Finally giving it (another) go

[Edinburgh Trader]

Hi all,
The purpose of me starting this thread is to become a better trader.
I'm going to post my trades on here and will let you know how I trade.
I am no guru, and my no means an expert trader, so please don't copy my trades!
I'm hoping that by posting here some of the more experienced members may wish to comment and help me along my journey.

 

[Edinburgh Trader]

My story I guess is very familiar.
I've been trading on and off for years.
I've tried just about every system out there, and never had CONSISTANT success.
I've had good wins, and big losses. I've tried all sorts of things and jumped from one system to another.
I have now taken 2 months off work to try and trade full time. I have no illusions that I will end up been a full time trader at the end of those two months, but because I an a contractor I have managed to find a two month window to dedicate myself to trading.

 

[Edinburgh Trader]

In the past I've tried delta, the market matrix etc, and as much I found these truly fascinating I simply couldn't make consistent profits from using these methods.
Knowledge wise, I would say I'm reasonably clued up on technical analysis, but no expert.
I will be trading off a five minute chart, with direction coming from the hourly chart.
Essentially I will be keeping it simple. Trading in the direction of the hourly chart, entries taken on the 5 minute and stops to be pretty tight (10-20 points)

 

[Edinburgh Trader]

Long GBPUSD at 1.62971 (10 point stop)

 

[Edinburgh Trader]

We are bouncing around, and starting to wonder if I should have waited for price to go the the round number of 1.63 first???

 

[Edinburgh Trader]

ok, so we are now playing with 1.63. If we get no traction soon I might call it quits at break even

 

[Edinburgh Trader]

Stop moved to break even

 

[Edinburgh Trader]

moving the right way at the minute!

 

[Edinburgh Trader]

or it was!
5 points in profit, was 10 a minute ago. Stop left at break even and will just watch and wait now

 

[Edinburgh Trader]

Ideally I was looking for 1.6320 when I entered. Please bare with me as I've never tried to post live!

 

[Edinburgh Trader]

Slowly coming back to break even.

Its at times like this I wonder if the stop to breakeven is a good idea or not?

That said, I was 10 points in profit when I moved it and I only risked 10 points, so seemed reasonable to me?

 

[Edinburgh Trader]

Ok, so i'm stopped out for no profit, but no loss either!

May tried this one again soon if we break and hold the 1.63 level

 

[Pat494]

What is your latest whizzo system ?

Are you a YES or NO man ?

 

[Edinburgh Trader]

Having a look at the EURUSD as a possible buy

 

[Edinburgh Trader]

Pat, my heart says YES, head says NO.
To be honest neither side have been that convincing with their arguments!

 

[Edinburgh Trader]

Also looking at the FTSE100 for a possible buy

 

[Edinburgh Trader]

The way I search for opportunities is to look at the hourly chart with a 8 and 34 moving average to help determine direction, then an 8 period moving average on the 5 minute to determine entries.

Essentially if price is moving up on the hourly (as determined by MA's) I will would for price to fall below 8 MA on 5 minute and and buy when it comes back above it.

Also have a MACD histogram and stochastic to help guide.

Not exactly complicated, but might just work (ish)

 

[Edinburgh Trader]

Rather annoyingly the GBPUSD is now rising again. If I hadn't moved the original stop I'd be in a nice 20 pip profit.
One part of my game I need to sort out!!!

 

[Edinburgh Trader]

Not going to chase it. Will see if it comes down and see if it gives another signal.

Might consider buying gold above 1238

 

[Edinburgh Trader]

If 1.2952 on EURUSD hold I'll most likely be a buyer at 1.2958