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Daily95pips

What SL and TP do you use on the below pairs. USD/JPY we know.

Tonights trades on USD/JPY I have 2 of the 3 trades closed out already and the last one just missed by 4 pips as of 10.42 Est

Thanks

Quoting mikelath
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 !
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It's All About Attitude ...
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  • Edited 11:19pm Aug 27, 2007 10:50pm | Edited 11:19pm
Quoting mikelath
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 !
Ahh, maybe the timing ?
I tested with +95 profit yesterday.....right after Asian open time at GBP JPY
today also +95 pip also with asian open time....
What SL did you use for G/J

Thanks,

Quoting Syafi
Ahh, maybe the timing ?
I tested with +95 profit yesterday.....right after Asian open time at GBP JPY
today also +95 pip also with asian open time....
It's All About Attitude ...
Quoting Billser
What SL did you use for G/J

Thanks,
use mikelath system on post #1
Quoting mikelath

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.
Do you mean 300 pips for every pair traded?
for the GBP/US and EUR/US can you begin at the Londen session opening?
any special reason why it has to be Tokyo opening?
Quoting Syafi
Ahh, maybe the timing ?
I tested with +95 profit yesterday.....right after Asian open time at GBP JPY
today also +95 pip also with asian open time....
Hi Syafi.

Another consideration for varied results is that price tends to vary a little from one broker to another, and that can sometimes mean the difference between a profit target being reached or not.

cheers
mike
hi Mike
Thank you for sharing the system.
I am new in forex. currently using metatrader which seems using gmt +2.
is it okay for me to used their chart?
thank you
Quoting vanupips
Do you mean 300 pips for every pair traded?
for the GBP/US and EUR/US can you begin at the Londen session opening?
any special reason why it has to be Tokyo opening?
Hi vanupips.

Good questions.
I have only ever been aware of a similar version of this strategy being traded on GBPUSD, where results were an average of +300pips per month. Not bad considering the amount of effort involved...there are NO indicators, practically NO variables that may distort one's decisions...just a basic 10minutes per day set and forget strategy.
I'm just comparing numerous pairs on this thread because the question often comes up as to whether a strategy works with other pairs or not....so to pre-empt such question I've included more pairs...this will also help us clearly see which pairs (out of those included) work best.
Regarding the time of placing the orders....quite frankly, I'll admit that I don't know the reason....you're welcome to do your own forward (or backtesting) based on entry at other times of the day.
The Asian session starts at 7:00 PM EST, not 5:00 PM.

Quoting mikelath
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.

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. (Please disregard the next post 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.
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.
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 daily chart (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.)

2.) After the new daily candle has opened, take note of the previous day's HIGH and LOW.

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

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

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

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.

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 !
I collected +95 pips on the USD/JPY today with this method.
Quoting mikelath
Hi vanupips.

Regarding the time of placing the orders....quite frankly, I'll admit that I don't know the reason....you're welcome to do your own forward (or backtesting) based on entry at other times of the day.
Hi Mike ,
Maybe you can ask those who know how to do it to make a backtest on different pairs using different opening times?
(Would have done it if I had know how to)
Do you keep the open positions till you hit the TP or SL or do you close it all when you open new position next day?
There is no 100% system....

This system will lose 2 days out of 5 days in a week ...
ensure you can withstand 180 pip losing.. in a week...

in a month it will give you ~300 pip profit ......
Do you clear out the previous days orders and close all open orders prior to entering in the new orders for the day?
95 pips per day x 20 days per month = 1900 possible pips.

If it gives you 300 pips per month then what happened to the rest of the 1600 pips. That tells me there must be a lot of negitive days.

I'm not trying to be negitive, Just trying to see the big picture and what to expect during the month.

Any thoughts any one.

Billser


Quoting Syafi
There is no 100% system....

This system will lose 2 days out of 5 days in a week ...
ensure you can withstand 180 pip losing.. in a week...

in a month it will give you ~300 pip profit ......
It's All About Attitude ...
Quoting Billser
95 pips per day x 20 days per month = 1900 possible pips.

If it gives you 300 pips per month then what happened to the rest of the 1600 pips. That tells me there must be a lot of negitive days.

I'm not trying to be negitive, Just trying to see the big picture and what to expect during the month.

Any thoughts any one.

Billser
The results we are working with are vague, at best.

A winning day doesn't have to be +95 pips.
A losing day doesn't have to be -90 pips.
Quoting marcf
The Asian session starts at 7:00 PM EST, not 5:00 PM.
5pm est is the close of NY session and close of fx day
Regards
So is 5.00 EST the correct time to place the new trade for the day.

Thanks

Quoting howard
5pm est is the close of NY session and close of fx day
It's All About Attitude ...
Is there anyone who knows how to make backtests?
Quoting Syafi
There is no 100% system....

This system will lose 2 days out of 5 days in a week ...
ensure you can withstand 180 pip losing.. in a week...
it could go first 10 pips up , then down and back up, and you end up losing 180 pips a day , after 3 days in a choppy market you lost more then 500 pips, this is also a possibility
Quoting vanupips
it could go first 10 pips up , then down and back up, and you end up losing 180 pips a day , after 3 days in a choppy market you lost more then 500 pips, this is also a possibility
Not with the rules as presented.

You enter a max of three trades. The SL on each trade is 30.
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