Lewis Nicolson
Forum Replies Created
-
Posts
-
Hi,
Yeh, it went great, entered USDJPY using the 15min engulfing signal, but i didnt enter using 1 pip above, instead i had my entry order a couple of pips above the structure that was needing broken to ‘prove’ it was going to move in that direction. Then when the market moved I took my initial trade from the day before and moved that up to the point where it made enough profit to cover the trade i took on the day, then I knew news was coming out at 3pm so exited my trade on the engulfing candle that reversed the market.
Yip, didnt enter AUDUSD it moved in wrong direction from DOR. Entered it this morning though because I think it was only doing a small fib retracement yesterday.
Cheers,
Lewis
Hi team,
I havnt posted a battle plan in a while, so thought i would show you one for tonight that i plan on trading tomorrow. Got 2 markets I am looking at, and the first is USDJPY, I took a long position in this this morning and got lucky with the news popping me up to guarantee profits (completely forgot about it and its becoming something i must practise on).
However, I’m looking to add to this because the market has broke through what i would regard as a major counter trend line and if you look at the way USDJPY moves, the market tends to coil up and then go bullish again time and time again. It has taking a flag continuation pattern which you can read here. http://www.investopedia.com/university/charts/charts6.asp
From the battle plan, I have marked with black lines everytime the market has done this. The red line marks where i hope to take profit at.
I am also looking to go short on the AUDUSD. Its a very simple trade, the market is bearish and shows Fibonacci levels retracing to 38.2 from the impluse, and look to take profits 161.8 level.
Was away at the weekend for T in the park. So recovering from the big hangover. but will start going through this during the week 🙂 Yip, more work, but it needs to be done.
Cheers
Hi guys,
Heres just some examples of engulfing candles where i personally would of moved the stop loss to break even. I’m probably a little more protective of losses which means missing out on times the market does move back to then roll over to winners. Overtime ofcourse I would like to find results of when is best to move the stop loss so that it takes emotion out fully.
(the last example isnt the best of engulfing candles, but it was just to show that i would of got put out that trade earlier than some who would of waited a little longer.)
When the market does move in my favour thats when i will start to use previous price action as my trailing stop.
Also, its hard to fully judge this because the market would be moving in real time when i place trades, so realistically i would probably wait for the candle to close first.
Yellow bar = stop loss
pink bar = Break even
black bar = when market had moved to here (when it closed) thats when i would then move my stop loss.
Hope that helps.
Cheers,
Lewis
Yes, i will do it in a ratio of 1:1 and a ‘subjective’ break even however the only problem with a ratio of 1:1 is that i would tend to leave my stop loss on the tight starting point longer on smaller engulfing candles whilst the market picks up in that particular direction.
🙂
lewis
When i get home i will give put a couple of examples up of how early (or late) i like to eventually move my stop loss up to break even
As i said this comes down to human error etc, so it is at what point ‘I’ would move my stop loss bar up, this will be different for everybody else depending on how aggressive they trade. For me, i like to leave a little room for the stop loss to cover my risk whilst giving it room to ‘breathe’, then i will use the price action to decide the rest of the stop loss movement on that trade.
Cheers
Lewis
Thanks Simon,
I’m just about to start from the beginning of june this afternoon. MUST.FIND.MOTIVATION. Hopefully we can start building a solid set of results together.
Cheers 🙂
Hi Dave,
Good idea, I will add this to the tally chart. I’m going to work my way through the whole of june today. I havnt started the 5min signal yet, I’ve just been focusing on the 15min, but will definitely get round to it eventually! 🙂
Cheers
Lewis
Sounds good martin! 🙂
I will make sure that over the next couple of weeks i add more results to this. I know that only a couple of days is nowhere near enough time to conclude as results, but its a start!
Enjoy the back testing! 🙂
Lewis
“Also it we need to take into consideration human error and timing meaning that we may have a missed a move being away from the computer”
i think i had a brain fart typing that out.
What i meant was that this doesnt take into consideration the likes of human error, or timing and other things like being away form the computer and missing the move etc.
Hi team,
I was using a demo account for a number of days at the start of this course but i quickly changed to live trading because you dont have the emotions running when trading with a demo. I havnt kept the demo trades :/ but off to a good start in my live account placed 10 trades so far and won 5, lost 5, but because my risk to reward has been on my side, its been very nice to see my pips increase in number.Anyway, my favourite trade to date was USDJPY. I based this on filling the gap from the weekend, It did have its downfalls which i understand, as the market is going against the uptrend on the daily chart. However, the market had been moving up during the night so assumed that the market had turned round, and through studying gap trading, it put it more than likely in my favour that the market would fill the gap. the market was above the MOR and DOR and I had a solid target to aim for.
I entered the market the first time and was stomped out, then entered again on the larger entry signal (shown in the circle) then the market went up, I knew the news was coming up at 13:30 (or 13:00, cant remember) so pulled out the trade a couple of minutes before and then the news changed the direction of market.
gold line shows the entry, pink line shows the exit.
that trade happened on 1/07/15 @ 9:45
Hi Rich,
I read your email that was talking about filling the gap from the weekend etc. So started looking around the internet to do a little bit more research into these types of trades. So yesterday, i put on a trade in the USDJPY, sure enough the market traded above the DOR and there was a little bit of resistance on the 15min chart but entered it anyway. However, i thought would give it ago since the gap needed filled.
I knew it wasnt the best of trades since the market is trading against the trend at the moment, but sure enough +70 pips later, and got out 2 mins before the news released.Thank god i did, cause it shook the market like crazy.
