Rules based system that is profitable on GBPUSD and EURJPY | Forex Factory

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Rules based system that is profitable on GBPUSD and EURJPY

  • #1
  • First Post: Edited 5:34pm Jun 11, 2020 8:11am | Edited 5:34pm
On the 1 hour chart
  • #2
  • Edited 5:34pm Jun 11, 2020 8:18am | Edited 5:34pm
As of Today i am in a sell trade GBPUSD..
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  • #3
  • Jun 11, 2020 8:26am Jun 11, 2020 8:26am
This is my next trade that i took a few days ago.. Sell EURJPY.. Its playing around a bit, but continuing to follow the rules
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  • #4
  • Jun 11, 2020 8:39am Jun 11, 2020 8:39am
Targets..
You can look at larger timeframes H4 or Daily.. to see major trendlines o horizontal structure... as long as its 100's of pips its ok to take profit but then you will have to wait for another cross signal. . In this example what happens if the price falls below that trendline.. you would be looking at huge pips... The chances are that the price would bounce up again and create a buy signal but then you may only get 100 pips profit... Sometimes you have to sacrifice less profit for the chance of getting huge profit
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  • #5
  • Edited 5:35pm Jun 11, 2020 8:54am | Edited 5:35pm
If your late to the signal. As long as the price has not take off too much
  • #6
  • Jun 11, 2020 12:12pm Jun 11, 2020 12:12pm
UPDATE EURJPY
Irs moving in the right direction... must be 100 pips in profit now. But i remain emotionally detached from the profit. I only risked a single figure % on the stoploss. My profits so far are a small % of my account. Psychologically i can stick to the rules because im not doubling or tripling my account on one trade. I i had risked too much i would have doubled my account by now. Taken profit, and then felt guilty if the price had dropped 500 pips more. I would have failed to follow the simple rules
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  • #7
  • Jun 11, 2020 6:32pm Jun 11, 2020 6:32pm
Quoting mkvy
On the 1 hour chart
Have you deleted some text?
What MAs do you use?
  • #8
  • Jun 11, 2020 6:46pm Jun 11, 2020 6:46pm
Quoting kofix11
{quote} Have you deleted some text? What MAs do you use?
EMA 63 and EMA 13
  • #9
  • Jun 12, 2020 1:08am Jun 12, 2020 1:08am
Thanks mkvy. Is there a reason for these figures? And why don't you take an EA? That would be pretty easy with an EA.

Anyway. This seems to be a relaxed trading style. Wish you lots of green pips.
  • #10
  • Edited 9:17am Jun 12, 2020 3:13am | Edited 9:17am
Quoting kofix11
Thanks mkvy. Is there a reason for these figures? And why don't you take an EA? That would be pretty easy with an EA. Anyway. This seems to be a relaxed trading style. Wish you lots of green pips.
No EA can wait for a confirmation bar 1 hour after the cross?I have found none that work. I have found no EA that can set the stoploss just above or below the peak or dip before the EMA cross

Other EMAs would probably work too.
  • #11
  • Jun 12, 2020 3:21am Jun 12, 2020 3:21am
I was over 100 pips profit on the GPBUSD sell, and nearly 200 pips on EURJPY... who has the patience to watch all these profits sink away... Not many, i am prepared to take a loss if the EMA crosses to buy. This is a sacrifise i must make to follow the system... 99% of traders could not follow this strategy, period
  • #12
  • Jun 12, 2020 4:31am Jun 12, 2020 4:31am
Quoting mkvy
I was over 100 pips profit on the GPBUSD sell, and nearly 200 pips on EURJPY... who has the patience to watch all these profits sink away... Not many, i am prepared to take a loss if the EMA crosses to buy. This is a sacrifise i must make to follow the system... 99% of traders could not follow this strategy, period
I suppose you're right. It needs a lot of confidence into your trading style.
  • #13
  • Jun 12, 2020 5:50am Jun 12, 2020 5:50am
Quoting kofix11
{quote} I suppose you're right. It needs a lot of confidence into your trading style.
Again, 99.9% of traders trade on emotion and cannot follow a rules based strategy
  • #14
  • Edited 8:12am Jun 12, 2020 7:53am | Edited 8:12am
I was attracted by the title of this thread because it is important to trade with specific rules. But you really have not produced rules despite the title. What rules is your system based on?

KP

Quoting mkvy
{quote} Again, 99.9% of traders trade on emotion and cannot follow a rules based strategy
Do your homework, follow the footprints of smart money
  • #15
  • Jun 12, 2020 9:15am Jun 12, 2020 9:15am
Ive withdrawn all the details for mass viewing as few have the discipline to follow it.. Except me... I guess each individual trader has to develop their own strategy. Good Luck
  • #16
  • Jun 12, 2020 9:24am Jun 12, 2020 9:24am
It seem to be a good system. I will test it. Is the setup based on H1?
  • #17
  • Jun 12, 2020 10:20am Jun 12, 2020 10:20am
Quoting Pumi
It seem to be a good system. I will test it. Is the setup based on H1?
H1 only
  • #18
  • Jun 12, 2020 10:24am Jun 12, 2020 10:24am
Just a naked chart with the EMA's removed.. Its all about Patience and discipline
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  • #19
  • Jun 12, 2020 10:26am Jun 12, 2020 10:26am
To remove emotion sometimes when in a trade you can remove candles EURJPY. Funny, but always seems to work. Because you cannot get emotional as you have no real idea how much profit you could have had... good example was today... but now if you followed the rules you are now in even more profit than this morning..

200 pips is a good target to take profit, but you run the risk of cutting your profit if the price falls 1000 pips. Inversely, if the price crosses up next week... you may only make 50 pips... The choice is yours, but no less than 200 pips
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  • #20
  • Jun 12, 2020 6:08pm Jun 12, 2020 6:08pm
What are the rules ? Ema cross on H1 ?

Also 200 pips profit is good only relative to its initial stop.

What is the point here ?
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