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  • #321
  • Sep 11, 2007 6:14pm Sep 11, 2007 6:14pm
Quoting c0mputernick
I took the high on the 1700 bar. Is that wrong?
158.22? the next highest would be 158.17 (forex.com broker)
the lower high would drop the range to 18.7 which would round
to 19, which would be the same as i had before.
158.22-19=158.03 entry point right?
Yeah, that's wrong. The orders should be placed at 1700.
The 1700 bar begins at 1700.

My high was 158.19. 158.17 is well within the ballpark.
  • #322
  • Sep 11, 2007 6:16pm Sep 11, 2007 6:16pm
hi spawn,wat entry do u have on gbp/usd
  • #323
  • Sep 11, 2007 6:44pm Sep 11, 2007 6:44pm
Quoting billbss
Yeah, that's wrong. The orders should be placed at 1700.
The 1700 bar begins at 1700.

My high was 158.19. 158.17 is well within the ballpark.
Ok thanks for clarifying, i guess i got lucky tonight and came up with similar numbers.
  • #324
  • Sep 11, 2007 8:18pm Sep 11, 2007 8:18pm
Quoting jones247
I think Bksujal's system is functional, based on chart obserations over the last month. However, I believe there's a more conservative approach to consider that can yield 25+ pips per day.

Here it is:
Instead of focusing on the prior day's high & low, consider the prior day's close. Thereafter, add 20% of ATR (5) for a long position and subtract 20% of ATR (5) for a short position. Include TS of about 35, with a TP of 45 and a SL of 40.

Test it... it works...

Thanks,
Walt

Are you using ATR5 on the daily chart with the close of the daily candle? Or at the close of the 1h 1700est candle? Also, are you setting both the long and short orders or just one? Thanks!
  • #325
  • Sep 11, 2007 8:25pm Sep 11, 2007 8:25pm
Quoting vincenzo
hi spawn,wat entry do u have on gbp/usd
Hi Vincenzo, my entry is 2.0324, at the moment i have made 34 PIPS, with a TS ready at entry point.
  • #326
  • Sep 11, 2007 8:57pm Sep 11, 2007 8:57pm
hi guys

done some thinking abt the both systems and here are my thoughts.

mikelath system:

it is a gr8 system but the problem i think need to refine is say the market breaks high+5 then retraces 50 pips then goes up again. and same goes for low + 5. if we increase the difference from high by adding more pips the issue is still there unless there is a strong uptrend or downtrend.

bksujal system:

the whole soul of the system is that tomorrow market will do opposite of the close, which can be true and false but depends on market conditions. but relaying solely on the fact tomorrow will be opposite is kinda doesn't add up.

i will keep thinking if any solution comes to my mind i will post them

good day

cheers
  • #327
  • Sep 11, 2007 9:06pm Sep 11, 2007 9:06pm
Quoting Cmartin371
Are you using ATR5 on the daily chart with the close of the daily candle? Or at the close of the 1h 1700est candle? Also, are you setting both the long and short orders or just one? Thanks!
Hi CMartin,

I'm refining my numbers... stay tuned... There are two factors that we can rely on: (1) the prior day's close will be about the same as the new day's open; (2) Depending on the currency pair, it will range 90 - 160 pips during a 24 hour period. Instead of using the ATR (5), I'm taking the prior day's close, then adding 15 pips to determine the long entry position, while subtracting 15 pips to determine the short entry position. Because I do not know which direction it will trend during the next 24 hours, I enter both orders. Depending on the daily range pattern of the currency pair. My SL will range from 30 pips to 60 pips, while the corresponding TP will range from 40 pips to 70 pips. My intent is to hold the positions for up to multiple days if necessary.

Upon reviewin my results from yesterday, I noticed that if I had a LARGE SL (i.e. > 60), I would have obtained my TP on 7 of 8 trades, which each currency pair having 2 trades each (1 - long & 1 - short). The problem was that I got stopped out before the retracement occurred.

A classic example for a large SL occurred on 9/7/07 @ 1:29 GMT, when I entered a long position on 4 lots of EURJPY. Subsequent to that entry, my floating loss reach more than $4,000, as I had no SL. However, by today, 5 days later, they completely retraced to my TP of 25 pips. I think that it's best to have a SL, but in this case any SL less than 100 would have been to my detriment.

Currently, I'm focusing on GBPJPY, GBPUSD, USDJPY, USDCHF, EURJPY...

Walt
  • #328
  • Sep 11, 2007 9:28pm Sep 11, 2007 9:28pm
Quoting sameer666
bksujal system:

the whole soul of the system is that tomorrow market will do opposite of the close, which can be true and false but depends on market conditions. but relaying solely on the fact tomorrow will be opposite is kinda doesn't add up.

i will keep thinking if any solution comes to my mind i will post them

good day

cheers
I don't think bksujal's system quite says that tomorrows market will do the opposite of the close.

For a short, it says that if tomorrows market approaches today's high by a certain number of pips, it will retrace a certain number of pips.
How many pips it will retrace is anybody's guess. We can't get that out of him yet.
  • #329
  • Sep 11, 2007 9:29pm Sep 11, 2007 9:29pm
Quoting jones247
Hi CMartin,

I'm refining my numbers... stay tuned... There are two factors that we can rely on: (1) the prior day's close will be about the same as the new day's open; (2) Depending on the currency pair, it will range 90 - 160 pips during a 24 hour period. Instead of using the ATR (5), I'm taking the prior day's close, then adding 15 pips to determine the long entry position, while subtracting 15 pips to determine the short entry position. Because I do not know which direction it will trend during the next 24 hours, I enter both orders. Depending on the daily range pattern of the currency pair. My SL will range from 30 pips to 60 pips, while the corresponding TP will range from 40 pips to 70 pips. My intent is to hold the positions for up to multiple days if necessary.

Upon reviewin my results from yesterday, I noticed that if I had a LARGE SL (i.e. > 60), I would have obtained my TP on 7 of 8 trades, which each currency pair having 2 trades each (1 - long & 1 - short). The problem was that I got stopped out before the retracement occurred.

A classic example for a large SL occurred on 9/7/07 @ 1:29 GMT, when I entered a long position on 4 lots of EURJPY. Subsequent to that entry, my floating loss reach more than $4,000, as I had no SL. However, by today, 5 days later, they completely retraced to my TP of 25 pips. I think that it's best to have a SL, but in this case any SL less than 100 would have been to my detriment.

Currently, I'm focusing on GBPJPY, GBPUSD, USDJPY, USDCHF, EURJPY...

Walt

Thanks for the explanation Walt! I look forward to more of what you are working on here.

Chris
  • #330
  • Sep 11, 2007 9:37pm Sep 11, 2007 9:37pm
yes but we are depending on retracement rite. but wat if the pair moves 60pips then retraces 30 pips just for example instead of 60 pips loses we are at 30 pips loses.

Quoting billbss
I don't think bksujal's system quite says that tomorrows market will do the opposite of the close.

For a short, it says that if tomorrows market approaches today's high by a certain number of pips, it will retrace a certain number of pips.
How many pips it will retrace is anybody's guess. We can't get that out of him yet.
  • #331
  • Sep 12, 2007 6:16am Sep 12, 2007 6:16am
Quoting Pr1mer
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).
Thanks for the indicator, very useful, it does all the calculations and exactly shows where to enter
Attached Image
Regards
  • #332
  • Sep 12, 2007 7:07am Sep 12, 2007 7:07am
I dont know what im doing wrong, but gby/jpy killed me last night TP/SL of 50/25, i saw i was up 15 pips on eur/jpy, and this morning it seems im in the hole that many.
There has to be something im doing wrong, as it doesnt seem anyone else is losing money on this system. Could it be my broker? (forex.com)
  • #333
  • Sep 12, 2007 7:46am Sep 12, 2007 7:46am
Quoting c0mputernick
I dont know what im doing wrong, but gby/jpy killed me last night TP/SL of 50/25, i saw i was up 15 pips on eur/jpy, and this morning it seems im in the hole that many.
There has to be something im doing wrong, as it doesnt seem anyone else is losing money on this system. Could it be my broker? (forex.com)
On GBP/JPY, any stop loss below 100 pips and you are sure to lose.

Look at the daily ATR5 and use 70% of that as your stop
Regards
  • #334
  • Sep 12, 2007 10:52am Sep 12, 2007 10:52am
hey guys had a good day today my results are:
Eur/Jpy = 15 pips with 3 lots
Usd/Jpy = 30 pips with 3 lots
Happy Trading,
I am off for a week, was very busy these 2 days so was not possible to attend to all questions sorry for that. If any questions then please pm me.
Regards,
Bksujal
  • #335
  • Sep 12, 2007 12:01pm Sep 12, 2007 12:01pm
Thanks bksujal for your sharing, I like your method and I'm practicing it but I still don't know when to exit the trades, how to use ATR, that is the only problem for me. Can you explain it better please?
Regards,
Mari
  • #336
  • Sep 12, 2007 12:09pm Sep 12, 2007 12:09pm
Bksujal, don't use always the same system. For example today in the pairs with JPY his system lose in SL. If he had gain today, is not thanks to his system show in this thread. This is not a system, because he decide arbitrarily what SL and TP to use.
  • #337
  • Sep 12, 2007 12:33pm Sep 12, 2007 12:33pm
The markets dictes how how pips there are to gain. If you are in a tight range, how can you expect to get a lot of pips. So he comes in and checks the charts and see it's not moving or stalled. Better to get out with some profits than to have it go against you. The market is dymantic, not static! Look at chart patterns in different timeframes. Look for support and resistances zones. All these have an effect on TP and SL. Not to mention your own tolorenace for risk. It's a method for getting you into the market. It's up to you when to decide to get out.
  • #338
  • Sep 12, 2007 12:46pm Sep 12, 2007 12:46pm
Quoting mrnando
The markets dictes how how pips there are to gain. If you are in a tight range, how can you expect to get a lot of pips. So he comes in and checks the charts and see it's not moving or stalled. Better to get out with some profits than to have it go against you. The market is dymantic, not static! Look at chart patterns in different timeframes. Look for support and resistances zones. All these have an effect on TP and SL. Not to mention your own tolorenace for risk. It's a method for getting you into the market. It's up to you when to decide to get out.

This is correct, mrnando. In fact, i consider the Bksujal contribution as an "indicator" to set your entry in the market instead of a real method.
  • #339
  • Sep 12, 2007 4:56pm Sep 12, 2007 4:56pm
I am in a EUR/JPY SELL @ 158.79, 30SL, 60TP. Anyone with me?

Bobkat
  • #340
  • Sep 12, 2007 5:04pm Sep 12, 2007 5:04pm
Quoting Bobcat2
I am in a EUR/JPY SELL @ 158.79, 30SL, 60TP. Anyone with me?

Bobkat
I got 158.77 and am down almost 11 pips as we speak.
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