After checking the posts on here and T2W decided it seemed a little more level headed here so I wanted to see if I could get people to join/help/whatever me along the way.
I have jumped around half a dozen systems over half a dozen months and been sensible on a small account so not lost much. Seen this system in Investors Chronicle at the weekend - Its free so I decided to try it out, still on my £200 account and to try, by using a forum, to instill some discipline and record my trades in the open - As I mentioned hopefully for people to help/join me - blah blah blah. Dont know if i can post a link to the system so I wont - It can be found by googling 3 little pigs trading strategy anyway. Note, I also bought the indicator which is a cheeky £10 but well worth it for me as i only have to look at one chart. I wont bore or repeat what the strategy is as its all on the website and in the ebook if anyone is interested.
My trades today:
GBPUSD - Long from 16030
USDCAD - Short from 9925 after already having one Short from 9920 stopped out earlier today.
I am using a Stop placed at the MA and trailing it there, that's why I have already been stopped out of 1 USDCAD as it was hit after my first entry and then there was another signal.
I will try and get back here every day or two to check on responses and update trades - Should be enough as I am trading off the Weekly, Daily, 4 hour charts only.
Look forward to the journey
I am now also Long AUDUSD from 10420.
I was stopped out of USDCAD again yesterday and also from a USDJPY trade - So 3 losing trades so far with GBPUSD still open and showing about 100+ PIPs.
Anyone else using this yet or at all interested in me using it
How many currency pairs are you using to apply 3 Little Pigs trading strategy?
8 of them - AU, EG, EJ, EU, GU, UCAD, UCHF, UJ
At least I know someone is watching
I like the trade right now. What is your target?
I don't see any reason Aud/Usd doesn't go back to 10626 ---
At the moment I have no Targets - Simply Trailing Stop at the MA - Perhaps I will change this after a while - Just getting the feel for this system at the moment!
Still Long AUDUSD from 10450 (not 10420 mentioned above).
Still Long GBPUSD from 16030.
I am also short USDCAD from 9925, USDCHF from 9260 and USDJPY from 8220.
Status = 3 losers, no winners yet and 5 open trades.
Still Long AUDUSD from 10450.
I am also short USDCAD from 9925, USDCHF from 9260 (stopped once and back in at the same level again after another signal) and long USDJPY from 8236 (stopped once and back in again).
Status = 5 closed (small losses mostly) and 5 open trades - I will work out percentages at the end of each week with my intention being only to trade this week and next and be back in the new year.
Still Long AUDUSD from 10450
Long GBPUSD Stopped out
Still Short USDCAD from 9925
Short USDCHF Stopped out
Long USDJPY Stopped out
Status = 7 closed (6 small losses and 1 profit) and 2 open trades - I will work out percentages at the end of each week with my intention being only to trade this week and next and be back in the new year. Damn fine time to start with this system! Markets are choppy like crazy!
Risk = 1% per trade as I have had 5 trades open once and if I had 8 open (as I trade 8 pairs) I figure 8% risk is enough in the market.
7 small losses for the week -4.69%, 1 profit +1.50% and 2 trades open which are both around breakeven and being trailed. I entered no new trades on Friday (NFP).
I have no target, my initial stop is 10 pips behind the MA (minimum 20 pips/maximum 50 pips) and i trail it there until it is hit. The 4 hour charts were choppy last week and I am hoping it was a bad week! Still very new to trading and this approach so I may adjust these values as i trade and observe in real time.
Will trade this week and have a break for christmas.
Will post a trade example soon.
(What Stops/Targets etc are others using?)
As requested and sorry, no rocket science here. I have attached a screen shot and i am not sure it has worked, if not i will try again later.
I check the Weekly and Daily trends are both up or down (as i mentioned i use the indicator which cost me a tenner for this - lazy yep!).
If both are down for example like here on usdcad i take a trade when the red arrow is displayed. i enter when the candle closes and use a stop 10 pips above the ma. i trail my stop in the same position until it is stopped out. if a red arrow appears and i am already short i do not add to my position.
Hope this helps, sorry i cannot add so much details there is little to say really as its quite easy, especially with the indicator. Any q's just ask and i will try my best to answer.