Monthly Thread: November 2003

[rezo_s]

4xtraderCY,

Thanks for the appreciation and kind words. Yes, all the recent losses since October are recovered, because I am also holding couple more trades on long euro vs USD and the YEN - thanks to BoJ, the double top that was forming on EURJPY (240 min chart) was cleared now, and I think in the end I may talk about nice profit to come in the end of these hard time 2 months after all.

Money management and nerves is what is needed. Losses are always here for us, sometimes it is only one-2 trades, sometimes it may be more. that is the way it works...

btw, I was asked today about why am I changing my strategy to shorter term, and I would like it to be clear: there is no change in strategy. It would take more than just 1-2 months of bad trading to think there is something wrong in my trading strategy and market understanding.

I was working on this issue of taking advantage of breakeven trades I have for long time now, and have posted here couple times in the past as well; The approach I finally adopted is not something I have just set up. This is something I was testing and working on for several months now, bcos changing and coming up with other intraday strategy to combine with my longer term trading didn't work.
So finally I said: ok, I can find no other intraday system, so why not use same entries with optimal risk reward?...and 30:50 are not just numbers, but something that should be profitable according to my calculations with my trading history and give advantage of trades that do go in my direction 30, 40 or 100 pips, but are stopped out same day or day after with breakeven result. This addition can be very good because I have about 40% of breakeven trades, ie trades that go in my direction for more than 30 pips, but get stopped out soon for zero...
This strategy was tested and is pretty good, but is not applied to managed accounts yet. I give my clients summary every day on clients page on what trades could be applied and what would be the result in order them to follow to the end of this month, and if all agree, I will apply it to managed accounts as well.
Improving and adjusting to changing market conditions is what trader should do all the time. That is why I periodically work with my trading stats in order to feel the pulse...


cheers,

rezo

[rezo_s]

Sell USDCHF now @1.3017
40pip stop and60 pip tgt
No longer term trade for USDCHF added, bcos I am holding short already.

Will add the cab le a bil later if I do at all.

[rezo_s]

Have put a buy order on GBPUSD @1.6760,

stop at 1.6890

initial target @1.7220

Will enter at market price if order is not filled as I expect it to be.

[rezo_s]

it is at 1.6960 of course. sorry, typo.

[rezo_s]

stop to breakeven on short term swissy trade (after 25 pip move). stop will be moved to lock 10 pips once there is a 40 pip move, i.e. once we get to 1.2977, stop will be moved to 1.3007

[rezo_s]

Buy GBPUSD now @1.6998
stop@1.6890
initial target 1.7220

Half volume will be closed on 50 pips target or at 30 pips stop.

order of course is cancelled

[rezo_s]

The 30 pip stop was hit on Cable trade; the short term swissy was also closed at entry level. Will be reentering both if I get to.

[BadRuski]

Rezo,

Cable is a tricky trade right now. Today is an important vote at British parlament on some "foundation hospitals" (16:00 GTM). If Tony Blair's government loses, there might be some GBP selling.

EUR/GBP may be a much better long trade, while it holds above 0.7 level.

(me went flat on GBP/USD and long EUR/GBP at 0.7014)