Ok, a new week and so many possibilities. I am placing just one trade today, their are a few others that are close to fulfilling all parameters, but I am only taking trades that fulfill 100%. I didn't backtest this pair as much as I would have liked, but it was profitable.
EUR/AUD: long@ 1.6742 s/l@1.6635 tgt pt. 1.6850. Will close 1 lot upon breach of 1.6800 and move s/l to 1.6775. Good Luck!
Sunday, February 11, 2007
Friday, February 9, 2007
Acted to soon!
Bummer. USD/CAD hit the new target point, and then continued down like I thought it would do days ago. +60 pips is not bad, although it could have been much better. We are talking roughly +180 or so. Oh well we win some and we win some bigger. I'll be happy with 60 pips. This brings the 1 week total of The Grail to +521 with no losing trades. Woo hoo! On to next week.
Thursday, February 8, 2007
Internet down!
Sorry. My internet has been down since early afternoon. I believe it is time to get a backup provider. This is a good reason to never trade without a stop-loss. On to the business at hand, let's review the trades:
USD/CAD: Still ranging, not really going anywhere. The spike that I anticipated did happen although the retracement has not been as deep as I expected. I will close both lots @117.95. This pair was the worst performing in the backtest, I may discontinue trading it until we get some clear direction.
EUR/USD: Second lot closed out @ s/l for +10 pips. It then rebounded quickly, it happens, I'll take the profit. Total on this trade +40
EUR/JPY: Nice trade. 1st lot closed out @ 157.50 the initial target point for +52. Forgot to trail stop and 2nd lot closed out @ 158.25 for +127. Total +179. Excellent
Due to the internet being down for so long I have placed no trades today. it has been a very good week and I will stick by the plan of only opening new trades upon beginning of the days' new candle. Grand Total for the first week of The Grail: +461 pips, with one trade still open. i am very pleased with this performance, it is even better than I expected. I am really looking forward to next week. I will play with exit points a bit this weekend to try and fine tune, but will not drastically change anything as it is working fine. I will explain some of the methods to this madness this weekend, I think you will find it very beneficial.
USD/CAD: Still ranging, not really going anywhere. The spike that I anticipated did happen although the retracement has not been as deep as I expected. I will close both lots @117.95. This pair was the worst performing in the backtest, I may discontinue trading it until we get some clear direction.
EUR/USD: Second lot closed out @ s/l for +10 pips. It then rebounded quickly, it happens, I'll take the profit. Total on this trade +40
EUR/JPY: Nice trade. 1st lot closed out @ 157.50 the initial target point for +52. Forgot to trail stop and 2nd lot closed out @ 158.25 for +127. Total +179. Excellent
Due to the internet being down for so long I have placed no trades today. it has been a very good week and I will stick by the plan of only opening new trades upon beginning of the days' new candle. Grand Total for the first week of The Grail: +461 pips, with one trade still open. i am very pleased with this performance, it is even better than I expected. I am really looking forward to next week. I will play with exit points a bit this weekend to try and fine tune, but will not drastically change anything as it is working fine. I will explain some of the methods to this madness this weekend, I think you will find it very beneficial.
Wednesday, February 7, 2007
Rolling right along
Ok, new day and one new trade. For reference there will be days with many trades, days with a few trades, and days with no trades. The key is to stay disciplined. When there are no trades, I can't go hunting for one. This has always been my Achilles heal. I want to trade, I need the fix. I would have a great week going and then make a trade that really didn't fit the profile. We all know what happened next. Bad trade, let the losses run trying to get back to even, positive week turns negative, blahhh. We have all been there. I have changed my ways, no more I say! Follow The Grail (hope this name isn't already taken, I kind of like it). The Grail will show me the way. So on to the trades. First updates on the open trades:
USD/CAD-Still in the red, have moved s/l to 1.1900. I believe there may be a short lived spike towards 1.1870 before a nice retracement. Definitely do not want to make a habit of moving s/l on trades in the red, but after scrutinizing the charts I believe this is warranted.
EUR/USD-Closed 1 lot @ 130.10 (+30 pips) and moved s/l to 129.90 (trailing) locking in +10 pips. Have lowered target to 130.40. I was concerned about this trade but it has turned out very nice.
New trade today: EUR/JPY long @ 156.98 s/l-156.20 tgt point 158.25. Will close 1 lot and move s/l 157.10 upon break of 157.50.
Don't forget about the BOE Interest Rate Statement upcoming. It could be a wild ride, although I would be very surprised if they hike again this soon.
USD/CAD-Still in the red, have moved s/l to 1.1900. I believe there may be a short lived spike towards 1.1870 before a nice retracement. Definitely do not want to make a habit of moving s/l on trades in the red, but after scrutinizing the charts I believe this is warranted.
EUR/USD-Closed 1 lot @ 130.10 (+30 pips) and moved s/l to 129.90 (trailing) locking in +10 pips. Have lowered target to 130.40. I was concerned about this trade but it has turned out very nice.
New trade today: EUR/JPY long @ 156.98 s/l-156.20 tgt point 158.25. Will close 1 lot and move s/l 157.10 upon break of 157.50.
Don't forget about the BOE Interest Rate Statement upcoming. It could be a wild ride, although I would be very surprised if they hike again this soon.
Tuesday, February 6, 2007
Day 3
Day 3 and all is well. The Grail seems to be performing as I expected it would. I know it is early but I am very excited about the system. Lets get on with it.
Updates on open trades:
USD/CAD (short @1.1825): Trade still open, not much happening. Will stick with this trade per the system.
USD/GBP (short @ 1.9662): Closed second lot @ 1.9600 for a grand total of +162. Excellent trade.
EUR/USD (short@1.2962): 2nd lot hit s/l for +10 after coming very close to target. Total on this trade +50.
EUR/GBP (short@.6590): Closed both lots out @ .6575 after stalling. Total +30. Still a very good trade on this pair.
Running total as of today +242 pips with USD/CAD still going. Only 1 new trade entered today:
EUR/USD long @1.2980 s/l 1.2910 tgt. 1.3050. Will close one lot upon break of 1.300 and move s/l to 1.2990. This is a bit of a risky trade as the signal is not as strong as I would like, but in backtesting the Grail, it is one that I factored in. Time will tell. Good Luck.
I will be discussing this system and some of the details in due time. Right now I am trying to fine tune it, the hardest part is the profit taking. I am fine tuning this part of The Grail, trying to maximize the pips without risking to much profit. More to come.
Updates on open trades:
USD/CAD (short @1.1825): Trade still open, not much happening. Will stick with this trade per the system.
USD/GBP (short @ 1.9662): Closed second lot @ 1.9600 for a grand total of +162. Excellent trade.
EUR/USD (short@1.2962): 2nd lot hit s/l for +10 after coming very close to target. Total on this trade +50.
EUR/GBP (short@.6590): Closed both lots out @ .6575 after stalling. Total +30. Still a very good trade on this pair.
Running total as of today +242 pips with USD/CAD still going. Only 1 new trade entered today:
EUR/USD long @1.2980 s/l 1.2910 tgt. 1.3050. Will close one lot upon break of 1.300 and move s/l to 1.2990. This is a bit of a risky trade as the signal is not as strong as I would like, but in backtesting the Grail, it is one that I factored in. Time will tell. Good Luck.
I will be discussing this system and some of the details in due time. Right now I am trying to fine tune it, the hardest part is the profit taking. I am fine tuning this part of The Grail, trying to maximize the pips without risking to much profit. More to come.
Monday, February 5, 2007
The Grail!
The grail, The name of my new system. We shall see how it goes. I am only trading with this system. I will not be free-lancing. Discipline is the key. I have back tested this and believe it will be successful. I am extremely confident in this system.
I will be posting trades and updates as close to 5pm est as I can. All trades will be made at 5pm. I will check them periodically as I hone the profit taking part of the system. All trades will consist of 2 lots. Lets get going.
I started yesterday upon the opening of a new candle by my broker. Trades entered yesterday:
EUR/USD short@ 1.2962 s/l 1.3064. Closed 1 lot @ 1.2922 (+40), moved s/l to 1.2952 locking in +10 pips. T/P is 1.2900 where I will trail the stop.
GBP/USD short@ 1.9662 s/l 1.9745. Closed 1 lot @ 1.9552 (+100), moved s/l 1.9652 locking in +10 pips. T/P is 1.9535, will trail stop @ 1.9590.
EUR/GBP short@ .6590 s/l .6623. T/P is .6570.
Todays trades: Only 1 trade today.
USD/CAD short@ 1.1825 s/l 1.1880, t/p 117.50. Will close 1 lot @ 117.95 and move stop to lock in 10 pips on 2nd lot and trail stop @117.50.
24 hrs into the grail system and have locked in 160 pips, not bad. This system will have some ups and downs, like any other system, but my backtesting has shown me that over time, and with good money management, this system will kick ass. Stay tuned! How about them Colts, nice!
I will be posting trades and updates as close to 5pm est as I can. All trades will be made at 5pm. I will check them periodically as I hone the profit taking part of the system. All trades will consist of 2 lots. Lets get going.
I started yesterday upon the opening of a new candle by my broker. Trades entered yesterday:
EUR/USD short@ 1.2962 s/l 1.3064. Closed 1 lot @ 1.2922 (+40), moved s/l to 1.2952 locking in +10 pips. T/P is 1.2900 where I will trail the stop.
GBP/USD short@ 1.9662 s/l 1.9745. Closed 1 lot @ 1.9552 (+100), moved s/l 1.9652 locking in +10 pips. T/P is 1.9535, will trail stop @ 1.9590.
EUR/GBP short@ .6590 s/l .6623. T/P is .6570.
Todays trades: Only 1 trade today.
USD/CAD short@ 1.1825 s/l 1.1880, t/p 117.50. Will close 1 lot @ 117.95 and move stop to lock in 10 pips on 2nd lot and trail stop @117.50.
24 hrs into the grail system and have locked in 160 pips, not bad. This system will have some ups and downs, like any other system, but my backtesting has shown me that over time, and with good money management, this system will kick ass. Stay tuned! How about them Colts, nice!
Thursday, February 1, 2007
LIVE! LIVE! LIVE!
I have finished the testing phase of my new system. I am very anxious to get the ball rolling. I will start trading the system next week. I can't wait. I will try to post trades as soon as I make them. Most all trades will be entered at 5:00pm est. Hopefully we can all make some pips of this. Next order of business is to name the system. I will have something by Monday. Any suggestions please feel free to email.
I have done very little live trading this week. My USD/CHF long trade stopped out for -20pips, bummer, this has been a tough pair to trade this year. I did enter USD/CAD short Monday night and closed out for 40 pips. Yesterday I got lucky and caught GBP/USD long for 100pips after it retraced down to the 1.9620's and then shot up to 1.9737. Crazy news this week. Today I had EUR/JPY for 30 pips, but had -40 pips on a EUR/CHF trade. All in all a decent week. I will not trade tomorrow, market will be very volatile due to the US NFP (NonFarm Payroll). I will take my positive week and call it good.
The NonFarm Payroll is a measurement of all new jobs created in the last month excluding the farming industry. This number really moves the market. A rising trend is good for the greenback, a declining trend is bad, obviously, for the greenback. It is forecast to come in around 146k which is about a 20k decline from November. I would not bet on that number, the forecasts are rarely correct on this. The NFP is so important because it is the first report of the month that relates to labor conditions. It can set the tone for the entire month of trading. I will watch it, just won't trade it. Next week is the week. Every trade will be based of the new system, there will be no deviations. I am excited!
I have done very little live trading this week. My USD/CHF long trade stopped out for -20pips, bummer, this has been a tough pair to trade this year. I did enter USD/CAD short Monday night and closed out for 40 pips. Yesterday I got lucky and caught GBP/USD long for 100pips after it retraced down to the 1.9620's and then shot up to 1.9737. Crazy news this week. Today I had EUR/JPY for 30 pips, but had -40 pips on a EUR/CHF trade. All in all a decent week. I will not trade tomorrow, market will be very volatile due to the US NFP (NonFarm Payroll). I will take my positive week and call it good.
The NonFarm Payroll is a measurement of all new jobs created in the last month excluding the farming industry. This number really moves the market. A rising trend is good for the greenback, a declining trend is bad, obviously, for the greenback. It is forecast to come in around 146k which is about a 20k decline from November. I would not bet on that number, the forecasts are rarely correct on this. The NFP is so important because it is the first report of the month that relates to labor conditions. It can set the tone for the entire month of trading. I will watch it, just won't trade it. Next week is the week. Every trade will be based of the new system, there will be no deviations. I am excited!
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