Calderone, I don't think anyone can answer your question if we are using 4 hour chart. I think we need to study daily or weekly chart then only can forecast which way it probably goes.
Read this article http://www.forexfactory.com/news.php?do=news&id=185801 , it may give you some hints.
Come on Droland, your smarter than that. If the system doesn't work without a high risk v reward in the long term than all increasing risk and reducing reward would do is get you to the poor house faster. I like your thinking though. Obviously noone likes a double stop two weeks in a row. Maybe markets are primed now for three nice winners in a row??
Ive actually changed things a bit, and lowered my risk a lot but have been guaranteed a nice profit each week.
I only trade the GBP/JPY and set two entry one short and one long.
Then once one triggers let it ride to TP1 then mvoe stop loss to TP1 to lock in those profits, normally it has been pulling back but hey I got 100 pips on average.
It normally then goes back down to trigger my short and I do the same move stop loss to TP1, getting up to 200 pips on average out of both trades.
Yes I am not getting 300 pips but i has been working and I have been looking back and noticed on the GBPJPY this has worked.
Less risk which works for me.
Thank you for this very informative post, I think I may adjust my exits to give this a try, with a larger lot size of 1.5 like your suggestion.
I know the general rule is to risk max 3% of your account per trade, but with this system we are looking at larger moves and also up to a week per trade (longer time frame) so your suggestion of 7.5% seems reasonable with a higher win ratio. Has anyone backtested to see what the win ratio would be at TP1.5??
One thing I have always hated was math lol, I am glad you have givin it some thought and shared it with the rest of us.
Great job guys. I banked 110 pips from the long & short combined - GJ only.
gosh, same thing happened as last week. ugh, annoying...I think I am gonna sit the rest of this month our since its known to be one of the worse trading months. I dont know if will sit out august either, guess depends on how next week looks.
Thank you so much for your input last July 22. Last week was the 1st time I used ACE'S method w/c found me over 200pips in the hole in the middle of the week. Thanks to you guys i came out winning not much but at least it is still a win (27 pips)
Since then I have been following what you were doing.This week and i found myself up around 200 pips.In ACE'S method you need ice water in your veins to stay in the trade If you panic you lose.Anyway I stuck it out.I was not use to having a large SL but necessary.Thank you also ACE for sharing your strategy.
You can go in Indicator propertis and change the Alerts to false - you can also set the nr of alerts you'll get to 1. Also I beleive that there are several postings in FF that explain the indicator use or give outside links to other forums. Just do a search in the forum.
End of 2nd Week
This was my second week of live trading using this system. Made 440 pips this week.
842 pips in total for 2 week. Not bad for couple of weeks when the system hasn't performed well.
Next week I am use G/J, E/J, A/J and Ch/J.
Been noticing something awfully strange about its performance.
Can you please post some charts with explanations on trades you took and your exit strategy?
I have forgotten where I read about the indicator because I have tried out too many indicator for the pass 1 year and it is one of the indicator i think uesful. However, I think you should be able to find it thru search engine.
Btw, you can shut off the arlet by:
1. go to edit indictor (menu as per picture below will appear)
2. select input tab
3. change the default arlet value, 500 to 0
I have attached my chart for this week
1) Long entry open 3 position. BE on the other side of the box.
2) TP1 hit. Close 1 position. Move SL to BE.
3) SL hit on remaining long positions.
4) Short entry with 3 position. BE on the other side of the Box.
5) TP 1 hit. Close 1 position. Move SL to BE.
6) SL hit. Done trading the system for the week.
One of my broker provides SMS service, where I can setup to receive sms whenever a currecny pair reaches a certain buy or sell price. Whenever my TP1 hits, I get an sms, then I can just login to my MT4 platform and move my SL to BE.
Hope this helps you to get more pips.
Thank you for your help. I appreciate it very much.
Just as an aside I've been reading some of the boards where they discuss the GJ. It's a bit funny in that many predict a major drop in the GJ but it continues upward. Also even though it's the summer when trading slows down, I guess there are some volatile moves in the forex world in August. In short no one can predict anything
With the Ace system the nice thing is we can put the pending orders in and let the PA determine which trade is taken. I'll continue to trade this week and through the summer. It's a proven money maker.
Alot of people are predicting the bottom to have been hit and other are saying that it is not possible for the recession to be easing. Considering the scale of the problem, and the likeness of past depression/recession, plus the state of the US financial system/housing/bonds ect it is very unlikely that the US is even close to be "a'ok". Will the bullshit talk play or is the country really picking up. Im not sure but here in Australia, we have weathered it better than most and even here it still looks shaky.
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