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10 pips a trade

  • #41
  • Oct 28, 2018 11:40am Oct 28, 2018 11:40am
Why would you not enter 0ne or twp candles back? All conditions appear to be met. It is easy to cherry pick looking at a history chart, but difficult to discriminate in real time when you have to pull the trigger.
  • #42
  • Oct 28, 2018 11:43am Oct 28, 2018 11:43am
Quoting Ryder
Why would you not enter 0ne or twp candles back? All conditions appear to be met. It is easy to cherry pick looking at a history chart, but difficult to discriminate in real time when you have to pull the trigger.
+++++++++++++++++++++++

Agreed. The point of waiting for all conditions to be met, does keep me out of many other potential trades, but entering on bar which meets ALL conditions, can be done in real time. Hard to explain, beyond that, but I will keep checking.
  • #43
  • Oct 28, 2018 12:06pm Oct 28, 2018 12:06pm
Quoting diamonddbw
{quote} +++++++++++++++++++++++ Agreed. The point of waiting for all conditions to be met, does keep me out of many other potential trades, but entering on bar which meets ALL conditions, can be done in real time. Hard to explain, beyond that, but I will keep checking.
Perhaps a safer entry would be a Buy Stop just above the lower BB. Would have to back test such ideas. I am just bored this Sunday morning and looking for something new. I think this forum has merit.
  • #44
  • Oct 28, 2018 1:16pm Oct 28, 2018 1:16pm
Quoting Ryder
{quote} Perhaps a safer entry would be a Buy Stop just above the lower BB. Would have to back test such ideas. I am just bored this Sunday morning and looking for something new. I think this forum has merit.
++++++++++++++++++++++++

I do too. I'll venture a guess, I've got well over a years worth of 24hr days, checking, logging, and rechecking. Hardest part is making sure I don't resolve to 'Curve Fitting'. which ultimately screws up testing big time.
  • #45
  • Oct 29, 2018 3:39pm Oct 29, 2018 3:39pm
Quoting diamonddbw
Have put 3 days into testing how this works. The basic premise is solid. I do like to monkey with ways to increase wins, and would like to propose one addition, provided deano is OK with this. I'm using his Stochastic, with RSI overlay as suggested in this thread. I also like divergence,
Diamond... Divergence is something I have liked to use as a confirmation for years, so yes, go for it...

As I posted earlier, this is a set up that I have been studying for awhile. I would never trade it blindly on my live account.

I also find that divergence, properly used fib targets, support resistance, higher timeframe correlation, harmonics, even candlestick formations, etc... can help increase win percentages.

Many thanks for your observations and contributions.

Cheers!
  • #46
  • Oct 29, 2018 3:50pm Oct 29, 2018 3:50pm
The AUDJPY 1 HR chart below is a nice example of a divergence on this set up...

Risk looks to be about 7 pips, and using a trailing stop on the way up, the win would have been roughly 14 pips...

A trader leaving a 7 pip stop instead of trailing a stop would have hit the target for about 48 pips
Attached Image (click to enlarge)
Click to Enlarge Name: SRSI_d.JPG Size: 131 KB
  • #47
  • Oct 29, 2018 4:07pm Oct 29, 2018 4:07pm
USDJPY 1 HR is another nice example of divergence on this set up...

Very low risk of like 5 pips (ish) and a trader would have won nearly 70 pips on this one with trailing stop or set stop
Attached Image (click to enlarge)
Click to Enlarge Name: SRSI_e.JPG Size: 127 KB
  • #48
  • Oct 29, 2018 4:17pm Oct 29, 2018 4:17pm
GBPJPY 1 HR shows a divergence that took awhile to complete...

Here a trader could have suffered 2 or 3 ten pip losses before winning about 88 pips...

Notice how the stochastich and RSI both kinda "wander" for a while in the OS zone compared to the other divergence examples posted above
Attached Image (click to enlarge)
Click to Enlarge Name: SRSI_f.JPG Size: 121 KB
  • #49
  • Oct 29, 2018 5:28pm Oct 29, 2018 5:28pm
Quoting deanoracer
Greetings Traders. This is my first thread so please be kind. This is a simple system. I like a 15 minute chart for 10 pips a day... but often this time frame can produce 20 or more per trade. The pictured example is a fifteen minute chart. When the rules are followed I experience about a 75% win rate, with very low risk. I have backtested 500 trades, strategy tested 250, and demo traded 100 trades. I am bringing it live on a small real account now and have my trade explorer attached for your review. STOCHED UP RSI Currency Pair: ANY Timeframe:...
Hi deanoracer,

Congrats to your new thread.

I hope you won't mind, not trying to be a troll, this is just friendly advice - something I realized after many years of trading that helped me a lot.

Targeting 10 pips per trade is a very hard game to play and you are skewing probabilities / edge against you because of relative transaction costs (unless you trade EURUSD and USDJPY only where bid/offer spread is extremely tight).

Just for simplicity / illustration let's assume the bid/offer spread is 1 pips, we use a strategy with pre-defined 1:1 risk:reward ratio and we are in a long position -> to make it to our target, the mid spot price needs to move 10 pips in our direction (because we buy on the offer side and sell on the offer side as we placed a limit order to take profits) but it needs to move only 9 pips against us to hit our 10 pips stoploss (because we buy on the offer side but sell on the bid side because we are placing a sell stop order). We need 52.6% hit ratio using this strategy just to breakeven.

Now imagine we use the same assumptions, but change the profit target and stop loss to 50 pips. In that case, we need a 50 pips move in our direction to hit TP and 49 pips against us to hit the SL. We would only need a 50.5% hit ratio to breakeven.

It seems like a small difference, but in this world of very effective markets you need to fight for every little piece of an edge. And that's one of many reasons why I tend to discourage traders from scalping. Just my 2 cents.
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  • #50
  • Oct 29, 2018 7:42pm Oct 29, 2018 7:42pm
Quoting deanoracer
{quote} Diamond... Divergence is something I have liked to use as a confirmation for years, so yes, go for it... As I posted earlier, this is a set up that I have been studying for awhile. I would never trade it blindly on my live account. I also find that divergence, properly used fib targets, support resistance, higher timeframe correlation, harmonics, even candlestick formations, etc... can help increase win percentages. Many thanks for your observations and contributions. Cheers!
Dear deanoracer,
Thank you for sharing your knowledge and strategy. The quoted post above is pretty much the reason this strategy can not be traded via mechanical EA alone, because each trade if compared with a traders own experience and knowledge (fibs, targets, divergences, other time frames, etc..). I do also agree with DaRealTrader's post above to fight for every little piece of edge you can get. Since I imagine the goal for most traders here is to be consistently profitable, one can not rely on the law of large numbers as a way to measure consistency, if trades taken have increased variability as introduced by trader experience (Basically I think one can't measure profitability on this strategy as it will be different for every trader using it because it requires experience to make it profitable). Best of luck with your thread.

Kind Regards,
Tzamo
"Work hard, put in the effort, and follow your dreams..." -Me
  • #51
  • Oct 30, 2018 2:41am Oct 30, 2018 2:41am
Dear Deanoracer,

Where would you place your stop loss please?

Thanks in advance.
  • #52
  • Nov 4, 2018 9:09pm Nov 4, 2018 9:09pm
Quoting ellenbrook
HELLO please kindly tell me if that trade okay many thanks {image}
nice platform , can you share ?
Thank you !
  • #53
  • Jul 12, 2019 9:46am Jul 12, 2019 9:46am
How's it going today? I'm gonna have a go at testing this
  • #54
  • Jan 16, 2020 1:57am Jan 16, 2020 1:57am
Quoting Ryder
deanoracer, attached is an indicator that generates signals pursuant to the strategy in your thread. First thing that becomes obvious is that nearly all of the signals are counter trend signals. Tough to see 75% winners. I put it together just to see if I wanted to spend time on your strategy. I pass it on for your use. Thanks for sharing. George {file}
The indicator has stopped working.
Please excuse the bad English via Google Translate.
  • #55
  • Jan 16, 2020 10:39am Jan 16, 2020 10:39am
deanoracere , can u tell me how to put sl please ?
  • #56
  • Jan 17, 2020 2:22am Jan 17, 2020 2:22am
Will check it soon. Thanks for sharing.
Regards
  • #57
  • Jan 17, 2020 3:58am Jan 17, 2020 3:58am
Quoting Penguinthief
In your first post you showed 2 examples,
I am not discussing strategy itself, just noticed you have wrong STOCH settings ...

right settings

Attached Image


and your settings

Attached Image

Have nice weekend

BN
  • #58
  • Edited 10:57pm Jan 17, 2020 2:40pm | Edited 10:57pm
Quoting Ryder
deanoracer, attached is an indicator that generates signals pursuant to the strategy in your thread. First thing that becomes obvious is that nearly all of the signals are counter trend signals. Tough to see 75% winners. I put it together just to see if I wanted to spend time on your strategy. I pass it on for your use. Thanks for sharing. George {file}
Ryder Many Thanks for the indicator,would you please look at below screenshot to make sure if those are missed trades?
Attached Image (click to enlarge)
Click to Enlarge Name: 10 pips a trade.jpg Size: 556 KB
If you don't build your DREAM, Someone will hire to help build theirs ...
  • #59
  • Jan 17, 2020 3:21pm Jan 17, 2020 3:21pm
this is very similar to the strategy I'm using to milk us30, stochastic and osma give me more than 10 pips per day...

I wanted to create thread for my strategy, but I'm unable to make a thread because I remain junior member of ff..
  • #60
  • Last Post: Jan 17, 2020 9:23pm Jan 17, 2020 9:23pm
Quoting drsa1970
{quote} Ryder Many Thanks for the indicator,would you please look at below screenshot to make sure those are missed trade? {image}
Error Message:"Deinitialization with reason 5"
Please excuse the bad English via Google Translate.
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