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Daily95pips

  • #221
  • Sep 9, 2007 12:16pm Sep 9, 2007 12:16pm
Everyone seems confused about the Atr(14) guys i just use to determine the range thats it just to check the volatilty of the pair. And yes i use the friday's values for the new week. Ok i do sometime use rsi or other indicators but this is mainly my strategy and i have no indicator with it.
The pairs this most works in:
Eur/Jpy
Gbp/Usd
Someone asked me exactly how i decide my tp and sl as i have said i just aim for about 70-100 pips and use a 1:2 reward/risk ratio.
Regards,
Bksujal
  • #222
  • Sep 9, 2007 1:45pm Sep 9, 2007 1:45pm
hi bksujal,
thanks for your quick reply.
would you kindly post your chart for for the comming mondays trade.

thanks a lot much appreciated
  • #223
  • Sep 9, 2007 1:51pm Sep 9, 2007 1:51pm
hi guys

this is one of the most interested thread i have seen, bksujal i wanted to ask something abt you method

1) why 10% of ATR? what is the theory behind it?

2) have you traded this method with trending market or just range market or doesn't matter.

and keep those posting coming guys . i will start testing both of the method from today. will post the results

cheers
  • #224
  • Sep 9, 2007 3:35pm Sep 9, 2007 3:35pm
Quoting sameer666
hi guys

this is one of the most interested thread i have seen, bksujal i wanted to ask something abt you method

1) why 10% of ATR? what is the theory behind it?

2) have you traded this method with trending market or just range market or doesn't matter.

and keep those posting coming guys . i will start testing both of the method from today. will post the results

cheers
Sameer as i have said before i just use the Atr to determine the range thats it. Where did the 10% come from. Well this has worked me in trending and range markets fortunately till now.
Since your starting this strategy let me remind draw vertical lines from 17et to 17 et and then calculate the prevous period(17-17) high-low= range take 10% of range minus from the high and add to the low. It is important to note where the day has ended if it is near to the high's we would be only looking for a short trade and if it ends nearer to the lows then we would be looking to go long.
Regards,
Bksujal
  • #225
  • Sep 9, 2007 3:46pm Sep 9, 2007 3:46pm
It seems to be buy/sell stops. But in one post you said it's limit orders.
I'm sorry for my silly question.

[quote=mikelath;1559420]Hi all and welcome to the DAILY95PIPS strategy.

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

Sell/Short Orders:
i. #1 - Entry = LOW-5pips, Take Profit=15pips, S/L=30pips
ii. #2 - Entry = LOW-5pips, Take Profit=30pips, S/L=30pips
iii. #3 - Entry = LOW-5pips, Take Profit=50pips, S/L=30pips
  • #226
  • Sep 9, 2007 5:38pm Sep 9, 2007 5:38pm
Quoting bksujal
Sameer as i have said before i just use the Atr to determine the range thats it. Where did the 10% come from. Well this has worked me in trending and range markets fortunately till now.
Since your starting this strategy let me remind draw vertical lines from 17et to 17 et and then calculate the prevous period(17-17) high-low= range take 10% of range minus from the high and add to the low. It is important to note where the day has ended if it is near to the high's we would be only looking for a short trade and if it ends nearer to the lows then we would be looking to go long.
Regards,
Bksujal
thanks bksujal for the reply i will test ur method from today


thanks for good work guys
  • #227
  • Sep 9, 2007 5:43pm Sep 9, 2007 5:43pm
[quote=dogberry;1583606]It seems to be buy/sell stops. But in one post you said it's limit orders.
I'm sorry for my silly question.

Quoting mikelath
Hi all and welcome to the DAILY95PIPS strategy.

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

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

The orders are basically pending orders, not at market.

mike
  • #228
  • Sep 9, 2007 5:46pm Sep 9, 2007 5:46pm
mikelath:

wat high low you take on monday, is it of last friday or sunday ?



cheers
  • #229
  • Edited 6:27pm Sep 9, 2007 6:05pm | Edited 6:27pm
Quoting sameer666
mikelath:

wat high low you take on monday, is it of last friday or sunday ?



cheers
hi sameer.

Good question.
To simplify, in post#1 I've suggested using the previous 17 hrs of data at 5pmEST.However, Monday is a different story, and I'll need to edit post#1 in this regard.
Today I've realised that firstly the above approach is not really applicable on Monday's. Using Friday's data would be the simplest. That being said, we need to consider that sometimes there is significant activity over the weekend, and that sometimes price has already broken above or below the previous days high or low.
I'm also finding that my broker ( Oanda ) has wide spreads at the time I usually place the orders for Monday. So, I need to wait until the spreads reduce first.
So yes, we need to adjust for Monday's trading.
Personally, I am using the previous 17hrs from when I'm due to place the orders(when the spread reduces) on Monday back to Friday, excluding weekend data.
The idea is to be consistent.
The rest of the weeks trades will be as per post #1.


mike
  • #230
  • Edited 6:32pm Sep 9, 2007 6:12pm | Edited 6:32pm
Hi all.

For newcomers to this thread I'd just like to clarify that there are 2 systems being discussed throughout this thread:

1.) Daily95pips - as per post#1
This system is suited to a trending market.

2.) bksujal - post#138 onwards.
This system is suited to a ranging market.

mike
  • #231
  • Sep 9, 2007 6:36pm Sep 9, 2007 6:36pm
Quoting mikelath
hi sameer.

Good question.
To simplify, in post#1 I've suggested using the previous 17 hrs of data at 5pmEST.However, Monday is a different story, and I'll need to edit post#1 in this regard.
Today I've realised that firstly the above approach is not really applicable on Monday's. Using Friday's data would be the simplest. That being said, we need to consider that sometimes there is significant activity over the weekend, and that sometimes price has already broken above or below the previous days high or low.
I'm also finding that my broker ( Oanda ) has wide spreads at the time I usually place the orders for Monday. So, I need to wait until the spreads reduce first.
So yes, we need to adjust for Monday's trading.
Personally, I am using the previous 17hrs from when I'm due to place the orders(when the spread reduces) on Monday back to Friday, excluding weekend data.
The idea is to be consistent.
The rest of the weeks trades will be as per post #1.


mike
hi mike

there is one more question in my mind why 17hrs why not 24hrs ?

cheers
  • #232
  • Sep 9, 2007 9:10pm Sep 9, 2007 9:10pm
Quoting sameer666
hi mike

there is one more question in my mind why 17hrs why not 24hrs ?

cheers
...no particular reason.
  • #233
  • Sep 9, 2007 10:32pm Sep 9, 2007 10:32pm
hi mike, thanks for posting your system and for testing the system on the forum. I was just curious about when do you close out your orders. do you close them at the end of the day if they get triggered and dont hit the TP's?

thanks again for your work.
  • #234
  • Sep 9, 2007 10:39pm Sep 9, 2007 10:39pm
hi Bksujal, thanks for your observations on the market. I would like to know how do you determine when the market is ranging vs. trending to put your system to use or do you use it everyday?

thanks.
  • #235
  • Sep 10, 2007 3:06am Sep 10, 2007 3:06am
Quoting vder
hi Bksujal, thanks for your observations on the market. I would like to know how do you determine when the market is ranging vs. trending to put your system to use or do you use it everyday?

thanks.
Here is what I do. When the H/L is broken I enter as per the rules @ post #1. Say longs have been executed .... Menwhile on another account (or same account if hedging is possible) I enter stopsell orders as per the rules of Bksujal.
.
  • #236
  • Sep 10, 2007 3:09am Sep 10, 2007 3:09am
Quoting vder
hi Bksujal, thanks for your observations on the market. I would like to know how do you determine when the market is ranging vs. trending to put your system to use or do you use it everyday?

thanks.
That's because whatever indicator is on your mind it cannot tell whther it is ranging or trending. It can tell later (lagging). So I never try to guess what the heck wants to happen. Money management saves my a***.
.
  • #237
  • Sep 10, 2007 3:40am Sep 10, 2007 3:40am
Quoting vder
hi mike, thanks for posting your system and for testing the system on the forum. I was just curious about when do you close out your orders. do you close them at the end of the day if they get triggered and dont hit the TP's?

thanks again for your work.
yes
  • #238
  • Sep 10, 2007 4:27am Sep 10, 2007 4:27am
hey guys i hope everyone has earned some good pips in eur/jpy my favourite pair as you see the previous day's range was 260 so the 10% of 260 is 26 pips since the day had ended near the lows we would go long @ 155.96 that is ( the low 155.7+26 pips) and the high of the pair till now has been 156.92 so almost a 100 pips!!!
Happy trading
Regards
Bksujal
  • #239
  • Sep 10, 2007 5:16am Sep 10, 2007 5:16am
Quoting bksujal
hey guys i hope everyone has earned some good pips in eur/jpy my favourite pair as you see the previous day's range was 260 so the 10% of 260 is 26 pips since the day had ended near the lows we would go long @ 155.96 that is ( the low 155.7+26 pips) and the high of the pair till now has been 156.92 so almost a 100 pips!!!
Happy trading
Regards
Bksujal
Yep. I started demo trading GBPUSD and EURJPY as per your ranging strategy and locked in +40pips on EURJPY. Cable has triggered so we'll see where it ends up. As I'm not sure about the use of ATR and ascertaining different PT and SL for each pair I'm using a set 40 T/P and 25 S/L.
GBPJPY would also have been a great range trade today.

mike
  • #240
  • Sep 10, 2007 5:53am Sep 10, 2007 5:53am
Ive been following this thread for a while now and am going to try out this method on a practice account. Forgive me if this has been asked before, but when do you place your orders for the next day? if you draw your lines at 17est-17est on the previous day, do you immediately place your orders for the next day or is one time better than another? Also, how do you personally figure out the range for the previous day, just subtract the low from the high? Thats how ive been doing it, i was just curious if there was another way or a better way to do it.
Keep up the great work!

Quoting bksujal
hey guys i hope everyone has earned some good pips in eur/jpy my favourite pair as you see the previous day's range was 260 so the 10% of 260 is 26 pips since the day had ended near the lows we would go long @ 155.96 that is ( the low 155.7+26 pips) and the high of the pair till now has been 156.92 so almost a 100 pips!!!
Happy trading
Regards
Bksujal
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