Jem's Uber Basket Trading Thread

[forexripper]

did not open any new basket or added pairs but just holding on my basket from yesterday. I think I should be ok as some of them already got me out with TP hit. Few more to go. I am more worried about GBPCHF but can always hold and add on another one when setup is there.

[nonlinear]

Basket is red at the moment. They were all above/below 0.8 at the time, or really near it. EURAUD, EURJPY, CHFJPY, EURGBP, EURCAD, AUDCHF, CADCHF, GBPCHF, USDCHF, EURUSD. Low lots, room to breath.
EURCAD, AUDCHF, EURAUD, and CADCHF are offsetting the losers right now. The EURAUD trade was opened earlier from an earlier basket that I partially closed out.

7-25.GIF

[cmeade2]

Basket is red at the moment. They were all above/below 0.8 at the time, or really near it. EURAUD, EURJPY, CHFJPY, EURGBP, EURCAD, AUDCHF, CADCHF, GBPCHF, USDCHF, EURUSD. Low lots, room to breath.

Thanks so much. I assume you took all of these trades in the direction of the TMA D1 slope. From the charts that I see, I'm amazed it's only slightly red.

[Thunder123]

I had significant drawdown, around 550 pips. +200 pips now.

[Jemook]

Jemook, what was your drawdown from your Tuesday basket and where is your stop loss. I think the question is legit because of your great results, but if you prefer not to offer your baskets drawdown/ stop-loss I understand and don't ask again.

Thanks, good trading to all.

fok

So far Tuesday basket: highest +500 and lowest -240. You need to record results and come up with your own tp and sl based on how good you can get your entries. My stops and targets are based on my findings and entries and to be honest I don't always enter according to the rules I've laid out here because I've worked out a whole bunch of new ideas relating to the system. So my tp and sl won't work for everyone.

Regardless the system as posted works but it's up to you to tweak it as you wish to squeeze more pips and profit from it. I still think I can make it even better which is why I'm taking two months away from the forum to see if I can find anything new. After that whoever is struggling to get the same results as me is more than welcome to get my signals or subscribe to my trade copier service.

Only the more experienced traders who have a handle on money management and their trading psychology will be able to be consistently profitable with this or any other system that works. Out of 10 traders who learn the system I think only 1 or 2 will be able to make it work for them consistently. Pretty grim estimate but I know from experience how many mistakes a trader can make which will stop them being successful. Things like second guessing a trade, bad money management, over-reaching and trying to double accounts rather than aiming for steady profit.. There's so many ways a trader can fail and it takes a lot of experience making those mistakes before they realise what these mistakes cost them and get on the right track.

[Commodore]

It would seem as if 'August Trading' is already setting in! Many influential FX traders in Europe take the entire month of August off for summer holidays meaning that position squaring could be their top priority this last week of July.

Several US market participants will also be on vacation until First Monday in September (Labor day), the unofficial start of the Fall.

And so, PA is bound to be choppy and would tend to do a u-turn almost every time at the previous day's high and low. These levels must therefore become vitally important in the next 6 weeks or so, as far as entries and exits are concerned.

Wishing everyone the best of the summer hols.

[Jemook]

Hi commodore, if this is so then I'd expect the TMA D1 values to drop to ranging. Let's see how what the market tells us over the next month. Cheers for your insights.

[nonlinear]

I guess stop losses were made for Draghi. lol, sigh

[effluvium]

It would seem as if 'August Trading' is already setting in! Many influential FX traders in Europe take the entire month of August ......

I'm staying a little bit suspicious about this hypothesis, where big hands are making arrangements of Market Prices at their advantage knowing that they would be off for 1 holiday month, to prevent not being unseat when they will go back to their activities, next September. In all cases the future will confirm such presupposition.

But to return back to the basket management, we have to find a way that prevent a brutal reverses such this one which affected today the major instrument prices (at the end of this morning following Draghi speech)
We had yesterday night a Buy for potential candidates CADCHF,USDCHF,GBPCHF,AUDCHF,NZDCHF and to SELL 6 EURO pairs + GBPJPY, then a complete reversal of all these basket making a very bad and threatening result of -1200 pips (I know it is still in a demo mode, and I didn't put a STOP LOSS in any of the 13 pairs of the basket).
So in order to ease the basket management and to prevent such reversals, I think we would need a small EA management which could be attached to each trade in the basket being able once the order is launched, to cut the trade in case of reverse crossing of the 5.1 LWMA.
So what do you think about that ?

[garyfritz]

Yes, I thought the market was resuming last night so I put on a basket before going to bed. Kaboom, many pairs (AUDCHF, AUDNZD, USDCHF, EURCAD, etc) went against me.

Not sure yet if this is an inevitable occurrence when the trend changes, or if I'm just lousy yet at picking safe entry points...

effluvium, interesting idea. But would it be significantly better than just running a basket stop?