Anyone trading today?
- Joined Aug 2010 | Status: absolute beginner | 4,578 Posts
successful trading requires patience&discipline
- Joined Aug 2010 | Status: absolute beginner | 4,578 Posts
successful trading requires patience&discipline
London Open Breakout Strategy for GBPUSD 18 replies
GBPUSD Breakout Trading System 18 replies
15 min indicator on 5 min chart 3 replies
Backtesting w/ 1 min tick gap 0 replies
5 min forex with Oanda 11 replies
DislikedHi Guys,
I would really like to try and make this method work consistently in the long term but unfortunately there's not enough experienced traders members of this thread to point us in the right direction..Also, for those of us in here, IMHO we are not nearly active or progressive enough to bounce different ideas off each other to improve it.. It's a pity Cain wasn't available to participate a bit more as he probably knows this system better than any of us...Anyway, I am gonna focus on one of my other systems for a while and put this one on...Ignored
DislikedHi Again Guys,
Just wanted to share something with you that I read a while ago.. Each day if you draw your fib lines from the previous daily high and low you will be amazed how often these level are respected... Even this morning the news spike retraced to 61.8 almost to the pip. If you have a look back on your charts you will see what I mean... I know its not enough to trade these level alone but it can be very helpful when determining SL and TP levels.... Good Luck to all......
Blinkers.............Ignored
DislikedBlinkers you have discovered one of the secrets to success in trading. Combine those fibs areas(which actually indicate likely congestions zones) with a pivot indicator (particularly on GU, EJ). Watch how price bounces of those daily lows and highs, imput the weekly lows and highs. Take your trend bias when price closes below or above daily/weekly high or lows. Draw your fibs wait for price to retrace and watch how price reacts of those areas in the direction of the trend particularly when you have pivot points around the fib areas. You would be...Ignored
DislikedFairly quiet lately here in the thread. How was trading for everyone on Friday? My setup was poor for the original rules, but reached my lower TP on the more cautious tweak of the system.
I think that the current TP is too large sometimes, depending on price action and BO-box-size. I have been experimenting with smaller TP, and I think that a more flexible TP and SL can be good.
Regards
ArchieIgnored
DislikedArchie,
Please let us know what you are using for your TP and SL. And, what has been your track record trading this waY?
Thanks,
BCIgnored
DislikedHello birdland
Thanks for waking up this thread.
I back-tested the original method and it looks barely profitable for me (profit factor about 1.15 long term)
Using 7am london time is not profitable.
Using 8am london time IS profitable with the given profit factor
Interesting to note is that if you take only the first trade in the day the profit factor is only 1.08
That implies that the second trade is more profitable and maybe one should take only the second trade missing the first entirely.
The profit factor from the second trade should be about...Ignored
DislikedI want to share the system that I started trading this November. I'm getting some very good results, I got 720,6 pips trading GBPUSD (this value includes the typical spread of 2,5 pips, I trade with Alpari Uk).
Here it is:
- Draw a box over the 8.00 and the 8.10 candles on a clean 5 min chart (GMT +1, for more information on timezone conversion go to http://www.timeanddate.com/worldclock/converter.html).
- Place a buffer of 10 pips over the high and low of the box.
- Put two pending orders, one buy stop at the high of the box...Ignored