Thread: Journal

THIS is the way I'd like to trade every day. I forgot to take a snapshot so I had to go back without the actual trade showing on the chart. I entered a trade at 0930 EST and was done in 15 minutes. I made 9.something pips on a 100k trade for 148 dollars. If I could do that 5 days a week I would be happy.

I got spanked today. I'm not even going to try to explain it. Yes I am. Tech info on daily fx said it was supposed to drop to 4020. It rejected the 4076 level 3 times. I was dreaming about the new car it was going to buy me. But my stops were too close. Then it punched thru. It was like a slap, a kick, and then it stepped on my head when I was on the ground. I hate the Euro. Today.

Well although I am a big believer in my "singing frog" signals, the truth is they only occur in smooth waters. I watched them happen every day for months, even taking snap shots of them and tucking them away for future study. But as with EVERYTHING in forex, there is no Holy Grail. For every rule, for every formation, for every everything, there is an exception or a counter-rule. That is probably why Bill Wilders called it trading chaos. Charts have been too choppy for my signals to manefest, so I must have another plan, another method. To start with I am going to employ candle formations in the direction of the trend, using the 20 sma and 100 sma amd MACD as filters, and not necessesarily relying on support and resistance completely as a trigger or confirmation. Because although S/R are tried and true, they are only lines meant to be obeyed or ignored as the price and chaos see fit.

Hi Okletsee,

I have been following your journal for awhile and first wanted to say nice thread! Over 2,700 views so I know there are others that are following you as well.

Anyway, I saw you were getting upset with the recent volatility in the market and were looking to start fresh with a new strategy using MA lines and trend filters. From that description I immediately thought of Ichimoku Cloud trading. I thought you might like to check it out and play with it on a demo possibly.

Here are a couple articles:

Trading in the Clouds Part I
Trading in the Clouds Part II
Trading in the Clouds Part III

There are a number of things going on all the charts but the articles break everything down to its core and gives any trader a nice base to build from.

There are also live webinars every week about Ichimoku on DailyFX+. If you’d like – you can access the previous sessions through the ‘archive,’ available below the video player. I’ll place the link that will go directly to the DFX+ Trading Room. You can login with your live account number, and password – and the ‘archive,’ will be available below the video player in the middle of the screen:

http://plus.dailyfx.com/login/loginF...b=livewebinars


Good trading!

Rob

Originally Posted by Okletsee

Well although I am a big believer in my "singing frog" signals, the truth is they only occur in smooth waters. I watched them happen every day for months, even taking snap shots of them and tucking them away for future study. But as with EVERYTHING in forex, there is no Holy Grail. For every rule, for every formation, for every everything, there is an exception or a counter-rule. That is probably why Bill Wilders called it trading chaos. Charts have been too choppy for my signals to manefest, so I must have another plan, another method. To start with I am going to employ candle formations in the direction of the trend, using the 20 sma and 100 sma amd MACD as filters, and not necessesarily relying on support and resistance completely as a trigger or confirmation. Because although S/R are tried and true, they are only lines meant to be obeyed or ignored as the price and chaos see fit.

There is so much good stuff for our consideration isn't there? Thanks for the links. To be honest, I haven't given my thread or trading much attention these days. Another strategy I have re-visited is trading the opening range.

Hi Okletsee,

Here is a custom indicator you may like if you are looking to trade opening range:

Time Trading Range Indicator

You should be able to customize it to whatever Trading Session you are looking to trade in this manner and it draws the box as red or green depending on the direction of the breakout. Hopefully it'll help your research!


Rob

Originally Posted by Okletsee

There is so much good stuff for our consideration isn't there? Thanks for the links. To be honest, I haven't given my thread or trading much attention these days. Another strategy I have re-visited is trading the opening range.

Sorry for the long absence! I'm on vacation for the summer in Idaho and doing my other profitable pass-time, gold prospecting! (Yeah, profitable, right) The Singing Frog Indicator is in hybernation for the summer while I pan and mine for gold. Just checking the charts briefly, it looks like the frog would be disappointed. If this keeps up, I'm thinking about revealing the frog to the public. He doesn't know it, but I took snapshots of his performances. You'll be able to see why after many years I was so enthusiastic about his abilities. But now that he has let me down, or better said, failed to perform, he's not the goose that laid the golden egg, he's just a frog. If he could only tell me where the gold is.....

Hi Okletsee,

Good to see you back on the forums!Gold panning and mining sounds very exciting! I wish you luck in that. Gold has been approaching $1,600/oz!

As for your trading strategy, feel free to share what you would like. But remember, trading strategy performance varies depending on current market conditions. What did not work 2 months ago could work very effectively now. Just some food for thought.

Have a great vacation Okletsee!

Rob
rob@fxcm.com

Originally Posted by Okletsee

Sorry for the long absence! I'm on vacation for the summer in Idaho and doing my other profitable pass-time, gold prospecting! (Yeah, profitable, right) The Singing Frog Indicator is in hybernation for the summer while I pan and mine for gold. Just checking the charts briefly, it looks like the frog would be disappointed. If this keeps up, I'm thinking about revealing the frog to the public. He doesn't know it, but I took snapshots of his performances. You'll be able to see why after many years I was so enthusiastic about his abilities. But now that he has let me down, or better said, failed to perform, he's not the goose that laid the golden egg, he's just a frog. If he could only tell me where the gold is.....

I think I've settled on a combination of BBands and MACD to come up with several different simple strategies I can work with (and remember). They seem to be adaptable in various market conditions as laid out in some of the online teaching videos and instructor comments and they fit my trading tendencies. The Frog is going in a box in the closet for now.

Bolinger bands set at 20 periods with a standard deviation of 1. MACD set at default. RSI is set at 7 to watch for divergences, basically M tops and W bottoms, but not used today.

The strategy: when the MACD is above the zero line take a long position when the candles walk outside the upper bands. Reverse strategy for sell. To be more conservative, wait for positive crosses above the zero line before taking longs when candles walk outside the upper bands. To be even safer, make sure your trigger time frame MACD is in sync with a larger time frame MACD.

On these trades I picked one time frame for the USD/CHF and another for the AUD/USD. I expected to close them out before they wandered into the asian session but I was a little late. They weren't performing as I has hoped and I didn't want to keep them open.

Scalps. I had 3 positionsopened and closed all 3 at once for 15.1 pips.

Sorry the system wouldn't let me edit my last post and the euro trade was shown twice. Here is the other trade.

Thus the reason for a 2:1 win/loss stategy.

I was just about to pull out the singing frog and show everyone....and then I noticed, well, is anybody still here? It looks like the Micro herd has been thinned out quite a bit. Either they grew tired of posting, or as I did, took a long sabatacle away from trading. It could be people grew bored with it all, or figured out they can't make a living on a micro. Or maybe they became VERY successful and moved on! I'm just saying, it looks like things have really slowed down around here.

Something I forgot to mention (I'm talking to myself I suppose), part of my new strategy is to trade MOSTLY during the Euro session and then the U.S. session. So that is very hard. It means on the West coast where I am...midnight to about noon. Now, I can go to longer time frames and have less trade opportunities. What I'd really like to do is trade all different time frames and in various directions as I see fit but, wait, oh yeah, I am a U.S. resident so I can't unless I am rich. I just had to throw that in.

The EURO/USD served up 3 good signals for trade last night while I slept. I'm gonna have to be a midnight worker. I did not get any of these.