Hectic

And breathe….Yesterday was manic as my daughter seemed to be on another level of excitement and madness. Trying to occupy an 18 month old who thinks she’s 18 years old and trying to trade is not a simple task. I tried to watch my charts for the first hr but she was just causing chaos and I thought it’d be better to just let the afternoon go and try again today (Thursday). I missed a winner with TUFXP but I’m not disappointed as I’d rather take precautions than trade on less than 100% concentration. When I did take a look at my charts I noticed an interesting pattern forming on EURUSD which I’ve attached. It’s a classic ascending triangle formation:

I only have very basic knowledge of chart patterns but I like to try to develop my ability to read charts and I found this one staring at me. From reading forums and articles, quite a few people think this is a reliable formation but looking further at the chartpattern website , it appears they aren’t actually all that reliable. They provide more profitable trades when breaking the trendline downwards; he scores them on a basis of success with 1 being the best. He rates upwards breakouts 17/23 and downward breakouts 9/23. From what I’ve seen in the past, the tighter the candles get to the top of the trendline and the rising wedge, the stronger the breakout should be. I’m going to keep an eye on it anyway and make a note within my scrapbook.

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    • marco
    • June 17th, 2010

    John ,
    just to let you know GG is alive and well.This weeks results was mon +80(trail)tues+2o wed+20 and today +20 and +20.no negative trades for this week.These trades include 5/10 ,10/15 min charts .rules being two loss and you stop but one can continue trading as long as its between 6-10 am, so no limit after winning trade.
    Also one has to use discretion wether to let trade run or take scalp and this i determined by pivots and the supports and resistance lines.
    Iam going to keep trading this method and i will keep you informed of results,but in my humble opinion GG is still a very good system .As long as one put in a safety net such as the two loss and you stop rule i think its very safe to trade.
    marco

    • Hi Marco, very impressive!

      How are you trailling these? I show +32 for Monday if using 100% over 4 bars on the 5 min chart?

      Are you still using the entry furthest away?

      Thanks for the update.

    • marco
    • June 17th, 2010

    John ,
    The trail on monday on the 10/15 was +47 but i took profits at +80 .This mornings 10/15 trade has already hit +100 on the trail.
    I think one has to really use their own discretion on where to take profits ,and anything above +50 is a windfall.
    I am using a SL of thirty to a 20 scalp and will take scalp if close to pivot (as we we were on tuesday) but otherwise let trades run.
    I am having to reinstall Skype.But as soon as i do i will be taking up your kind invitation to joining you in trading room.
    marco

    • Thanks for that Marco, sounds fantastic. I’ll go back to June 1 and make some notes in my s/sheet of trailling stop according to GG entry rules. Thanks and see you soon.

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