If an order met the stoploss of 30 pips, and the other side order has not been filled (like on 14.05.2007), I am sure there will be a breakout next day. So, it is advisable to increase take profit for next day as 10 or 15 pips, or use a trailing stop (only for the following day). Any suggestions????????
- #63
- May 16, 2007 5:55am May 16, 2007 5:55am
If an order met the stoploss of 30 pips, and the other side order has not been filled (like on 14.05.2007), I am sure there will be a breakout next day. So, it is advisable to increase take profit for next day as 10 or 15 pips, or use a trailing stop (only for the following day). Any suggestions????????
I have only been trading the GU and GJ, both have a couple filters.
GU: I like the asian range to exceed 35 pips before an entry is triggered -
I set my buy/sell stop +/- 5 pips outside the range
I set my target +/- 17 pips ( or +/- 22 from the high/low )
I use a 33 + spread SL
GJ: I like to enter the trade during the asian session ( 12:30am est cut off )
I set my buy/sell stop +/- 23 pips outside the range ( yes 23 )
I set my target +/- 57 pips ( or +/- 90 from the high/low )
I use a 67 + spread SL
both: IF trade is triggered and a double bottom or top is formed, close position. ( usually a small loss because it takes that long to confirm the pattern )
You should average 81.3% winners. The GJ can have as many as 3 losers in a row, but I had 23 winners in row, so it's streaky... Hope this was clear... and helps...
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- #64
- May 16, 2007 6:19am May 16, 2007 6:19am
- Joined Jun 2006 | Status: Trend is not my friend | 1,492 Posts
I have been using this system for over 2 years. What I have found, (but please do your own research) is if the first attempt fails, then double your lot size on the second. Keeping in mind that the second attempt might be in the same direction as the first. Also, If the first attempt is a winner, then kill the other order, your done for the day.
I have only been trading the GU and GJ, both have a couple filters.
GU: I like the asian range to exceed 35 pips before an entry is triggered -
I set my buy/sell stop +/- 5 pips outside the range
I set my target +/- 17 pips ( or +/- 22 from the high/low )
I use a 33 + spread SL
GJ: I like to enter the trade during the asian session ( 12:30am est cut off )
I set my buy/sell stop +/- 23 pips outside the range ( yes 23 )
I set my target +/- 57 pips ( or +/- 90 from the high/low )
I use a 67 + spread SL
both: IF trade is triggered and a double bottom or top is formed, close position. ( usually a small loss because it takes that long to confirm the pattern )
You should average 81.3% winners. The GJ can have as many as 3 losers in a row, but I had 23 winners in row, so it's streaky... Hope this was clear... and helps...
Would you please post an example to make it more clear for both GU and GJ
- #65
- May 16, 2007 7:41am May 16, 2007 7:41am
I have been using this system for over 2 years. What I have found, (but please do your own research) is if the first attempt fails, then double your lot size on the second. Keeping in mind that the second attempt might be in the same direction as the first. Also, If the first attempt is a winner, then kill the other order, your done for the day.
I have only been trading the GU and GJ, both have a couple filters.
GU: I like the asian range to exceed 35 pips before an entry is triggered -
I set my buy/sell stop +/- 5 pips outside the range
I set my target +/- 17 pips ( or +/- 22 from the high/low )
I use a 33 + spread SL
GJ: I like to enter the trade during the asian session ( 12:30am est cut off )
I set my buy/sell stop +/- 23 pips outside the range ( yes 23 )
I set my target +/- 57 pips ( or +/- 90 from the high/low )
I use a 67 + spread SL
both: IF trade is triggered and a double bottom or top is formed, close position. ( usually a small loss because it takes that long to confirm the pattern )
You should average 81.3% winners. The GJ can have as many as 3 losers in a row, but I had 23 winners in row, so it's streaky... Hope this was clear... and helps...
Thanks Riffster, Good guidance, as pino2 requested, could you please elaborate a bit more about these examples?
- #68
- May 17, 2007 11:20am May 17, 2007 11:20am
Here is my set up for the GJ. Last night was a no trade. The GJ will only generate 1 - 3 trades max per week and creates a lot of double top/bottoms, so I consider the GJ a bit more advanced. However, the GJ is responsible for more than 60% of my total net pips...
- #69
- May 17, 2007 3:09pm May 17, 2007 3:09pm
Thanks Riffster, good explanation. Will try demo for a while. I suppose this setup is only suitable for manual trading. Also, if the drawdown is not much, safe trading this way.
Best of luck, and let me know if you have further questions...
{Promotion Removed}
- #70
- May 18, 2007 6:10am May 18, 2007 6:10am
Yes, demo is the way to go for sure... Box or range trading takes a little getting use to... and the GJ can be frustrating...
Best of luck, and let me know if you have further questions...
http://www.forexfactory.com/showthread.php?t=30109
cheers.
- #71
- May 18, 2007 6:28am May 18, 2007 6:28am
- Joined Jun 2006 | Status: Trend is not my friend | 1,492 Posts
- #73
- May 18, 2007 1:13pm May 18, 2007 1:13pm
- Joined Jun 2006 | Status: Trend is not my friend | 1,492 Posts
congrats riffster
- #74
- May 20, 2007 5:00am May 20, 2007 5:00am
- Joined Apr 2006 | Status: Metatrader Programmer | 1,422 Posts
Hi Pino2 (are you italian?) 
as someone here remember I followed since long time the development of SRDC section that use same break of previous high/low. I did a lot of backtest, creating EA and come to simple conclusion that it works but only during strong trend in place (like all this trend following system). Infact when pair start to range, your account will be burned due to very bad risk to reward ratio used, infact using TP 5 and SL 30 (or TP 10 and SL 30) means to have a really bad risk to reward ratio of 6:1 (or 3:1), so 1 loss will burn 6 wins (or 3 wins)
A suggestion to improve this method could be to apply the Spud MTF Fibo method http://www.forexfactory.com/showthread.php?t=30109 which basically trade the break of previous hi/lo using the stochastic and fibonacci as filter. I'm still studying it but it seems a nice addition to break hi/lo system to minimize losses.
as someone here remember I followed since long time the development of SRDC section that use same break of previous high/low. I did a lot of backtest, creating EA and come to simple conclusion that it works but only during strong trend in place (like all this trend following system). Infact when pair start to range, your account will be burned due to very bad risk to reward ratio used, infact using TP 5 and SL 30 (or TP 10 and SL 30) means to have a really bad risk to reward ratio of 6:1 (or 3:1), so 1 loss will burn 6 wins (or 3 wins)
A suggestion to improve this method could be to apply the Spud MTF Fibo method http://www.forexfactory.com/showthread.php?t=30109 which basically trade the break of previous hi/lo using the stochastic and fibonacci as filter. I'm still studying it but it seems a nice addition to break hi/lo system to minimize losses.
- #75
- May 20, 2007 9:28pm May 20, 2007 9:28pm
Hi Pino2 (are you italian?)
as someone here remember I followed since long time the development of SRDC section that use same break of previous high/low. I did a lot of backtest, creating EA and come to simple conclusion that it works but only during strong trend in place (like all this trend following system). Infact when pair start to range, your account will be burned due to very bad risk to reward ratio used, infact using TP 5 and SL 30 (or TP 10 and SL 30) means to have a really bad risk to reward ratio of 6:1 (or 3:1), so 1 loss will burn 6 wins (or 3 wins)
A suggestion to improve this method could be to apply the Spud MTF Fibo method http://www.forexfactory.com/showthread.php?t=30109 which basically trade the break of previous hi/lo using the stochastic and fibonacci as filter. I'm still studying it but it seems a nice addition to break hi/lo system to minimize losses.
and no I'm not bitching at you, lol... just wanted to make sure that the info that I posted is clearly understood... but like all methods, it's not perfect and takes a little practice ( also posted, lol... )
{Promotion Removed}
Hi riffster,
It seems the only filter you use is a requirment that a range of at least 35 pips is established during asian. I assume this applies to G/J as well as cable, although G/J has a broader daily range than do other pairs.
Would you mind explaining how you arrived at your target and stop levels. As you say, they form a risk/reward ratio that is not generally recommended.
Do we understand correctly that you have achieved a steady 81.3% success rate for the past two years?
Regards,
It seems the only filter you use is a requirment that a range of at least 35 pips is established during asian. I assume this applies to G/J as well as cable, although G/J has a broader daily range than do other pairs.
Would you mind explaining how you arrived at your target and stop levels. As you say, they form a risk/reward ratio that is not generally recommended.
Do we understand correctly that you have achieved a steady 81.3% success rate for the past two years?
Regards,
I have been using this system for over 2 years. What I have found, (but please do your own research) is if the first attempt fails, then double your lot size on the second. Keeping in mind that the second attempt might be in the same direction as the first. Also, If the first attempt is a winner, then kill the other order, your done for the day.
I have only been trading the GU and GJ, both have a couple filters.
GU: I like the asian range to exceed 35 pips before an entry is triggered -
I set my buy/sell stop +/- 5 pips outside the range
I set my target +/- 17 pips ( or +/- 22 from the high/low )
I use a 33 + spread SL
GJ: I like to enter the trade during the asian session ( 12:30am est cut off )
I set my buy/sell stop +/- 23 pips outside the range ( yes 23 )
I set my target +/- 57 pips ( or +/- 90 from the high/low )
I use a 67 + spread SL
both: IF trade is triggered and a double bottom or top is formed, close position. ( usually a small loss because it takes that long to confirm the pattern )
You should average 81.3% winners. The GJ can have as many as 3 losers in a row, but I had 23 winners in row, so it's streaky... Hope this was clear... and helps...