EURJPY M15 system 80%+

TP Hit

First of all thanks to FXMD for the system and those people who have contributed to the formulation of an EA and posted results so far. Most people wouldnt bother sharing and some like to keep everything to themselves so I appreciate the time and effort you guys have applied in doing this.

I have been flip flopping between using an EA and manually trading as working in the UK I am having my beauty sleep during the initial active times of this system. To be honest I cannot get comfortable with the EA and prefer to manually set my positions when I get up in the morning. My approach is to set buy and sell stops 2 pips above and below the box for entries. I have found that the entering of the completion of the candle or just entering at the break doesnt make much difference although I am sure somewhere in the backtests somebody will be able to determine the better approach.

I also apply my trades from 6am GMT which is some 4 hours when the true activation period begins. Upon analysis there doesnt seem to be a lot in it as the trades I miss seem to be offset with whether I miss a winner or a loser or even a loser that becomes a winner for me as the trade has reversed before I am awake in the morning. For those trades that are active when I get up I just enter at the next best Heiken Ashi reversal and this seems to work for me with adjusted targets to compensate the late entry. I follow a strict trail based on chart pattern and not a numerical value when the profit has hit 50%. As soon as one trade is started I cancel the other stop entry so only 1 trade per day.

My problem is this. I usually work on a 1:1 profit ratio or a Stoch hook exit depending on the type of trading I am doing. I have always believed that successful trading is not about the entries but the exits and I havent yet found the correct approach for this type of trading. Needless to say I have not found this months profits particular stella and I am wondering if I have done something wrong. Out of 23 trades this month I have 14 winners around 61% totalling only 68 pips.

How did everyone else do and what method of exit did you guys use?

Thanks

You could try using a small trailing stop after profit reaches 1 risk.

1) I set pending order (buy stop at top of box, sell stop at bottom of box) once the box is finalised at 2am.
2) I leave until TP or SL, no moving the stop because sometimes you make the stop too tight and lose out on bigger profits.

Update for those who are following, TP hit. Let's see what tomorrow brings

I’ll answer with data later, but Splurge, you’re looking at the problem wrong. End result pips isn’t what matters.

Lets do the theoretical maths behind your numbers, assuming this is a consistent trading strategy.

Say you start with an account: £1000
You risk 2% per trade at 1:1, winning 60% of the time
On average then, if 60% of the time you win 2% and 40% of the time you lose 2%, each trade and therefore each day (assuming we have no non-trade days) is worth (0.6*2)-(0.4*2)=0.4%. 0.4% roi per day is one hell of a savings account!

Assuming this stays true, and you risk that 2% each day on a compound basis, you’ve turned your account into £1.5million by year 7, nearly tripling it every year.

Maybe your 68 pips aren’t too bad.

If you do that you do not stick to the rules. So your hit rate may differ to the "original" one.

Thanks for the reply Penguin, I understand your reasoning here and the scale up routine. However 68 pips albeit worthwhile due to the simplicity of the system is relatively low for the investment each day. The trade can sometimes run for most of the day and result in an average of +3pips per day (23 trades 68 pips). I like it due to its simplicity however I was wondering what the long term return per trade was for those that have back tested/ traded it, more than just October and if there was a better exit .

Please explain further?

Original rules specify that you open the trade on a close above the line. If you set a buy stop or sell stop, you'll do it on touch.

Ahh ok - still getting a ~60% win rate using pending orders though.

Ah i missed todays trade

Today's trade - TP

Anyone here who ever tried this money management?
Just look at the back test, and we can see, this system has nice win rate. So, how if we put as amount money everyday for that risk? Example, we give 100$ per day to risk, then that way we will change the lot depends on that trade has how many pips for SL. By 100$ risk, and 30pips SL from the box, we'll trade with ~0.42.. kindoff. And then, in week, if the win rate is 3-2 then final the profit is 100$... and also, score 1-4 or 0-5 are rarely even 2-3..
thats just my idea. Hope to get some hints from you bros!

Yeah, its cool. But im doing as orginal , that waiting for the 15m candle closes.. so it seems i missed the trade!

Congrats to the guys who use pending orders around here.

i don’t, so I missed the quick money

Sorry guys I am going on holiday for a bit so will be absent from this thread for a little while. Will continue our paper trading accoung test upon return!

hey folks can anyone show me EA Setting please

Today I found resistance level too close to our buy entry to let it run, so I cancelled the buy stop.
Also my Stoch indi showed Overbought.
So then when resistance forced the price back down I jumped in and took a ride for 20 pips down to bottom of our block.
Was all manual trading today.

I'm still on holiday my friends, but I can see that today's entry would be a loss if we follow the rules. We were 5 wins/7 trades prior to today's trade.

Now we are 5 wins/8 trades so 62.5% accuracy - will continue to monitor from the sidelines (as I'm on holiday and don't have the charts in front of me at the time 2am GMT) to see how we do for the week.

Mon was also lost, and today trade looks like otm too!