Baruch's Forex System Journal

I had a few ins & outs to boost meantime performance a little, and closed the entire position just minutes before close yesterday. Very decent profits.

We have hit a hard trendline resistance here, which has been tested several times and day in a row, so I'm no longer interested in staying short. I will just stand aside, day trade the index and see what happens.

If it breaks to the downside, I will look to go short again, and possibly add more upon confirmation. If it goes up from here, the same applies.

 

Hey manz66, calling trades beforehand, are you kidding???

I have posted a myriad of trades beforehand on this very thread, on several currencies, and even ES, with super hit rates and great rewards, perhaps you'd bother reading. I'm sure Jayford or Baruch remember... I've posted a few 100-200+ pip forex days on this thread at the moment I entered them. And not scalps either bro. The second-last swing on ES gained 20+ pts and was posted days beforehand live. The most recent one (closed last night) showed a total of over 10 pts considering all partial exits and re-entries. And these are all not even my day trades. They make much more, but would be too much effort to post.

I think I have done my good share of live demonstration on this thread, I have no need to prove anything. This is Baruch's thread and not mine. I don't want to steal his show, but enjoy making him really question...

 

Hey Baruch!

Very decent EUR short today according to your system parameters.

Should be up close to 200 ticks... That's the same as 50 pts on ES!

Hope you went short?

 

My account is working again.

Some brief observations.

1) I've seen Sci make several calls. Very good ones.

2) I don't back test anything. Not really sure how to test a retracement system anyway. I just stick with what works for me. When it starts to perform ugly, I change markets, still trade the same. Back testing is important if you are a purely mechanical trader though, so Sci has a point for Baruch.

3) I think Baruch's system of incorporating news with his approach can work fine. I personally would never override my charts, but do look to see how imprtant the news is. (ie, is it a rumor, or did soemone actually lower interest rates. Big diff). Something really valid gives me more confidence on size, or to stay with a trend.

4) Now I'm back to staying up all night with you guys. These euro moves have been too damn good. I'm taking catnaps by my computer with trendline alarms set!

Jay

 

Sci,

You following that 50% retrace failure in pound last night? That, along with a blast out of its well defined 60 min channel has made this one a no brainer for me, even though I had a long term bullish view on the thing.

The channel break was almost at the same spot as a cross of Baruch's 50 MA too (on a 60 anyway).

Jay

 

If you also read LouDoggs journal, you know I went short today in EUR. I went flat with a 77 pips gain. Not bad, but I have a very busy day today (with other important things than trading), so I have only been trading a few hours. That's why I didn't took more pips out.
I started the day with a buy signal. I came out at b/e, when the price came back. Nice with tight stops.
My systems works very well, but you must sit before the screen all day (and all night) if you want to trade all the signals - and take all the pips out of the market. I wish I had a robot to do the job.
P.S. Today I published my trades realtime in Lou's great thread. Sorry Lou. From now on I will only do it in my own thread - and most of the time not realtime (it's difficult to trade and write at the same time).
P.P.S. I trade only EUR now, but with a bigger position. Keep it simple, stupid.

 

Hi Jay

Welcome back.

1. Yes, most of them.

2. No. You can't backtest the news-flow and a system. And I think Sci agrees with me about this.

3. News and charts are a good combination.

4. How do you get those trendline alarms?

 

Hi Sci,

Of course I did. My system told me so. Did you also trade the news today?

 

Well, they are an estimate actually, but using a 60 min its easy to get close, and I don't have to change the alert more than once every few hours. I set the alert for penetration of a given price which would put it very close to the line, but not over it. Then I watch and see what happens.

Some programs will let you set alarms on almost anything, but Esignal isn't one of them.

Jay

 

Sierra charts will let you set up alarms on trendline crossing. Ensign too. Anybody know why the euro sold off so hard the last few minutes?