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-   -   Rules based system that is profitable on GBPUSD and EURJPY (https://www.forexfactory.com/thread/1005505-rules-based-system-that-is-profitable-on-gbpusd)

mkvy Jun 11, 2020 9:11am | Post# 1

Rules based system that is profitable on GBPUSD and EURJPY
 
On the 1 hour chart

mkvy Jun 11, 2020 9:18am | Post# 2

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As of Today i am in a sell trade GBPUSD..
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mkvy Jun 11, 2020 9:26am | Post# 3

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This is my next trade that i took a few days ago.. Sell EURJPY.. Its playing around a bit, but continuing to follow the rules
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mkvy Jun 11, 2020 9:39am | Post# 4

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Targets..
You can look at larger timeframes H4 or Daily.. to see major trendlines o horizontal structure... as long as its 100's of pips its ok to take profit but then you will have to wait for another cross signal. . In this example what happens if the price falls below that trendline.. you would be looking at huge pips... The chances are that the price would bounce up again and create a buy signal but then you may only get 100 pips profit... Sometimes you have to sacrifice less profit for the chance of getting huge profit
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mkvy Jun 11, 2020 9:54am | Post# 5

If your late to the signal. As long as the price has not take off too much

mkvy Jun 11, 2020 1:12pm | Post# 6

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UPDATE EURJPY
Irs moving in the right direction... must be 100 pips in profit now. But i remain emotionally detached from the profit. I only risked a single figure % on the stoploss. My profits so far are a small % of my account. Psychologically i can stick to the rules because im not doubling or tripling my account on one trade. I i had risked too much i would have doubled my account by now. Taken profit, and then felt guilty if the price had dropped 500 pips more. I would have failed to follow the simple rules
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kofix11 Jun 11, 2020 7:32pm | Post# 7

On the 1 hour chart
Have you deleted some text?
What MAs do you use?

mkvy Jun 11, 2020 7:46pm | Post# 8

{quote} Have you deleted some text? What MAs do you use?
EMA 63 and EMA 13

kofix11 Jun 12, 2020 2:08am | Post# 9

Thanks mkvy. Is there a reason for these figures? And why don't you take an EA? That would be pretty easy with an EA.

Anyway. This seems to be a relaxed trading style. Wish you lots of green pips.

mkvy Jun 12, 2020 4:13am | Post# 10

Thanks mkvy. Is there a reason for these figures? And why don't you take an EA? That would be pretty easy with an EA. Anyway. This seems to be a relaxed trading style. Wish you lots of green pips.
No EA can wait for a confirmation bar 1 hour after the cross?I have found none that work. I have found no EA that can set the stoploss just above or below the peak or dip before the EMA cross

Other EMAs would probably work too.

mkvy Jun 12, 2020 4:21am | Post# 11

I was over 100 pips profit on the GPBUSD sell, and nearly 200 pips on EURJPY... who has the patience to watch all these profits sink away... Not many, i am prepared to take a loss if the EMA crosses to buy. This is a sacrifise i must make to follow the system... 99% of traders could not follow this strategy, period

kofix11 Jun 12, 2020 5:31am | Post# 12

I was over 100 pips profit on the GPBUSD sell, and nearly 200 pips on EURJPY... who has the patience to watch all these profits sink away... Not many, i am prepared to take a loss if the EMA crosses to buy. This is a sacrifise i must make to follow the system... 99% of traders could not follow this strategy, period
I suppose you're right. It needs a lot of confidence into your trading style.

mkvy Jun 12, 2020 6:50am | Post# 13

{quote} I suppose you're right. It needs a lot of confidence into your trading style.
Again, 99.9% of traders trade on emotion and cannot follow a rules based strategy

KeenPips Jun 12, 2020 8:53am | Post# 14

I was attracted by the title of this thread because it is important to trade with specific rules. But you really have not produced rules despite the title. What rules is your system based on?

KP

{quote} Again, 99.9% of traders trade on emotion and cannot follow a rules based strategy

mkvy Jun 12, 2020 10:15am | Post# 15

Ive withdrawn all the details for mass viewing as few have the discipline to follow it.. Except me... I guess each individual trader has to develop their own strategy. Good Luck

Pumi Jun 12, 2020 10:24am | Post# 16

It seem to be a good system. I will test it. Is the setup based on H1?

mkvy Jun 12, 2020 11:20am | Post# 17

It seem to be a good system. I will test it. Is the setup based on H1?
H1 only

mkvy Jun 12, 2020 11:24am | Post# 18

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Just a naked chart with the EMA's removed.. Its all about Patience and discipline
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mkvy Jun 12, 2020 11:26am | Post# 19

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To remove emotion sometimes when in a trade you can remove candles EURJPY. Funny, but always seems to work. Because you cannot get emotional as you have no real idea how much profit you could have had... good example was today... but now if you followed the rules you are now in even more profit than this morning..

200 pips is a good target to take profit, but you run the risk of cutting your profit if the price falls 1000 pips. Inversely, if the price crosses up next week... you may only make 50 pips... The choice is yours, but no less than 200 pips
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LDFX Jun 12, 2020 7:08pm | Post# 20

What are the rules ? Ema cross on H1 ?

Also 200 pips profit is good only relative to its initial stop.

What is the point here ?


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