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DislikedAnother demo trade...EURGBP...the level 0.88600 seems good...
last time was support on the 1H timeframe...
order placed with 50 pips stoploss (seems to be my comfort stop)Ignored
Dislikedhey Chris, isnt 50 pips a large stop for a touch trade???especially on eu/gb and above the RN PPZ?? in my experience 30 pips is plenty. after that it is a failed trade more often than not???
just my view
jon
great level, i was onto it also..Ignored
DislikedI think stop size depends on the level. E.g. how clear it is as opposed to how much of a zone it is. It also depends somewhat on the volatility.Ignored
DislikedHi Tom and Everyone following this Great thread!
I would like to demo test the Gap method. These are the rules I will follow.
Could you please confirm if I understood this method correctly or not?
1. EUR/USD only
2. When the Sunday trading opens (in Oanda) I look for the Gap in eur/usd
3. Gap - is the distance from Friday close to whenever Price opened on Sunday.
4. I immediately place my trade at whatever price with Target being Fridays' Close.
5. My Stop-Loss will be Twice the Gap. (If Gap 30 pips my SL...Ignored
DislikedYes Adi,
Only important point to add to the list above is I only take the trade at 22:00 GMT (currently BST) as this is:
a) When the broker that I used for backtesting starts quoting price so it is what my stats are based on
b) When the major liquidity comes in.
Oanda will show movement before this that I do not trade.
Also, the 2X gap for a stop is what I use but interestingly enough, I had a very comprehensive analysis from a reader this morning that backtested it over four years.
This person worked out a way to trade it with...Ignored
DislikedThank you very much Tom!
Ok, I will start with lazy man route, but I promise I will try to contribute in some way. I am fixing my charts now to pin point 22.00 GMT. I believe it should be the open of the 3rd H1 Bar on Sunday in Oanda.
I will demo test this for a few months and will report my results here.
Thanks,
AdiIgnored
DislikedOoops sorry, not 3rd but 5th (or 18:00 NYC time) or 4:00 am my local time
Ok, got it, thanks, back to my charts now.
AdiIgnored
DislikedMaybe another thing to consider. If one is okay with loosing on about every second trade and if you risk the same percentage on every trade then mathematically you would make more money placing your stop at half the gap size, and winning 2xrisk on every winner.
patIgnored
DislikedHi Pat, yes agree. But psychologically that is a little more difficult, especially when one (like me) is really tired with consistently falling equity curve.
So I would rather see more wins and sometimes pay back to the market...Ignored