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Daily95pips

  • #441
  • Sep 25, 2007 6:38pm Sep 25, 2007 6:38pm
Quoting prennie0
hey whats up mikelath i wanted to find out where should i start on the post to see the improve strategy i notice the daily 95 has change can you direct to new what number post so i can try this strategy and also what platform are you using and one other qustion is there a file to find support and resistance that could be added to mt4
Hi prennie.

Daily95pips - post#1. Any alterations/additions are included there.

If your interested in the 'ranging' approach start reading from post#138 any post made by bksujal.

I use Oanda trading platform for this strategy.

Regarding S/R , there are NO indicators used or needed with the Daily95pips strategy because it simply relies on a breakout from the previous days high or low using pending orders. IMHO to add indicators would unnecessarily overcomplicate this system.

I hope this helps.

mike
  • #442
  • Sep 25, 2007 7:21pm Sep 25, 2007 7:21pm
PLEASE COULD SOME EXPLAIN THIS TO ME I HAVE TRIED TO CALCULATE THE POINT FOR THE BUY STOP AND SELL STOP. THE MACHINE KEEP REJECTING IT AS INVALID S/L AND T/P i USED THE ATTACHMENT BELOW FOR THIS CALCULATIONS.oLEASE SOME RE-DIRECT ME THE BEST POSSIBLE WAY TO GET THIS STRAIGHT.
THANKS
OMIRE
Attached File(s)
File Type: pdf BUY SELL ORDER FORMATS.pdf   81 KB | 1,145 downloads
  • #443
  • Sep 25, 2007 7:32pm Sep 25, 2007 7:32pm
Quoting omiredozz
PLEASE COULD SOME EXPLAIN THIS TO ME I HAVE TRIED TO CALCULATE THE POINT FOR THE BUY STOP AND SELL STOP. THE MACHINE KEEP REJECTING IT AS INVALID S/L AND T/P i USED THE ATTACHMENT BELOW FOR THIS CALCULATIONS.oLEASE SOME RE-DIRECT ME THE BEST POSSIBLE WAY TO GET THIS STRAIGHT.
THANKS
OMIRE
Hi omire.

I suggest you contact your brokers support staff as this issue varies from one broker to another. Some brokers have a live help facility which is very useful in understanding their trading platform.

mike
  • #444
  • Sep 26, 2007 1:12am Sep 26, 2007 1:12am
Quoting mikelath
Hi vder.

Adjusting SL to BE is entirely up to your discretion.
Just to put the matter in perspective, I am only paper trading this system. Sometimes I won't even place a demo trade. I will simply calculate the entry levels and look back over the days price movement and see how the trades would have developed.
Based on this, it's easy for me to view the trades from a 'what if ' perspective. In a live scenario one would need to be much more diligent in monitoring the trades to be ready to adjust the SL to BE when the first or second PT have been reached. If alerts are helpful to do this then that's great.
This thread is merely to show what IS possible to achieve with this system.
The reality in a live situation will certainly be more challenging.
Yes, you are correct in that if SL are adjusted to breakeven the stop will then be only 15pips. Again, this approach opens up a lot more options. Remember that at this point we will have locked in +15pips of profit and will be eradicating any chance of a loss while leaving open a chance for another +80pips of profit. Alternatively, we could wait until the 2nd PT is reached before adjusting the SL to BE. Doing so would also leave open greater downside risk. So at the end of the day it's whatever you're comfortable with.
I hope this answers your question.

rgs
mike
hey mike, thanks for the reply. you hit the nail right on the head. thanks again.
  • #445
  • Sep 27, 2007 2:47am Sep 27, 2007 2:47am
hey Mike,

i must commend you for taking some much time to see this strategy to this point. I have been following this thread from the very beginning, and i must say that i have learnt alot from it and all the intelligent contribution from the rest of the guys. Personally i feel that the Daily95pips strategy may not be the perfect put and forget system, but in discussing it to this point, a new and more efficient strategy that requires little monitoring once TP is reached, to adjust SL to BE. This system i think would be a useful for those of us that have more time to monitor trades. And for those without that time, using an alert system (text message or email etc.) would be very handy.

As for the Bksujal system, i think it has proven to be quite unstable to tweak. Perhaps it there need to discuss it more. What say you?
  • #446
  • Sep 27, 2007 4:19am Sep 27, 2007 4:19am
Quoting ndphoenix
hey Mike,

i must commend you for taking some much time to see this strategy to this point. I have been following this thread from the very beginning, and i must say that i have learnt alot from it and all the intelligent contribution from the rest of the guys. Personally i feel that the Daily95pips strategy may not be the perfect put and forget system, but in discussing it to this point, a new and more efficient strategy that requires little monitoring once TP is reached, to adjust SL to BE. This system i think would be a useful for those of us that have more time to monitor trades. And for those without that time, using an alert system (text message or email etc.) would be very handy.

As for the Bksujal system, i think it has proven to be quite unstable to tweak. Perhaps it there need to discuss it more. What say you?

Hi ndphoenix.

Thanks for your kind words.

I agree that the bksujal system needs more adjustment. bksujal has given some hints however hasn't followed up with a proper explanation on how he goes about it. So I'm on the verge of letting it go and focusing solely on Daily95pips.
As long as there are multiple profit targets it makes sense to be actively managing the trades.
Thus I agree and have realised on this thread that this is not the perfect set and forget system. If there were only one Long order and one Short order it would be. In fact, I trade such a system with 30PT and 30SL. Very simple, and allows one to focus more on money management techniques to maximise results.

rgs
mike
  • #447
  • Sep 27, 2007 6:05am Sep 27, 2007 6:05am
yes...

would u like tell us, based on market-opening, is it on Sydney time or Tokyo, or London market-opening??

and btw, is anybody can tell me how to use trailing stop in MT4?? and explanation about it? when i put my TP 50pips from my entry price, and i put 30pips as Trailing stop, so the SL made by trailing stop will be 20pips up my entry or 20 pips below my SL??

thanx before....
  • #448
  • Edited 10:26am Sep 27, 2007 10:13am | Edited 10:26am
Quoting betees1
Bro,

thanks for your advise, but i still dont understand somethings in your method
1. i use GMT+1 as my time here, when and how can i combine that with your first method.
2. with your method, can i place trades on tue, wed, thur, and fri
3. with your method again, can i place trades at anytime i feel like trading that is at my conveniency time.
4. with this method, can i use it if at all i have very little money in my account.

i will want to get connected with you through my yahoomessenger ID (Betees1) so that we can discuss better.

Let me know if you are around.
Kindly add me to your YM address and let me know if you have added me.
I will be expecting your reply soonest.
Thanks
Hi Betees1.

Regarding timezones the following link may be helpful:

http://www.timeanddate.com/worldclock/converter.html

Essentially, you can place trades whenever you feel like it on whichever days, however following a consistent system / routine may be a better idea.
If 5pmEST is not a suitable time for you to be placing orders then the main thing to consider is having the orders placed before the European session starts. Orders placed before 2am EST should be 'safe' in this regard.
Regarding money management, please read the end of post#1. The total amount risked on any one trade should not exceed 3% of our trading account balance. So, regardless of the size of your account, trading in terms of % is better than thinking in $ terms. Money management is of equal importance to our trading strategy, though I have only touched upon it in this thread.
I have added you to yahoo msgr.

rgs
mike
  • #449
  • Sep 27, 2007 10:24am Sep 27, 2007 10:24am
Quoting GaPs
yes...

would u like tell us, based on market-opening, is it on Sydney time or Tokyo, or London market-opening??

and btw, is anybody can tell me how to use trailing stop in MT4?? and explanation about it? when i put my TP 50pips from my entry price, and i put 30pips as Trailing stop, so the SL made by trailing stop will be 20pips up my entry or 20 pips below my SL??

thanx before....
Hi GaPs.

I'm not sure about your first question....5pm EST = 5pm in New York. You may also find use with the following link:
http://www.timeanddate.com/worldclock/converter.html
The way I use the trailing stop in MT4 (though i don't use them with this strategy) is right clicking on an already opened order.
The 'live help' provided by most brokers is useful in these matters.

mike
  • #450
  • Sep 27, 2007 2:38pm Sep 27, 2007 2:38pm
Okey Mike.. thanx for your information..

thanx
  • #451
  • Sep 27, 2007 5:17pm Sep 27, 2007 5:17pm
Daily95pips:

Date: Monday 24 September 2007
GBPUSD +95
GBPJPY nt
USDJPY nt
EURJPY nt
EURUSD -90

Total: +5pips

Comment: A ranging day.

Date: Tuesday 25 September 2007
GBPUSD +95
GBPJPY +95
USDJPY +95
EURJPY +15
EURUSD +25

Total: +325pips

Comment: Adjusted SL to BE on EURJPY and EURUSD after first PT was reached. EJ was then stopped out and EURUSD was still 5pips up on the remaining 2 orders at around 5pm EST , so manually closed them for an extra +10pips making it a total of +25pips.
A good day for the other pairs.

Date: Wednesday 26 September 2007
GBPUSD -90
GBJPY -90
USDJPY +95
EURJPY +95
EURUSD -90

Total: -80pips

Comment: Mixed results. GU, GJ and EU orders were triggered and retraced before the 1st PT was reached only to be stopped out.

Date: Thursday 27 September 2007
GBPUSD +95
GBPJPY +95
USDJPY -60
EURJPY +15
EURUSD -90

Total: +55pips

Comment: Another mixed result overall. A great trending day for GU and GJ.
UJ trade was still open at end of session, so closed manually. Locked in 1st PT for EJ.


bksujal:

Date: Monday 24 September 2007
GBPUSD -60
GBPJPY +100
EURJPY nt

Total: +40pips

Comment: Looking for more volatility during the week.

Date: Tuesday 25 September 2007
GBPUSD -60
GBPJPY -100
EURJPY -60

Total: -220pips

Comment: Based on the performance of the 'ranging' strategy so far I'm inclined to stick with Daily95pips.

Date: Wednesday 26 September2007
GBPUSD +60
GBPJPY -100
EURJPY -60

Total: -100pips

Comment: This system definitely needs some tweaking.

Date: Thursday 27 September 2007
GBPUSD -60
GBPJPY -100
EURJPY -60

Total: -220pips

Comment: It's proving to be a shocker of a week for the bksujal strategy. To be more successful this strategy would need a similar multiple PT and SL setup like D95P, allowing SL to be adjusted to BE in order to hedge against losses and lock in profits. The use of trailing stops may also help.
  • #452
  • Sep 27, 2007 7:19pm Sep 27, 2007 7:19pm
Quoting mikelath
Daily95pips:

Date: Monday 24 September 2007
GBPUSD +95
GBPJPY nt
USDJPY nt
EURJPY nt
EURUSD -90

Total: +5pips

Comment: A ranging day.

Date: Tuesday 25 September 2007
GBPUSD +95
GBPJPY +95
USDJPY +95
EURJPY +15
EURUSD +25

Total: +325pips

Comment: Adjusted SL to BE on EURJPY and EURUSD after first PT was reached. EJ was then stopped out and EURUSD was still 5pips up on the remaining 2 orders at around 5pm EST , so manually closed them for an extra +10pips making it a total of +25pips.
A good day for the other pairs.

Date: Wednesday 26 September 2007
GBPUSD -90
GBJPY -90
USDJPY +95
EURJPY +95
EURUSD -90

Total: -80pips

Comment: Mixed results. GU, GJ and EU orders were triggered and retraced before the 1st PT was reached only to be stopped out.

Date: Thursday 27 September 2007
GBPUSD +95
GBPJPY +95
USDJPY -60
EURJPY +15
EURUSD -90

Total: +55pips

Comment: Another mixed result overall. A great trending day for GU and GJ.
UJ trade was still open at end of session, so closed manually. Locked in 1st PT for EJ.


bksujal:

Date: Monday 24 September 2007
GBPUSD -60
GBPJPY +100
EURJPY nt

Total: +40pips

Comment: Looking for more volatility during the week.

Date: Tuesday 25 September 2007
GBPUSD -60
GBPJPY -100
EURJPY -60

Total: -220pips

Comment: Based on the performance of the 'ranging' strategy so far I'm inclined to stick with Daily95pips.

Date: Wednesday 26 September2007
GBPUSD +60
GBPJPY -100
EURJPY -60

Total: -100pips

Comment: This system definitely needs some tweaking.

Date: Thursday 27 September 2007
GBPUSD -60
GBPJPY -100
EURJPY -60

Total: -220pips

Comment: It's proving to be a shocker of a week for the bksujal strategy. To be more successful this strategy would need a similar multiple PT and SL setup like D95P, allowing SL to be adjusted to BE in order to hedge against losses and lock in profits. The use of trailing stops may also help.
-------------
MIKE,
WHAT FIGURE DID YOU USE AS HIGH AND LOW HERE FOR THIS RESULT???
  • #453
  • Sep 28, 2007 4:03am Sep 28, 2007 4:03am
Hi mikelath.........

do you take the spread of the pair as consideration as well ??
i have 8pips spread on my GBP/JPY

thx
Every moment in the market is unique
  • #454
  • Sep 28, 2007 8:11am Sep 28, 2007 8:11am
Quoting omiredozz
-------------
MIKE,
WHAT FIGURE DID YOU USE AS HIGH AND LOW HERE FOR THIS RESULT???
At 5pm EST, add and subtract 5pips pips from the high and low respectively of the previous 17hrs (as described in post#1) for each currency pair.
  • #455
  • Sep 28, 2007 8:12am Sep 28, 2007 8:12am
Quoting andimozza
Hi mikelath.........

do you take the spread of the pair as consideration as well ??
i have 8pips spread on my GBP/JPY

thx
No
  • #456
  • Sep 28, 2007 3:51pm Sep 28, 2007 3:51pm
Hi Mike,

What are your summarized results for each of the 4 currency pairs used in the Daily95? Just curious if one or more pairs are performing better than others. I have been using a modified method of this strategy using the ATR and 4 positions. I noticed the EUR pairs did poorly this week, but the GBP pairs did really well with my method. Thanks,

Jason
  • #457
  • Sep 28, 2007 7:49pm Sep 28, 2007 7:49pm
Daily95pips:

Date: Monday 24 September 2007
GBPUSD +95
GBPJPY nt
USDJPY nt
EURJPY nt
EURUSD -90

Total: +5pips

Comment: A ranging day.

Date: Tuesday 25 September 2007
GBPUSD +95
GBPJPY +95
USDJPY +95
EURJPY +15
EURUSD +25

Total: +325pips

Comment: Adjusted SL to BE on EURJPY and EURUSD after first PT was reached. EJ was then stopped out and EURUSD was still 5pips up on the remaining 2 orders at around 5pm EST , so manually closed them for an extra +10pips making it a total of +25pips.
A good day for the other pairs.

Date: Wednesday 26 September 2007
GBPUSD -90
GBJPY -90
USDJPY +95
EURJPY +95
EURUSD -90

Total: -80pips

Comment: Mixed results. GU, GJ and EU orders were triggered and retraced before the 1st PT was reached only to be stopped out.

Date: Thursday 27 September 2007
GBPUSD +95
GBPJPY +95
USDJPY -60
EURJPY +15
EURUSD -90

Total: +55pips

Comment: Another mixed result overall. A great trending day for GU and GJ.
UJ trade was still open at end of session, so closed manually. Locked in 1st PT for EJ.

Date: Friday 28 September 2007
GBPUSD -90
GBPJPY -90
USDJPY +15
EURJPY +45
EURUSD +95

Total: -25pips

Comment: Today saw big moves up on GU and GJ however the trades triggered and stopped out beforehand.

Total for week ending Friday 28 September 2007: +280pips
Total for week ending Friday 21 September 2007: +1050pips
Total for week ending Friday 14 September 2007: -651pips
Total for week ending Friday 7 September 2007: +164pips
Total for week ending Friday 31 August 2007: +585pips

Grand Total: +1428pips


bksujal:

Date: Monday 24 September 2007
GBPUSD -60
GBPJPY +100
EURJPY nt

Total: +40pips

Comment: Looking for more volatility during the week.

Date: Tuesday 25 September 2007
GBPUSD -60
GBPJPY -100
EURJPY -60

Total: -220pips

Comment: Based on the performance of the 'ranging' strategy so far I'm inclined to stick with Daily95pips.

Date: Wednesday 26 September2007
GBPUSD +60
GBPJPY -100
EURJPY -60

Total: -100pips

Comment: This system definitely needs some tweaking.

Date: Thursday 27 September 2007
GBPUSD -60
GBPJPY -100
EURJPY -60

Total: -220pips

Comment: It's proving to be a shocker of a week for the bksujal strategy. To be more successful this strategy would need a similar multiple PT and SL setup like D95P, allowing SL to be adjusted to BE in order to hedge against losses and lock in profits. The use of trailing stops may also help.

Date: Friday 28 September 2007
GBPUSD +60
GBPJPY +100
EURJPY +60

Total: +220pips

Comment: Finally some positive results.

Total for week ending Friday 28 September 2007: -280pips
Total for week ending Friday 21 September 2007: +72pips
Total for week ending Friday 14 September 2007: -179pips

Grand Total: -387pips
  • #458
  • Sep 28, 2007 7:59pm Sep 28, 2007 7:59pm
Weekly results:

Daily95pips:

Total for week ending Friday 28 September 2007: +280pips
Total for week ending Friday 21 September 2007: +1050pips
Total for week ending Friday 14 September 2007: -651pips
Total for week ending Friday 7 September 2007: +164pips
Total for week ending Friday 31 August 2007: +585pips

Grand Total: +1428pips


bksujal:

Total for week ending Friday 28 September 2007: -280pips
Total for week ending Friday 21 September 2007: +72pips
Total for week ending Friday 14 September 2007: -179pips

Grand Total: -387pips
  • #459
  • Edited 8:23pm Sep 28, 2007 8:04pm | Edited 8:23pm
Daily95pips individual pair results for week ending Friday 28 September 2007:

GBPUSD +105
GBPJPY +10
USDJPY +145
EURJPY +170
EURUSD -150

Total: +280pips

For the past 5 weeks:

GBPUSD +45
GBPJPY -20
USDJPY +356
EURJPY +780
EURUSD +182

Total: +1343pips

Comment: It just gets better and better for EURJPY. Newly at 2nd place is USDJPY. Though GBPJPY is a big mover and shaker, I believe that it is too volatile and has been stopped out too often for it to be suited to the parameters of this strategy. Greater stop levels would be required.
ps. Just to remind everyone, I slipped up on the grand totals somewhere along the line, however you can still see that the results are very good overall.
  • #460
  • Sep 28, 2007 10:24pm Sep 28, 2007 10:24pm
Hey Mike,
Good system. I had few quick questions.
1. I am curious to see if you can share the consolidated results you had since you started using this strategy?
2. Since this strategy works well on trending days, do you use any filter to stay out of ranging days?
3. If you have 3 day consequtive losses in a row, would you still take the trade for the same future contract the 4th day?
4. I am curious to see if you like the idea of moving stop to breakeven - 15 after the first contract hit entry +15, moving to breakeven when the second contract hit entry + 30 and trail stop after that.
Thank you for the good posts. Have a good day,
Ram
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