Thursday, November 09, 2006

late n' busy

sorry for the lateness - been so busy trying to find a hotel in NYC, booking flights and shit.

yesterday i cancelled the audjpy trades cos it was clearly going to sleep.

ive closed the euro trades for 45 negative pips cos i needed euro to place an expert on.

I closed eurocad for +8 pips overall, Gold for +12 and GBPAUD short closed for -200 ish lol but it does have some longs in which are in profit.

I'm getting very bored with this strategy and tired with it - might be a bummer or maybe it's just me that i dont have the patience to sit looking for ranges. - most likely the latter.

Yesterday i slipped into 'active daytrading' again - I was in a paltalk room and just got into the groove of looking at hilda charts. I made some good trades and a couple not so good but i didnt like it.

I got back into that fuckin horrible mental state where you are watching price all the time for the dips and peaks - studying the bloody indicators again and having to be riveted to the screen. Yesterday reminded me why i gave up discretionary trading and i'm not going to fall into that trap again. I want to do less not more.

so, with that in mind I have ressurected one of my old projects the edgefinder.

I kinds gave up on edgefinder a long time ago cos i didnt have the patience to just leave the settings alone. However this thing is a bit like a drug, there is something in it and i want to find out what it is and put it to rest.

The reason I couldnt make it work before was that the broker just rejected the good trades and kept the bad ones - on the tester it was fine but in reality it picked the tops and bottoms exactly - unfortunately as it was precise by the time the order got to the broker price had already moved.

So, to try and get around this i'm going to run it on a longer timeframe where the entries are not so precise - sounds weird doesnt it that you have to find a way to make it trade at 'not quite' the best price, but that's it.

So what i've done is place it on a Euro 15 min chart and we will see what happens. So far it's taken 2 trades and won 2.

The system uses a kind of band - it's a special one that our team have made. The band catches the tops and bottoms of price wiggles - a bit like firebird does but without the multiple trades - this has only one trade at a time.

So when it hits the top of a band it takes a short and vice versa for the bottom band. Take profit is small at 7 pips and a stop is 20 pips. - to make money at this the win / loss must equate to at least 75%. In tests it was nearer 89% so time will tell.

I'll post the days results every morning to see how it's going. even in the test it did have periods of non movement - you know, up a few down a few - biggest period was about 2 weeks in october so lets give it a full month and see shall we :)

in tests

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