dpdawson's trading journal

[Fetor]

Originally Posted by dpdawson

Sixth trade finished.

Sold 17.4 lots at 204.88.
Bought 17.4 lots at 205.56.

Loss: 68 pips x 17.4 lots = $1178.61

Account total: $4802.21

Too bad. First loss. I almost left the house and did not trade today, but it was moving down so well that I decided to enter. Hopefully the rest of the week will be better.

Disappointing. I was afraid that's what happened when I saw it retrace. Keep it up though, want to see you hit these trades.

[dpdawson]

Yeah, I should have taken Monday off. Live and learn. Hopefully the next few weeks will be as profitable as the last few.

[dpdawson]

The trades for this week are:

210.60 (long-S/R)
209.00 (long-S/R)
204.09 (short-scalp)
203.33 (short-S/R)

I will enter with a 5 pip break of any of those lines and bracket my entry with opposite orders 50 (on scalp) or 70 (on S/R) pips higher and lower than my entry.

[Petea1uk]

Good luck DP. This is my favourite diary. I like the fact that you are pushing the boundaries of Nick's method and trying to get more out of it with a more
aggressive style.
Remember "Fortune favours the brave"!!!!
Regards,
Pete

[dpdawson]

Thanks! Until your comment, I did not think I was adding anything to Nick's method, but I guess money management is a very important component of a profitable system.

I hope a few people on the board can learn something from my experiment.

[Fetor]

Originally Posted by dpdawson

The trades for this week are:

210.60 (long-S/R)
209.00 (long-S/R)
204.09 (short-scalp)
203.33 (short-S/R)

I will enter with a 5 pip break of any of those lines and bracket my entry with opposite orders 50 (on scalp) or 70 (on S/R) pips higher and lower than my entry.

dp, I don't see that 210.60. It looks chopped all to hell to me. You'll have to help me out on this one.

[Roadrat]

Originally Posted by Fetor

dp, I don't see that 210.60. It looks chopped all to hell to me. You'll have to help me out on this one.

Nick gave 210.60 as a standard long trade in the blog, but I'm also a little puzzled by that line. It does have past history but the more recent history 2 months ago looks weak for this as a resistance level. Maybe sufficient time has passed to revalidate the line but personally I would like to see it hit this level and bounce before using it again especially if a break of 209 provides a successful trade.

Any other views on this?

[dpdawson]

I see trades like these as insurance against missing the big move.

[dpdawson]

Seventh trade finished.

Sold 24.3 lots at 204.05.
Bought 24.3 lots at 203.66.

Profit: 39 pips x 24.3 lots = $869.74

Account total: $5671.95

Back on track!

I have decided to slightly change the way I am trading to (in my opinion) more accurately reflect Nick's profit targets. I will enter at a 5 pip break, but my profit target will be 50 or 70 pips from the original break. So, I will use a 40 or 60 pip target to compensate for the spread and the late entry. My stop loss will still equal to my profit target.

[rogan]

Sounds like a good idea. I think Nick always said he takes the 50 or 70 from the original line, rather than when he entered.

Good luck, love this thread