No Name Trading System - page 2

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Greetings everyone,

Just opened a position

Currency pair: EURUSD

Entry time-frame: 1Hr 50% retracement, 4Hr 50% retracement

Trade type: Trend continuation on 4Hr and D1

Trade Setup: Slow retracement

Entry 1 price: 1.23261

Buy Limit Entry 1 price: 1.23061

Profit Target 1 price: 1.24653 (High of the week)

Buy Limit order profit target 1 Price: 1.24453

Stoploss: 1.22855 (low of bar before entry bar)

Risk profile open order: 1.64% of account at risk, 1:3.43 R:R ratio

Risk profile combined: 1.64% of account at risk, 1:4.55 R:R ratio

Cheers,

Files:
6242010_Trade.jpg  225 kb
 

Greetings everyone,

Trade was closed with stop-loss hit at 1.22855. Total profit: -$6130.

Cheers,

 

Greetings everyone,

So, finally the market moved in the direction I initially anticipated, but of course after taking my stop-loss first...LOL

Oh well, you win some and you loose some...

Have a great weekend everybody.

Cheers,

 

Hello Everyone,

Ahhh...A new day in a new week and another opportunity to battle it out with the market.

I hope everyone had a relaxing weekend.

Cheers,

 

Hello Everyone,

Just closed a trade

Currency pair: EURUSD

Entry time-frame: 4H ZL MACD Divergence,

Trade type: Counter Trend on D1

Trade Setup: Slow retracement

Entry 1 price: 1.26223

Profit Target 1 price: 1.2525 (Just above the previous low)

Stoploss: 1.26612 (previous high) then moved to 1.26370 as position moved to the positive

Risk profile: 1.06% of account at risk, 1:2.5 R:R ratio initially, then 1:6.62

Closed price: 1.26137

Profit: $860

Missed exit point at close of bar above Triggerlines on the 1Hr chart (close at 1.25931 or 20.6 pips from current close). So got out at the time I attended to the trade.

 

Hello everyone,

Just got out of a trade on the EURUSD.

Position: Short

Entry price: 1.29798 and 1.29998

Trade setup: Counter trend on bearish divergence on 4Hr Chart

Profit target: 1.28808 and 1.2908

Stop-loss: 1.30410 (previous high)

Exit price: 1.30121 and 1.30127. Exited early when I realized my entry was off.

Profit: -$4520.

In hind site, I just noticed the bullish divergence on the 1Hr time-frame. A better entry would have been to wait for that to complete then enter on the market.

Triggerlines on the 4Hr time-frame and the daily time-frame are bullish, but everything else is bearish. My attempt is to capitalize on the weakness, but I should have waited for a better setup.

I will re-evaluate the situation once the price hits the 1.30584 mark.

Cheers,

Files:
7282010_Trade.jpg  196 kb
 

Hello everyone,

EURUSD trade

Setup: Fast retracement on the 4H time-frame

Position: Short

Entry price: 1.32085

Take Profit: 1.30912

Stop-loss: 1.32485

Take profit hit: +117.3 pips

Cheers,

Files:
8102010_Trade_After.jpg  138 kb
 

Hello everyone,

Just got out of a trade on the EURUSD.

Position: Long

Entry price: 1.28201

Trade setup: Slow Retracement on 4H

Profit target: 1.29011 (Fib level)

Stop-loss: 1.28828 (previous low)

Exit price: 1.28912 (left 10 pips on the table)

Reasons for exit:

1)Was leaving the computer for the day

2) Last day of the trading week

3) Do not want to leave the trade over the weekend

4) Price was close enough to target

Profit: +71 pips.

Files:
9022010_Trade.jpg  138 kb
 
adelfjohanason:
There is certainly no shortage of vendors on the Internet, each hawking trading systems that cost more than $5000, some as much as $10,000. With a price tag that high, it is tempting to try your own hand at day trading and see how it comes out. Unfortunately, the results are generally the same for novice day traders who go it alone; complete and utter failure.Then again, you could take a year or so and read every available text on trading and then put together a system, back test it, trade it on a demo, and see if it works. Crazy as it sounds, I have done this on several occasions with trading systems I have designed. It is a lot of work, but you get to know an awful lot about the ins and outs of trading systems and the computer programming that goes into a day trading system.So you are left with two very challenging approaches to trading; you can spend a ton of cash on one or more day trading systems and eventually find one that suits your needs; or you can spend a ton of time monkeying with oscillators and indicators and price action, find a program that can back test the system design and see if it works. If your day trading system doesn't work, it's back to the drawing board. Neither one of the choices sounds very enticing, nor is either choice glamorous. They both entail a lot of hard work and money.There are several skills that must be mastered in order to become a successful and profitable trader. I would place your trading system near the top of the list of important items to learn. Of course, there are other very important skills that go into trading; like money management, psychological and emotional control, and mastering the software you will use to trade futures contracts. But you must have a system for trading, and the system must work, and you must feel comfortable and confident when you trade the system. It is nearly impossible to trade successfully when you do not trust your trading system methodology.

I would like to add to this. This is a post I made in another forum. Hopefully it would be helpful to new traders:

Dear XXXXXX,First I would like to welcome you into the exciting world of FOREX along side my colleagues. You have indeed taken a step in the right direction for financial independence. But, do be ware that this journey is no walk in the park. It will take you years (yes years) to begin to understand yourself first, then the market.Trading is more psychology than it is a trading methodology. You may have a 100% successful system, but you will fail miserably if you do not have the correct psychology and discipline to follow it through. It is more often the case that fear and greed will get the best of you and make you either exit the market too early or enter the market too late.So, at this stage what you need to do is educate yourself prior to performing any trades. This will help you build good foundation instead of bad habits as you practice.From your posts I get the impression that you wish to be a technical trader instead of a fundamental trader (if you don't know the difference, add this topic to your research list). To be a good technical trader you need to understand the tools available to you and then understand correct application of each tool. These tools include trend indicators, volatility indicators, volume indicators, and momentum indicators. Each has its own unique way of use and interpretation.Once you understand the different types of indicators, you will then need to educate yourself on proper trading psychology. This will help you to take control of your emotions and accept the losses that will arise during your trading activity. In addition, this will help you to be more disciplined and stick to your trading plan.Once you have educated your self in the two topics above, make an initial determination of what type of trader you wish to be - a scalper, a swing trader, a position trader, or an investor? If you don't know the difference between these, then add this point to your list of research. Once you know what type of trader you want to be and you have the basic understanding of technical indicators and a grasp of how to control your emotions, you need to move to money management. Money management is what makes or breaks a system along with discipline and proper use of technical indicators.There are several money management techniques, research this topic further and make a determination as to which method suites you best. There is no one correct way of doing this, but all money management techniques have similar themes or commonalty that could be labeled as "pillars" of money management; so make sure you obey these "pillars" in whichever technique you use.Now, with solid understanding of technical indicators, good grasp of psychology of trading, and a money management technique, begin to apply what you have just learned (all three disciplines). You will be surprised with your performance. Just keep at it and you will eventually succeed.Create a trading system that suites you’re trading style and risk profile. Start trading your system on a demo account for at least a year before you move into real money. The reason I say this is because you will most likely adjust your system several times before it is usable in the real world. You goal at this stage is not to make money in demo; you should be focused on discipline and technique. Once you have these two down, money will follow.The steps I outlined above can be performed out of sequence mentioned above as long as you do all of them.Some important points to consider:1) The success of any system depends 50% on proper money management, 40% discipline of the trader, and 10% on the technical aspect (i.e. strategy).2) Try to minimize hoping systems. Create one and try to be the best at it.3) There is no a"Holy Grail" system that will be perfect 100% of the time; don’t look for a black box system that will do the thinking for you and give you buy/sell signals. You will spend a lot of money on these systems before you realize that no such perfect system exists.4) Any system with a success rate of 50% or higher with solid money management technique will make you money (other may even argue that a system with lesser success rate but top notch money management technique will be successful and I agree with that statement too. This highlights the importance of money management).5) The market is dynamic and so should your strategy or methodology be. You should formulate a basket of strategies that are used in different market conditions (do't know what market conditions are? add this point to your research list)6) Do not trade on anticipation, only facts7) Try not to catch tops and bottoms, you will be burned; instead, go with the follow and follow the trend once it is established.8) The life cycle of a new trader takes approximately 5-10 years from beginner to a successful trader, and it will depend on your commitment and discipline as to how long it will take you!9) The phases you go through your trading cycle are: learner, demo practitioner, real money trader with losses, real money trader with breakeven, real money trader with small profit, real money trader with good profit.10) When creating your basket of strategies, keep them simple; do not over complicate them to avoid "Analysis Paralysis."I have deliberately left some points vague to prompt you to perform your own research and begin to build your own repertoire of knowledge.With that said, I wish you the best of luck in your research and if you get stuck or need further assistance, make sure to reach out to either myself or the XXXXXXXX community; we are all here for the same reason and you will find many helpful people around here.Cheers,
 

Hello everyone,

Just got out of two trades on the EURUSD.

First Trade:10-26-2010

Position: Short

Entry price: 1.38773 and 1.38573

Trade setup: Trend Continuation 4Hr Chart

Profit target: 1.38000 and 1.38050

Stop-loss: 1.39109 (bar's high)

Exit price: 1.38773 and 1.38573.

Profit: +129.6 Pips (combined)

Second Trade: 10-27-2010

Position: Short

Entry price: 1.37881 and 1.38081

Trade setup: Trend Continuation 4Hr Chart

Profit target: 1.37350 and 1.37400

Stop-loss: 1.38528 (previous bar's high)

Exit price: 1.37467 and 1.37400. (weakness in market and Fib level on 1Hr)

Profit: +109.6 Pips (combined)

Both trades are shown in the attached image below.

I will most than likely take another short position sometime by tomorrow based on the 4hr and Daily chart when price bounces down from 1.38172 or so, we shall see.

These trades were taken on a different account linked with the a contest so my traditional money management rules were bent a bit to accommodate the required high gains. But the trading setups are the same nevertheless. If you want to verify them just send me a PM and I will provide you with the link

Cheers,

Files:
10-27-2010.jpg  149 kb
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