deluded demo trading: pyramiding

Discussion in 'Journals' started by TGpop, Jun 25, 2010.

  1. TGpop


    Right, i will not give my opinions, i will not ask for help.

    i am documenting a Forex demo account, in which i will be trading hourlies for:
    1)Trend and pullbacks
    3)Bounces of S/R

    I will pyramid into each, so maximum size is $100/pip.

    I enter with 10%, then 40%...30%....20%

    My stop loss is fairly wide but is trailed closer as the buy/sell stops are filled.
    I will be demoing the:


    Each of these pairs has a specific setup i play:
    GBPJPY:ranges and pullbacks
    EURUSD: mostly Trend and pullbacks,occasional ranges
    GBPUSD:trend and pullack/ranges
    EURGBP:Mostly bounces of S/R and ranges
    USDCAD: Mostly bounces of S/R
  2. JPope


    Good luck, Are you British?
  3. TGpop


  4. TGpop


    Trade 1:
    SELL 1 GBPUSD @1.50289
    SELL 4 @1.50112
    SELL 3 @ 1.49922
    SELL 2 @ 1.49722
    stop loss @ 1.51246, which will be trailed closer.
    reason for entry: GBPUSD breaking out and looks overbought to me and major resistance to play a bounce off.
  5. TGpop


    took off GBPJPY, was just a confusing pair imo.
    I have added 3 pairs specifically for S/R bounces:USDJPY/EURAUD/AUDUSD.
    Making a rule so hat GBPUSD/EURUSD will only be for trend and pullbacks.

    someone slap me if i don't stick with that :p
  6. TGpop


    allright, in honour of my rules for GBPUSD and EURUSD i have closed my GBPUSD trade for a small loss.

    Next play is EURGBP LONG:
    LONG 1@0.81988
    BS 4@ 0.82092
    BS 3@ 0.82194
    BS 2@ .082296
    reason: test of support/range

    target is end of range @.082621
    with a 42 pip trailing stop loss
  7. TGpop


    i am beginning to wonder whether the trailing stop is just me being scared and protecting profits, or whether it is actually worthwhile.

    My backtests show frequent shake outs and then continuation of my direction anyway.

    Perhaps a hard stop loss, just out of the way of volatility would be much better.

    at 2/3 to my target i will scale out 1/2 and place stop to breakeven. Target will remain solid.
  8. TGpop


    sorry- once all orders are filled my SL is moved to initial entry. then once 2/3 is reaches i will scale out 1/2 and stop to breakeven
  9. TGpop


    EURGBP closed for a small loss- only 10% of what it would've otherwise been :)

    reason for exit: a clean technical break
  10. TGpop


    this is embarassing; everything is being kept the same except i will scale out 2/3 when 2/3 of target is hit rather than 1/2
    #10     Jun 28, 2010