! I only got 20 of them before I decided to leave the party early and get some shut eye, lol.
Friday morning 5/29/09
1) I took advantage of the NY Morning Breakout Strategy this morning and gained +40 pips. (I set my SL at -40 pips from entry this time, instead of at -30 like I did yesterday. It was the right decision because if I had kept SL at -30 it would have stopped out again.) This trade gave up a potential of more than +81 pips.
==> RESULT: +40 pips!
==> GAINS/LOSSES MADE THIS WEEK :
MY ACTUAL TRADES: +160 pips
Potential pips that were available this week using these three strategies: a whopping +841 or more pips so far were available for the taking this week - based on these three strategies alone: 1) Fx NY Morning Breakout, 2)Fx Loophole Strategy, and 3) 4 hr GBP/USD Strategy. Of course hindsight is 20/20 and in reality you aren’t going to get all of those pips due to traders psychology you will likely close out traders sooner than you have to. Let’s face it, when you are up 40 to 50 pips and the pair starts to turn, the safest strategy is to sell (or trail your stop.) In real life you have to sleep and you will decide to close trades before they have reached their maximum profit. However, when you see how many pips were available from these 3 strategies during this week alone (over +800) - then it is easier to understand how you can grab many of them. Even with a loss this week I’m still up +160 pips this week (plus +81 pips from last week.) This has been a fantastic week thus far. It has been a particularly volatile week which gave alot of trading opportunities using my preferred 3 strategies.
