The old mans trades

[theoldmanstrades]

Pending orders:

Open trades:
eur/yen sell @ 100.51 stop 100.72 limit 100.33
usd/chf buy @ .9379 stop .9363 limit .9393
eur/usd sell @ 1.2891 stop 1.2913 limit 1.2871

 

[NVP]

waiting for the retrace eh ?............looks a good move

 

[theoldmanstrades]

waiting for the retrace eh ?............looks a good move

Retrace or continuation of trend. Depends on the time frame you're looking at. I find with small scalping like this, it's always both. We'll see how this turns out.

 

[be-positive]

one thing for sure oldman you are no rookie ------- all the best with thread

 

[theoldmanstrades]

Pending orders:

Open trades:

Total profit in pips:

-7 pips

Closed trades:

Sell usd/chf @9425 stop 9438 limit 9413 = -13
Buy eur/usd @2821 stop 2802 limit 2838 = +17
gbp/usd buy @ .6119 stop .6108 limit .6130 = +11
usd/chf sell @ .9424 stop .9440 limit .9410 = +14
eur/yen buy @ 100.03 stop .9977 limit 100.26 = +23
eur/usd sell @ 1.2891 stop 1.2913 limit 1.2871 = -22
usd/chf buy @ .9379 stop .9363 limit .9393 = -16
eur/yen sell @ 100.51 stop 100.72 limit 100.33 = -21

I had the limits incorrect on usdchf and eurusd, so they both could have taken profit. Made a big difference in results. Also missed a usdcad winner earlier today and another CAD short winner just now. I'll get them right next time. But that is the point of doing this, so I can look back on mistakes.

 

[natureboy]

Exactly. I know i make a mistake usually every day somewhere along the line.. Focusing on doing it right makes it get done better and better. Good Trading

 

[theoldmanstrades]

Pending orders:

gbp/yen sell @ 125.86
aud/usd sell @ 1.0370
usd/cad buy @ .9826
nzd/usd sell @ .8301
eur/usd sell @ 1.2911

 

[theoldmanstrades]

Pending orders:

Open trades:
eur/usd sell @ 1.2911 stop 1.2928 limit 1.2895
nzd/usd sell @ .8301 stop .8318 limit .8288
aud/usd sell @ 1.0370 stop 1.0386 limit 1.0357
gbp/yen sell @ 125.86 stop 126.05 limit 126.65
usd/cad buy @ .9826 stop .9812 limit .9836

 

[theoldmanstrades]

Total profit in pips:

-90 pips

Closed trades:

Sell usd/chf @9425 stop 9438 limit 9413 = -13
Buy eur/usd @2821 stop 2802 limit 2838 = +17
gbp/usd buy @ .6119 stop .6108 limit .6130 = +11
usd/chf sell @ .9424 stop .9440 limit .9410 = +14
eur/yen buy @ 100.03 stop .9977 limit 100.26 = +23
eur/usd sell @ 1.2891 stop 1.2913 limit 1.2871 = -22
usd/chf buy @ .9379 stop .9363 limit .9393 = -16
eur/yen sell @ 100.51 stop 100.72 limit 100.33 = -21
eur/usd sell @ 1.2911 stop 1.2928 limit 1.2895 = -17
nzd/usd sell @ .8301 stop .8318 limit .8288 = -17
aud/usd sell @ 1.0370 stop 1.0386 limit 1.0357 = -16
gbp/yen sell @ 125.86 stop 126.05 limit 126.65 = -19
usd/cad buy @ .9826 stop .9812 limit .9836 = -14

 

[theoldmanstrades]

Pending orders:
eur/usd sell @ 1.2898 stop 1.2941 limit 1.2858
eur/yen sell @ 100.53 stop 101.05 limit 100.03
gbp/usd sell @ 1.6134 stop 1.6177 limit 1.6095
gbp/yen sell @ 125.70 stop 126.35 limit 125.20
aud/usd sell @ 1.0368 stop 1.0405 limit 1.0338
nzd/usd sell @ .8298 stop .8325 limit .8278
usd/cad buy @ .9827 stop .9801 limit .9847
usd/chf buy @ .9376 stop .9350 limit .9396

 

[be-positive]

hope arthritis has not set in

 

[theoldmanstrades]

hope arthritis has not set in

should have started with only 4 pairs.

 

[BeginnerJoe]

If long term trades work for you, why change now ? A strategy good for longer term and wider swings may not be able to deal with the noise level of the shorter time frame if you are scalping for smaller moves.

 

[theoldmanstrades]

If long term trades work for you, why change now ? A strategy good for longer term and wider swings may not be able to deal with the noise level of the shorter time frame if you are scalping for smaller moves.

I still trade long term. It's just the challenge of scalping for me. It would be nice to just be able to trade for a set amount of hours each day, rather than constantly checking on trades. We'll see how it goes over the next few weeks.

 

[BeginnerJoe]

Maybe a different market would cut down on the burden. I find equities move nice and slow and don't take much time. I believe you really can spend 15 minutes on them a day and make money.

I toy with minutely EUR/USD and it's got me chained up 24/7. So I am not sure scalping will be less hassle for you.

 

[theoldmanstrades]

Pending orders:

eur/yen sell @ 100.53 stop 101.05 limit 100.03
gbp/usd sell @ 1.6134 stop 1.6177 limit 1.6095
gbp/yen sell @ 125.70 stop 126.35 limit 125.20
aud/usd sell @ 1.0368 stop 1.0405 limit 1.0338
usd/cad buy @ .9810 stop .9798 limit .9820

Open trades:
nzd/usd sell @ .8298 stop .8325 limit .8278
usd/chf buy @ .9376 stop .9350 limit .9396
eur/usd sell @ 1.2898 stop 1.2941 limit 1.2858

 

[Hoggums]

I just wonder if you are trading too much here. All ccy pairs are correlated and you are effectively putting the same trade on diff pairs but they'll all end up with the same result because of the correlation.

Hence the -90 pips. I do think you'd be better concentrating on fewer ccy pairs. It's very unlikely the USDCAD buy order will make a profit if the AUD/USD, GBP/USD orders make a loss.

 

[theoldmanstrades]

I just wonder if you are trading too much here. All ccy pairs are correlated and you are effectively putting the same trade on diff pairs but they'll all end up with the same result because of the correlation.

Hence the -90 pips. I do think you'd be better concentrating on fewer ccy pairs. It's very unlikely the USDCAD buy order will make a profit if the AUD/USD, GBP/USD orders make a loss.

Correlation of pairs doesn't cover the divergence in the pairs. So many times one correlated pair will stop out while the other doesn't. Otherwise if you run the same system on two correlated pairs you would expect the same results, but rarely if ever does that happen.

Some days 20 trades with 8 pairs, other days none. I'll hit patches of mulitple losses, but then will hit 20+ wins in a row. -90 pips on 8 pairs is nothing. 8 pairs keeps it interesting for me.

USDCAD already made its profit, and aud and gbp haven't even entered yet.

My 15 years of forex trading has always told me, if you stop or limit by price, correlated pairs mean nothing overall. If you stop, limit or enter by time, they are indeed highly correlated.

We'll see how things go over a few weeks. Thanks for taking the time to add to the thread.

 

[theoldmanstrades]

Maybe a different market would cut down on the burden. I find equities move nice and slow and don't take much time. I believe you really can spend 15 minutes on them a day and make money.

I toy with minutely EUR/USD and it's got me chained up 24/7. So I am not sure scalping will be less hassle for you.

I can't change to equities. That would defeat the challenge.

When trades last for days it can require constant checks. To be able to trade exactly 8-9 hours a day and then quit would be great.

Thanks for your comments.

 

[theoldmanstrades]

I just wonder if you are trading too much here. All ccy pairs are correlated and you are effectively putting the same trade on diff pairs but they'll all end up with the same result because of the correlation.

Hence the -90 pips. I do think you'd be better concentrating on fewer ccy pairs. It's very unlikely the USDCAD buy order will make a profit if the AUD/USD, GBP/USD orders make a loss.

As further examples to correlated pairs, I could have just taken 15 pips on the nzd, and the aud hasn't even entered yet.

Last week I shorted eur, gbp, aud and longed chf. eur, gbp and chf stopped out, but the aud went down for a little over 100 pips. So I netted profit. Had I chosen one pair, I had a 3/4 chance of losing.

Everyone sees the markets differently depending on what they have experienced. (trading, reading, forums etc...) But if 90%+ of traders lose, maybe a lot of the information available isn't all that helpful. Again, depends on your experiences.

All critiques are welcome. It all helps the learning.