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Daily95pips

  • #41
  • Aug 28, 2007 3:12pm Aug 28, 2007 3:12pm
Quoting billbss
Not with the rules as presented.

You enter a max of three trades. The SL on each trade is 30.
the rule is "you enter a total of 6 trades, 3 buy's and 3 sell's"
if you are not lucky they all got triggered you lost 180 pips.
3 unlucky days ......
  • #42
  • Aug 28, 2007 3:17pm Aug 28, 2007 3:17pm
Quoting vanupips
the rule is "you enter a total of 6 trades, 3 buy's and 3 sell's"
if you are not lucky they all got triggered you lost 180 pips.
3 unlucky days ......
You're right. I stand corrected.
  • #43
  • Edited 5:30pm Aug 28, 2007 4:21pm | Edited 5:30pm
So I back tested this one week. I went off previous days highs and lows like instructed. I used Euro/usd. My numbers are based on closing out the days trades before entering in new trades for the current day. The following is the net pips in 24 hours.

8/20 -0
8/21 -123
8/22 +67
8/23 +15
8/24 +95
8/27 +95

Giving you a total of 149 pips for the week. If you don't close out the trades by days end and let them run their course you might save pips? Comments?
  • #44
  • Aug 28, 2007 4:25pm Aug 28, 2007 4:25pm
might want to think about only loosing 3 trades in a row then stopping for the day
  • #45
  • Aug 28, 2007 4:36pm Aug 28, 2007 4:36pm
Quoting marcf
The Asian session starts at 7:00 PM EST, not 5:00 PM.
Thanks for the correction marcf.
I'll edit post #1 to "2hrs before the start of the Asian session".
  • #46
  • Aug 28, 2007 4:45pm Aug 28, 2007 4:45pm
Quoting vanupips
Hi Mike ,
Maybe you can ask those who know how to do it to make a backtest on different pairs using different opening times?
(Would have done it if I had know how to)
Do you keep the open positions till you hit the TP or SL or do you close it all when you open new position next day?
Hey vanupips, keep those quality questions coming.
I'm not really into backtesting. I prefer to forward test on a demo account before going live on a new strategy. I can then experience the mechanics of trading the strategy to firstly see if I'm comfortable with it and secondly to see if it brings the pips !:
Yes, I only keep the positions open till they hit TP or SL within that trading day, and will close out any positions that are still open before placing the orders for the next day. I had that experience today...the EURGBP position was still open. It had already achieved the +15pip TP. I closed the other 2 lots for +4pips each, so the total for the day was +23pips.

cheers
mike
  • #47
  • Aug 28, 2007 4:53pm Aug 28, 2007 4:53pm
Quoting yusho88
hi Mike
Thank you for sharing the system.
I am new in forex. currently using metatrader which seems using gmt +2.
is it okay for me to used their chart?
thank you
Hi yusho.

We need to bear in mind that prices can vary with different brokers, though they all must follow the general direction of price in order to keep the credibility with their clientelle !
So, in my opinion, it's ok to use the broker ( and charts ) of your choice, however just bear in mind that the above mentioned fluctuations may determine the difference between times when TP or SL levels are reached or not. I hope this helps.
  • #48
  • Aug 28, 2007 4:55pm Aug 28, 2007 4:55pm
Quoting slappy
Do you clear out the previous days orders and close all open orders prior to entering in the new orders for the day?
Yes.
  • #49
  • Aug 28, 2007 5:00pm Aug 28, 2007 5:00pm
You can take the high and low for the past 24 hours, at 5PM EST, regardless of the time used by your broker. You can place your orders then. That's what I do.
  • #50
  • Aug 28, 2007 5:01pm Aug 28, 2007 5:01pm
Quoting billbss
The results we are working with are vague, at best.

A winning day doesn't have to be +95 pips.
A losing day doesn't have to be -90 pips.
Hey billbss.
Thanks for your interest.
As mentioned in a previous post, those +300pips were an average on GBPUSD only...using profit targets of 10,20 and 30pips..thus risking 90pips to make 60pips...this new strategy's profit targets are different, so we all need to be patient to see what the forward testing results will be.
You're absolutey right regarding possible outcomes...as mentioned in post#1, there can be at least 4 of them....
  • #51
  • Aug 28, 2007 5:12pm Aug 28, 2007 5:12pm
Quoting billbss
You can take the high and low for the past 24 hours, at 5PM EST, regardless of the time used by your broker. You can place your orders then. That's what I do.
Good point billbss.
I do the same. I actually used to place the orders at 7pm EST, which is when the new daily candle opens (with my broker). Though another strategy I trade requires the orders to be placed after 5pm EST, so I found myself placing them both around the same time...or rather between 5-7pm EST.
I think a relevant point is that any strategy is a guideline to a consistent approach to trading the market. In my opinion, it's better for someone to get into the routine of placing their orders at the same time each day. In this case, we are actually placing our orders before the new daily candle opens, simply using, as you stated, the previous 24hrs (or 22hrs) data.
I hope this doesn't confuse anyone.
  • #52
  • Aug 28, 2007 7:13pm Aug 28, 2007 7:13pm
I'm up 91 pips in 2 days.....I let the first TP run out naturally then I get chicken and bug out with another 12+ pips for the other 2 TP.. On my demo I let it run until it hits it's TP...so far so good.

Anyone thought about trading an extra lot but this time using a trailing stop of 30+

Billser
It's All About Attitude ...
  • #53
  • Aug 28, 2007 11:52pm Aug 28, 2007 11:52pm
3rd day another +95 pip on Asian open time with GBP JPY

since its the 3rd consecutive good trade, with 285 pip we can all go holiday to Greece. err its haze there, so we go Casablanca......
  • #54
  • Aug 29, 2007 12:33am Aug 29, 2007 12:33am
Do you place your trade at 5.00pm EST and is your SL still 30 pips same as U/J.

Are you demo or real money?

Thanks and congrats

Quoting Syafi
3rd day another +95 pip on Asian open time with GBP JPY

since its the 3rd consecutive good trade, with 285 pip we can all go holiday to Greece. err its haze there, so we go Casablanca......
It's All About Attitude ...
  • #55
  • Aug 29, 2007 3:25am Aug 29, 2007 3:25am
If you can buy ticket to Casablanca with demo money then its good for you.
  • #56
  • Aug 29, 2007 4:38am Aug 29, 2007 4:38am
how do i get your currency pair for each day and the target pls am new in this stuff.
more help help is apprecited
  • #57
  • Aug 29, 2007 11:07am Aug 29, 2007 11:07am
im up 190 pips on the euro/usd....for today unless the Euro makes a run above 1.3685 i will have a 90 pip loss. Last night the euro dropped just low enough for by sell orders to kick in and then the stopped out at 1.3600. Still 100 pips in 2 days isn't bad. I have back tested this 2 months just for kicks and show a would be gain of 590 pips on the Euro/usd. Not too shabby! Does anyone have an opinion on what might be the best currency pair to trade?
  • #58
  • Aug 29, 2007 5:12pm Aug 29, 2007 5:12pm
You reckon I am being lazy here... can anyone write an EA for this?

Lol... no I'm serious.
  • #59
  • Aug 29, 2007 5:28pm Aug 29, 2007 5:28pm
Quoting biodunforex
how do i get your currency pair for each day and the target pls am new in this stuff.
more help help is apprecited
Hi. I'm not really sure that I understand your question, however I suggest that you carefully read post #1.
We are placing BOTH buy AND sell orders each day.
I hope that helps.
  • #60
  • Edited 5:53pm Aug 29, 2007 5:34pm | Edited 5:53pm
Greetings all.
Yesterday was an interesting one, with both long and short orders being triggered on most of the pairs I'm comparing except EURUSD and EURGBP.
Depending on the broker used and the time of entering the orders, results may vary somewhat amongst us. That's ok...overall the results are still looking good.
Please refer to post#61 for updated results.

Happy pipping.
mike
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