Eur-Usd SL demo trades

[bansir]

Hi Folks,
The losing streak continues.
The individual losses are small but they add up!

I took 6 trades for -36 pips so av. -6 pips per trade today.
The fifth trade could have been a winner but it just got spiked out before the price moved away.
I managed to trail the stop up to BE+1 on the last trade.

I have started to look at RSI(7); just to see if it can be used to catch some trending moves in price.

Here is the chart from yesterday.

 

[bansir]

Hi Folks,
Three trades yesterday.
-9, +26 and +34. So +51 pips up on the day.

My exits were not so good; I just grabbed the pips.
The R:R ratios were fair with 1.85 on the first winning trade and 3.4 on the second.

I'm at -54 pips for the month with 31 losing trades and 17 winning trades.
my average loss is -9.42 pips and my average win is +14 pips.

Best Regards,
Neil

 

[bansir]

Hi Folks,
Just catching up with the records.
Took some trades on Tuesday and a few more Yesterday (Wed).

On Tuesday I tried out a couple of theories:
1. Attempted to play the PDB failure and go with the SMA(12) trend.
2. I tried using RSI(7) to catch a PDB re-trace but was unsuccessful.

Cost was -45 pips. I had this uneasy feeling of my discipline slipping away as I
started to try out these ideas.

A bonus of focusing on the testing rather than the trades was that it gave me space to actually think about how I played the divergences.
I played the first two trades with better stop management.
With the first trade, I watched it move to +ve pips then realized I could move the stop up to BE and re-enter at a better price if needs be rather than just taking a hit at the original stop loss cost.
The result was a neutral trade rather than taking a 7 pip hit which I would have had had I just left the stop where it was.
This procedure will not work of course when you get quick spikes before a move.


Wednesday I went back to the RSI(14) divergences just to get back on solid ground.
Came out with +2 pips.
Here are the charts.

Best Regards,
Neil

 

[bansir]

Hi Folks,
Trades from Thursday / Friday...

Both days were a struggle; the divergences failed against the strong down trend on the 5 min chart.
On Friday, I came close to success with playing a divergence failure.
I'm afraid I didn't stick to my plan though and chickened out for -9 pips rather than letting my 18 pip stop remain in place.

Thursday was -8, -9, -12 and +1
Friday was -9,-9,+1,-6,-2,-8,-6

Here are the charts:

 

[bansir]

Hi All,
Trades from yesterday:
+14 pips in 16 trades.

Interesting time it was; I tried out a combination of RSI(14) divergences and RSI(7) hooks.
Sometimes you get both signals together which gives added confidence.

The idea is to use the normal divergence entries on RSI(14) for counter trend pips and use RSI(7) hooks to take pips with the trend.
I only hold one RSI plot on the screen at any one time. I just tweek the averaging period according to which set up I'm considering.

*** The RSI(7) hooks are an idea from Trendie. ****
I'm just having tinker around with it - see where it goes.

The RSI(7) generates more set ups so I'll have to go steady or else I'm back in over-trade city.

Yesterday was heading that way with the 16 trades.
Some of the trades were just repeated attempts to get back in on the same set up having been stopped out at BE+1.

I was trailing the stops in very quickly, as soon as +5 or +6 pips were on the table. Maybe I'll relax this a little going forward, although it did seem to prevent a few 'full hit' stop-outs.


The RSI(7) hook entries look good initially. I messed one of them up trying to anticipate the hook.
Whilst testing, I didn't have any ideas for RSI(7) hook exit signals.
A promising area for exits could be to look for RSI(7) to return from overbought / oversold region.
Maybe take exit on a cross of +70 / +30 back in towards 50 line.

Will try some more hooks today if I get chance.

All the best and thanks to Trendie for the idea.

Neil


Two charts for yesterday:

 

[Tenapenny]

Trades from yesterday:
+14 pips in 16 trades.
Is that correct. You made 14 pips out of 16 trades. Seems a tad low to me.

 

[bansir]

Trades from yesterday:
+14 pips in 16 trades.
Is that correct. You made 14 pips out of 16 trades. Seems a tad low to me.

Hi Tenapenny,
Yes I agree, it was a poor return.

Only demo trades though and my first test using the RSI(7) hooks.
See what happens today.

Best Regards,
Neil

 

[bansir]

A trade in six stages

Hi Folks,
Haven't posted any trades for a while.
I had a holiday, came back and did some mucking about with some ideas.
I finished up taking things back to basics and seem to have had a reasonable run of success over the last couple of weeks.

Rather than post a single chart to show what I'm doing, I thought it may be more useful if I illustrated the process using 6 snapshots of a trade so people (including myself ) can see what was going on.
If you're interested, view the charts one at a time in order ' a ' to ' f '.

Here you go anyway....

 

[trendie]

glad to see you back, bansir. wondered where you'd gone. this is one of my fave threads.

 

[bansir]

One of each

glad to see you back, bansir. wondered where you'd gone. this is one of my fave threads.

Hi Trendie and all,
Today was interesting...
First trade was a straight loser as the initial NDT set up failed for a -19 pips hit.
The second trade was off the same setup but I managed it poorly and took another -5 pips.

The third trade was a stupidity attack and I was punished with a -26 pip loss.

The last trade was a corker +70 pips with a bit of a biggish initial risk at -20pips.

The set up looked really nice though as the pin bar touched a region where all my S/R and trend lines converged.
I had no real plan on the exit but moved the stop up fairly quickly to BE just in case things went pear shaped.

I eventually closed out because our doggy wanted her walkies and to be honest, I'd had enough.

Here's the chart, it's a bit busy I'm afraid....

 

[rtsurvivor]

Hi bansir and all. Your system looks very interesting. It boggled my mind on how complicated it looks.

I've been a simple pattern trader for sometime and I'm amazed at how some of the trading systems work. The chart is the one you made with an add on of a 123Up pattern marked in red; long at #2 trigger point. Adjusting the S/L as you go to around 50 or so pips, and barring a stop-out in the 1.4100 area, you could have pulled out around 90 or so pips. (There is a Bull Flag in the 1st up leg of this trade and I would have adjusted my s/l to the base of the flag level.)

Your system looks ok and you probably do ok but my pattern trading is a whole lot easier. Spot a pattern developing and wait for it to trigger with a GTC order in place.

Of course there are rules that the patterns must obey to be valid but I don't have to keep my nose glued to the screen. :cheesy:

Anyhow, good post and good reading.

RT... :idea:

 

[bansir]

Hi bansir and all. Your system looks very interesting. It boggled my mind on how complicated it looks.

I've been a simple pattern trader for sometime and I'm amazed at how some of the trading systems work. The chart is the one you made with an add on of a 123Up pattern marked in red; long at #2 trigger point. Adjusting the S/L as you go to around 50 or so pips, and barring a stop-out in the 1.4100 area, you could have pulled out around 90 or so pips. (There is a Bull Flag in the 1st up leg of this trade and I would have adjusted my s/l to the base of the flag level.)

Your system looks ok and you probably do ok but my pattern trading is a whole lot easier. Spot a pattern developing and wait for it to trigger with a GTC order in place.

Of course there are rules that the patterns must obey to be valid but I don't have to keep my nose glued to the screen. :cheesy:

Anyhow, good post and good reading.

RT... :idea:

Hi RT,
Fantastic, I used to do patterns too but you are way ahead of me. You have got my interest re-kindled. I may be throwing a couple of questions out to you later on.
I'm a bit tired just now but will take a fresh look at your post tomorrow.

Here are charts for Monday+Tuesday.
Monday was rubbish; I thought I had got rid of all that boredom gambling nonsense long ago. Maybe last weeks success went to my head a bit; I was at +130 pips on the week which is a personal best.
Tue was much better; I actually waited for signals and worked out plans for the trades.
Lets hope the recovery continues.

Best Regards,
Neil

 

[bansir]

Hi Folks,
Some trades from this morning.
Finished up more or less in scalping mode in what turned out to be a sideways channel.

I was really tempted playing a downside breakout but managed to avoid chasing the price.

Here's the chart:

 

[bansir]

Hi,
Trades from today...
I seem to be a bit nervous at the moment, can't keep in the trades.

If you're looking in RTSURVIVOR, the nice entry off the PDB 1 (10:15 @ 1.4712 'ish) looks like one of your '1,2,3' setups, yes?

Best Regards,
Neil

 

[bansir]

Here are today's trades.
Nothing doing until US session kicked off.
A nice NDT formed but it took a little longer to fill out than I thought it would
at the time.
I managed to get in on the right side, going for shorts off the NDT and
off the underside of the SMA.

I made hard work of it, moving stops down quickly and not hesitating to
get out if things looked wrong. I lost what turned out to be my best positions
doing this but I didn't take any major hits. (+3,+11,+1,+1,-3,0 and +22)

+36 pips but needed 8 trades to get them.

Best Regards,
Neil

 

[rtsurvivor]

Hi Neil. There is indeed a good 123 down pattern in your chart.

Here's your chart with a couple of notes I added.

They're not that hard to spot once you get the hang of it. :smart:

Good trading
RT... :idea:

 

[bansir]

Hi Neil. There is indeed a good 123 down pattern in your chart.

Here's your chart with a couple of notes I added.

They're not that hard to spot once you get the hang of it. :smart:

Good trading
RT... :idea:

Hi RT,
Thanks for your latest pattern illustration, I'll have a go at spotting these 1-2-3's for myself.
It looks like the initial stops used are around 25 to 35 pips away from entry in these examples,is that about right?

Here are my trades for today. Finished up with +24 from two trades. The PDB was nice and clear for the second trade which yielded most of the pips. Jumped out of it too early with hindsight but I didn't want to stay in as the US session opened.

I've just had a tot up and I've won 135 pips nett this week. It's usually when I get to this point that I have one of my rash days so I'll have to watch out.
I won't be trading tomorrow; other duties call.

Best Regards,
Neil

 

[rtsurvivor]

Right your are Neil. the #3 point is about 30 or so pips from entry. The #3 point works petty good as an initial S/L for the trade.

Have a grand day
RT... :idea:

 

[bansir]

Just a couple of trades today.
Both were divergence pattern entries.

Stopped out on the first one for +1

My exit on the second one was a bit nervy. Shame, I was on the right side of a 50 to 60 pip move (at time of writing).
Later on, I had a second chance to short as T3 was breached but I missed the entry.
(not shown on the chart but it was in the same region as the 'x' on T3) and the price fell
to re-test S/R 2.

Still no damage done and +17 pips taken. Definitely need to improve on exits though.

Best Regards,
Neil

 

[bansir]

Again, just 2 trades but they didn't work out.
+1 and -12 pips.
There were lots of pips available if I had played in the direction of the SMA.
I was trying to work off the divergences though, not so lucrative.

Only thing I can say is I kept cool and managed not to compound
my losses by refusing to accept the failures.

The chart kind of tells the story...