[vampoet]

Dear friends,

I have been experimenting with this strategy.

I really would need your advice on this.

I seem to be getting profits every week on paper trading. Have not gone live with this yet because maybe I am missing something which, if am, I hope you can point it out to me.

In return, if this is truly something i have stumbled upon...feel free to use it and try it yourself.

Pair: EUR/USD
Chart: Weekly
Trade time: Open of Monday morning (GMT0000-my broker's timing)

I place 2 LIMIT BUY ORDERS:
BUY ORDER 1: 50pips above open
Buy order 2: 150 pips below open

I place 2 LIMIT SELL ORDERS:
Sell Order 1: 50 pips below open
Sell order 2: 150 pips above open

No stop loss.
I close all trades (including limit orders not activated) on Friday close of market.

Example:
The week of 2nd nov - 6 nov on my broker's chart (EUR/USD):

Open on Monday morning: (1.4704)
Close on Friday: (1.4846)
BUY ORDER 1: 50pips above open (1.4754) ----------> to be edited...
Buy order 2: 150 pips below open (1.4544) ----------> to be edited...
Sell Order 1: 50 pips below open (1.4654) ----------> to be edited...
Sell order 2: 150 pips above open (1.4854) ----------> to be edited...

I just noticed my error.

Im so sorry, there was an error in my excel calculations.

Let me work out the kinks and get back to you. damn...just when i got soo excited about this...lol

EDIT:
This strategy does not seem promising...after figuring out the error in my excel calculations...I just realised...this strategy is a winner if you do not include the pips and overnight charges...

but with all in...Im at 12 pip loss after looking at 7 weeks on my weekly chart. Biggest drawback was the example Ive given above....gave me -200pip loss

Sorry if I wasted anyones tme with this but Im glad I posted it here or I would not have realised my mistake.

If you can think of somethin similar or have read a similar strategy...please do share....

Thanks a lot for all your kind words...

[rebelheart]

Vam, this was a great week for your system the way the market was ranging, waiting for the news events .. forward test it for another while before going live, also would be great if you could post results here..

Rebel

[Petar_Serbia]

Good idea but you must test minimum six monts to see truly results...I recpect all guys wich want to create own strategies,big plus.But as i said you must test min 6 months...

For your strategy i realy hate becouse you dont have SL its realy big minus but if you like in that way just keep

How weeks you test this method ?

Cheers

[vampoet]

Originally Posted by rebelheart

Vam, this was a great week for your system the way the market was ranging, waiting for the news events .. forward test it for another while before going live, also would be great if you could post results here..

Rebel

Thanks Rebel...

Just found the error in my calculation for total no. of pips.

I will recalculate on my excel...

k im really bad at keeping promises but will try my best to post the week's results here....

[Dezil]

Originally Posted by Petar_Serbia

Good idea but you must test minimum six monts to see truly results...I recpect all guys wich want to create own strategies,big plus.But as i said you must test min 6 months...

For your strategy i realy hate becouse you dont have SL its realy big minus but if you like in that way just keep

How weeks you test this method ?

Cheers

in fact this system has stoploss - it's called lock

[vampoet]

yes..that was my initial intention.

I wanted to lock the losses in and it seemed like a great idea.

But computing on Excel with the spread and the overnight charges really made me rethink this strategy.

[Razor_trader]

Have a look at a strategy call First Strike Plus. You may find some similarities that can help you work out the kinks. It too is a setup taken on Monday Mornings that is designed to run the week with profit taking on Friday.

You can find it by clicking this link ---> http://www.forexfactory.com/showpost...&postcount=302

Now there will be some differences naturally in that the above system used a % of the previous weeks range to work out entry points, for both Long and Short orders and from memory the above system can utilise a SL (dont quote me on that one)

Happy reading

Razor

[xtraction]

Weekly charts show when the currency is "on sale". The candle needs to be near the bottom of the chart.

When the candle is red the price is still "too high" and the buyers are shopping elsewhere.

When the candle is green the currency is "on sale" and the buyers are on a "shopping spree".

Keep in mind, the same price can be too high one week/month, but can be a "steal" the next week/month. Think about gasoline prices. The first time gas went to $2 a gallon, it was "too high". Now, it's considered a "on sale" at $2 a gallon.

This doesn't sound very sophisticated but trading has been around for centuries long before technical indicators and computers. Those "old trading rules" still work in today's modern market.