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Daily95pips

Quoting mikelath
Hi ndphoenix.

Thanks for your kind words.

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
Hi Mike, are you trading this system with real money?
can you share with us some more details and your results?
thanks,
Vanupips
Quoting vanupips
Hi Mike, are you trading this system with real money?
can you share with us some more details and your results?
thanks,
Vanupips
Hi Vanupips.

Sure. The system I am currently trading live (with real money) is still based on placing orders 5pips above and below the previous days high and low (as per post#1) though I only place one order each side and only aim for 30pips using 30pip stops. That's it. The risk:reward is 1:1. The money management takes care of the rest
I may decide to start a new thread on this strategy and include my money management approach and results, however I prefer not to do so on this thread which is dedicated to D95P.

cheers
mike
Quoting mikelath
Hi Vanupips.

Sure. The system I am currently trading live (with real money) is still based on placing orders 5pips above and below the previous days high and low (as per post#1) though I only place one order each side and only aim for 30pips using 30pip stops. That's it. The risk:reward is 1:1. The money management takes care of the rest
I may decide to start a new thread on this strategy and include my money management approach and results, however I prefer not to do so on this thread which is dedicated to D95P.

cheers
mike
The "real money" stategy sounds very promising too, Mike. Keep us posted if you start a new thread for that one too.

Thanks for all your help....

T4K
Quoting mikelath
Hi Vanupips.

Sure. The system I am currently trading live (with real money) is still based on placing orders 5pips above and below the previous days high and low (as per post#1) though I only place one order each side and only aim for 30pips using 30pip stops. That's it. The risk:reward is 1:1. The money management takes care of the rest
I may decide to start a new thread on this strategy and include my money management approach and results, however I prefer not to do so on this thread which is dedicated to D95P.

cheers
mike
could you tell us which pairs you are trading , how long allready, and what are the average weekly results?
thanks a lot ,
Vanupips
Quoting mikelath
Hi Vanupips.

Sure. The system I am currently trading live (with real money) is still based on placing orders 5pips above and below the previous days high and low (as per post#1) though I only place one order each side and only aim for 30pips using 30pip stops. That's it. The risk:reward is 1:1. The money management takes care of the rest
I may decide to start a new thread on this strategy and include my money management approach and results, however I prefer not to do so on this thread which is dedicated to D95P.

cheers
mike
I'm impressed by the recent performance of D95P

I was thinking to adapt similiar method just like yours on my live trading
maybe Daily 60 pips......... so i can put the trade and let it run without having to concern to move my SL to BE after the 2nd TP

the idea is like this :
1. Put 2 lot above or below daily H/L with TP 15 and SL 30
2. Put 1 lot above or below daily H/L with TP 30 and SL 30

this way you can get 60 pips........
but the risk/reward is not 1:1
so I'm a little bit concern on this

can u give some suggestion mikelath

thx anyway
Every moment in the market is unique
[quote=mikelath;1607404]Yes bullrock, your suggestion was definitely a good one and I apologise for not validating it earlier. I was purposely delaying actively adjusting stops as I wanted to first test this strategy as a set and forget system. Obviously, if one has the time to sit and monitor the trades all day or is on hand after being alerted and makes the right decisions, better results will come. Adjusting the stops to breakeven after the first or second profit target has been reached can (though not always ) be evidence of this.
Thanks again for your input.


HEY MIKELATH ARE THESE LIVE TRADE RESULTS OR PAPER TRADES
Quoting andimozza
I'm impressed by the recent performance of D95P

I was thinking to adapt similiar method just like yours on my live trading
maybe Daily 60 pips......... so i can put the trade and let it run without having to concern to move my SL to BE after the 2nd TP

the idea is like this :
1. Put 2 lot above or below daily H/L with TP 15 and SL 30
2. Put 1 lot above or below daily H/L with TP 30 and SL 30

this way you can get 60 pips........
but the risk/reward is not 1:1
so I'm a little bit concern on this

can u give some suggestion mikelath

thx anyway

Hi andimozza.

If you'd like to experiment with your own version of the D95P strategy by all means do so. You may like to forward/backtest for results to ascertain if it is feasible.
It has been realised on this thread that to maximise results with D95P one would need to be more actively involved in monitoring trades and adjusting SL levels as profit targets are reached.
If you are wanting a simple set and forget strategy I recommend www.daily20pip.com

I've found (and the results show) that the higher profit target on the 3rd order of the D95P strategy, though not always achieved, more than compensates when it is.
I've also been careful to keep the risk:reward at approx. 1:1...in fact it's a bit better...there is the psychological advantage of knowing that even if one pair is stopped out at -90pips and another achieves +95pips I'll be up +5pips instead of breakeven. This gives the feeling of constant progress.

rgs
mike
Daily95pips:

Date: Monday 1 October 2007
GBPUSD nt
GBPJPY -90
USDJPY +95
EURJPY +95
EURUSD nt

Total: +100pips

Comment: We saw more evidence of the stop level being too small for GBPJPY, as this pair had a big move north.


bksujal:

Date: Monday 1 October 2007
GBPUSD +60
GBPJPY -100
EURJPY -60

Total: -100pips

Comment: Hmmm.
[quote=mikelath;1621943]Daily95pips:

Date: Monday 1 October 2007
GBPUSD nt
GBPJPY -90
USDJPY +95
EURJPY +95
EURUSD nt

Total: +100pips

Comment: We saw more evidence of the stop level being too small for GBPJPY, as this pair had a big move north.

I NOTICE YOU ONLY HAVE 5 CURRENCY PAIRS INSTEAD OF 6 CAN YOU EXPLAIN HOW MANY PAIRS DO YOU BUY LONG AND HOW MANY PAIRS DO YOU GO SHORT ON AND WHICH PAIRS DO YOU USE SHORT WHICH ONES DO YOU USE TO GO LONG
Mike, wasn't the GBPUSD a -90 pip loss on 10/1/07? Take a look at the attached chart, a buy stop was triggered and then it was stopped out.
Attached Image (click to enlarge)
Click to Enlarge Name: 10-1-07 GBPUSD.jpg Size: 117 KB
Quoting mikelath
Daily95pips:

Date: Monday 1 October 2007
GBPUSD nt
GBPJPY -90
USDJPY +95
EURJPY +95
EURUSD nt

Total: +100pips

Comment: We saw more evidence of the stop level being too small for GBPJPY, as this pair had a big move north.


bksujal:

Date: Monday 1 October 2007
GBPUSD +60
GBPJPY -100
EURJPY -60

Total: -100pips

Comment: Hmmm.
I don't know wether this question is being ask before.......
but have you try to replace GBP/JPY with USD/CHF ???

and thx for your reply mikelath........
I'll try to do some trade on demo acct 1st and see where it goes after a month or so
Every moment in the market is unique
[quote=prennie0;1621960]
Quoting mikelath
Daily95pips:

Date: Monday 1 October 2007
GBPUSD nt
GBPJPY -90
USDJPY +95
EURJPY +95
EURUSD nt

Total: +100pips

Comment: We saw more evidence of the stop level being too small for GBPJPY, as this pair had a big move north.

I NOTICE YOU ONLY HAVE 5 CURRENCY PAIRS INSTEAD OF 6 CAN YOU EXPLAIN HOW MANY PAIRS DO YOU BUY LONG AND HOW MANY PAIRS DO YOU GO SHORT ON AND WHICH PAIRS DO YOU USE SHORT WHICH ONES DO YOU USE TO GO LONG
Prennie,

As the thread progresses I am shortlisting the best performing pairs ( by removing the least performing pairs ). So far I've removed EURGBP from the list. The objective is to have a list of 2-3 pairs to focus on.

mike
Quoting sslack88
Mike, wasn't the GBPUSD a -90 pip loss on 10/1/07? Take a look at the attached chart, a buy stop was triggered and then it was stopped out.
sslack88,

Good observation. In Oanda (which is the broker I use for this strategy) the orders were not triggered, however in North Finance (MT4) they were.
This is another example of how results can vary from one broker to another.

rgs,
mike:
Quoting andimozza
I don't know wether this question is being ask before.......
but have you try to replace GBP/JPY with USD/CHF ???

and thx for your reply mikelath........
I'll try to do some trade on demo acct 1st and see where it goes after a month or so
andimozza,

When I removed EURGBP from the list I considered adding USDCHF. This pair is a very accurate opposite correlative pair to EURUSD. This is part of the reason I haven't added it to the list. The other reason is that I'm trying to make a shortlist of the 2 or 3 best performing pairs to focus on. EURUSD is currently 3rd on the race...so I'd expect the results of USDCHF to be similar, so therefore I don't consider it necessary for it to be included.
Having said that you are most welcome to trade it too.

mike
Mike,
I got a quick question on this method. Since we are continuously observing the trade. Do we cancel the opposite order once an order has been triggered?

Example, 2nd Oct.

GBPUSD Short Triggered but got stopped out.
Should I cancel the Long Order for GBPUSD?

EURUSD Short Triggered, TP1 hit and still on going.
Should I cancel the Short Order for EURUSD?


Thanks.
Quoting gyfu
Mike,
I got a quick question on this method. Since we are continuously observing the trade. Do we cancel the opposite order once an order has been triggered?

Example, 2nd Oct.

GBPUSD Short Triggered but got stopped out.
Should I cancel the Long Order for GBPUSD?

EURUSD Short Triggered, TP1 hit and still on going.
Should I cancel the Short Order for EURUSD?


Thanks.
Hi gyfu.

When I was setting and forgetting the orders I would leave both orders open to be triggered, and sometimes they both would.
Now, because of being more actively involved with the trades I have been cancelling the short orders once the long orders have triggered and visa versa.

mike
oh btw mikelath,

you've said that you live trade this similiar methode but only using 30pips TP and SL

may i know what pair did you trade live with the 30 pips TP and SL ??
Every moment in the market is unique
I am sorry for this kind of question, but could someone tell me please what is GMT equivalent for 17:00 PST. Also, could someone please tell me what time Oanda is using ? thanks a lot!
I played a bit with 95pips strategy and backtested it. I guess I'm doing something wrong because I loose and performance is not even close to one published here.


How do you set buy at last day high+5pips?
This should always be higher or equal current ASK price.

Do you mean that you buy it only if price reaches last day high?

So if eurusd last day high would be 1.3995, you would buy if price reaches 1.4000?
Quoting andimozza
oh btw mikelath,

you've said that you live trade this similiar methode but only using 30pips TP and SL

may i know what pair did you trade live with the 30 pips TP and SL ??
GBPUSD.
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