No Targets

I'm starting this thread to track a system where I’m not using any targets. Initial SL is 50% of 100-day ATR. Trailing stop is 7R. So the only way I exit is when I get taken out by the initial SL or trailing stop.

I’m picking two pairs each week and I will have a directional bias associated with each pair. I’m not going to get into how I pick the pairs/direction, or how I’m entering. I don’t really think it’s that important.

I’m only using this journal for my own sake, no other agenda.

I will try to post at least once per week to recap the past week.

Week 1:
Pair 1: GBP/USD Long
Pair 2: CAD/CHF Short

Total trades: 7
Closed trades: 4
Result of closed trades: -4R
Open trades: CAD/CHF shorts from 0.7536, 0.7520, & 0.7475.

When do you first apply the trailing stop? How do you calculate the trailing stop distance from best price? Do you review this as the trade progresses?

Trailing stop order gets entered as soon as the trade is entered. It is calculated as 7R. The SL (1R) is 50% of the 100-day ATR, so the trailing stop is 7x that size.

An example. Let's say my SL is 25 pips, so the TS will be 175 pips. Once the trade goes 150 pips in my favor, the SL and TS will be at the same spot. At that point I can remove the SL because the TS is now going to be what gets me out of the trade. I don't change the size of the TS as the trade progresses.

Here is the Week 2 recap. Opened 11 more trades, only 3 survived the week. The 3 surviving trades from Week 1 are still open, so I have 6 trades still open.

Week 2:
Pair 1: GBP/USD Long
Pair 2: CAD/CHF Short

Week 2 total trades opened: 11
Week 2 total trades closed: 8
Result of Week 2 total trades closed: -8R

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Week 1: -4R
Week 2: -8R


Open trades:
From Week 1: CAD/CHF shorts from 0.7536, 0.7520, & 0.7475
From Week 2: CAD/CHF shorts from 0.7434, 0.7420, & 0.7374

Week 3 recap. Opened 12 trades, only 3 survived until the end of the week. One of the Week 2 trades that was open at the beginning of Week 3 was stopped out during this week. So 8 trades are currently open.

Week 3:
Pair 1: USDCHF Short
Pair 2: GBPCAD Long

Week 3 total trades opened: 12
Week 3 total trades closed: 10 (including one that was opened in a previous week)
Result of Week 3 total trades closed: -10R

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Week 1: -4R
Week 2: -8R
Week 3: -10R


Open trades:
From Week 1: CAD/CHF shorts from 0.7536, 0.7520, & 0.7475
From Week 2: CAD/CHF shorts from 0.7434 & 0.7420
From Week 3: GBP/CAD longs from 1.5900, 1.6074, & 1.6079

Week 4 recap. Opened 13 trades, only 3 survived until the end of the week. So 11 trades are currently open.

Week 4:
Pair 1: AUDUSD Long
Pair 2: GBPJPY Long

Week 4 total trades opened: 13
Week 4 total trades closed: 10
Result of Week 4 total trades closed: -10R

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Week 1: -4R
Week 2: -8R
Week 3: -10R
Week 4: -10R


Open trades:
From Week 1: CAD/CHF shorts from 0.7536, 0.7520, & 0.7475
From Week 2: CAD/CHF shorts from 0.7434 & 0.7420
From Week 3: GBP/CAD longs from 1.5900, 1.6074, & 1.6079
From Week 4: GBP/JPY longs from 128.89 & 128.72; AUD/USD long from 0.6751

Week 5 recap. Opened 10 trades, only 2 survived until the end of the week. Also, the following trades from previous weeks that were still open at the beginning of this week were closed out during Week 5:

1. all 5 of the CAD/CHF week 1 & 2 trades
2. 1 of the GBP/JPY trades from Week 4
3. the AUD/USD trade from Week 4

So 6 trades are currently open.

Week 5:
Pair 1: AUDUSD Long
Pair 2: GBPJPY Long

Week 5 total trades opened: 10
Week 5 total trades closed: 15
Result of Week 4 total trades closed: -3R

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Week 1: -4R
Week 2: -8R
Week 3: -10R
Week 4: -10R
Week 5: -3R


Open trades:
From Week 3: GBP/CAD longs from 1.5900, 1.6074, & 1.6079
From Week 4: GBP/JPY long from 128.72
From Week 5: GBP/JPY long from 129.01 & AUD/USD long from 0.6728

Week 6 recap. Opened 13 trades, and 12 survived until the end of the week. Also, the following 5 trades from previous weeks that were still open at the beginning of this week were closed out during Week 6:

1. 2 of the GBP/CAD trades from Week 3
2. Both of the remaining GBP/JPY trades (one from Week 4 & one from Week 5)
3. the AUD/USD trade from Week 5

So 13 trades are currently open.

Week 6:
Pair 1: NZDUSD Long
Pair 2: AUDJPY Long

Week 6 total trades opened: 13
Week 6 total trades closed: 6
Result of Week 6 total trades closed: -6R
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Week 1: -4R
Week 2: -8R
Week 3: -10R
Week 4: -10R
Week 5: -3R
Week 6: -6R

Open trades:
From Week 3: GBP/CAD long from 1.5900
From Week 6: AUDJPY longs from 71,23, 71.34, 71.39, 71.59, 71.73, 72.36, & 73.15; NZDUSD longs from 0.6290, 0.6319, 0.6339, 0.6365, & 0.6396

Week 7 recap. Opened 12 trades, and 6 survived until the end of the week.

One of the surviving trades from previous weeks was stopped out this week:

1. NZD/USD long from 0.6396 (Week 6)

So 18 trades are currently open.

Week 7:
Pair 1: NZDUSD Long
Pair 2: AUDJPY Long

Week 7 total trades opened: 12
Week 7 total trades closed: 7
Result of Week 7 total trades closed: -7R
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Week 1: -4R
Week 2: -8R
Week 3: -10R
Week 4: -10R
Week 5: -3R
Week 6: -6R
Week 7: -7R

Open trades:
From Week 3: GBP/CAD long from 1.5900
From Week 6: AUD/JPY longs from 71.23, 71.34, 71.39, 71.59, 71.73, 72.36, & 73.15; NZD/USD longs from 0.6290, 0.6319, 0.6339, & 0.6365
From Week 7: AUD/JPY longs from 73.16, 73.29, 73.67, 73.84, 74.20, & 74.49

Week 8 recap. Opened 14 trades, and 2 survived until the end of the week.

11 of the surviving trades from previous weeks were stopped out this week:

1. NZD/USD longs from 0.6290, 0.6319, 0.6339, & 0.6365 (Week 6)
2. AUD/JPY long from 73.15 (Week 6)
3. AUD/JPY longs from 73.16, 73.29, 73.67, 73.84, 74.20, & 74.49 (Week 7)

So 9 trades are currently open.

Week 8:
Pair 1: NZDUSD Long
Pair 2: GBPJPY Long

Week 8 total trades opened: 14
Week 8 total trades closed: 23
Result of Week 8 total trades closed: -22.5R (a couple hit their trailing stops, which weren't quite -1R, and there were also a couple A/J trades that got closed for worse that -1R due to a weekend gap)
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Week 1: -4R
Week 2: -8R
Week 3: -10R
Week 4: -10R
Week 5: -3R
Week 6: -6R
Week 7: -7R
Week 8: -22.5R

Open trades:
From Week 3: GBP/CAD long from 1.5900
From Week 6: AUD/JPY longs from 71.23, 71.34, 71.39, 71.59, 71.73, & 72.36
From Week 8: GBP/JPY longs from 134.60 & 134.27

Week 9 recap. Opened 11 trades, and 4 survived until the end of the week.

2 of the surviving trades from previous weeks were stopped out this week:

1. GBP/JPY longs from 134.60 & 134.27 (Week 8)

So 11 trades are currently open.

Week 9:

Pair 1: NZDUSD Long
Pair 2: GBPJPY Long

Week 9 total trades opened: 11
Week 9 total trades closed: 9
Result of Week 9 total trades closed: -9R
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Week 1: -4R
Week 2: -8R
Week 3: -10R
Week 4: -10R
Week 5: -3R
Week 6: -6R
Week 7: -7R
Week 8: -22.5R
Week 9: -9R

Open trades:
From Week 3: GBP/CAD long from 1.5900
From Week 6: AUD/JPY longs from 71.23, 71.34, 71.39, 71.59, 71.73, & 72.36
From Week 9: NZD/USD longs from 0.6265 & 0.6288; GBP/JPY longs from 132.84 & 132.39

Week 10 recap. Opened 13 trades, and 6 survived until the end of the week.

All of the surviving trades from previous weeks were stopped out this week:
GBP/CAD long from 1.5900 (Week 3)
AUD/JPY longs from 71.23, 71.34, 71.39, 71.59, 71.73, & 72.36 (Week 6)
NZD/USD longs from 0.6265 & 0.6288; GBP/JPY longs from 132.84 & 132.39 (Week 9)

So 6 trades are currently open.

Week 10:

Pair 1: NZDUSD Long
Pair 2: GBPJPY Long

Week 10 total trades opened: 13
Week 10 total trades closed: 18
Result of Week 10 total trades closed: 1.5R
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Week 1: -4R
Week 2: -8R
Week 3: -10R
Week 4: -10R
Week 5: -3R
Week 6: -6R
Week 7: -7R
Week 8: -22.5R
Week 9: -9R
Week 10: 1.5R

Open trades:
From Week 10: GBP/JPY longs from 131.79, 131.58, & 131.49; NZD/USD longs from 0.6273, 0.6273, & 0.6316

Week 11 recap. Opened 11 trades, and 5 survived until the end of the week.
Four of the surviving trades from previous weeks were stopped out this week:

1. GBP/JPY longs from 131.79, 131.58, & 131.49 (week 10)
2. NZD/USD long from 0.6316 (week 10)

So 7 trades are currently open.

Week 11:

Pair 1: NZDUSD Long
Pair 2: GBPJPY Long

Week 11 total trades opened: 11
Week 11 total trades closed: 10
Result of Week 11 total trades closed: -10R
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Week 1: -4R
Week 2: -8R
Week 3: -10R
Week 4: -10R
Week 5: -3R
Week 6: -6R
Week 7: -7R
Week 8: -22.5R
Week 9: -9R
Week 10: 1.5R
Week 11: -10R

Open trades:
From Week 10: NZD/USD longs from 0.6273 & 0.6273
From Week 11: GBP/JPY long from 131.83; NZD/USD longs from 0.6296, 0.6289, 0.6325, & 0.6335

Looks interesting

Week 12 recap. Opened 11 trades, and 3 survived until the end of the week.
Six of the surviving trades from previous weeks were stopped out this week:

1. NZD/USD longs from 0.6273 & 0.6273 (week 10) and from 0.6296, 0.6289, 0.6325, & 0.6335 (week 11)

So 4 trades are currently open.

Week 12:

Pair 1: NZDUSD Long
Pair 2: GBPJPY Long

Week 12 total trades opened: 11
Week 12 total trades closed: 14
Result of Week 12 total trades closed: -14R
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Week 1: -4R
Week 2: -8R
Week 3: -10R
Week 4: -10R
Week 5: -3R
Week 6: -6R
Week 7: -7R
Week 8: -22.5R
Week 9: -9R
Week 10: 1.5R
Week 11: -10R
Week 12: -14R

Open trades:
From Week 11: GBP/JPY long from 131.83
From Week 12: NZD/USD longs from 0.6259, 0.6323, & 0.6356

Week 13 recap. Opened 13 trades, and 0 survived until the end of the week.
All of the surviving trades from previous weeks survived this week.
So 4 trades are currently open.

Week 13:
Pair 1: NZDUSD Long
Pair 2: CADCHF Short
Week 13 total trades opened: 13
Week 13 total trades closed: 13
Result of Week 13 total trades closed: -13R
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Week 1: -4R
Week 2: -8R
Week 3: -10R
Week 4: -10R
Week 5: -3R
Week 6: -6R
Week 7: -7R
Week 8: -22.5R
Week 9: -9R
Week 10: 1.5R
Week 11: -10R
Week 12: -14R
Week 13: -13R

Open trades:
From Week 11: GBP/JPY long from 131.83
From Week 12: NZD/USD longs from 0.6259, 0.6323, & 0.6356

Interesting but ur strategy will take very long time to get the result..!!

You're probably right. I'm going to wait until at least 300 trades, maybe even not until 500, before I start to judge this strategy.

As of the end of week 14, I'm at 163 trades. So the 300th trade should come around week 26 (or half a year of trading it). 500th trade should come a little before the 1-year mark.

Week 14 recap. Opened 12 trades, and 10 survived until the end of the week.
All of the surviving trades from previous weeks survived this week.
So 14 trades are currently open.

Week 14:
Pair 1: NZDUSD Long
Pair 2: AUDCADCHF Long

Week 14 total trades opened: 12
Week 14 total trades closed: 2
Result of Week 14 total trades closed: -2R
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Week 1: -4R
Week 2: -8R
Week 3: -10R
Week 4: -10R
Week 5: -3R
Week 6: -6R
Week 7: -7R
Week 8: -22.5R
Week 9: -9R
Week 10: 1.5R
Week 11: -10R
Week 12: -14R
Week 13: -13R
Week 14: -2R

Open trades:
From Week 11: GBP/JPY long from 131.83
From Week 12: NZD/USD longs from 0.6259, 0.6323, & 0.6356
From Week 14: NZD/USD longs from 0.6355, 0.6348, 0.6339, 0.6376, 0.6391, & 0.6433; AUD/CAD longs from 0.8910, 0.8930, 0.8936, & 0.8993

Week 15 recap. Opened 12 trades, and 2 survived until the end of the week.
6 of the surviving trades from previous weeks were stopped out this week.

1. From Week 12: NZD/USD long from 0.6356
2. From Week 14: NZD/USD longs from 0.6355, 0.6348, 0.6376, 0.6391, & 0.6433

So 10 trades are currently open.

Week 15:
Pair 1: NZDUSD Long
Pair 2: CADCHF Short

Week 15 total trades opened: 12
Week 15 total trades closed: 16
Result of Week 15 total trades closed: -16R

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Week 1: -4R
Week 2: -8R
Week 3: -10R
Week 4: -10R
Week 5: -3R
Week 6: -6R
Week 7: -7R
Week 8: -22.5R
Week 9: -9R
Week 10: 1.5R
Week 11: -10R
Week 12: -14R
Week 13: -13R
Week 14: -2R
Week 15: -16R

Open trades:
From Week 11: GBP/JPY long from 131.83
From Week 12: NZD/USD longs from 0.6259, & 0.6323
From Week 14: NZD/USD long from 0.6339; AUD/CAD longs from 0.8910, 0.8930, 0.8936, & 0.8993
From Week 15: NZD/USD long from 0.6342; CAD/CHF short from 0.7554