Squeaky Bum Time

[Soctopus]

In this journal I will be trading a variety of commodities, forex pairs, bonds and indices offered by OANDA using a simple swing trading approach on the D1 and W1 time-frames. I have my charts set for NY 00:00 open/close for no other reason than it appears to provide the best results, although my research has not been extensive so this is subject to change.

 

[Soctopus]

The method entails the below:

1. Wait for a trend to develop
2. Enter on a retracement
3. Target the recent high/low
4. Profit potential minimum of 1.5.
5. Entry and stop at either extreme of the trigger bar.

Attached is an example of a paper trade I took in the Hang Seng

 

[Soctopus]

It's been a shaky start with three losses in short succession on EUR/USD, CORN and 5YR T-NOTE. I started with a £20,000 balance in my live account, I am now down to just over £19,400.

Currently I have an open Natural Gas position which is in the money, it has modest profit potential. Chart and balance attached.

 

[MrScalper]

If I were you I would stick to one market, the one with the tightest spread and best liquidity.

Diversification is only required if you are trading with $millions.

If you continue as is, you might well have a dirty bum, instead of a squeaky one

 

[Soctopus]

If I were you I would stick to one market, the one with the tightest spread and best liquidity.

Diversification is only required if you are trading with $millions.

If you continue as is, you might well have a dirty bum, instead of a squeaky one

Thank you for the feedback, genuinely appreciated.

I am not trading multiple markets so much for diversification, as the number of opportunities provided. I check my charts once a day, I would be lucky to get 4 - 5 trades a year following one market.

For background info, I used to trade this approach on a basket of 100 stocks on the W1 time-frame. I had some success, but eventually had my account balance severely reduced when a stock gapped against me. I am hoping to avoid a repeat by trading trading this selection of markets.

I have attached a list of the markets I follow. I will only have one trade open in any given category at once. It is a bit index heavy, it is work in progress.

 

[MrScalper]

Thank you for the feedback, genuinely appreciated.

I am not trading multiple markets so much for diversification, as the number of opportunities provided. I check my charts once a day, I would be lucky to get 4 - 5 trades a year following one market.

For background info, I used to trade this approach on a basket of 100 stocks on the W1 time-frame. I had some success, but eventually had my account balance severely reduced when a stock gapped against me. I am hoping to avoid a repeat by trading trading this selection of markets.

I have attached a list of the markets I follow. I will only have one trade open in any given category at once. It is a bit index heavy, it is work in progress.

Why so many?

Why not just trade one or two?

It is better make money on one, than lose on 3 and make on one.

Have you tried using the monthly bar if you are long term trading?

The big problem with all trading is timing, unless you are going to trade options, where you also need to get a handle on volatility.

Have you tried this approach?

Trend = weekly chart
Signal = daily chart
Timing = hourly chart

Have a look and see what you can spot!

 

[Soctopus]

Have you tried this approach?

Trend = weekly chart
Signal = daily chart
Timing = hourly chart

No, but it sounds interesting. I do take the weekly into consideration in that I won't trade against the weekly trend, and I have thought about fine tuning entries on the lower TFs so that is something I will be looking at, thanks.

Why not just trade one or two?

Trading one or two markets will just not create enough opportunities. I like to think that over the long term the win percentage will not be too different across the markets. If a market consistently performs badly long term I may take lower risk on that market or stop trading it altogether.

 

[MrScalper]

Had a look at NG.

Weekly = inside bar

Daily = up

Hourly = up..just at resistance level

Buy the break above high..reverse if price comes back below res line by certain %..or watch the 2 day x 5 min chart for better timing.

Stops are personal.

It all depends if you are able to reverse trade effectively, which keeps you in the market, and on the right side when you get a nice move.

No easy way.

The longer you are in the market, the longer your money is at risk, but this means it can also work to your advantage.

It is really a balancing act, and the more time you put into it, the better you get at it.

You have just enough cash, do not throw it away by over trading..big mistake.

Limit your loss to 1% per trade max, less if market tells you otherwise.

Take profits based on charts, same as losses, not on some silly ratio out of nowhere

 

[Soctopus]

Had a look at NG.

Weekly = inside bar

Daily = up

Hourly = up..just at resistance level

Buy the break above high..reverse if price comes back below res line by certain %..or watch the 2 day x 5 min chart for better timing.

Stops are personal.

It all depends if you are able to reverse trade effectively, which keeps you in the market, and on the right side when you get a nice move.

No easy way.

The longer you are in the market, the longer your money is at risk, but this means it can also work to your advantage.

It is really a balancing act, and the more time you put into it, the better you get at it.

You have just enough cash, do not throw it away by over trading..big mistake.

Limit your loss to 1% per trade max, less if market tells you otherwise.

Take profits based on charts, same as losses, not on some silly ratio out of nowhere

I will take my time to digest this, thanks for the advice.

Glad to hear you think I have enough cash, I thought I was seriously underfunded. I won that 20k betting Trump would be POTUS, don't tell the wife.

 

[Soctopus]

Ah yes, thanks for reminding me MrScalper, I risk 1% per trade.