"Wallunder" / Walander / Waylander Trade Journal - page 2
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Hey Simba,
Thanks for the reply. I'll take a closer look at Sam's work and come back to the forum with a post. Meanwhile here's a picture of my new cheatsheet because flipping charts is simply too time-consuming.
Walander,
Congratulations for the results so far,and for having done your homework,and using your own statistics,I am sure that you will be extremely successful with your methods.
The only reason behind my post,besides saying hello and wish you the best,is that I believe SamSeiden method is by far the easiest one to trade as a professional .
The drawing of his SR areas looks silly at first(to me it did),but if you check hundreds of past examples,you will see it is ideal for retracements to previous demand and supply areas.
It is not perfect but it is very,very good,worth checking in deep(he published many pdfs at fxstreet,and at his website,which are free,and you really can extract the basis of his method just with those).
I agree with you that sometimes seeing an area defined by open and closes when there is a spike protruding from it,looks counterintuitive...but when there is a retracement and you check it,almost always it goes to the area,very few times it goes to the spike limit...I usually don`t care,because I either set limit orders at the spike and/or wait for a rejection from the area splitting my entries...the second method is way more profitable,since you have many more trade opportunities,and they have a very good edge..This usually happens because the spike was formed by previous running of stops,so the real "area" of demand/supply imbalance is better defined by close/high or close/low relationships.
Hope that my comments added something to your view of the markets and didn`t distract you from "polishing" your methodology.
To Rick:I think you did a favor to many traders at this forum by mentioning Sam Seiden,Thanks for that,and congratulations for being focused on the right track.
Regards
SWhat pairs you trade? Are the pairs you trade decided by statistical analysis or just "discretionary" things?
Also, how long backtest did you do?
Ok,.....
If I may add my 2 cents, I hope Walander doesn't mind/
I use a line chart to identify S/R and Trend lines, then use candle to identify prior congestion areas.
Everyone has their own style to trading S/R points.
But hypothetically, using "close" on anything less than a sessions basis goes 100% against my theories. So I tend to stick with trying to ignore them, whether or not that works for some people, I do not know. What I do know that I find more success trying to ignore them than I do when I use them.
But to each their own Blue!
If I may add my 2 cents, I hope Walander doesn't mind/ I use a line chart to identify S/R and Trend lines, then use candle to identify prior congestion areas.
What pairs you trade?
I trade the top 3 liquid pairs + USDCAD for business reasons and E/J
E/U U/J G/U
Are the pairs you trade decided by statistical analysis
No, Pairs are chosen by liquidity and personal interest.
or just "discretionary" things?
My trades are based on a trading plan which involves 4 systems. Three systems are based off the statistics that I developed. The other system is technical analysis using S/R points. These S/R points can be considered discretionary, but the system itself is not. Trades are placed off mechanical rules of all 4 systems.
On the other hand TP and SL are handled differently. Depending on my work situation, I will place TP and SL's to protect a trade, whereas I prefer to manage a trade personally. Trailing SL's work- but do not work as proficient as the human touch.
Also, how long back test did you do?
Entries of the 3 statistical systems that I built ran back 6 years each. I ran variable trailing stops variation and hard SL + TP sensitivity scenarios on all 3 systems. 82.31% of them were profitable.
Day 10?
Dunno what day it is, don't really care.
Here's the update- I have no been trading very much at all.
So Close.
Was hoping for 10% gains by now, im off by a couple dollars.
Didn't really want to be caught in the London Reversal.
New statement attached.
Cheers,
I'm going to stop posting regularly on this forum, I'm getting tired of the idiots, the scammers, and well the exaggerators.
If you want to find me, talk to me on a daily basis.
My skype id is = waylander95
Cheers,
Update-
Been fiddling around with some new strategies- again all tested on the same account.
Focused only on EJ- as new strategy is a bit more time / chart intensive. Risk has been adjusted to formally meet a trading strategy that uses a single crossrate.
UP: 36.8% - Drawdown approx 2.5%
Cheers,
Update!
Very little trades, but it doesn't matter much to me.
Was fiddling around with new systems, you'll notice some small losses on random pairs I thought i'd give a try with half of my system in place.
Resumed with EJ- taking patient trades.
Account is now up nearly 45%.
Max Drawdown approx 5%
Cheers,