Barney's Ballsups

[barney]

I managed to pick up a couple of quick trades on the live account for a buck or two

The Sim account ended up like below ............... The incentive is clear

 

[barney]

CHF is showing more strength across the board which should put some pressure downwards on the USD/CHF Euro is also showing more resilience overall ..... Therefore have taken some Longs on the EUR/USD .... fairly tight stops just under the current short term range ... Chart in a minute

 

[barney]

Chart EUR/USD Longs ...

Target Area around 1.38350

 

[barney]

Momentum dropping out of the EUR/GBP.

Putting the Long EUR/USD under a bit of pressure .... Still struggling to break out of the range .....

 

[barney]

Momentum fortunately kicked back in on the Euro across the board .... Chart is EUR/USD

 

[barney]

Momentum dried up on the Euro ..... Trade closed at 1.38055 and 1.38048 ... approx. +20 pips ....... happy with that

 

[>Apocalypto<]

Momentum dried up on the Euro ..... Trade closed at 1.38055 and 1.38048 ... approx. +20 pips ....... happy with that

Hi Barney, what's the bottom indi you're using?

 

[barney]

Hi Barney, what's the bottom indi you're using?

Howdy Apoc,

That particular indicator is a combination of a standard stochastic which is overlayed with Envelopes. You can fiddle/adjust the settings of each indicator separately but because the Envelope is always "relative" to the Stochastic I find it gives a bit more credibility to the position of the Stochastic ..... Just another one of my odd ideas

To be honest, most of what I'm trying to get a handle on at the moment is the relative movement/correlation of the different pairs, so the indicator is more for visual confirmation/backup, but it does seem to highlight the cyclic nature of FX pretty well.

I know you trade FX, so any input/advice/tips etc is always welcome .... Cheers.

 

[barney]

USD pretty strong tonight ....

EUR/GBP retracing back to middle of the range so Shorting both EUR/USD and GBP/USD ... tight stops

 

[barney]

Both trades went positive so ran close trailing stops hoping for a runner .... GBP/USD cut back sharply and stopped out for about +9 pips ....

EUR/USD got a bit of momentum and managed +21 pips ...... I was a bit late to the action tonight but still ended up ok considering ....

 

[barney]

Exercise completed for the month.

Pros:- It makes you concentrate harder and you are more accountable for your actions.

Cons:- The logistics of trying to place trades,take screenshots, then transfer screenshots to "Paint", then try and post it all up while a trade is unfolding is often difficult, especially when trades start to go wrong. For that reason the majority of trades that eventually got to the Forum were ones that ran immediately, as a high majority were stopped out before getting that far. A little over 170 trades all up, and as the stats below show, there were way more losers than winners ..... managed to keep most of those small however.

The month only finished in the black courtesy of my "Dax" trades .... Kind of ironic that I am trying to learn Forex trading, but my Index trades kept me afloat Probably a lesson to be learned there, but I'll keep persevering.

Anyway, that will be it from me for a while. I'm glad I tried it and would recommend the exercise to anyone trying to get a grip on some of their trading demons ...... I still have a few to fix

Monthly stats below ..... Cheers.

 

[>Apocalypto<]

Exercise completed for the month.

Pros:- It makes you concentrate harder and you are more accountable for your actions.

Cons:- The logistics of trying to place trades,take screenshots, then transfer screenshots to "Paint", then try and post it all up while a trade is unfolding is often difficult, especially when trades start to go wrong. For that reason the majority of trades that eventually got to the Forum were ones that ran immediately, as a high majority were stopped out before getting that far. A little over 170 trades all up, and as the stats below show, there were way more losers than winners ..... managed to keep most of those small however.

The month only finished in the black courtesy of my "Dax" trades .... Kind of ironic that I am trying to learn Forex trading, but my Index trades kept me afloat Probably a lesson to be learned there, but I'll keep persevering.

Anyway, that will be it from me for a while. I'm glad I tried it and would recommend the exercise to anyone trying to get a grip on some of their trading demons ...... I still have a few to fix

Monthly stats below ..... Cheers.

great thread Barney,

don't worry keep going... last month i scarped together just under 10% really off one month saving trade. bar that late one 1% at best... but that's how it rolls. my acc was tiny last month 300$Months end i have redeposited bought it back up to 1K. trading GBPJPY only off the 1 hour. gave myself two month to prove it was worth doing on small accs or i was going back to daily.

two months, two profitable months so going to keep on keeping on with the 1 hour GJ. each profitable month i will keep depositing as long as i maintain 5% a month on average.

so far this month 3 trades all .1 size
1 loss 31.08 buy at the top before it fell over
1 win 55.09
1 win 51.71 both shorts on the last down move.

Next week looking long

 

[barney]

great thread Barney,

don't worry keep going... last month i scarped together just under 10% really off one month saving trade. bar that late one 1% at best... but that's how it rolls. my acc was tiny last month 300$Months end i have redeposited bought it back up to 1K. trading GBPJPY only off the 1 hour. gave myself two month to prove it was worth doing on small accs or i was going back to daily.

two months, two profitable months so going to keep on keeping on with the 1 hour GJ. each profitable month i will keep depositing as long as i maintain 5% a month on average.

so far this month 3 trades all .1 size
1 loss 31.08 buy at the top before it fell over
1 win 55.09
1 win 51.71 both shorts on the last down move.

Next week looking long

Yeah Cheers Apoc,

Certainly won't be giving up on FX in the near term ... The potential is huge

Back to the drawing board for a while now and will update occasionally when/if I've made some more progress.

 

[>Apocalypto<]

Hi Barney,

Not cherry picking... this is my 4th trade of the year. opened start of this current 12pm bar...

was looking to buy this week but the signal of a hard trend breaking candle, showwed a statement and looking for a test of the low.. aud is also rallying in a new trend. it's moving counter the GJ atm so this added to evidence a support test could happen.

this trade i might close before TP as I have a feeling in my gut it's a low test to start a base. at 20-30 pips infront i will go to BE see how the buyers handle this bear push.

***trade closed around lows 23 pips... still falling but i'm going to wait for a new lower high break to sell again or a bounce high low off this low. ***

 

[barney]

this trade i might close before TP as I have a feeling in my gut it's a low test to start a base. at 20-30 pips infront i will go to BE see how the buyers handle this bear push.

***trade closed around lows 23 pips... still falling but i'm going to wait for a new lower high break to sell again or a bounce high low off this low. ***

Good trade ......... Over 1% drop very early in the day

Both red dot price areas should be tested at some point today you'd expect.

 

[>Apocalypto<]

Back to the drawing board for a while now and will update occasionally when/if I've made some more progress.

if you find it helps keep updating.. i actually found being active on forums did my trading bad... it made me need to prove something.. that's why i tend to disappear for a while.

Regards to trading what's helped me is making as simple as i can.. i tend to trade off levels now in the trends direction, i like to look for statements... other thing which is going ok is sticking to one pair and not looking at the markets too much during the hour.

i was all set to daily for months and did ok (only 1 major draw down) but i found it to hard to wait 10 days for a set up and ended up creating trades...

I really love the GJ it's a great pair and i get a long with it... first time in a long time i have have had to consecutive 10%+ months trading under 4 hours.

I went back to scalping before settling on the 1 hour GJ and it was 3 months of disaster. tried rainbow range bars shaking my laptop same old 1 week profit followed by 3 weeks bigger draw downs. hence being back on tiny accs.

as you saw today the GJ can just rocket so on one side you can hit 50+ pips quickly, on the flip if you take a few loses in a row it can really eat into your acc.

 

[>Apocalypto<]

Good trade ......... Over 1% drop very early in the day

Both red dot price areas should be tested at some point today you'd expect.

that move caught me off guard, mistake i made was thinking too much regarding the level i thought could hold. win is a win and on to the next.

i tried a 2nd sell last hour but the way it kept holding at that short term support where it's buying off now spooked me. I closed for a minor win... there's a bounce on now so going to let it develop and look for more selling signals.

 

[barney]

Good to have your input Apoc. ........

Have visitors tonight so will be off the air till later. I do have an Alert on the GBP/USD if it spikes above 1.64000 Looks unlikely on face value but it won't surprise me in the least ...... might be some nice Shorts developing above that level if it spikes there quickly ... We shall see.

 

[barney]

if you find it helps keep updating.. i actually found being active on forums did my trading bad... it made me need to prove something.. that's why i tend to disappear for a while.

Regards to trading what's helped me is making as simple as i can.. i tend to trade off levels now in the trends direction, i like to look for statements... other thing which is going ok is sticking to one pair and not looking at the markets too much during the hour.

i was all set to daily for months and did ok (only 1 major draw down) but i found it to hard to wait 10 days for a set up and ended up creating trades...

I really love the GJ it's a great pair and i get a long with it... first time in a long time i have have had to consecutive 10%+ months trading under 4 hours.

I went back to scalping before settling on the 1 hour GJ and it was 3 months of disaster. tried rainbow range bars shaking my laptop same old 1 week profit followed by 3 weeks bigger draw downs. hence being back on tiny accs.

as you saw today the GJ can just rocket so on one side you can hit 50+ pips quickly, on the flip if you take a few loses in a row it can really eat into your acc.

Scalping Forex is a tough gig for sure!! I still prefer to read off the 1 minute most of the time though .... just seems easier to get a handle on where its moving, but as for scalping

Also like the GBP crosses ...... way more movement pip for pip than other crosses .... the movement on the Pound/Aussie is at times.

GBP/USD just crept above my alert point of 1.6400 ...... Looking for potential shorts if it weakens

 

[>Apocalypto<]

Scalping Forex is a tough gig for sure!! I still prefer to read off the 1 minute most of the time though .... just seems easier to get a handle on where its moving, but as for scalping

Also like the GBP crosses ...... way more movement pip for pip than other crosses .... the movement on the Pound/Aussie is at times.

GBP/USD just crept above my alert point of 1.6400 ...... Looking for potential shorts if it weakens

Hi Barney,

Had minor roller coaster last few days but what month isn't like that... I'm up about 13% atm so my trading is going to slow down a lot. Trim position sizes and only focus on killa looking set ups. I aim for 10% so IMO my month is done. I find when I sky rocket I blow it up due to over confidence. I will keep updating time to time... keep us posted on your progress.

cheers,