BatFink Daily Range trades | Forex Factory

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BatFink Daily Range trades

  • #1
  • First Post: Dec 13, 2006 7:00am Dec 13, 2006 7:00am
I have decided to run a journal here for the BatFink Daily Range strategy. For those not familiar with the way this systems trades you can find an explanation in the Trading Systems part of this forum.

The format will be:

- Pairs called for the next day trade
- Which way we are trading the pairs
- Home Line
- Entry price for trades

End of day outcome;

Cheers
  • #2
  • Dec 13, 2006 7:49pm Dec 13, 2006 7:49pm
As of 1.50AM GMT, These are the trades I will be trading on the 14th of December.

GBP/USD
Enter buy trades only
Buy 2 lots 1.9715
set stop loss at 1.9685
Take profit one 1.9730 move stoploss to 25
Close second lot if price reaches 1.9775

If orders are closed. The re-enter at original buy price of 1.9715 providing price falls below 1.9705. and is not on the same candle as order closed.

GBP/CHF
Enter buy trades only
Buy 2 lots 2.3763
set stop loss at 2.3733
Take profit one 2.3778 move stoploss to 25
Close second lot if price reaches 2.3823

If orders are closed. The re-enter at original buy price of 2.3763 providing price falls below 2.3753. and is not on the same candle as order closed.

GBP/JPY
Enter buy trades only
Buy 2 lots 230.92
set stop loss at 230.02
Take profit one 231.47 move stoploss to 25
Close second lot if price reaches 231.92

If orders are closed. The re-enter at original buy price of 230.92 providing price falls below 231.22. and is not on the same candle as order closed.

USD/JPY
Enter buy trades only
Buy 2 lots 117.66
set stop loss at 117.36
Take profit one 117.81 move stoploss to 25
Close second lot if price reaches 118.26

If orders are closed. The re-enter at original buy price of 117.66 providing price falls below 117.56. and is not on the same candle as order closed.

USD/CHF
Enter buy trades only
Buy 2 lots 1.2098
set stop loss at 1.2068
Take profit one 1.2113 move stoploss to 25
Close second lot if price reaches 1.2158

If orders are closed. The re-enter at original buy price of 1.2098 providing price falls below 1.2088. and is not on the same candle as order closed.
  • #3
  • Dec 13, 2006 11:08pm Dec 13, 2006 11:08pm
Just curious, why the trade for USD/JPY is written in bold?

Quoting Markj
As of 1.50AM GMT, These are the trades I will be trading on the 14th of December.

GBP/USD
Enter buy trades only
Buy 2 lots 1.9715
set stop loss at 1.9685
Take profit one 1.9730 move stoploss to 25
Close second lot if price reaches 1.9775

If orders are closed. The re-enter at original buy price of 1.9715 providing price falls below 1.9705. and is not on the same candle as order closed.

GBP/CHF
Enter buy trades only
Buy 2 lots 2.3763
set stop loss at 2.3733
Take profit one 2.3778 move stoploss to 25
Close second lot if price reaches 2.3823

If orders are closed. The re-enter at original buy price of 2.3763 providing price falls below 2.3753. and is not on the same candle as order closed.

GBP/JPY
Enter buy trades only
Buy 2 lots 230.92
set stop loss at 230.02
Take profit one 231.47 move stoploss to 25
Close second lot if price reaches 231.92

If orders are closed. The re-enter at original buy price of 230.92 providing price falls below 231.22. and is not on the same candle as order closed.

USD/JPY
Enter buy trades only
Buy 2 lots 117.66
set stop loss at 117.36
Take profit one 117.81 move stoploss to 25
Close second lot if price reaches 118.26

If orders are closed. The re-enter at original buy price of 117.66 providing price falls below 117.56. and is not on the same candle as order closed.

USD/CHF
Enter buy trades only
Buy 2 lots 1.2098
set stop loss at 1.2068
Take profit one 1.2113 move stoploss to 25
Close second lot if price reaches 1.2158

If orders are closed. The re-enter at original buy price of 1.2098 providing price falls below 1.2088. and is not on the same candle as order closed.
  • #4
  • Dec 14, 2006 12:26pm Dec 14, 2006 12:26pm
Pulling out of this trade at 213.06, with a small profit of 30 pips at 6.26pm as this pairs has just been going sideways all day.

GBP/JPY
Enter buy trades only
Buy 2 lots 230.92
  • #5
  • Dec 14, 2006 12:31pm Dec 14, 2006 12:31pm
Trades that have been completed so far for the day.

USD/CHF
Enter buy trades only
Buy 2 lots 1.2098
set stop loss at 1.2068
Take profit one 1.2113 move stoploss to 25
Close second lot if price reaches 1.2158

Trade completed for this Pair = (15 + 65) = 80

GBP/CHF
Enter buy trades only
Buy 2 lots 2.3763
set stop loss at 2.3733
Take profit one 2.3778 move stoploss to 25
Close second lot if price reaches 2.3823

Trade completed for this Pair = (15 + 65) = 80
  • #6
  • Dec 14, 2006 12:32pm Dec 14, 2006 12:32pm
Bill Gates,

Just a format mistake.
  • #7
  • Dec 14, 2006 2:53pm Dec 14, 2006 2:53pm
GBP/USD
Enter buy trades only
Buy 2 lots 1.9715
set stop loss at 1.9685
Take profit one 1.9730 move stoploss to 25
Close second lot if price reaches 1.9775

If orders are closed. The re-enter at original buy price of 1.9715 providing price falls below 1.9705. and is not on the same candle as order closed.

markj do you still have this trade set . or will /have you re-analysed after todays fall on gbp/usd
  • #8
  • Dec 14, 2006 2:56pm Dec 14, 2006 2:56pm
The Cable did not enter this trade today, missed by only 3 pips. I will be re-adjusted for tomorrow after NY close and 23:00 candle.

Cheers
  • #9
  • Dec 14, 2006 4:15pm Dec 14, 2006 4:15pm
Mark,

what time are you setting your home line? 00:00 GMT? or later? Thanks.
Don Life is expensive, but includes a free trip around the sun.
  • #10
  • Dec 14, 2006 4:18pm Dec 14, 2006 4:18pm
Final end of day results:

GBP/USD
Enter buy trades only
Buy 2 lots 1.9715
set stop loss at 1.9685
Take profit one 1.9730 move stoploss to 25
Close second lot if price reaches 1.9775

Result = No Trade price stopped shy of entry. Which is just as well as price broke the other direction through sell entry.

GBP/CHF
Enter buy trades only
Buy 2 lots 2.3763
set stop loss at 2.3733
Take profit one 2.3778 move stoploss to 25
Close second lot if price reaches 2.3823

Results = 85 pips. Price just reached 4 target zone.

GBP/JPY
Enter buy trades only
Buy 2 lots 230.92
set stop loss at 230.02
Take profit one 231.47 move stoploss to 25
Close second lot if price reaches 231.92

Results = 30. Trade closed in profit 30. Pair was low ranging all day so chose to close 2nd lot of this trade at target 1 as well.

USD/JPY
Enter buy trades only
Buy 2 lots 117.66
set stop loss at 117.36
Take profit one 117.81 move stoploss to 25
Close second lot if price reaches 118.26

Results = 15 + -10 + 15 + 15 = 35. Two trades taken, 1st trade took 1st target profit then retraced back to Stopl B, second trade closed at NY close.

USD/CHF
Enter buy trades only
Buy 2 lots 1.2098
set stop loss at 1.2068
Take profit one 1.2113 move stoploss to 25
Close second lot if price reaches 1.2158

Results = 15 + 20 = 35. Target 4 was reached but unfortunatley we were taken out of reaching this when price hit our trailing stop.

Total results for todays trading = 185
  • #11
  • Dec 14, 2006 4:23pm Dec 14, 2006 4:23pm
Don,

Home Line is set to 00:00.
  • #12
  • Dec 14, 2006 8:24pm Dec 14, 2006 8:24pm
Big news day tomorrow. The JPY news has already come through and left the JPY calls until the news had come through.

GBP/USD
Enter sell trades only. Awaiting sell confirmation signal, enter today only on or after London open candle (8GMT)
Enter Buy trades only
Buy 2 lots 1.9658
set stop loss at 1.9628
Take profit one 1.9673 move stoploss to 25
Close second lot if price reaches 1.9718
If orders are closed. The re-enter at original buy price of 1.9658 providing price falls below 1.9648. and is not on the same candle as order closed.

GBP/CHF
Enter buy trades only
Buy 2 lots 2.3763
set stop loss at 2.3733
Take profit one 2.3778 move stoploss to 25
Close second lot if price reaches 2.3823

If orders are closed. The re-enter at original buy price of 2.3763 providing price falls below 2.3753. and is not on the same candle as order closed.

GBP/JPY
News releases effecting this pair so awaited until this had come through until set trades.
Enter buy trades onlyBuy 2 lots 231.47
set stop loss at 231.01
Take profit one 231.61 move stoploss to 25
Close second lot if price reaches 232.06

If orders are closed. The re-enter at original buy price of 231.47 providing price falls below 231.36. and is not on the same candle as order closed.

USD/JPY
News releases effecting this pair so awaited until this had come through until set trades.
Enter buy trades only
Buy 2 lots 118.02
set stop loss at 117.72
Take profit one 118.17 move stoploss to 25
Close second lot if price reaches 118.62

If orders are closed. The re-enter at original buy price of 118.02 providing price falls below 117.92. and is not on the same candle as order closed.

USD/CHF
Enter buy trades only
Buy 2 lots 1.2174
set stop loss at 1.2144
Take profit one 1.2189 move stoploss to 25
Close second lot if price reaches 1.2234

If orders are closed. The re-enter at original buy price of 1.2174 providing price falls below 1.2164. and is not on the same candle as order closed.
  • #13
  • Dec 14, 2006 11:25pm Dec 14, 2006 11:25pm
Are you no longer playing straddle trades? I notice you are only placing orders for one direction..
Don Life is expensive, but includes a free trip around the sun.
  • #14
  • Edited 4:46am Dec 15, 2006 4:09am | Edited 4:46am
Quoting traderone
Are you no longer playing straddle trades? I notice you are only placing orders for one direction..
Hi traderone, I think he only enters on one side because of his updated rules.

Trade update for 23rd of Nov:

Quoting Markj
Trade update for 23rd of Nov:

These trades are with the updates rules:

1st change:
2 lots traded, 1st lot profit taken at 15 with stoploss (SL) set to Break Even, 2nd lot SL is adjusted to 25 pips at 2nd target.

2nd change:
Trades are only taken in a direction if the previous days high is less than target 3.

3rd Change:
Re-Entry of trades only taken in the same directions as first trade.
In regards to this

Quoting Marcj
If orders are closed. The re-enter at original buy price of 1.9658 providing price falls below 1.9648. and is not on the same candle as order closed.
Is this a new rule? and if so, could you explain its purpose?

Also, once price moves to target 2 you move your stop to breakeven?
  • #15
  • Dec 15, 2006 5:06am Dec 15, 2006 5:06am
Don,

I have never really intended this to be a straddle system, but range bound. Originally the system was entering trades both sides, Buy and Sell entry lines, throughout the day. To improve the Win/Loss ratio, I decided to place trades only in one direction. This was to fit the daily range average, once it had broken through an entry line and reached target one it would need to retrace, 55 pips just to hit the re-entry on the opposite site. That would mean the likley hood of us having successful trade (one that hits the 2nd target) was greatly reduced.

I have filtered the system to included additional indicators. However these are set to longer term to stay with longer term market sentiment.

They are, the Batfink Trend indicator with woodies CCI, adjusted to 50 period setting. This does not give us a signal but keeps us trading in the greater percentage direction.

I use the 50CCI with additional systems. If you want to read more on the success of the 50 CCI and why I use it I would recommend having a look at http://www.tradershaven.net/library.html and reading he attached article.

I am keeping this system purely range bound. I do think the indicators keeping us trading in the market direction improves this system and filters out bad trades.

As this is a journal I will be useing some discretion in the system. For example did not trade the JPY last night until the news had come.

Cheers
Attached File(s)
File Type: pdf 50CCIdrbobSystem050613.pdf   285 KB | 789 downloads
  • #16
  • Dec 15, 2006 5:13am Dec 15, 2006 5:13am
Quoting cipher4d

Is this a new rule? and if so, could you explain its purpose?

Also, once price moves to target 2 you move your stop to breakeven?
It's a rule that I use with the most of my systems. I always wait for confirmation candle on anything 4hrs or less. It just waits for market confirmation. You won't miss to many trades waiting for the next candle on the shorter time frame.

It's upto you if you use this. I will be using this in my journal entries.

Cheers
  • #17
  • Dec 15, 2006 6:39am Dec 15, 2006 6:39am
Mistake maken here on the undeline. Please follow first sentence regarding enter sell trades only after open of UK session.

GBP/USD
Enter sell trades only. Awaiting sell confirmation signal, enter today only on or after London open candle (8GMT)
Enter Buy trades only
Buy 2 lots 1.9658
set stop loss at 1.9628
Take profit one 1.9673 move stoploss to 25
Close second lot if price reaches 1.9718
If orders are closed. The re-enter at original buy price of 1.9658 providing price falls below 1.9648. and is not on the same candle as order closed.
  • #18
  • Dec 15, 2006 6:42am Dec 15, 2006 6:42am
[quote=Markj]maken
QUOTE]

Don't know what the hell I was thinking when I typed this word. It's in the dictionary for idiots!!

Regarding the mistake in the above. Typing all these out late at night means that there could be some mistakes. If you see any contradictions please pull me up on it.
  • #19
  • Dec 15, 2006 7:15am Dec 15, 2006 7:15am
Looks like I will miss the GBp/USD Trade to the fourth target when the CPI number comes out (unless it retraces prior to release to the sell line). The trade was not re-entered on the 10am candle becase I was awaiting a confirmation candle that never hit the sell line again at 11am.
  • #20
  • Dec 15, 2006 9:51am Dec 15, 2006 9:51am
Time - 3.50 PM

GBP/CHF
Enter buy trades only
Buy 2 lots 2.3763
set stop loss at 2.3733
Take profit one 2.3778 move stoploss to 25
Close second lot if price reaches 2.3823

Trade has not been entered here and closing all possabilities for this pair today.
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