Would be interesting to see the results using a trail stop of at least 25 or 30 pips on the order where you use the 50 pips TP, Can you add this function to the EA?
DislikedNice and simple daily strategy with great potential! Thanks Mikelath for forward testing and sharing!
One question - do you trade this system live or demo for now?
Anyway, a nice addition to my daily toolbox
Just a quick question...
I'm wondering why you expire your orders in 18 hrs instead of a full 24. Assuming you place your orders at 5PM EST, you kill them at 11AM the next morning if they fail to fulfill.
Can you explain your reasoning behind this?
Thanks very much for providing such a terrific method, and for sharing your time.Ignored
I'm demo trading this strategy with the purpose of shortlisting the pairs I am currently using on this thread to 3-4. I'll then continue demo trading these remaining pairs until it is clear that they are consistently profitable. I'll then go live, using a money management system whereby 3% of trading capital will be risked on each pair's trade for the day, so that if there are 4 pairs remaining, a maximum of 12% of my trading account will be at risk each day. If there are only 3 pairs it will be 9%. The purpose of using this strategy on multiple pairs is for diversification and spreading of risk. Therefore, risking up to 12% each day may turn out to be quite comfortable.
It's nice to see that you're still around.
To answer your question, I choose 18hrs expiry to reduce the chance of orders being triggered just before I'm due to place the new orders for the following day....just my view on things....it may or may not work in my favour. So, it's your call whether you want to use 18 or 24 hrs expiry.
Yep, I'm still here, and quite enthusiastic, too; I like what you've done here. Thanks for your reply -- makes good sense.
Tonight I'm trading $1 dollar lots (I really should have warned everyone, since my trades too often signal price moves in the opposite direction!), anxious to see results in the morning. I'm already down 75 pips on US/JY (as you must be, too, since our entries are in sync).
Earlier I was watching my monitors, and thought about getting out when I was up 45 or so since I saw the price beginning to fall, but decided to just let things run their course, and let the chips fall where they may. But, I really do hate to see a good trade go bad, so I might just end some trades early in the future, if I happen to be at the monitor. I'm accustomed to babysitting my trades during the day, so it's hard for me to just sit on my hands without taking any action to protect my profits, especially if I am right there.
Wonder what your thoughts (or anyone else's thoughts) are on that...
Btw, do you have an easy way to figure out your results in pips at the end of the day? Oanda Activities screen only shows me gains/losses in dollars, not pips, unless I'm missing something.
DislikedI'm glad to be of assistance Jeff.
I must say that you are a brave man for going live on this strategy(if that's what you meant by "trading $1 lots" ) this early in the piece.
I was actually a bit late to place the demo orders today, and came back later to find that some would've already triggered. What I see so far is that the GBPJPY long has ended with +15pips. As I am currently paper trading this strategy, I can look back over the charts and see the likely results (unless price came perilously close to TP or SL in which case I usually give the conservative outcome the benefit of the doubt).
I try not to get too emotionally caught up in the trades and as a result make decisions before the trades have run their course. That's the very reason I am inclined towards set and forget strategies such as this. Try to bear in mind that there is always the chance of a trade coming back and reaching full profit....and if it doesn't and goes the other way, so be it. That indicates to me that the system may need a little more tweaking to maximise performance without me interferring with the trades themselves. For example, so far we've seen that EURGBP is potentially not as suited to this strategy as other pairs. So, we may just need to remove it from the list.
That being said, I'll admit that I still can't resist checking on the trades throughout the day. And in those times when I see the price is just near the take profit level and I feel the urge to close out and protect profits, I force myself to walk away and come back later because I can feel my emotions being overly drawn into the trading process, and that's what I want to avoid.
I just know from experience that the more room there is to make desicions after trades have been placed, the more chance there is of being taken on an emotional rollercoaster. I'm trying to streamline my trading so that this doesn't occur.
As I've heard it said: "trading is 20% skills and 80% psychology", so it's the psychology part that we are addressing here.
Regarding ascertaining your results with Oanda; if you have physically placed either demo or live trades with the 3 profit targets as per this system, whenever a profit target is hit a green dot will appear on your chart. If you are stopped out, a red dot will appear. So, depending on how many green dots appear, you can easily calculate the result in pips:
3 green dots = +95pips
2 green dots & 1 red dot = +15pips
1 green dot & 1 red dot = -45pips
1 red dot = -90pips
Alternatively, simply check the movement of price from your entry levels eg. if long entry on GBPUSD is 2.0196 and price goes past 2.0246 you will know that you've achieved all 3 profit targets for a total of +95pips.
So far so good.
After amending post#1 in an attempt to clarify entry, today I've decided to include here the entry levels for todays trades. L: stands for long and S: stands for short.
So here they are, the entry levels for Wednesday 5 September 2007 (Brisbane time):
GBPUSD L: 2.0196 S: 2.0070
GBPJPY L: 234.51 S: 231.92
USDJPY L: 116.46 S: 115.28
EURJPY L: 158.47 S: 156.51
EURGBP L: 0.6773 S: 0.6733
EURUSD L: 1.3631 S: 1.3546
Happy pipping everybody !Ignored
DislikedI tried to place the strategy on monday. But the parametrs were invalid. The meta trader responded with "invalid S/L and T/P.
So should i do?
How do i go about it.Ignored
Good thinking on reconciling results on Oanda!
Yes, I suppose I'm pretty brave (just couldn't resist).
I think your approach -- letting it ride until the end -- is healthy, and it's a good test of The System. I sure like the idea of having time to take care of other things during the day, while I earn big pips. But, you're still on a demo so that removes much of the trauma of sitting by while your funds dwindle. I'm not so sure I can simply close my eyes when I know I can impart some control over the state of my booty.
That said, I will go with the flow for a couple of days, and see how it all plays out. Tonight I played with just three pairs: EU/US, US/JY, and EU/JY. So far, I'm down -135 pips. Glad I'm only brave enough to play for $1/pip!! I figured the most I could lose is $540 on the three pairs, and what are the odds of that happening?
Shhhh -- don't answer...
i am not too sure if you really want to go real on this one in this week. cos this friday US is reporting Non-farm payroll. usually during this time.. the market is very volatile.. suddenly up and down usually happen quite offen. you might want to consider to try real next week.
Dislikedhey mike i have a similar method to this i cannot guarantee 95 pips on a daily basis but yes 50 pips are almost certain and this is an example from the eur/jpy pair guys have a look.