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Thread: Exiting the Rat Race

  1. #1
    The purpose of this being posted by me at this stage is for my documentation. I am not going to explain my own egy in detail. I am not trying to prove something to anyone and have no ego. I have one goal in mind: never work for anyone ever again. No boss. No clients. No competition. No anoying employees or co-workers. Just me and the market.

    Just a hint of how I trade, I am a price action scalper. I use a 1 second chart and try to produce a little from a lot of trades. I utilize the retracements and extentions. Occasionally I'll throw on the RSI only to confirm what price action is telling me. I really do term trades also if I see an obvious pattern, but my egy requires screen time. I plot outside support and resistance lines on a chart and observe how price responds to them and put trades. Transactions are from pending orders at crucial levels. I have forward and back tested my egy and it is consistently profitable. Even so it still grows and improves as I learn more (as this journal reveals). Now is the test to find out if I can be disciplined enough to exchange it profitably and make a living. I have no other job currently and I trade full time.

  2. #2
    Adequate range in Euro. Grabbed 150 or pips. Got stuck at a brief while it broke outside. Waited for RSI 9 to hit overbought about 5 min, then added shorts. It came back down, bounced around a little then I closed out them. I then made a few more enjoying the new range and shorting a break, then going on the retracement.

  3. #3
    Pips
    -26.1
    14.8
    10
    22.9
    18
    -14.6
    0.7
    7.7
    4
    7.6
    1.7
    -3
    -5
    8.9
    5.7
    5
    6.5
    1.9
    4.3
    -6
    8.1
    14.2
    9.2
    7.5
    9.9
    -29.5
    32.6
    5.4
    Total: 122.4

  4. #4
    Not as much time spent smaller day, trading, yet profitable.

    1.5
    -0.3
    -3.9
    4
    -1.6
    2.1
    4.6
    7.9
    14.1
    0.2
    5.5
    5.5
    15.3
    9.8
    Total
    64.7

  5. #5
    Sweat it, although revved up on this one with 10. I would have resorted to hedging if it would have increased over the swing . Employed my trade CPR technique and ended up positive on a retrace at the 38.2 fib level.

    In retrospect I should have put in long orders over the rest of the range as well as the breaks of the highs made following momentum slowed on the up movement (each new summit). I would have made money on my long positions this way and broke on my shorts.

    -0.2
    -35.7
    -33.6
    -24.6
    -21.6
    -2.2
    11.1
    19.5
    33.1
    26.9
    3 8.1
    Total
    10.8

    I cant get the charts to upload, oh well.

  6. #6


    Quote Originally Posted by ;
    my trade CPR technique

  7. #7
    My CPR egy is the reason I don't use ceases, I break even on my poor transactions such a way. It is based on adding into a loosing position when momentum dissipates and shutting all positions if the inevitable retrace happens.

    This goes contrary to conventional trading wisdom but I have used it successfully for some time. The problem is when a move happens CPR is more difficult, but so far I have never NOT been in a position to bring a trade back to life. Retraces are inevitable, although it may take some time. That is just the pattern of the market. It only has to retrace a little in order for CPR to become successfull.

  8. #8
    As mentioned retraces are unavoidable. When a bottom will be found by EUR I'm wondering. It already has. It's always a fantastic idea but EUR is indeed oversold right now it seems risky. Is this recent up move component of a major retrace? Time will tell. Meanwhile, watching the 61.8 level pulled from the bottom into the swing high for confirmation of continuation downward. If it holds if not, perhaps we are in a bit of a retrace, perhaps the movement will continue, and I will scalp on the way down.

  9. #9
    Two trades, day. Had to hedge the one. The second one was a bad brief. Pulled fibs, fibs indied long. Set set equal amount of longs as shorts and shut longs at T1 then put on another amount of shorts for trade CPR. Ended up ahead with 140 total for the day. Would not have come out ahead without the hedge. Made 268 on longs and shut shorts in .382 at web -260 roughly. Pretty much broke. Made a couple of pips scalping moves to acquire the 140.

    One thing I want to clarify, I am not counting pips such as many traders do. I scale in and out of places, so that I add up all of the pips from each position and combine them so don't be too impressed by the number of pips I am recording. I am doing this that I can keep track.

    The significant thing is that my account is always growing day by day.

  10. #10
    Saw that Euro was obviously overbought, RSI 12 was about 1 hour over 70. Also price was a bit over the 0.382 level from the downmove on the daily. Placed sell at market with buy above swing high as hedge and let it go fast. Woke up with 190 pips, together with market stuck at a range. Waited for price to achieve base of range then closed at 205.5 .

    Price bounced of the 0.618 level, on the way down, then pumped off the 0.382 level on the way up, every level as support and resistance. Momentum slowed so thought it was a good time to depart. Waiting for a break of 1.4084 to put another brief, 1.4310 for quite a while. It ought to break out of the range in order to establish a more thorough direction.

    Still cant upload charts. I wonder exactly what the deal is?

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