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Daily95pips

  • #201
  • Sep 7, 2007 9:34am Sep 7, 2007 9:34am
Quoting k2kv
Hi Rahul,

Thanks for posting your charts, and for providing additional SL/TP information. It's all very helpful.

Can you please explain further how you determine your SL/TP targets based on ATR? How did you decide on 40/80 for today?

Thanks again!
Mate i must tell you i do not have a very large portfolio since i am only 3 months old in forex i do not look for 100plus pips, i am happy with a 100 or below pips in a day. Usually i look for 75-100 pips in a day. So i use a 1:2 Risk/Reward Ratio.
Regards,
Bksujal
  • #202
  • Sep 7, 2007 10:01am Sep 7, 2007 10:01am
Quoting bksujal
Mate i must tell you i do not have a very large portfolio since i am only 3 months old in forex i do not look for 100plus pips, i am happy with a 100 or below pips in a day. Usually i look for 75-100 pips in a day. So i use a 1:2 Risk/Reward Ratio.
Regards,
Bksujal
Oh, I'm a little confused.

Quote
Well for the Tp i use the Atr to determine the range.
I thought you were somehow using the ATR to determine your exact TP target. I understand the 1:2 SL.

I am also not looking to make a killing every day, just happy with steady daily gains. It is much easier to make smaller gains than bigger ones.

Thanks!
Jeff Singer, K2KV
  • #203
  • Sep 7, 2007 12:20pm Sep 7, 2007 12:20pm
Last week i was to commence Demo on this Daily 95pips method, but i had a problem placing orders. Some one in the forum -Syafi helped me out by directing me to a link at efxgroup. I spent the last few days looking at the orders materials and also following all you guys contributions.Now i tried placing my orders today and i still encounter the response "invalid S/L and T/P". Below are my figures, someone should pls look it up and tell me the problem. My Time zone is GMT +1. So at fifteen minutes to 5est on my chart GBP/USD High -2.0265, Low-2.0141.
BUYSTOPS
1. Entry- TakePfofit Sl
2.0270 2.0280 2.0240
2.0270 2.0295 2.0240
2.0270 2.0315 2.0240
SELLSTOPS
Entry Takeprofit Sl
2.0260 2.0245 2.0290.
2.0260 2.0230 2.0290
2.0260 2.0210 2.0290.
These were my exact figures , starting with the first one on buystops the orders was rejected. Will good people in the forum including mikelath, and Syafi to respond.
  • #204
  • Sep 7, 2007 12:25pm Sep 7, 2007 12:25pm
Quoting inspiredcapi
Last week i was to commence Demo on this Daily 95pips method, but i had a problem placing orders. Some one in the forum -Syafi helped me out by directing me to a link at efxgroup. I spent the last few days looking at the orders materials and also following all you guys contributions.Now i tried placing my orders today and i still encounter the response "invalid S/L and T/P". Below are my figures, someone should pls look it up and tell me the problem. My Time zone is GMT +1. So at fifteen minutes to 5est on my chart GBP/USD High -2.0265, Low-2.0141.
BUYSTOPS
1. Entry- TakePfofit Sl
2.0270 2.0280 2.0240
2.0270 2.0295 2.0240
2.0270 2.0315 2.0240
SELLSTOPS
Entry Takeprofit Sl
2.0260 2.0245 2.0290.
2.0260 2.0230 2.0290
2.0260 2.0210 2.0290.
These were my exact figures , starting with the first one on buystops the orders was rejected. Will good people in the forum including mikelath, and Syafi to respond.
Check with your broker. They might have restrictions regarding the distance of the SL and TP from your order.
.
  • #205
  • Sep 7, 2007 12:36pm Sep 7, 2007 12:36pm
Quoting inspiredcapi
Last week i was to commence Demo on this Daily 95pips method, but i had a problem placing orders. Some one in the forum -Syafi helped me out by directing me to a link at efxgroup. I spent the last few days looking at the orders materials and also following all you guys contributions.Now i tried placing my orders today and i still encounter the response "invalid S/L and T/P". Below are my figures, someone should pls look it up and tell me the problem. My Time zone is GMT +1. So at fifteen minutes to 5est on my chart GBP/USD High -2.0265, Low-2.0141.
BUYSTOPS
1. Entry- TakePfofit Sl
2.0270 2.0280 2.0240
2.0270 2.0295 2.0240
2.0270 2.0315 2.0240
SELLSTOPS
Entry Takeprofit Sl
2.0260 2.0245 2.0290.
2.0260 2.0230 2.0290
2.0260 2.0210 2.0290.
These were my exact figures , starting with the first one on buystops the orders was rejected. Will good people in the forum including mikelath, and Syafi to respond.
Hi inspiredcapi.

Bullrock is correct in that it basically comes down to what facility your broker provides. You will need to check with them.
For the sake of testing this strategy on a demo account, Oanda has a useful trading platform suitable for this purpose.

mike
  • #206
  • Sep 7, 2007 1:05pm Sep 7, 2007 1:05pm
Ok mike my results for today were:
Eur/Jpy = 80 pips
Gbp/Usd = 50 pips
Regards,
Bksujal
  • #207
  • Sep 7, 2007 2:50pm Sep 7, 2007 2:50pm
Quoting bullrock
A bit of this and that.

So I have made a bit of analysis in excel.

There can be problem with the accuracy because I have done the analysis on daily data. The analysis takes into consideration only the long side.

Well this is not too bad.

bullrock
nice work, btw, if u also short, maybe profit more. :-)
  • #208
  • Sep 7, 2007 3:00pm Sep 7, 2007 3:00pm
Hi,
Weekend is coming, so we can polish that strategy using backtesting
Attached indicator might me useful, it just draws the bands for entry (with fixed pips shift or per cent of last day's range shift - bksujal's idea).
Attached File(s)
File Type: mq4 Daily95pipsBands.mq4   3 KB | 1,375 downloads
  • #209
  • Sep 7, 2007 3:04pm Sep 7, 2007 3:04pm
Quoting bullrock

...

The strategy:
5 units -> 4 TP + 1 EOD
TP1 15% of the daily ATR(14)
TP1 30% of the daily ATR(14)
TP1 45% of the daily ATR(14)
TP1 60% of the daily ATR(14)
SL is 20% of the daily ATR(14)

...

bullrock
bullrock,
Why daily ATR with 14 period?
I think that 1H ATR(24) would fit best as we take average true range for the last day.

Pr1mer
  • #210
  • Sep 7, 2007 3:18pm Sep 7, 2007 3:18pm
Quoting Pr1mer
bullrock,
Why daily ATR with 14 period?
I think that 1H ATR(24) would fit best as we take average true range for the last day.

Pr1mer
Maybe, I will verify your assertion and will post the results.
.
  • #211
  • Sep 7, 2007 3:26pm Sep 7, 2007 3:26pm
Quoting inspiredcapi
Last week i was to commence Demo on this Daily 95pips method, but i had a problem placing orders. Some one in the forum -Syafi helped me out by directing me to a link at efxgroup. I spent the last few days looking at the orders materials and also following all you guys contributions.Now i tried placing my orders today and i still encounter the response "invalid S/L and T/P". Below are my figures, someone should pls look it up and tell me the problem. My Time zone is GMT +1. So at fifteen minutes to 5est on my chart GBP/USD High -2.0265, Low-2.0141.
BUYSTOPS
1. Entry- TakePfofit Sl
2.0270 2.0280 2.0240
2.0270 2.0295 2.0240
2.0270 2.0315 2.0240
SELLSTOPS
Entry Takeprofit Sl
2.0260 2.0245 2.0290.
2.0260 2.0230 2.0290
2.0260 2.0210 2.0290.
These were my exact figures , starting with the first one on buystops the orders was rejected. Will good people in the forum including mikelath, and Syafi to respond.
Although it's always a good idea to speak with your broker when you're having problems, I don't think broker restrictions is the problem here. No broker will stop you from placing trades where your TP or SL is 25 pips or more. Doesn't make sense. One thing to double-check is that your order expiry date is actually set for some period in the future.

It's also possible that your account is not set up properly in the first place, or some files have become corrupted within your software. If this is the case, I suspect you would be unable to enter ANY trade at all!

Can you enter a regular market order (instant execution)? If not, I would re-run your setup program (MQ4setup.exe or something similar), and when it asks you if you are willing to receive your broker's newsletters, you must say "yes." Then, try it again, and if it still doesn't work, contact your broker and report the problem.

Let us know how you make out.

Hope that helps...
Jeff Singer, K2KV
  • #212
  • Sep 7, 2007 3:52pm Sep 7, 2007 3:52pm
Quoting bullrock
Maybe, I will verify your assertion and will post the results.
No its not better. ATR(24) just tell what is the hourly average during the last 24 hours and its a smoothed average. What we need the full daily range. Well I thought it is better to take the daily average of the last two weeks. I might be wrong.
.
  • #213
  • Sep 7, 2007 4:34pm Sep 7, 2007 4:34pm
Quoting bullrock
No its not better. ATR(24) just tell what is the hourly average during the last 24 hours and its a smoothed average. What we need the full daily range. Well I thought it is better to take the daily average of the last two weeks. I might be wrong.
You're right.
I was thinking about measuring previous day's volatility using ATR definition - the greatest of: high-low, day before close-high, day before close-low.
Than use percentage of it (e.g. 10%) above last day high (or below low) for setting buy/sell stop orders.
  • #214
  • Edited 6:32pm Sep 7, 2007 5:57pm | Edited 6:32pm
Date: Monday 3 September
GBPUSD no touch
GBPJPY no touch
USDJPY no touch
EURJPY no touch
EURGBP -10
EURUSD -20

Total: -30pips

Comment: Another slow Monday, this time attributed to US Labour Holiday. So there was very little activity. The only pairs that triggered were EURGBP and EURUSD,and it happened late in the session. Thus these trades were manually closed before the new orders were placed.

Date: Tuesday 4 September
GBPUSD +95
GBPJPY +95
USDJPY breakeven
EURJPY +95
EURGBP -90
EURUSD +40

Total: +235pips

Comment: It's nice to see the pairs breaking out again and getting back into the swing of things ! The USDJPY short trade reached the 1st PT before retracing to stop out the remaining 2 lots. It then proceeded to trigger the long orders, reaching the 1st PT and I then manually closed out the remainder to make way for the new days orders, thus resulting in a breakeven scenario. The EURUSD short trade reached the 2nd PT and I manually closed out the remainder.

Date: Wednesday 5 September 2007
GBPUSD -25
GBPJPY -75
USDJPY -69
EURJPY -45
EURGBP no touch
EURUSD +63

Total: -151pips

Comment: Days like these are a good reminder of the downside potential. Both long and short orders were triggered on GBPUSD, GBPJPY and USDJPY, with only partial profits achieved before retracing and stopping out. I can only conclude that using multiple profit targets help to hedge the positions.

Date: Thursday 6 September 2007
GBPUSD +45
GBPJPY -45
USDJPY -90
EURJPY -45
EURGBP -90
EURUSD +60

Total: -165pips

Comment: This weeks ranging market continues to play havoc with this system. Breakouts from the previous days high or low are only proving sufficient to trigger the trades before retracing back within the daily range.
I've started to adopt moving the stop on the 50TP trade to breakeven after the first 2 profit targets have been reached. Thus the better result for GBPUSD. Currently -156pips overall for the week.

Date: Friday 7 September 2007
GBPUSD +95
GBPJPY +50
USDJPY +5
EURJPY +5
EURGBP +25
EURUSD +95

Total: +275pips

Comment: A nice way to end the week. GBPYJPY, USDJPY and EURJPY had both long and short entries triggered. Later in the session the release of the Non Farm Payroll economic report gave a boost to the breakouts. Manually closed out remaining 2 lots on EURGBP (again). Based on the results I may have reason to smile again.

Total for week ending Friday 7 September 2007: +164pips
Total for week ending Friday 31 August 2007: +585pips
  • #215
  • Sep 7, 2007 6:35pm Sep 7, 2007 6:35pm
Hi all.
The individual pair results for the week ending Friday 7 September 2007 are:

GBPUSD +210
GBPJPY +25
USDJPY -154
EURJPY +10
EURGBP -165
EURUSD +238

Total: +164pips

For the past 2 weeks:

GBPUSD +65
GBPJPY +200
USDJPY +16
EURJPY +325
EURGBP -115
EURUSD +258

Total: +749pips

Comment: Not bad for 2 weeks worth of trading. Based on performance and the overall behaviour of EURGBP in that it doesn't seem to be as volatile as the other pairs, it will be the first on the chopping block. I may replace it with USDCHF which is an opposite correlative pair to EURUSD.
  • #216
  • Sep 7, 2007 7:18pm Sep 7, 2007 7:18pm
Hi guys,

i'm a young italian trader, you can explaine to me what is the ATR that you use to set the size of your T/P? It's an indicator, or an EA? Or a simple formula? If is an indicator or an EA can you post it in this thread? Thanks in advance.

Giovanni.
  • #217
  • Sep 7, 2007 7:36pm Sep 7, 2007 7:36pm
Mikelath your setandforget system is really amazing.

I tested it from today in a demo account with all six pairs with success and i try on real my account only EURUSD with a full 90 pips take. your results too are very strong and promising. I use a trailing stop of 25 too in the pending orders with 50 of T/P, to save loss. I start your system at 23:00 (GMT+1) when Dowjones close (i think correspond to 5 EST). I use too only 17 hours precedents to the start of the system, i think is more accurate than 24 hours.

More compliments for your job, mikelath. Sorry for my english...

Sincerely,

Giovanni.
  • #218
  • Sep 8, 2007 6:12pm Sep 8, 2007 6:12pm
Hi Rahul,

regarding your stop loss and target you use 1:2 ratio, that is clear to us.
the question is what type of ATR you use and percentage of it to determine SL and T for daily entries.

which currency pairs you trade now?

thanks.

Malinga
  • #219
  • Sep 9, 2007 10:01am Sep 9, 2007 10:01am
Quoting Pr1mer
Hi,
I wrote a simple EA for this strategy.
According to my few backtests, so far the most profitable pair would be GBPUSD.
Thanks for sharing the EA.

On which timeframe does the EA runs? and do you just attach it to a chart like GBPUSD?

Thanks
  • #220
  • Sep 9, 2007 11:25am Sep 9, 2007 11:25am
quote
originaly posted by bksujal
----------------------------------------------------------
Ok now guys have a look at this which is for today's eur/jpy in which i again made 50+ pips. Remember you are supposes to draw vertical lines on your chart from 17 Et to 17 Et. On this chart i have circled the high, low and the close of the day which is close to the high's. So today we would be looking to go short.
Yesterday's high's = 158.23
Yesterday's low's = 156.74
Range = 149 pips 10% = 14.9 pips round to 15
Today's Entry point = 158.23-15 pips = 158.08
Well some people are curious about my Tp and s/l. Well for the Tp i use the Atr to determine the range. Well and for stops i use a 1:2 risk/reward ratio. So today my stop was 40 pips to reward @ 80 pips.
Good luck in all your trades. Happy Trading.
Regards,
Rahul
Attached Thumbnails

--------------------------------------------------------

hi, bksujal
i have been following your method and i am very interested in this.
the part i would realy appreciate is in the clarification of atr for the
pt and sl. i am sorry but i am still confused.

you said from looking at the atr your stop was 40 pips to reward @ 80 pips.


could you give an example of exactly what did to come up with these figures.
is this atr you are talking about an indicator and if so what is the parameters
(is it hourly or daily)and how exactly are you determining the tp and sl from this.

i have seen the charts you have posted and i dont see any indicator
besides the rsi,over bought and oversold.

and also since you have rsi,over bt,and over sld indicators on your charts
are you using them in any way to make your determination for the trades.

and one last question how are you dealing with the weekend.
are you using the friday values or are you including the sunday values too.

it would be very interesting to see your setup for mondays.

any help would be greatly appreciated.

thanks for sharing your knowledge,i am always eager to read your post keep
them coming.

would you let me send you an email for clarification for my setups

thanks a lot in advance.
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