steve, well done...keep it going. 
i missed the pound breakout today. just didn't spot it.
i missed the pound breakout today. just didn't spot it.
- #22
- Nov 29, 2006 4:21am Nov 29, 2006 4:21am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Was stopped out of UCAD short this morning for 68 pips profit
Uchf & UJ also getting close to my stop losses - will look to re-enter UCAD at close of trading today.
Kind Regards
Steve
Uchf & UJ also getting close to my stop losses - will look to re-enter UCAD at close of trading today.
Kind Regards
Steve
- #24
- Nov 29, 2006 9:30am Nov 29, 2006 9:30am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Hi Stevie,
My first post here ever...
When you get stopped out and after you determine which direction to take on re-entry, how do you set your S/L? Is it again, 10 pts. above previous day's high if going short and 10 pts. below previous day's low if going long? Or do you start all over again using an entirely different system for setting that?
Thanks
You've got it - that's exactly what I do - it minimizes losses if I make the wrong call - if a trend is coming to an end or consolidating it can be a bit choppy.
Update on USDCHF - stopped out this afternoon on the short for a gain of 335 pips
- again will enter a new trade at close of US session.Kind Regards
Steve
Hi Stevie,
Who's your broker, if you don't mind?
I'm trying to backtest your system but my stop losses are different from what you wrote below on this particular date. I realized that different brokers would have different daily highs and lows, depending on what time their daily charts start and end. Does your broker's day start at 0:00 EST? I have the charts for 3 brokers and none of them matches yours.
Also, you re-enter the market at the end of each trading day. Is your stop based on the high/low of that day that just ended, or is it based on the previous day. For example, right now is almost the end of Wednesday trading day. When you re-enter the market later, will your stops be based on Wednesday's highs and lows? Or Tuesday's?
Who's your broker, if you don't mind?
I'm trying to backtest your system but my stop losses are different from what you wrote below on this particular date. I realized that different brokers would have different daily highs and lows, depending on what time their daily charts start and end. Does your broker's day start at 0:00 EST? I have the charts for 3 brokers and none of them matches yours.
Also, you re-enter the market at the end of each trading day. Is your stop based on the high/low of that day that just ended, or is it based on the previous day. For example, right now is almost the end of Wednesday trading day. When you re-enter the market later, will your stops be based on Wednesday's highs and lows? Or Tuesday's?
Hi,
Update on my open positions.....
GU long from 1.8954 (stop loss now 1.9358 - guarantee 404 pips)
EU long from 1.2830 (stop loss now 1.3109 - guarantee 279 pips)
UChf short from 1.2437 (stop loss now 1.2120 - guarantee 317 pips)
UJ short from 117.84 (stop loss now 116.50 - guarantee 134 pips)
UCad short from 1.1414 (stop loss now 1.1346 - guarantee 68 pips)
Total pips in profit at the time of writing 1459 - guaranteed 1202
My monthly target on this system is 500 pips, which with the low margin I use would increase my account balance by approx 10%. If I get stopped out at these levels my balance has increased by 22%.
I know my system will only work well in trending markets but there are enough trending periods throughout the year to make it more than viable with a low risk reward ratio. It's been an 'easy' week it has been said so all I've done is take advantage of that fact.
Thanks for the advice people & happy trading
Kind Regards
Steve
- #26
- Nov 29, 2006 10:12am Nov 29, 2006 10:12am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Hi,
My day ends at 10pm GMT which I believe is the end of the US session and as I'm in the UK is perfect for me.
I'll enter a new trade on UCAD & UCHF at 10pm tonight and the initial stop loss will be 10 pips off the low or high of today. Stop losses are revised then at 10pm again each day until my trade gets stopped out.
As I can only afford micro lots, I'm trading at Marketiva - I've not seen their name mentioned here - probably because they run an affiliate programme I believe.
I may take another look at Oanda at some point in the future.
Kind Regards
Steve
My day ends at 10pm GMT which I believe is the end of the US session and as I'm in the UK is perfect for me.
I'll enter a new trade on UCAD & UCHF at 10pm tonight and the initial stop loss will be 10 pips off the low or high of today. Stop losses are revised then at 10pm again each day until my trade gets stopped out.
As I can only afford micro lots, I'm trading at Marketiva - I've not seen their name mentioned here - probably because they run an affiliate programme I believe.
I may take another look at Oanda at some point in the future.
Kind Regards
Steve
- #27
- Edited 11:09am Nov 29, 2006 10:54am | Edited 11:09am
Hi & welcome
You've got it - that's exactly what I do - it minimizes losses if I make the wrong call - if a trend is coming to an end or consolidating it can be a bit choppy.
Update on USDCHF - stopped out this afternoon on the short for a gain of 335 pips
Kind Regards
Steve
Date------ Open-- High-- Low--- Close- S/L--- Stopped?
2006.11.19 1.2440 1.2446 1.2435 1.2444
2006.11.20 1.2446 1.2449 1.2398 1.2440 1.2456 No
2006.11.21 1.2442 1.2451 1.2397 1.2409 1.2459 No
2006.11.22 1.2410 1.2411 1.2255 1.2267 1.2461 No
2006.11.23 1.2268 1.2280 1.2208 1.2238 1.2421 No
2006.11.24 1.2236 1.2242 1.2074 1.2090 1.2290 No
2006.11.26 1.2030 1.2040 1.2029 1.2036 1.2252 No
2006.11.27 1.2037 1.2109 1.2037 1.2063 1.2050 Yes
2006.11.28 1.2065 1.2089 1.2013 1.2023 1.2119
2006.11.29 1.2026 1.2114 1.2013 1.2109 1.2099
Regards
- #28
- Nov 29, 2006 11:04am Nov 29, 2006 11:04am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Would still have been a nice trade though - may even have given an earlier oportunity to go long today and pick up some more pips
I'd be interested to see how your backtesting works - I'm sure there will be occasions where on your 'end of day' you would stay in a trade or get a better entry than on mine
Kind Regards
Steve
I'd be interested to see how your backtesting works - I'm sure there will be occasions where on your 'end of day' you would stay in a trade or get a better entry than on mine
Kind Regards
Steve
- #29
- Nov 29, 2006 11:31pm Nov 29, 2006 11:31pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Hi,
My USDJPY short from 117.84 was stopped out at 116.50 as its threatened to do for a couple of days but a good 134 pip gain
Opened USDCAD long from 1.1378 (s/l 1.1286) last night & also USDCHF long from 1.2100 (s/l 1.2002). Currently plus 7 & minus 37 respectively.
GBPUSD long still open from 1.8954 (s/l now 1.9424) up 584 pips & EURUSD long still open from 1.2830 (s/l now 1.3122) up 353 pips.
This is one of those occasions where I have longs in USDCHF & GBPUSD at the same time which I guess acts as a sort of hedge.
Happy trading folks
Kind Regards
Steve
My USDJPY short from 117.84 was stopped out at 116.50 as its threatened to do for a couple of days but a good 134 pip gain
Opened USDCAD long from 1.1378 (s/l 1.1286) last night & also USDCHF long from 1.2100 (s/l 1.2002). Currently plus 7 & minus 37 respectively.
GBPUSD long still open from 1.8954 (s/l now 1.9424) up 584 pips & EURUSD long still open from 1.2830 (s/l now 1.3122) up 353 pips.
This is one of those occasions where I have longs in USDCHF & GBPUSD at the same time which I guess acts as a sort of hedge.
Happy trading folks
Kind Regards
Steve
- #30
- Nov 30, 2006 9:28am Nov 30, 2006 9:28am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
OK, so I got a loser today - USDCHF short minus 98 pips but thats what stop losses are there for...
Current trades
Long GU currently plus 726 pips
Long EU currently plus 428 pips
Long UCAD currently plus 30 pips
Will re-enter trades on UJ & UCHF at close of US trading tonight.
Kind Regards
Steve
Current trades
Long GU currently plus 726 pips
Long EU currently plus 428 pips
Long UCAD currently plus 30 pips
Will re-enter trades on UJ & UCHF at close of US trading tonight.
Kind Regards
Steve
- #31
- Nov 30, 2006 2:12pm Nov 30, 2006 2:12pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
US is just closing on 30th November so here are the results so far since I started trading the system rigidly since the second week of November.
My monthly target is 500 pips which equates to an increase of 10% each month in my account balance.
November closed trades....
GBPUSD +123
EURUSD -95
USDJPY +180
USDCHF +211
USDCAD +57
Net pips total + 476
Open trades carried into December....
GBPUSD stop loss currently at +484 pips
EURUSD stop loss currently at +303 pips
USDJPY stop loss currently at -86 pips
USDCHF stop loss currently at -139 pips
USDCAD stop loss currently at -20 pips
Guaranteed locked in pips so far for December +542
I hope you don't mind me using this thread to forward test this over time..
Kind Regards
Steve
My monthly target is 500 pips which equates to an increase of 10% each month in my account balance.
November closed trades....
GBPUSD +123
EURUSD -95
USDJPY +180
USDCHF +211
USDCAD +57
Net pips total + 476
Open trades carried into December....
GBPUSD stop loss currently at +484 pips
EURUSD stop loss currently at +303 pips
USDJPY stop loss currently at -86 pips
USDCHF stop loss currently at -139 pips
USDCAD stop loss currently at -20 pips
Guaranteed locked in pips so far for December +542
I hope you don't mind me using this thread to forward test this over time..
Kind Regards
Steve
- #32
- Nov 30, 2006 2:49pm Nov 30, 2006 2:49pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
If a mod is reading this by chance, is it possible to move this thread into the journal forum?
Thanks
Steve
Thanks
Steve
- #35
- Nov 30, 2006 11:34pm Nov 30, 2006 11:34pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
How many pips are your stop losses to start out with? With your system when do you start moving your stop losses? Do you use trailing stop losses thanks
I think I explained it earlier in the thread but my stop losses start at 10 pips from the previous day's high/low depending on whether I go long or short.
At close of US session I move the stop loss to 10 pips from that day's high or low. The first day or two of a trade, I may well get stopped out but when I hit upon a trend then the pips flow in
Kind Regards
Steve
- #36
- Dec 1, 2006 2:21pm Dec 1, 2006 2:21pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
Well, another fx week over and an update on my open positions.
All 5 trades are still open and currently this is how they stand....
GU long from 1.8954 (stop loss at 1.9626 - plus 682 pips)
EU long from 1.2830 (stop loss at 1.3211 - plus 381 pips)
UCHF short from 1.1977 (stop loss at 1.2020 - minus 43 pips)
UJ short from 115.79 (stop loss at 116.48 - minus 69 pips)
UCAD long from 1.1378 (stop loss at 1.1363 - minus 15 pips)
Guaranteed pips on these trades total 936 pips which is not a bad start to the month as my target is only 500 pips for the whole month
Have a great weekend all
Kind Regards
Steve
All 5 trades are still open and currently this is how they stand....
GU long from 1.8954 (stop loss at 1.9626 - plus 682 pips)
EU long from 1.2830 (stop loss at 1.3211 - plus 381 pips)
UCHF short from 1.1977 (stop loss at 1.2020 - minus 43 pips)
UJ short from 115.79 (stop loss at 116.48 - minus 69 pips)
UCAD long from 1.1378 (stop loss at 1.1363 - minus 15 pips)
Guaranteed pips on these trades total 936 pips which is not a bad start to the month as my target is only 500 pips for the whole month
Have a great weekend all
Kind Regards
Steve
- #38
- Dec 1, 2006 3:55pm Dec 1, 2006 3:55pm
- Joined Jun 2006 | Status: Trader | 2,512 Posts
are you using the daily chart
Kind Regards
Steve
- #39
- Edited 9:45am Dec 3, 2006 8:05am | Edited 9:45am
- Joined Jun 2006 | Status: Trader | 2,512 Posts
As I suspected, the choice of broker is critical for this system. If you've been using MB, let's say you went short on USDCHF Monday last week, you'd have been stopped out Monday this week, instead of today.
Date------ Open-- High-- Low--- Close- S/L--- Stopped?
2006.11.19 1.2440 1.2446 1.2435 1.2444
2006.11.20 1.2446 1.2449 1.2398 1.2440 1.2456 No
2006.11.21 1.2442 1.2451 1.2397 1.2409 1.2459 No
2006.11.22 1.2410 1.2411 1.2255 1.2267 1.2461 No
2006.11.23 1.2268 1.2280 1.2208 1.2238 1.2421 No
2006.11.24 1.2236 1.2242 1.2074 1.2090 1.2290 No
2006.11.26 1.2030 1.2040 1.2029 1.2036 1.2252 No
2006.11.27 1.2037 1.2109 1.2037 1.2063 1.2050 Yes
2006.11.28 1.2065 1.2089 1.2013 1.2023 1.2119
2006.11.29 1.2026 1.2114 1.2013 1.2109 1.2099
Regards
I see that your broker and some others have a Sunday bar which may only cover a few hours. My broker has only 5 daily bars a week - the first starting at 10pm GMT Sunday through to 10pm GMT Monday.
On checking, it would be prudent to basically ignore the Sunday bar as far as moving stop losses is concerned and not move the stop loss until close of the Monday daily bar. If you moved the stop losses taking the Sunday bar into account this would stop you out of some profitable trades.
Hope this helps
Kind Regards
Steve
- #40
- Dec 3, 2006 11:49am Dec 3, 2006 11:49am
- | Joined Nov 2006 | Status: very junior member | 1,576 Posts
stevie,
the last line? does it mean you enter a trade irrespective of current trend/sideways market? and keep your trade open till a trend forms and sucks it in..(or get s/led)..
and what do you use to gauge a trend? higher lows/lower highs on the daily/weekly/monthly chart?
this is a newbie question so pls excuse if it smacks of ignorance..
the last line? does it mean you enter a trade irrespective of current trend/sideways market? and keep your trade open till a trend forms and sucks it in..(or get s/led)..
and what do you use to gauge a trend? higher lows/lower highs on the daily/weekly/monthly chart?
this is a newbie question so pls excuse if it smacks of ignorance..
Hi,
I think I explained it earlier in the thread but my stop losses start at 10 pips from the previous day's high/low depending on whether I go long or short.
At close of US session I move the stop loss to 10 pips from that day's high or low. The first day or two of a trade, I may well get stopped out but when I hit upon a trend then the pips flow in
Kind Regards
Steve