FX TopGun Trading - page 2

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Closed-out UsdJpy @ 93.02

UsdJpy was putting up a really strong fight not to break above 93.30 and hold, it just continued to show weakness and now GbpJpy and EurJpy are showing serious signs of weakness.

I'm flat atm and will continue to be flat while I watch UsdJpy for a few hours to see if our price target is finally reached, even though I'm not in the market with a trade.

However, if EurUsd shows a good set-up I will take the trade.

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Sept 1st 2009

I have decided to wait for the New York close (5pm) and if nothing has changed I will re-enter UsdJpy but if EurJpy looks to be a better or bigger trade (as far as being profitable) I will take that trade.

EurJpy unlike EurUsd and UsdJpy requires a larger stop-loss, so understand that the max drawdown (stop-loss) for EurUsd and UsdJpy is 250 pips but for EurJpy it's 450 pips (EurJpy has a tendency to follow the foot steps of GbpJpy, GbpCad, GbpAud, GbpNzd, etc.., not pip for pip but still it tracks and in some cases the move against one's position can be server and fast).

I do not recommend anyone trading EurJpy based on my outlook (unless you're a professional trader/investor understanding your full risk and what's needed for MM). The max drawdown is large and if you don't know what you're doing it can't hit your acct hard in a negative fashion, especially if your prone to panic trading.

If you do decide to follow along with my trades you need not worry, I don't panic trade (that was when I was just a newbie to forex..lol). Anyway, in all seriousness if for any reason my ISP service is lost or disconnected or Forex TSD is down just remember our stop-loss is there for a reason and this 3-trillion dollar a day forex biz-ness is here to stay, meaning we can easily make up a loss due to events outside of our control.

In other words, do not panic...

And yes, I'm still waiting on Rent-A-Signal to get back with me in regards to my username and password. I really don't know what the deal is with this problem, I'm starting to get the feeling they really don't want me there as a trader. I know that sounds crazy but I have spoken with NewDigital here at Forex TSD (and he has tried to help), then ARTrader and Frank at Rent-A-Signal and nothing has been done.

Oh well, I guess I could fill out a help ticket and send it to God. He would know what to do..lol

 

This post is no-longer needed...

 

The Trading Style of FX TopGun Trading

Trade Style: A short term position strategy (1-5 hrs up to 1-5 days) that's 100% mechanical. The trading method itself is based on a multi-moving average cross-over technique. Although the trading method is not a discretionary trading system, yet on many occasions I do exit early out of a trade based on what I see in the market place before the projected price target has been reached. In doing such I manage to keep a higher win rate than if I were to let the system fully run on it's own.

Currency Pairs Traded: GbpJpy, GbpUsd, EurUsd, EurJpy and UsdJpy.

Frequency: Between 0 and 10 trades per day per currency pair.

How Many Pairs Traded: (5) However, only one currency pair is traded at any given time.

Win Rate: The system bounces between 92/98 percent.

Max Draw-down: 250 pips per position when trading EurUsd and UsdJpy (All other currencies have a max drawdown of 450 pips per position).

Average Draw-down per trade: Between 25 and 125 pips per trade position.

As you can see from the previous post that each loss as shown is far below max drawdown and that's because I very seldom wait for my stop-loss to be reached (once in a rare blue moon will you ever see a loss of 250 pips for any given trade). If I don't like what I'm seeing I will exit out of a trade early for a gain or loss, regardless of what the system is telling me.

I will add additional information later and each week I will post my trade performance.

Pippin Like There's No Tomorrow

 

I just closed-out all trades: MT4Live.com - Share Your MT4 Statements Free

Waiting for the next set-up...

 

Re-painting Indicators

Wow, I'm thinking over some thoughts that have been with me ever since I first came across indicators that repaint, some 2 or may be 3.5 years ago and I have always wonder, why. Why would a trader/developer want an indicator that repaints, it's of no use, right?

lol Today I'm thinking about my EurUsd trade and how I got out too soon but I'm okay with that, it happens (just don't let it happen too often) and I decide to re-look at some of my past thoughts (in my head of course) and low-and-behold it hit me like a ton of bricks. Indicators that re-paint are self-optimizing indicators. Damn, I couldn't believe this realization didn't hit me sooner.

Just thought I would share that with you guys/gals in the event you have wonder the same thing.

 

I haven't placed any trades, except for a few test trades based on a modification. If this change works I will add UsdChf to the list of currencies I trade.

I will resume trading on Sunday/Monday (Sunday, if I have a trade signal). Have a good weekend.

 

Ok, I had to make some adjustments once I actually starting trading. The modifications from over the weekend needed to be tuned just a tab bit more, it cost me about 7 losing trades today.

Anyway, once I made the adjustments I had to make changes to the above post as well.

We should be okay now, and back to the biz-ness of making money.

 

New Trades

New Trades are now being posted once again to my MT4-Live link... Sorry about the wait and the few losses I had, the system's modifications weren't as ready as I thought so I took the last serveral hours to correct the problem.

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Slight Change

Well, the further I go back in my backtesting the more I see a 250 pip max drawdown point is just a little bit too small. Backtesting once a year plus was reached is showing a drawdown on some trades of 330 pips before the price target is reached. So, for now I'm going to change max drawdown to 450 pips.

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