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Daily95pips

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  • Post #1
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  • First Post: Edited Jan 26, 2008 5:44am Aug 26, 2007 7:19pm | Edited Jan 26, 2008 5:44am
  •  mikelath
  • | Joined May 2007 | Status: trading for living | 340 Posts
Hi all and welcome to the DAILY95PIPS strategy.

Before we start I urge you to paper trade any new strategy including this one before committing any of your own funds. Thorough testing is crucial before taking any strategy live.

Also bear in mind that this system is by no means new and may look familiar to some of you. I am simply passing it on from my predecessors/mentors in the hope that it adds to your existing trading arsenal and increases your trading results.

The basis of this system is VERY simple and has proven to be profitable, though I am adjusting the money management/profit targets. So results for this revised version will be realised on this thread. I must also emphasise the well known phrase that "past performance is no guarantee of future returns".

I will add the daily trading results to this thread as we go along. See post#1602 for updated results for the current week. Weekly and individual pairs results are at post #1602. Monthly totals are at post#1602. (Please disregard the next post #2 as I am unable to add to it.)

That being said, let us proceed with the strategy.

OVERVIEW:
This is a pure "set and forget" system where trades are placed at the same time everyday. The option is also there for those inclined to monitor their positions to adjust stop levels as profit targets are reached. Please note that there is currently an Expert Advisor being developed that automates the trading of this strategy, thus keeping to the set and forget objective. Please click on the paperclip at the top right hand side of the page to find the current versions. For those new to using Expert Advisors you will need a broker that uses an MT4 platform such as North Finance, IBFX, ODL, FXDD to name a few. For instruction on installing EA's go to: http://www.halcyonfx.com/howtoinstall.htm

By setting multiple profit targets we are exercising money management, while aiming for 95pips profit from a 50pip move in price.
We will simply be placing orders 5pips above the previous days HIGH and 5pips below the previous days LOW.(Actually, it's more like the previous 17hrs at 5pm EST.)
Use a 30pip stop loss for all orders.
Orders are placed on Monday, Tuesday, Wednesday, Thursday and Friday.

EXECUTION:

1.) At 5pm EST open the 1hr chart (2hrs b4 start of the Asian session) of USDJPY. ( In an attempt to pre-empt questions about how this strategy works on other pairs, I will post results comparing GBPUSD, GBPJPY, EURJPY, and EURUSD. You're welcome to add to the list.)
For those who need help with converting timezones go to: http://www.timeanddate.com/worldclock/converter.html
For those whose brokers spreads are still wide at 5pm EST on Sunday (which is 7am my time on a Monday here in Brisbane), in order to avoid the wide spreads you may need to wait until they reduce to normal before placing the orders for the day. I typically have to wait until around 8pm EST for Oanda's spreads to reduce back to normal.


2.) Use the high and low of the previous 17hrs. For Mondays orders go back as far as 00:00 EST on Friday for high and low.

3.) Open a total of 6 PENDING orders (for each pair) including 3 BUY STOPS and 3 SELL STOPS that expire within 24hrs (I use 18hrs) as follows:

Buy/Long Orders:
i. #1 - Entry = HIGH+5pips, Take Profit=15pips, S/L=30pips
ii. #2 - Entry = HIGH+5pips, Take Profit=30pips, S/L=30pips
iii. #3 - Entry = HIGH+5pips, Take Profit=50pips, S/L=30pips

Sell/Short Orders:
i. #1 - Entry = LOW-5pips, Take Profit=15pips, S/L=30pips
ii. #2 - Entry = LOW-5pips, Take Profit=30pips, S/L=30pips
iii. #3 - Entry = LOW-5pips, Take Profit=50pips, S/L=30pips

That's it.

Once you have placed your orders you are free to go and do something else with your day as this strategy does not require you to be monitoring the trades. Though, as already mentioned, to maximise results you may choose to adjust stop levels when profit targets are reached which by the way is automatically done by the EA.

There can be 4 possible outcomes after either the long or short trades are triggered:
1.) All 3 profit targets are reached for a total of +95pips.
2.) The first 2 profit targets are reached (+45pips) and the remaining lot is stopped out (-30pips) leaving a total of +15pips.
3.) The first profit target is reached (+15pips) and the two remaining lots are stopped out for a total of -45pips.
4.) All 3 lots are stopped out for a total of -90pips.
Additional to this is the variable outcomes of when both the long and short trades are triggered.
Also note that for those so inclined to monitor the trades, stop levels may be adjusted on remaining lot/s to protect already achieved profits. Trailing stops may also be used at your discretion. These features are included in the EA.

Please note that as a general rule of thumb you should not risk any more than 3% of your trading account on any one trade.
Therefore, with the DAILY95PIPS strategy the order size will need to be divided between the long and short orders. The total potential loss on the long orders (90pips) will therefore add up to 3% of your trading account.
Alternatively, you could risk 3% of your trading capital on EACH order, totalling 9% of your trading capital being risked for the long trades. The same applies to the short orders.

Happy trading everyone !
  • Post #2
  • Quote
  • Aug 26, 2007 7:22pm Aug 26, 2007 7:22pm
  •  mikelath
  • | Joined May 2007 | Status: trading for living | 340 Posts
DAILY95PIPS results will be posted here:
 
 
  • Post #3
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  • Aug 26, 2007 7:35pm Aug 26, 2007 7:35pm
  •  billbss
  • Joined Apr 2006 | Status: Member | 4,301 Posts
Mike,
Thanks for posting this. It looks interesting.

I have a question-

Quote
Disliked
Orders are placed on Monday, Tuesday, Wednesday, Thursday and Friday.
They are placed at 7PM EST. I don't think any broker is open at 7PM EST on Fridays. Did you mean 7PM EST on Thursday for Friday?

The same for Sunday- Would we open orders Sunday at 7PM EST for Monday?

Thank you
 
 
  • Post #4
  • Quote
  • Edited 7:49pm Aug 26, 2007 7:37pm | Edited 7:49pm
  •  Billser
  • | Joined Jan 2007 | Status: Member | 731 Posts
If the buy orders get triggered do you cancel the sell orders and visa versa

Thanks,

Billser

EDIT: What do you do about the Sunday Candle...do you treat it as a seperate day or add it to the friday candle...

Quoting mikelath
Disliked
DAILY95PIPS results will be posted here:
Ignored
It's All About Attitude ...
 
 
  • Post #5
  • Quote
  • Aug 26, 2007 7:54pm Aug 26, 2007 7:54pm
  •  mikelath
  • | Joined May 2007 | Status: trading for living | 340 Posts
Quoting billbss
Disliked
Mike,
Thanks for posting this. It looks interesting.

I have a question-

They are placed at 7PM EST. I don't think any broker is open at 7PM EST on Fridays. Did you mean 7PM EST on Thursday for Friday?

The same for Sunday- Would we open orders Sunday at 7PM EST for Monday?

Thank you
Ignored
Hi Bill and thanks for the questions
With this strategy we are basically using the previous days HIGH and LOW.
Therefore, Monday's orders would be based on the high and low of the previous Friday (unless there has been unusually high activity over the weekend, in which case you could use Sunday's data).
Correct...Friday's orders are based on Thursday's high and low.
 
 
  • Post #6
  • Quote
  • Aug 26, 2007 7:58pm Aug 26, 2007 7:58pm
  •  mikelath
  • | Joined May 2007 | Status: trading for living | 340 Posts
Quoting Billser
Disliked
If the buy orders get triggered do you cancel the sell orders and visa versa

Thanks,

Billser

EDIT: What do you do about the Sunday Candle...do you treat it as a seperate day or add it to the friday candle...
Ignored
I personally leave both orders open until they cancel. I set the expiry of the orders at 18hrs. This does leave open the possibility of BOTH trades being triggered.
 
 
  • Post #7
  • Quote
  • Aug 26, 2007 8:11pm Aug 26, 2007 8:11pm
  •  Billser
  • | Joined Jan 2007 | Status: Member | 731 Posts
Do you have any thoughts on the EUR/JPY pair with regards to SL TP. Thanks for the thread

Quoting mikelath
Disliked
I personally leave both orders open until they cancel. I set the expiry of the orders at 18hrs. This does leave open the possibility of BOTH trades being triggered.
Ignored
It's All About Attitude ...
 
 
  • Post #8
  • Quote
  • Aug 26, 2007 9:07pm Aug 26, 2007 9:07pm
  •  mikelath
  • | Joined May 2007 | Status: trading for living | 340 Posts
Quoting Billser
Disliked
Do you have any thoughts on the EUR/JPY pair with regards to SL TP. Thanks for the thread
Ignored
Thanks for the question Bill.
Yes, I am currently also paper trading the same strategy on numerous currency pairs ( USDJPY, GBPJPY, EURJPY, GBPUSD, EURUSD.)
I've also edited the original post indicating that I will compare results between these pairs.
I've used the same SL and TP for all. If you have the means to determine optimal SL and TP by all means do so and let us know.
 
 
  • Post #9
  • Quote
  • Aug 26, 2007 9:09pm Aug 26, 2007 9:09pm
  •  johnedoe
  • | Membership Revoked | Joined Dec 2005 | 2,298 Posts
this might be a good strategy for those ranging times...and possibly the EUR/GBP....
Same Whore .... Different Dress
 
 
  • Post #10
  • Quote
  • Aug 26, 2007 9:30pm Aug 26, 2007 9:30pm
  •  jcarrier
  • | Joined Feb 2007 | Status: Member | 34 Posts
Hello, what have been the past results of our mentors. This seems pretty mechanical? Thank you in advance...Joe
 
 
  • Post #11
  • Quote
  • Aug 26, 2007 11:29pm Aug 26, 2007 11:29pm
  •  Syafi
  • | Joined Aug 2007 | Status: Climbing Peaks Gliding Valleys | 1,601 Posts
based on observation. today, it would have been a nice +95 pip.
 
 
  • Post #12
  • Quote
  • Aug 26, 2007 11:40pm Aug 26, 2007 11:40pm
  •  johnedoe
  • | Membership Revoked | Joined Dec 2005 | 2,298 Posts
???? which pair....not much movement on a sunday afternoon...
Same Whore .... Different Dress
 
 
  • Post #13
  • Quote
  • Aug 27, 2007 12:42am Aug 27, 2007 12:42am
  •  Syafi
  • | Joined Aug 2007 | Status: Climbing Peaks Gliding Valleys | 1,601 Posts
GBP/JPY ~100 pip up............ from last week high.....
 
 
  • Post #14
  • Quote
  • Aug 27, 2007 1:48am Aug 27, 2007 1:48am
  •  mikelath
  • | Joined May 2007 | Status: trading for living | 340 Posts
Quoting johnedoe
Disliked
this might be a good strategy for those ranging times...and possibly the EUR/GBP....
Ignored
Good idea John...EURGBP may also be a pipfactory for this strategy.
 
 
  • Post #15
  • Quote
  • Aug 27, 2007 1:56am Aug 27, 2007 1:56am
  •  mikelath
  • | Joined May 2007 | Status: trading for living | 340 Posts
Quoting jcarrier
Disliked
Hello, what have been the past results of our mentors. This seems pretty mechanical? Thank you in advance...Joe
Ignored
Yes Joe, this is a VERY mechanical system...the advantage of this is that 99.9% of emotion can be removed from the trading process, and that's the great thing about a set and forget strategy.

In terms of past results, I have seen versions of this strategy that aim for profits of 60pips from a 30pip move in price, risking 90pips. The average monthly result is approx. 300pips.
The basis of this system is the same ie. placing limit orders 5pips above and below the previous days high and low, however I have introduced a variation on the money management strategy which involves aiming for 95pips while risking 90pips. Therefore, I do not have any historical results to share with you at this point in time...sorry 'bout that. The results of this new approach are being forward tested and posted on this thread.
 
 
  • Post #16
  • Quote
  • Aug 27, 2007 1:58am Aug 27, 2007 1:58am
  •  johnedoe
  • | Membership Revoked | Joined Dec 2005 | 2,298 Posts
Quoting mikelath
Disliked
Good idea John...EURGBP may also be a pipfactory for this strategy.
Ignored
just have to adjust for the smaller price fluctuations......appears the daily average is only 25 pip or so....
Same Whore .... Different Dress
 
 
  • Post #17
  • Quote
  • Aug 27, 2007 12:06pm Aug 27, 2007 12:06pm
  •  ryujin
  • | Joined Aug 2007 | Status: Member | 7 Posts
I have tested this strategy on USD/JPY and the profit for 15 and 30 pips are closed.

The 50 pips position is still open, hovering between the PL.

By the way, can you give me the PL and SL settings for other pair of currency?
 
 
  • Post #18
  • Quote
  • Aug 27, 2007 3:59pm Aug 27, 2007 3:59pm
  •  Billser
  • | Joined Jan 2007 | Status: Member | 731 Posts
My Broker is IBFX and their new daily candles starts at 8.00 EST. Is that going to make an difference to placing the trade. In your first post you said that you place a new trade at 5.00 EST

Thanks

Billser
It's All About Attitude ...
 
 
  • Post #19
  • Quote
  • Aug 27, 2007 4:09pm Aug 27, 2007 4:09pm
  •  billbss
  • Joined Apr 2006 | Status: Member | 4,301 Posts
Quoting Billser
Disliked
My Broker is IBFX and their new daily candles starts at 8.00 EST. Is that going to make an difference to placing the trade. In your first post you said that you place a new trade at 5.00 EST

Thanks

Billser
Ignored
Billser,

FXDD starts their day at 5PM EST.
If you wanted to you could download their platform on a demo, for their charts.
They also don't have the short Sunday candle to worry about.
 
 
  • Post #20
  • Quote
  • Edited Aug 28, 2007 6:35pm Aug 27, 2007 9:41pm | Edited Aug 28, 2007 6:35pm
  •  mikelath
  • | Joined May 2007 | Status: trading for living | 340 Posts
Quoting mikelath
Disliked
DAILY95PIPS results will be posted here:
Ignored
It's seems that I am unable to edit the above post, so results may need to be given on separate posts as we go along.
The first day's results are posted here. It was a very mediocre day due to low volatility in the market, highly attributed to the Bank Holiday in the UK.

Date: Monday 27 August 2007

GBPUSD GBPJPY USDJPY EURJPY EURGBP EURUSD
+15pips +15pips -45pips +15pips no touch no touch

Happy pipping !

Ok. I'll try to get more organised with the results. As i can edit this post (unlike post#2), I hope to add all future results here. I'll also add daily comments, serving the purpose of a trading journal.

Date: Tuesday 28 August 2007
GBPUSD + 95
GBPJPY +95
USDJPY +95
EURJPY +15
EURGBP +23
EURUSD -90

Comment: A good day overall. EURJPY came within 2pips of the 50 profit target. EURGBP 15pips PT was reached and the other 2 lots were closed out manually before new orders were placed for the next day.
 
 
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