jkdon
Feel free to use to it for forward testing, just set EA on a demo account, allow it to trade and wait for the results
while aiming for 95pips profit from a 50pip move in price.
Use a 30pip stop loss for all 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
Why are you using 18hrs instead of 24hrs? Are you using the 24hrs High/Low for your calculations or the 18hrs High/Low?
Thanks.
Hans
This system sounds very interesting... Since I work about 10 - 12 hours a day... I had paper tested it for the last 4 days on the USD/JPY and made
205 pips for the week...I am going to continue to test somemore before trading live.. I like this system sincce you don't have to sit in front of the screen all day...
Hi,
isn't this in effect identical to the systems proposed by Tkimble? (check under threads started by that user after checking his username"). >>> http://forexfactory.com/member.php?u=25926
I'd like to point out that by using 90 pips stop and 95 pips TP you are effectively getting around 1:1 risk/reward, i.e. need a chance of MORE than 50% to end up profitable in a simplified "all or nothing scenario".
How it boils down with the partials I don't know, but assuming that no stops are moved at any point, chance shouldn't change much...not that I know the advanced stochastic/statistic part of all this. All I see is 3x30=90 at risk, 15+30+50=95 possible to gain.
This may or not work in the long run, but it requires insane patience, dedication and faith that it will work in the first place, as witnessed by the dying out of the tkimble threads once the strong trending periods which are needed for profitability also died down again..
Just wanted to point out to be careful with anything that has only 1:1 risk/reward and to be SURE that it's something that arguably works due to certain reasons.
And to mention tkimble's stuff, since those threads might hold some interesting stuff as well.(for additional ideas or similiar e.g.)
No offense
Take care,
SeekingLight
EUR/JPY +95 pips
I got stopped. I put my 3 buy orders at 159.01 (high+5pips) and they got stopped at 158.71. The price went further down until 158.51
How did you made 95 pips?
I got the high (158.96) and low (156.77) prices using Netdania charts, as the candle there opens exactly at 17 Eastern time (22 London time).
I took the high and low prices for the 30th of August.
Have I done something wrong???
:. In any case, let's move on to more profitable trades.How would you get the high and lows for the tuesday trading if there is a US holiday on monday?
and do you want to place trade orders on monday since there is a holiday? if so I are these high and lows right?
HIGH --- 115.78
LOW --- 115.71
EUR/JPY +95 pips
I got stopped. I put my 3 buy orders at 159.01 (high+5pips) and they got stopped at 158.71. The price went further down until 158.51
How did you made 95 pips?
I got the high (158.96) and low (156.77) prices using Netdania charts, as the candle there opens exactly at 17 Eastern time (22 London time).
I took the high and low prices for the 30th of August.
Have I done something wrong???
Quer1234,
I think you and Mike may not be trading on exactly the same time frame. Each broker delivers charts whose day begins at a unique world time, i.e., GMT +1, GMT -2, etc., so unless you are using the exact same start and end times as Mike, you may experience some discrepancies, especially
with a pair like EU/JY, which can easily move 50-70 pips or more in any given hour.
That said, going back over the charts for 8/31, I am unable to figure out how he made that particular entry, and would love to know what parameters he used to enter where he did, as that might teach us all something of value.
Take care...
Hi lads.
In an attempt to clarify the above, I can only share with you how I have the timeframe set up for my own trading:
1.) I have the clock on my computer set at EST.
2.) My broker is Oanda, and the time on my trading platform is the same as my computer.
3.) At 5pm EST I open the daily chart and take the high and low of the current daily candle (I may have to remove from post#1 the part about waiting for the new daily candle to open, though again it depends on your broker and timeframe ). The exception will be on Monday when I take the high and low from the previous Friday, unless there has been significant activity over the weekend in which case I may take Sundays data.
The main point to consider is that based on different timeframes there will be different results. Somedays others will get a better result than I and visa versa. This happened in the first day ( checkout the first few posts) where some of the guys on this thread got +95pips on one of the pairs
(I can't recall which one) when I got only +15pips.
We can still see that overall my results have been good.
Once settling on your own approach to this strategy, the idea is to just stick to it and if the results are good you know you're onto a winner.
I hope this helps you all.
mike
