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Daily95pips

  • #61
  • Edited Aug 30, 2007 5:25pm Aug 29, 2007 5:51pm | Edited Aug 30, 2007 5:25pm
Quoting mikelath
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 !

Ok. I'll try to get more organised with the results. As i can edit this post (unlike post#2), I hope to add all future results here. I'll also add daily comments, serving the purpose of a trading journal.

Date: Tuesday 28 August 2007
GBPUSD + 95
GBPJPY +95
USDJPY +95
EURJPY +15
EURGBP +23
EURUSD -90

Total: +233pips

Comment: A good day overall. EURJPY came within 2pips of the 50 profit target. EURGBP 15pips PT was reached and the other 2 lots were closed out manually before new orders were placed for the next day.
Date: Wednesday 29 August 2007
GBPUSD -180
GBPJPY -30
USDJPY +105
EURJPY +190
EURGBP +15
EURUSD +95

Total: +195pips

Comment: A very interesting day. GBPUSD and GBPJPY were triggered and stopped out soon after placing the orders. Both the long and short orders were triggered on numerous pairs...some for the better, some not so. Closed out 2 lots on EURGBP at breakeven to make way for new orders. Overall, another good result.

Date: Thursday 30 August
GBPUSD -90
GBPJPY no touch
USDJPY no touch
EURJPY no touch
EURGBP no touch
EURUSD no touch

Total: -90pips

Comment: As we can see it was a pretty uneventful day. The long trade on GBPUSD was the only one that triggered. All others traded within the range of the previous days high and low. It happens. We can't expect a breakout every single day. Patience and sticking with the system is the key.
  • #62
  • Aug 29, 2007 6:09pm Aug 29, 2007 6:09pm
Not to bad for a days work.. What have you determined as the TPs and SLs for the differant pairs?
Same Whore .... Different Dress
  • #63
  • Edited 7:22pm Aug 29, 2007 6:20pm | Edited 7:22pm
mike,

how are you plus 95 on the Euro/usd? I took the high and low from yesterday which was 1.3680 and 1.3575. that would make my entry on the buy at 1.3685 and my entry on the sell at 1.3570. My 3 sell orders kicked in and gained 8 pips before reversing and stopping out at 1.3600. and my buy order never kicked in. My broker ends the current day at 8pm eastern time. How do your entry's compare to mine? Im just wondering if im missing something?

Thanks!
  • #64
  • Aug 29, 2007 6:59pm Aug 29, 2007 6:59pm
i was looking at the strategy..i was thinking instead of giving only 10pips from the buy and sell..why not give more pips in between so that you won't get buy and sell trigger at the same time.

example

yesterday high +15pips
yesterday low -15 pips

that way, when you get stop out, you also are in short position.

comments?
  • #65
  • Aug 29, 2007 7:13pm Aug 29, 2007 7:13pm
Quoting slappy
mike,

how are you plus 95 on the Euro/usd? I took the high and low from yesterday which was 1.3680 and 1.3575. that would make my entry on the buy at 1.3685 and my entry on the sell at 1.3570. My 3 sell orders kicked in and gained 8 pips before reversing and stopping out at 1.3600. and my buy order never kicked in. My broker ends the current day at 4pm eastern time. How do your entry's compare to mine? Im just wondering if im missing something?

Thanks!
Hi slappy.

What time did you place your orders?
As stated numerous times on previous posts, varied results will occur with different brokers and entry times.
I hope that clarifies your enquiry.

mike
  • #66
  • Aug 29, 2007 7:18pm Aug 29, 2007 7:18pm
Anyone know when Oanda opens a new dailly candle? Much appreciated!

Henyloc
  • #67
  • Aug 29, 2007 7:22pm Aug 29, 2007 7:22pm
mike,

I placed mine at 8pm eastern time. What time are you placing yours?
  • #68
  • Aug 29, 2007 7:28pm Aug 29, 2007 7:28pm
I placed mine @ 8pm EST also , Im just waiting for new daily candle to open.
  • #69
  • Aug 29, 2007 10:12pm Aug 29, 2007 10:12pm
Quoting henyloc
Anyone know when Oanda opens a new dailly candle? Much appreciated!

Henyloc

Midnight EST
  • #70
  • Aug 29, 2007 10:27pm Aug 29, 2007 10:27pm
I think the best would be discarding what time new day start with your broker. Rather,

START at forex Start day ....... (5.00.01) US EST ....
forex day start after US close...
  • #71
  • Aug 30, 2007 1:25am Aug 30, 2007 1:25am
Quoting Rustbelt
Midnight EST
Thank Youhttp://www.forexfactory.com/images/icons/icon7.gif
  • #72
  • Aug 30, 2007 1:26am Aug 30, 2007 1:26am
Looks like long orders might get triggered, we'll see.
  • #73
  • Aug 30, 2007 3:11am Aug 30, 2007 3:11am
Quoting Syafi
I think the best would be discarding what time new day start with your broker. Rather,

START at forex Start day ....... (5.00.01) US EST ....
forex day start after US close...
This is the best idea, you have high and low of the day place your orders at 5pm est that is 10pm uk time and 9pm GMT regardless of what time your broker's daily candle closes

5 pm est is the close of NY session and is regarded as close of fx trading day
Regards
  • #74
  • Aug 30, 2007 9:55am Aug 30, 2007 9:55am
Quoting Lukester
I made 46 pips on USD/JPY yesterday. The TP for the first 2 long trades were triggered. I manually closed the last long trade as it was another trading day already.
I am trying out the strategy today on EUR/USD.
Seems pretty nice for currency pairs which either goes up a lot or goes down a lot.
please remove your spam link...........cashline.spam
Same Whore .... Different Dress
  • #75
  • Aug 30, 2007 4:39pm Aug 30, 2007 4:39pm
Hello mikelath,

I think this system is worth trying.
It came out almost breakeven yesterday, when I first started testing it.

Now I'm not sure whether I have placed my trades well, although previous days high and low + or - 5, sl 30, tp 15, 30, 50 is no rocketscience.

Could you please give me an example of EUR/USD trades for today, as which are the two prices you've placed the high and low orders?

Thanks a lot

ashes
  • #76
  • Aug 30, 2007 5:36pm Aug 30, 2007 5:36pm
Updated results at post #61.

cheers
mike
  • #77
  • Aug 30, 2007 5:53pm Aug 30, 2007 5:53pm
just found this thread.. i am a big fan of mechanical systems and although this is a very simplistic method it has enough merit to warrent further exploration!

i think the long term expectancy of such a system can be greatly increased through the following:
1.
trades are taken only on "inside days"
or
since inside days are few and far between perhaps increasing risk or doubling trade size on such days

2.
apply some sort of martingale or similar compounding technique to losing days
ie - after one losing day increase bet on 2nd day
or
following a winning day decrease position size for next day

obviously in order to effeciently fine tune the money management aspect one would need and expert written as manual backtesting would take hours if not days, maybe if there are no other takers i will donate one when time allows

GL

- Derek
  • #78
  • Aug 30, 2007 6:00pm Aug 30, 2007 6:00pm
Quoting dsvt1
1.
trades are taken only on "inside days"

- Derek
What do you mean my "inside days"?

thanks
  • #79
  • Aug 30, 2007 6:16pm Aug 30, 2007 6:16pm
an inside day is one in which neither the high or low of the previous day was exceeded (for exampe if the highs and lows of today were inside the range of the previous day)
as opposed to an "outside day" in which both the high and low of the previous day is exceeded

GL
  • #80
  • Aug 30, 2007 7:30pm Aug 30, 2007 7:30pm
Is it + and - 5 pips with spread or with without?
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