Dans Self-Honesty Journal - Page 3
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Thread: Dans Self-Honesty Journal

  1. #21
    Quote Originally Posted by ;
    Dan, I read your article saying this on James16 thread. I went to the library only last night and checked out the only version they have. .

    The New Market Wizards, Conversations with America's top Traders.

    Just got started, I am rather impressed.

    Thanks!
    The one you have was printed later (different book, same writer ). I will order that one next really. The first one was printed in 1989 following the market crash of 1987 and you must see exactly how some traders got killed, and many others had their best year ever (both types were interviewed in the publiion ). It's wonderful.

  2. #22
    Quote Originally Posted by ;
    We start trading on monday. This week was fairly sideways, I had been marginally anticipating that actually.... The way things look across the boards, sp, dow particularly look to be sideways (although I was anticipating crude to take a dip this week).

    Perhaps next week there will be better opportunity.
    Last weeks two completed trades:

    LIVE ACCOUNT:
    AUDUSD: -0.3% reduction

    DEMO ACCOUNT:
    Gold: -0.5% reduction






    Uneventful week. Sideways market. I believe the NFP tipped the scale in my favor for following months trades.

    When I saw AUD/USD start falling on Friday, I had to place a transaction. There's no way I'm missing down this run. I've been so convinced to brief that I'm not missing my opportunity, so I placed a sell stop on Friday on the break of the old support. Managing with a 301 monitoring stop that's effective immediately. T/P: 0.8020, 1% risk.


    Also I'm looking to grab the CHFJPY BEOB for following week. The correlation between the autumn of Aud and the growth of Jpy is quite close, I will take it for an additional 1% to the A/U trade that will be operating concurrently. Normally I'd rather brief EUR/JPY but I believe this one with the swissy is a cleaner installation. GBPUSD weekly bearish pin looks nice too.... More of the identical downtrend I'm seeing for the week forthcoming.

    Next article I will break down commodities for following week.


  3. #23
    Gold and Crude, my 2 favorites. I'll trade the two these pubs, the Crude BEOB, along with the Gold bullish pub. I know the gold bar is not a specific PA sign, but the loion is obvious, the trend is obvious. The bullish pub is more than enough confirmation for me to place my trade.


  4. #24
    I will note that the correlation between all these transactions for following week is exactly the same, except for Gold. Gold is the only hedge type of trade I will be putting here. I think that until I go live in my futures trading, then I require a Portfolio risk measure I can use in conjunction with the currency trading, and identify the correlation between commodities, currencies, and the currency commodity relationships.... Need to begin on that.

  5. #25
    I am actually spreading my risk out here accross a lot of pairs. I think that this is a great way to ch the exact same run, but lower your risk across pairs.

    You will see I've put two transactions for each pair from the pending order area of the terminal, that is because each trade has a different T/P, basically a scale-out egy, with 1 percent total risk on each pair, spread over 4 pairs.
    Also the trade that is already active (AUDUSD) has been a 1 percent risk.

    Management: Trailing stops effective immediately.

    CHFJPY (daily BEOB): 268 pip trailing
    GBPJPY (3 evening pinbar): 465 pip trailing
    GBPUSD (weekly pin): 400 pip trailing
    USDCAD (weekly pin): 316 pip trailing
    AUDUSD (old service broken on downtrend): 301 pip trailing

  6. #26
    Hi Dan

    I am trying to get handle on placing my SL goals, hence this question that I hope you will not mind asking.

    I discovered that in the event of CHFJPY you are placing the SL much more than a complete bar loss. It's 268 pips versus much smaller TP, effectively that the RR is 3: 1 - correct??

    Can you find this large SL technique better than tight stops??

    Thanks!!

  7. #27
    Quote Originally Posted by ;
    Hi Dan

    I am attempting to get handle on setting my SL targets, hence this query that I hope you will not mind asking.

    I discovered that in case of CHFJPY you are setting the SL far more than a complete pub reduction. It's 268 pips versus much smaller TP, effectively that the RR is 3: 1 - correct??

    Can you find that this massive SL technique better than tight ceases??

    Thank You!!
    Only half of the CHFJPY trade is about 3:1 risk:reward. The other half of the position is nearer to 1.5:1 risk:reward. Also note my trailing stop is already following my trade, so risk has been decreased everytime the trade makes another pip into profit. I don't attempt to worry as much about R:R because if I focus too much on it, I believe it greedy, then you will begin to fail. I really don't believe I'd ever enable the trade to have a complete bar loss without me stepping in when things are clearly not going my way, but I ussually don't get involved in those situations anymore since I implemented my go with trend rule...

  8. #28
    Hi Dan

    Thanks for the quick response and explanation. I overlooked the fact that the SL is tracking.

    Much appreciated.



    Quote Originally Posted by ;
    Just half of this CHFJPY trade is about 3:1 risk:reward. Another half of the position is closer to 1.5:1 risk:reward. Also note my trailing stop is already following my commerce, so risk has been reduced everytime the trade makes another pip to profit. I do not try to worry as much about Rbecause if I focus too much on it, I believe it greedy, then you will begin to fail. I don't think I would ever allow the trade to have a complete pub reduction without me manually stepping in when things are clearly not going my way, but I ussually do not get...

  9. #29
    whatever happened to this thread? Might it be dead?

  10. #30
    Quote Originally Posted by ;
    what happened to this thread? Might it be dead?
    Looks like it.

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