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Amazing Strategy, Close when profit

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  • Post #1
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  • First Post: Edited 7:22am Aug 24, 2019 6:44am | Edited 7:22am
  •  zentrader8
  • | Joined Mar 2015 | Status: Member | 329 Posts
Hi everyone,

This is my new strategy. its a set and forget strategy.
Nowadays i like set and forget strategy coz i dont have to stare the monitor all day long.
here is the strategy.

Pair GBPUSD/ EURUSD

Or you can choose others pairs.

The strategy is:
1. Look at the daily open
2.From daily open price set a buy stop(+100 pips from daily open) and sell stop at (-100 pips from daily open) this one we can optimize it using 50 pips or 60 pips.
3.Then tomorrow do the same. and everyday do the same.

Then what we need to do is:
4.Close the position when you have accumulated X amount of dollars( example: 10 USD, or 100 USD depends on the lot you open).
Use the EA, or you can close manually(prefer EA that can close all the positions if it reached X amount of dollars)
5.If you are in minus do the same 1-3 steps everyday until you get the X amount and close it.

*Right money management is important.
#you can do on many pairs. and accumulated all the profit
Dont open the lot too big.
coz we need to open the positions everyday and accumulated the lot and the right amount of money then close it.

Any comments and improvements are appreciated!
You can test the strategy and we can discuss anything in here.

Hope you all profit!
and hope you all have a happy life!
  • Post #2
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  • Aug 24, 2019 10:23am Aug 24, 2019 10:23am
  •  asgcorp
  • Joined Feb 2014 | Status: trading bank levels | 8,143 Posts
no comment.
 
4
  • Post #3
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  • Aug 24, 2019 10:30am Aug 24, 2019 10:30am
  •  cural
  • | Joined Apr 2010 | Status: Member | 21 Posts
hello zentrader
What is your stop loss strategy?
Thx
 
 
  • Post #4
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  • Aug 24, 2019 10:39am Aug 24, 2019 10:39am
  •  FxCba
  • | Joined Feb 2009 | Status: Member | 286 Posts
100 pips or 100 points?
 
 
  • Post #5
  • Quote
  • Aug 24, 2019 12:26pm Aug 24, 2019 12:26pm
  •  zentrader8
  • | Joined Mar 2015 | Status: Member | 329 Posts
Quoting cural
Disliked
hello zentrader What is your stop loss strategy? Thx
Ignored
there is no stop loss.. but we still hold the pending order if we havent close the position and take the profit.
so means if something happens, it will hedge on the other side .
then if we already take the profit, just delete all the pending orders and repeat the step 1-3 again.

As simple as that.
 
 
  • Post #6
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  • Aug 24, 2019 12:26pm Aug 24, 2019 12:26pm
  •  zentrader8
  • | Joined Mar 2015 | Status: Member | 329 Posts
Quoting FxCba
Disliked
100 pips or 100 points?
Ignored
100 pips.
 
 
  • Post #7
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  • Aug 24, 2019 12:55pm Aug 24, 2019 12:55pm
  •  cural
  • | Joined Apr 2010 | Status: Member | 21 Posts
let's say we have an order from 100 pips above and below daily open and we have ten pips target
but the price turned around 7 pips and went to the opposite side.
In this case where we should place our stoploss
 
 
  • Post #8
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  • Aug 24, 2019 2:45pm Aug 24, 2019 2:45pm
  •  yalgaar
  • | Joined Jan 2017 | Status: Member | 391 Posts
How did you come up with 100 pips? How long have you used this strategy? What $ amount do you suggest as a TP and SL?
 
 
  • Post #9
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  • Aug 24, 2019 3:12pm Aug 24, 2019 3:12pm
  •  yalgaar
  • | Joined Jan 2017 | Status: Member | 391 Posts
Quoting zentrader8
Disliked
Hi everyone, This is my new strategy. its a set and forget strategy. Nowadays i like set and forget strategy coz i dont have to stare the monitor all day long. here is the strategy. Pair GBPUSD/ EURUSD Or you can choose others pairs. The strategy is: 1. Look at the daily open 2.From daily open price set a buy stop(+100 pips from daily open) and sell stop at (-100 pips from daily open) this one we can optimize it using 50 pips or 60 pips. 3.Then tomorrow do the same. and everyday do the same. Then what we need to do is: 4.Close the position when...
Ignored
I did give some more thoughts into this. I find it interesting. We still need to come up with right TP if not SL. I am thinking this can be traded on any pair. After some looking at various pairs, I think setting Stop orders at 2 x ATR of that pair and the TP to 1 x ATR might be way to go for this strategy. Let me know your thoughts? Also this can be very easily coded and back tested.
 
 
  • Post #10
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  • Aug 24, 2019 3:14pm Aug 24, 2019 3:14pm
  •  yalgaar
  • | Joined Jan 2017 | Status: Member | 391 Posts
We just need to do more thinking about Market conditions that will create draw downs, I am still looking into what max draw down it could create. I feel tempted to do some kind of Martingale into this, but that would be killing something very simple
 
 
  • Post #11
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  • Aug 24, 2019 3:22pm Aug 24, 2019 3:22pm
  •  vijiragavan
  • Joined Aug 2016 | Status: Member | 202 Posts
Quoting zentrader8
Disliked
Hi everyone, This is my new strategy. its a set and forget strategy. Nowadays i like set and forget strategy coz i dont have to stare the monitor all day long. here is the strategy. Pair GBPUSD/ EURUSD Or you can choose others pairs. The strategy is: 1. Look at the daily open 2.From daily open price set a buy stop(+100 pips from daily open) and sell stop at (-100 pips from daily open) this one we can optimize it using 50 pips or 60 pips. 3.Then tomorrow do the same. and everyday do the same. Then what we need to do is: 4.Close the position when...
Ignored
dont come up with this stupidity and post it as amazing strategy
Still learning. Telegram @TraderJaya
 
1
  • Post #12
  • Quote
  • Aug 25, 2019 2:33am Aug 25, 2019 2:33am
  •  devilkillyou
  • | Joined Dec 2017 | Status: Member | 9 Posts
how is your results?
 
1
  • Post #13
  • Quote
  • Aug 25, 2019 6:07am Aug 25, 2019 6:07am
  •  FX Compass
  • | Joined Sep 2009 | Status: Member | 389 Posts
What would you do if the Buy stop is triggered, price reverses and triggers the sell stop also ?
 
 
  • Post #14
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  • Aug 25, 2019 9:35am Aug 25, 2019 9:35am
  •  Don M
  • | Joined May 2012 | Status: Member | 184 Posts
Quoting FX Compass
Disliked
What would you do if the Buy stop is triggered, price reverses and triggers the sell stop also ?
Ignored
You've just hedged it at max 200 pips.
Enter Signature
 
 
  • Post #15
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  • Aug 25, 2019 3:15pm Aug 25, 2019 3:15pm
  •  FX Compass
  • | Joined Sep 2009 | Status: Member | 389 Posts
Quoting Don M
Disliked
{quote} You've just hedged it at max 200 pips.
Ignored
Yes, that is the problem. Buy stop would be -200 pips when sell trade triggers. Unless the sell is larger than the buy, it will be a big loss.
A ranging market is going to kill your account.
 
1
  • Post #16
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  • Aug 25, 2019 3:19pm Aug 25, 2019 3:19pm
  •  yalgaar
  • | Joined Jan 2017 | Status: Member | 391 Posts
This strategy is just not going to work. I tried to come up with a way to make it work but I conclude this does not have any edge.
 
 
  • Post #17
  • Quote
  • Aug 26, 2019 12:29am Aug 26, 2019 12:29am
  •  zentrader8
  • | Joined Mar 2015 | Status: Member | 329 Posts
Quoting vijiragavan
Disliked
{quote} dont come up with this stupidity and post it as amazing strategy
Ignored

if you think it is stupid then it is, what ever you think it is right, then its right.
Sometimes great thing, comes from something stupid.
 
 
  • Post #18
  • Quote
  • Aug 26, 2019 12:30am Aug 26, 2019 12:30am
  •  zentrader8
  • | Joined Mar 2015 | Status: Member | 329 Posts
Quoting yalgaar
Disliked
This strategy is just not going to work. I tried to come up with a way to make it work but I conclude this does not have any edge.
Ignored
Have you try it?
 
 
  • Post #19
  • Quote
  • Aug 26, 2019 2:24am Aug 26, 2019 2:24am
  •  vijiragavan
  • Joined Aug 2016 | Status: Member | 202 Posts
Quoting zentrader8
Disliked
{quote} if you think it is stupid then it is, what ever you think it is right, then its right. Sometimes great thing, comes from something stupid.
Ignored
have you backtested this strategy? whats the rr or win rate? whats the difference between grid strategy and yours? no clear rules.. just entry signals.. it wont help anyone
Still learning. Telegram @TraderJaya
 
 
  • Post #20
  • Quote
  • Edited 9:47am Aug 26, 2019 6:09am | Edited 9:47am
  •  ponrajranga
  • | Joined Mar 2019 | Status: Junior Member | 2 Posts
I have tried this strategy in XAUUSD , GBPNZD , GBPUSD etc. first buy stop triggered after some time market came down and hit the sell stop also.
my observation
1. In case both trades activated loss is fixed due to hedge.
2. In this scenario we have to come out with loss only.
3. if any one trade is activated then we came make some profit but we do it manually

This requires lot of back testings
 
 
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