Daily95pips

Quoting mikelath

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It's seems that I am unable to edit the above post, so results may need to be given on separate posts as we go along.
The first day's results are posted here. It was a very mediocre day due to low volatility in the market, highly attributed to the Bank Holiday in the UK.

Date: Monday 27 August 2007

GBPUSD GBPJPY USDJPY EURJPY EURGBP EURUSD
+15pips +15pips -45pips +15pips no touch no touch

Happy pipping !

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Quoting mikelath

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It's seems that I am unable to edit the above post, so results may need to be given on separate posts as we go along.
The first day's results are posted here. It was a very mediocre day due to low volatility in the market, highly attributed to the Bank Holiday in the UK.

Date: Monday 27 August 2007

GBPUSD GBPJPY USDJPY EURJPY EURGBP EURUSD
+15pips +15pips -45pips +15pips no touch no touch

Happy pipping !

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Quoting Syafi

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Ahh, maybe the timing ?
I tested with +95 profit yesterday.....right after Asian open time at GBP JPY
today also +95 pip also with asian open time....

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Quoting Billser

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What SL did you use for G/J

Thanks,

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Quoting mikelath

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In terms of past results, I have seen versions of this strategy that aim for profits of 60pips from a 30pip move in price, risking 90pips. The average monthly result is approx. 300pips.
The basis of this system is the same ie. placing limit orders 5pips above and below the previous days high and low, however I have introduced a variation on the money management strategy which involves aiming for 95pips while risking 90pips. Therefore, I do not have any historical results to share with you at this point in time...sorry 'bout that. The results of this new approach are being forward tested and posted on this thread.

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Quoting Syafi

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Ahh, maybe the timing ?
I tested with +95 profit yesterday.....right after Asian open time at GBP JPY
today also +95 pip also with asian open time....

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Quoting vanupips

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Do you mean 300 pips for every pair traded?
for the GBP/US and EUR/US can you begin at the Londen session opening?
any special reason why it has to be Tokyo opening?

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Quoting mikelath

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Hi all and welcome to the DAILY95PIPS strategy.

Before we start I urge you to paper trade any new strategy including this one before committing any of your own funds.

Also bear in mind that this system is by no means new and may look familiar to some of you. I am simply passing it on from my predecessors/mentors in the hope that it adds to your existing trading arsenal and increases your trading results.

The basis of this system is VERY simple and has proven to be profitable, though I am adjusting the money management/profit targets. So results for this revised version will be realised on this thread. I must also emphasise the well known phrase that "past performance is no guarantee of future returns".

I will add the daily trading results to this thread as we go along. (Please disregard the next post as I am unable to add to it.)

That being said, let us proceed with the strategy.

OVERVIEW:
This is a pure "set and forget" system where trades are placed at the same time everyday.
By setting multiple profit targets we are exercising money management, while aiming for 95pips profit from a 50pip move in price.
We will simply be placing orders 5pips above the previous days HIGH and 5pips below the previous days LOW.
Use a 30pip stop loss for all orders.
Orders are placed on Monday, Tuesday, Wednesday, Thursday and Friday.

EXECUTION:

1.) At 5pm EST open the daily chart (start of the Asian session) of USDJPY. ( In an attempt to pre-empt questions about how this strategy works on other pairs, I will post results comparing GBPUSD, GBPJPY, EURJPY, and EURUSD. You're welcome to add to the list.)

2.) After the new daily candle has opened, take note of the previous day's HIGH and LOW.

3.) Open a total of 6 PENDING orders including 3 BUY STOPS and 3 SELL STOPS that expire within 24hrs (I use 18hrs) as follows:

Buy/Long Orders:
i. #1 - Entry = Yesterday's HIGH+5pips, Take Profit=15pips, S/L=30pips
ii. #2 - Entry = Yesterday's HIGH+5pips, Take Profit=30pips, S/L=30pips
iii. #3 - Entry = Yesterday's HIGH+5pips, Take Profit=50pips, S/L=30pips

Sell/Short Orders:
i. #1 - Entry = Yesterday's LOW-5pips, Take Profit=15pips, S/L=30pips
ii. #2 - Entry = Yesterday's LOW-5pips, Take Profit=30pips, S/L=30pips
iii. #3 - Entry = Yesterday's LOW-5pips, Take Profit=50pips, S/L=30pips

That's it.

Once you have placed your orders you are free to go and do something else with your day as this strategy does not require you to be monitoring the trades.

There can be 4 possible outcomes after either the long or short trades are triggered:
1.) All 3 profit targets are reached for a total of +95pips.
2.) The first 2 profit targets are reached (+45pips) and the remaining lot is stopped out (-30pips) leaving a total of +15pips.
3.) The first profit target is reached (+15pips) and the two remaining lots are stopped out for a total of -45pips.
4.) All 3 lots are stopped out for a total of -90pips.
Additional to this is the variable outcomes of when both the long and short trades are triggered.

Please note that as a general rule of thumb you should not risk any more than 3% of your trading account on any one trade.
Therefore, with the DAILY95PIPS strategy the order size will need to be divided between the long and short orders. The total potential loss on the long orders (90pips) will therefore add up to 3% of your trading account.
Alternatively, you could risk 3% of your trading capital on EACH order, totalling 9% of your trading capital being risked for the long trades. The same applies to the short orders.

Happy trading everyone !

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Quoting mikelath

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Hi vanupips.

Regarding the time of placing the orders....quite frankly, I'll admit that I don't know the reason....you're welcome to do your own forward (or backtesting) based on entry at other times of the day.

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Quoting Syafi

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There is no 100% system....

This system will lose 2 days out of 5 days in a week ...
ensure you can withstand 180 pip losing.. in a week...

in a month it will give you ~300 pip profit ......

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Quoting Billser

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95 pips per day x 20 days per month = 1900 possible pips.

If it gives you 300 pips per month then what happened to the rest of the 1600 pips. That tells me there must be a lot of negitive days.

I'm not trying to be negitive, Just trying to see the big picture and what to expect during the month.

Any thoughts any one.

Billser

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Quoting marcf

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The Asian session starts at 7:00 PM EST, not 5:00 PM.

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Quoting howard

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5pm est is the close of NY session and close of fx day

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Quoting Syafi

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There is no 100% system....

This system will lose 2 days out of 5 days in a week ...
ensure you can withstand 180 pip losing.. in a week...

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Quoting vanupips

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it could go first 10 pips up , then down and back up, and you end up losing 180 pips a day , after 3 days in a choppy market you lost more then 500 pips, this is also a possibility

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