Hi toby, Just go some pages back, and you will find it. Buk started trading his system here last week, and he will return this week (I hope).
Toby400, it aint MY system!! ......in fact it's a strat not a system as such. The century numbers are simply an obvious, well defined & commonly used method of trading (particularly within FX)....bounces are generally bigger & more defined around 00 numbers. They are also a 'step' level in which stops/limits & order book entries are placed, adding to the importance of them. All I simply do is enter via my normal intraday strat, scale out at given (short frame) targets & leave 1 or 2 lots on the board, with the intention of catching a move thru the cent levels! if/when it starts to swing, I merely "add" to the original position choosing the 00 clips (+/- 10 pips) & manage the position from there. It's not rocket science ......folks trade this way day in, day out, specially the Interbank players!....all I do is hitch a ride on the back of the trend whenever the opportunity presents itself.
I'm more that willing to learn your strading system. I have a Finance degree, so you won't have to be win a moron. Currently I work for a High Tech Comapny in Vancouver in Operations. Let me know! I want to learn from a winner!! Mac
if only 'winning' was that easy macphisto!!....like I said earlier, we live in the real world, and winning trades aren't nearly as easy as folk maintain....find a style/strat which suits your mental approach, adopt a good risk management regime & trade within the confines of your account parameters. the toughest aspect of this game is remaining consistant to your plan & honing your psychological skills. Adhering to your 'rules' & maintaining patience & discipline will assist in keeping you in the game longer. It takes time & money to progress, and no 'one' system/strat will suit all....like a lot of veterans say, "there's no free lunches in trading", find something which suits YOUR style & work your plan around it....trial & error/endless hours of painstaking frustration!! take a good look around the threads & familiarise yourself with a good cross section of info....it'll pay good dividends!!
No doubt about it, that was a great run, and well played -- there's a lesson in holding on to winners in what he did last week. But if I catch the drift of what he has been saying since, his adding on to trades at the century mark was not a complete strategy in itself, but rather a way to stay in the trade in a sensible, well defined way. You might want to consider it as an add-on to your strategy -- it's definitely something I'll keep in mind! (Still, would be interesting to back test a strategy that in itself was based on price passing through the round numbers. Hmm...) LOL, now you're talking! The Bernard Baruch Memorial hedge fund! ________________________________ "It is not the critic who counts; nor the man who points out how the strong man stumbled, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs and comes short again and again; who knows the great enthusiasms, the great devotions; who spends himself in a worthy cause; who, at the best, knows in the end the triumph of high achievement, and who, at the worst, if he fails, at least fails while daring greatly so that his place will never be with those timid souls who know neither victory or defeat."
not too sure whether a back test (without defined rules) would pan out too well Cowboy, but maybe worth a pop! thing is, on a momentum run it'll clip thru the levels pretty quickly. Every so often though you'll experience severe whip as price hits a psycho barrier. Which is why the strat has to be "managed" at each juncture. It can just as easily back off a 00 as strongly as it clips thru, and bounce between the channels before attacking the level again....given that currencies (in general) rarely trade in tight ranges for too long, it's a pretty consistant starting/continuation point for pyramiding.
I see what you mean. I guess this is where all of those hours of painstaking frustration finally pay off -- having the judgement to be able to manage those points successfully.
to a certain degree yes (having the judgement).....but the use of (trailing) stops take most of the decisions away. As with any trade, the planning & application will only take you so far. Neither you nor I know for sure where price is headed?!....how do I know if it's gonna pop thru the next 00 and continue north? and whether or not the projected target will be reached?? profit stops/risk management take the emotion (and much of the unknown decision making) away & allows the market to dictate events....it's then down to position sizing/technical observation as to how far you're prepared to allow the move to shake you out!....I & many others still get it wrong lol.....there's no exact science & each trade throws up it's own quirks, but sticking to your 'rules' & obeying your trading plan will see you thru most of the obstacles imo!