Wednesday, November 30, 2005

Wednesdays Trades

Missed a few this afternoon whilst managing my other grail trade
 
The grail blog will be updated today with the months results and overview - check here after 6:30 http://grailtrading.blogspot.com/
 
Here are my intraday trades today:
 
All times GMT
 
 08:52 long 1 min slo 1.7196 close half +10 rest +21
 09:26 short 1 min slo 1.7219 close half +8 rest +8
 10:14 long 1 min slo 1.7213 close half +10 half +5
 11:40 short 1 min slo double top so slightly riskier 1.7242 close -9
 16:21 long 1 min slo 1.7275 close half +10  second half +48
 17:12 short 1 min slo 1.7316 close all +2
 17:25 long 5 min ss 1 min lh 1.7307 closed +8 full pos
 17:38 long 1 min slo 1.7318 - close half +10 half +5
 
Total = 68.5 pips full position
 
Could have done better actually - some positions I  closed too early (check the chart and see) and some I missed late afternoon.  Still a good day's work for me
 
From The Desk Of ...
 
Soultrader
 
 

Tuesday, November 29, 2005

Tuesdays trades

 
All times GMT+1
 
 08:24 long 1 min slo 1.7251 close half +12 second half +4
 
 09:10 short 1 min slo 1.7260 closed -3
 
 09:45 short 1 min slo 1.7258 close -3
 
 11:11 long 1.7229 - pre emptive trade to get into the 15 min slo off the pivot at 25 - took half at +10  added to position at 43 and closed the lot off at 44
 
 17:57 short 1 min slo 1.7198 close half +15 half +10
 
 
total = 55 half pips = 27.5 full position.
 
I did spend several hours away from the office today so to be fair it wasn't too bad. whilst I was out I missed two good entries on the fall but c'est la vie!
 
hopefully the rest of the week should be free and clear
 
From The Desk Of ...
 
Soultrader
 
 

Monday, November 28, 2005

Mondays trades and thoughts

Been a hard day for me today - best trade of the day I closed for piffle when I should have held the second half for the run up - cost me dearly as you can see.
 
also on some trades I didn't take half at 10 - its the run down on Friday that made me wary where I closed for 10 and then it went another 60 odd pips
 
I must discipline myself to take the 10 and let the other half run to conclusion or decide just to take 10 full up on everything.  with the win / loss ratio of this method taking 10 every time is a good option but means you see pips slip away from you.  Psychologically its better to take the 10 every time rather that let the half run because your account grows quite nicely - but when the big runs come it gets painful.
 
add to that the fact that I'm still not out of the mindset where I always let the winners run - this take profit malarkey is all new to me - bunny girl used to harp on about it - it feels good on the poor ranges when you snatch 10 time and time again but it's a bloody nightmare when you take 10 from an 80 pip run like today
 
also let you know that I had a limit order in at 1.7040 - this was loaded to the hilt with funds for the bounce off the weekly 200sma - look how low it got!! a pesky 7 pips short of my entry!!
 
Still, a winning day is a winning day and good things come to those who wait....
 
 
All times GMT +1
 
08:40 long 1 min slo 1.7098 closed -5
09:26 long 1 min slo 1.7061 closed break even 
11:28 short 1 min slo 1.7099 close break even
11:40 long 1.7099 5 min slo close +3
14:06 long 1 min slo 1.7107 close break even
14:26 short 1 min slo  1.7202 close half +10 half +1
15:06 long 1.7200 close half +10 rest +7
15:34 long 1 min ss 1.7209 close -7
16:16 long 1 min slo 1.7212 closed half +10 rest +8
 
= 28 half pips = 14 full up
 
 
From The Desk Of ...
 
Soultrader
 
 

Friday, November 25, 2005

Fridays Trades

End of the day then, time to tidy up the blog
 
Today has been a brill day for the trades setups as follows
 
all times now GMT+1 to match my MT charts
 
 08:45 short 1 min ss 1.7291 close half +10 half +16 (26 halves)
 09:31 long 1 min slo 1.7186 close half +10 2nd half +15
 10:03  short 1.7192 closed all +10
 12:05 long 1.7201 1 min ss close full +10
 14:37 short 1.7212 1 min lh slo - close +10
 15:05 long 1.7212 5 min ss close full +10
 15:28 long 1 min ss 1.7219 close -3
 15:33 short 1.7217 close full +10
 17:30 long 1 min slo 1.7164 -10
 
so thats 125 half pips = 62.5 pips full position
 
for the week +147
 
have a good weekend :)
 
From The Desk Of ...
 
Soultrader
 
 

Thursday, November 24, 2005

Thursday's Trades

 
 08:48 long 1.7229 close half +10 half +4 = 14 half pips
 
 10:46 1 min slo short 1.7235 close +5 (10 half pips)
 
 10:54 short 1 min slo 1.7269 close half +10 half +16 ( 26 half pips)
 
13:02 long 1 min slo 1.7243 close  all +10 (20 half pips)
 
13:35 long 1 min slo 1.7244 close full +10 (20 half pips)
 
 14:36 short 1 min slo 1.7248 close +10 (20 halves)
 
 15:18 long 1 min slo 1.7243 close -5 (10 half pips)
 
total for day 100 half pips = 50 pips full up, not bad for a generally crap day :)
 
From The Desk Of ...
 
Soultrader
 
 

Wednesday, November 23, 2005

no trades

didn't get back in time today so no trades
 
back in full force tomorrow
 
From The Desk Of ...
 
Soultrader
 
 

Wednesday

Not trading this morning - going out on some business but will be trading the afternoon session
 
From The Desk Of ...
 
Soultrader
 
 

Tuesday, November 22, 2005

Tuesdays Trades

another poor day for me but positive - ive got so bored today that I missed the last two trades!
so for the day:
08:22 short 1.7156 1 min slo close half +12 half +31 = 43 half pips
10:42 short 1 min slo 1.7123 close break even
14:37 long 1.7088 close break even
15:55 long cable 1 min slo 1.7117 close half +10 - half +3 = 13 half pips
= 56 half pips = 28 pips full up
catch you tomorrow
From The Desk Of ...
Soultrader

Monday, November 21, 2005

todays trades

All times gmt 
 
07:59 short 1.7176 1 min slo - closed half +14 seconf half -5 = 9 half pips
 09:37 long 1.7202 1 min ss - closed -8 (-16 half pips)
 08:58 Short 1.7192 1 min slo close 1.7200 -8 (-16 half pips)
 09:56 long 1.7202 5 min ss - close break even
 13:54 long 1.7204 closed half +10 half +20 = 30 half pips
 14:44 short 1.7229 1 min slo - closed +2 (4 half pips)
 15:36 long 1.7196 1 min slo - close break even
 
= +13 half pips = 6.5 pips full up
 
wowee, i guess ill retire forever on that!
 
the market is crap - taking the rest of the day off, going to an exhibition tonight of powerful sound kit so im off - waste of time trading this bucket of crap
 
hope you had a good day
 
From The Desk Of ...
 
Soultrader
 
 

Saturday, November 19, 2005

The Week Ahead

Ok, time for my weekly rant then.

The one hour chart still has room for more downside testing the lows of last week then along with the daily chart chart which is showing some positive divergence and an extreme cci for an upward pop to 1.7230 possibly even 1.7500

More downside is seen reaching for 1.7000 which is the 200 sma on the weekly chart - here it should find some support and may hang around here for a day or two.

I dont think it will hold, the monthly chart is convincing me that a run down to 1.6654 is on the cards before Christmas or soon after but we may well see a significant rise before that comes as the 200sma on the weekly causes a bounce

as always this is for entertainment purposes only and does not constitute advice to buy or sell - trade what you see.

Fridays Trades

ok, those of you who check regular will know i post throughout the day - time to tidy up the posts now
 
will try to do my weekly overview tomorrow
 
all times GMT
 
08:14 short cable 1min 1.7121 closed +2
first trade did actually run to target - never mind
 
long 1.7116 closed half +10  - 2nd half break even
9:55 long 1.7125 1 min slo - closed -4
12:38 short 1.7154 30 min ss closed +20 full pos
 
13:49 long 1.7137 1 min slo closed half +10, half +1
14:44 Long cable 1.7202 1 min ss - close break even
 
15:00 short cable 1.7203 closed half +25 (missed +10 was writing an email lol) second half closed +43
 
16:15 Long 1.7161 5 min ss pre emptive  closed -20
took this one way too early for a shitty price really - thought i'd got rid of preempting trades but obviously not
 
16:28    long 1.7144 1 min slo close half +11, 2nd half +7
17:07 - short 1.7154 1 min slo closed -3
 
thats it so ...
 
97 half pips = 48 pips at full position - very good day today for the trades - lots of them and mainly winners - wouldve been a better day if i hadnt pre-empted that shitty 5 min trade - that was 20 pips full money down the pan.  still, shit happens and i made it all back and more by the end of the day.
 
Market is crap now so ill be back with the weekly view tomorrow - hope you had a good day :)
 
From The Desk Of ...
 
Soultrader
 
 

Thursday, November 17, 2005

tidying up!

just doing this post to capture all todays posts and clean up the blog - will delete the posts now and out them into one
 
08:40 Long 1.7180 1 min trade slo - close half +10 2nd half +12
 
08:59 long 1.7192 1 min ss - close full +4
 
09:16 ss trade - too fast for entry - currently flat
 
09:31 short 1 min non system based on lower high 1.7210 closed half +10 half +2
 
10:05 short 1.7193 1 min slo  closed half +10 half +15
 
long 10:33 1.7186 1 min slo closed for break even
 
14:40 long 1 min ss 1.7185 close -5
 
16:15 - short 1 min slo 1.7203 close break even
 
prob last trade of the day results 62 half pips = 31 pips for the day
 
been a hard day for trading today - like walking in treacle
 
glutton for punishment tho so back tomorrow :)
 
From The Desk Of ...
 
Soultrader
 
 

Wednesday, November 16, 2005

last trade of the day

executed one last trade for the day
 
Buy gbp/usd @1.7172 17:23 gmt based on 5 min chart setup - closed half at +10 and rest at break even - pips = +10 half position (5 pips fully loaded)
 
catch you tomorrow :)
 
 
From The Desk Of ...
 
Soultrader
 
 

first trade of the day

First intraday trade today
 
Short cable 1.7308 10:30 am GMT - took half @+10 then went shopping :) - came back at 12:45 to find trade still open - trailed it on 1 min chart after that.  closed @ 1.7176
 
If I had not gone shopping I would've been out earlier as my 1 min trail would've kicked in. - so for today just a single trade - half for +10 and half for +132
 
I'd like to take this time to discuss my new approach to taking half profits at +10 and today seems a good day to talk about it as its one of those days where it would have been prudent to leave it all running.
 
In the past ive been a staunch supporter of never closing anything early - the premise being that those trades that do run and run pay for the ones that don't.
 
All the great authors say you shouldn't close early because you are in effect 'cutting your winners short' and its a good point.  On anything 5 min chart and above I'd agree with this but when you start to fall in love with a one minute chart things begin to change.
 
30 pips is a good run on a one min chart and runs larger than this don't happen too often. If you trade the one minute chart try this - make a diary of how many times you take a trade that goes to +10 and then you let it slip back to say +1 or even worse back into the negative territory.  My guess is that you'll find that if you took all the +10's you had you would be making many more pips - until of course that 200 plus move comes along at which point you begin to kick yourself.
 
The thing is that every one of us needs to feel confident and satisfied that we are adding to our account rather than losing out on pips.
 
Taking +10 with half your position and then moving the stop to BE on the rest gives you a quiet serenity knowing that you wont lose on this trade whatever happens.  You can then calmly trail the price with a stop on the 1 min chart peaks and troughs to its natural conclusion when the trend ends.
 
You see there is so much confusion in the thing you read.  Every trading book you will ever come across tells you 'let your winners run' - well, in my mind any pillock can say this without justifying it - they don't answer the next question which is 'how far?' - lets face it, every trade of more than 1 pip in profit is a winner - its as much of a winner as a 100 pip trade or even a 200-300 pip trade - when do you stop and take your money?
 
At 200 pips in profit do you let the winner run?
 
the take half scenario allows you to do both things.  Take some profit and let the winner run.
 
So the question then is where do you take profit - well to work that out decide on the timeframe you are going to trade and work out not what the average move is - but what it nearly always does.  On a one minute chart and the setup I use this is about 10 pips.  For your take half you need to look at your trades and see a pip value that your trade makes at least 70% of the time on a winner - don't count the losers cos they lose anyway.
 
Using this method a few weeks ago in a ranging market I took over 120 pips on a day that nothing was happening - just 10 at a time and let the rest run on a peak / trough trail.
 
I think I'll re-open the blog to comments - whilst they remain intelligent I'll let you have your say and I'd love to hear your comments on this subject.
 
Hope this helps.
 
 
From The Desk Of ...
 
Soultrader
 
 

Tuesday, November 15, 2005

Home from away

Just to let you know I'm back from hols
 
will be posting just as soon as I delete the 1700 emails in my mailbox!!
 
Had a good time on holidays and have come back refreshed - seems my mind is not yet up to the task of staring at 5 monitors all day long - after about 3 hours today I got a stonking headache.
 
managed 3 trades today though for 30 pips in between the chaos, hope you've had a good one :)
 
From The Desk Of ...
 
Soultrader
 
 

Friday, November 04, 2005

Update

Sorry for the total lack of updates of late and there wont be any more for the next week or so.
 
Im off on holiday on Monday for a week in the sunny climbs of Gran Canaria.
 
Before i finish off today (friday) ill be placng a long position trade on cable with the view that on Monday or Tuesday we will see a turn in the market which will break new highs by the end of the week - for those who are part of the hilda crew just take a look at the daily chart on the new setup weve been convering this week and you'll see why im looking long.
 
The position will only be small relatively speaking at £5 a pip with a stop at 1.7370 which is see as below major major support
 
im in now - whilst writing this, entered at 1.7500 - the 7370 stop is a risk of 130 pips for £650  with a target of 1.8200 = 700 pips = £3500 so r/r on this trade is around 5:1 if target is met - dont think it will be hit by my return, a more expectant figure of 1.80 will do
 
back on Tuesday 15th so keep an eye on the trade for me wont ya :)
 
 
 
From The Desk Of ...
 
Soultrader