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High & Low 8 Hours (GBP/JPY)

  • #301
  • Nov 7, 2007 8:59am Nov 7, 2007 8:59am
Here is something else that makes this a good system:

All pips are not equal. These pips are worth more than many other system's.

Let me explain-

You should never risk more that x% of your account on any one trade. I use 2%.

With a 50 pip SL and a 100 pip PT, I size the lots I trade so that 50 pips = 2% of my account.
If I get stopped out, I lose 2% of my account.
If I hit the 100 pip PT, I increase my account by 4%.

IF the SL was 100 pips and the PT was 100 pips, I would trade the number of lots so that 100 pips = 2% of my account. If I hit the 100 pip PT, I have only increased my account by 2%.

I hope this makes sense.
  • #302
  • Nov 7, 2007 9:00am Nov 7, 2007 9:00am
Well, once the price moves +55 in you favor, move ur stop to breakeven MANUALLY. once it moves +65 to +75 pips then move your stop to protect the first 10 pips and dont move it anymore until either hits target or gets stoped out. This way u will minmize the number of loses. Somtimes it does stops out then go back & hit the target, it happens somtimes.

Thats what I think, correct me guys if i am wrong .

BK

Quoting billbss
WOW!!
That does look good- never a losing month!
If you included the 0200 candle, that was one too many. It ends at 0300. Also, during DST the times are 1700 to 0100.
Still those are remarkable results.

I don't totally understand your trailing stop. Can you explain that again?

Thank you
  • #303
  • Nov 7, 2007 9:02am Nov 7, 2007 9:02am
Quoting bkoori
Well, once the price moves +55 in you favor, move ur stop to breakeven MANUALLY. once it moves +65 to +75 pips then move your stop to protect the first 10 pips and dont move it anymore until either hits target or gets stoped out. This way u will minmize the number of loses. Somtimes it does stops out then go back & hit the target, it happens somtimes.

Thats what I think, correct me guys if i am wrong .

BK
That sounds good. If it works- it works:-)
  • #304
  • Nov 7, 2007 9:02am Nov 7, 2007 9:02am
I will adjust that


Quoting marc
THX, for your work. But you should not take the close of 02:00gmt.
  • #305
  • Nov 7, 2007 9:05am Nov 7, 2007 9:05am
Quoting bkoori
Well, once the price moves +55 in you favor, move ur stop to breakeven MANUALLY. once it moves +65 to +75 pips then move your stop to protect the first 10 pips and dont move it anymore until either hits target or gets stoped out. This way u will minmize the number of loses. Somtimes it does stops out then go back & hit the target, it happens somtimes.

Thats what I think, correct me guys if i am wrong .

BK
One more question-
Did you count a stop out at BE as a loss and set up another order or did you quit when that happened?

Thanks.
  • #306
  • Nov 7, 2007 9:06am Nov 7, 2007 9:06am
100% right, I wouldnt trade in the same day if I get stoped out twice, I would leave it for next day, there would be better chance.

BK

Quoting billbss
Here is something else that makes this a good system:

All pips are not equal. These pips are worth more than many other system's.

Let me explain-

You should never risk more that x% of your account on any one trade. I use 2%.

With a 50 pip SL and a 100 pip PT, I size the lots I trade so that 50 pips = 2% of my account.
If I get stopped out, I lose 2% of my account.
If I hit the 100 pip PT, I increase my account by 4%.

IF the SL was 100 pips and the PT was 100 pips, I would trade the number of lots so that 100 pips = 2% of my account. If I hit the 100 pip PT, I have only increased my account by 2%.

I hope this makes sense.
  • #307
  • Nov 7, 2007 9:08am Nov 7, 2007 9:08am
as = 0 & +10 if it does +75 then goes back and hit your stop.

BK

Quoting billbss
One more question-
Did you count a stop out at BE as a loss and set up another order or did you quit when that happened?

Thanks.
  • #308
  • Nov 7, 2007 9:17am Nov 7, 2007 9:17am
any time you have a risk to reward of 2 to 1 you are in good shape because if you are right only 33% of time worse case senario is breakeven anything above is profit the question is does this strategy over 3 yrs produce better than 33% wins?
  • #309
  • Nov 7, 2007 9:25am Nov 7, 2007 9:25am
Quoting harold4x
any time you have a risk to reward of 2 to 1 you are in good shape because if you are right only 33% of time worse case senario is breakeven anything above is profit the question is does this strategy over 3 yrs produce better than 33% wins?
Good question and one I don't know the answer to.
  • #310
  • Nov 7, 2007 9:33am Nov 7, 2007 9:33am
the reason i ask is in 2005 and 2006 markets were different so if this is successful during those times as well as now then you have got something. the backtest that was done are those results based on you manually moving stop to +10 and then leaving it till it hits target or stop out? next question is lets say you are in trade long and you move stop to +10 and it hits stop then triggers short do you take the short? abviously there is no more reentrys for longs only shorts right?
  • #311
  • Nov 7, 2007 9:39am Nov 7, 2007 9:39am
Quoting harold4x
the reason i ask is in 2005 and 2006 markets were different so if this is successful during those times as well as now then you have got something. the backtest that was done are those results based on you manually moving stop to +10 and then leaving it till it hits target or stop out? next question is lets say you are in trade long and you move stop to +10 and it hits stop then triggers short do you take the short? abviously there is no more reentrys for longs only shorts right?

bkoori would have to address that. He did the backtest and I'm not sure.
Perhaps he will see this and respond.
  • #312
  • Nov 7, 2007 10:36am Nov 7, 2007 10:36am
Good question & good point. Well, for the first one, I will do the backtest again during the weekend with adjusting the entry timing of course. For the second point, if my first trade is triggered let's a long one then gets stoped out with either 0 or +10 pips, I would go for a second trade even if it's long again, but I wouldnt go again for a third one for sure neither a short or long. That would for sure minimize the number of bad trades.

BK

Quoting harold4x
the reason i ask is in 2005 and 2006 markets were different so if this is successful during those times as well as now then you have got something. the backtest that was done are those results based on you manually moving stop to +10 and then leaving it till it hits target or stop out? next question is lets say you are in trade long and you move stop to +10 and it hits stop then triggers short do you take the short? abviously there is no more reentrys for longs only shorts right?
  • #313
  • Nov 7, 2007 10:42am Nov 7, 2007 10:42am
Quoting bkoori
Good question & good point. Well, for the first one, I will do the backtest again during the weekend with adjusting the entry timing of course. For the second point, if my first trade is triggered let's a long one then gets stoped out with either 0 or +10 pips, I would go for a second trade even if it's long again, but I wouldnt go again for a third one for sure neither a short or long. That would for sure minimize the number of bad trades.

BK
BK,
If you went for a second trade, would you wait for price to fall below the original buy stop price?
Maybe I should just let you explain how you would set the orders for the second attempt.
Thank you
  • #314
  • Nov 7, 2007 11:15am Nov 7, 2007 11:15am
Well, there are two answers for this, the backtest & my trading style, they are both diff alittle bit. For the backtest, I followed Nicotina's parameters sharply. But, For my style, I would again for another one let' say if it's long & target would be less, usually lower than the last top it made, I just try to grap as much pips as I can.

BK

Quoting billbss
BK,
If you went for a second trade, would you wait for price to fall below the original buy stop price?
Maybe I should just let you explain how you would set the orders for the second attempt.
Thank you
  • #315
  • Nov 7, 2007 1:51pm Nov 7, 2007 1:51pm
First of all I want to thank to Nicotina for share this system with us and also to billbss for his contribution.
This system work very well, inclusive if you see the PipBoxer (commercial system) it’s similar in the way that make a Box in a appropriate time and the entry will occur at the breakout.
I’ attach a little Indicator that Show the Box (even with difference of days) with High and Low. The “BoxBegin” and “BoxEnd” are ALWAYS the hours of your Broker (look difference with GMT).
Attached File(s)
File Type: mq4 The_Box.mq4   5 KB | 1,446 downloads
  • #316
  • Nov 7, 2007 1:59pm Nov 7, 2007 1:59pm
Quoting Bull
First of all I want to thank to Nicotina for share this system with us and also to billbss for his contribution.
This system work very well, inclusive if you see the PipBoxer (commercial system) it’s similar in the way that make a Box in a appropriate time and the entry will occur at the breakout.
I’ attach a little Indicator that Show the Box (even with difference of days) with High and Low. The “BoxBegin” and “BoxEnd” are ALWAYS the hours of your Broker (look difference with GMT).
Thank you
  • #317
  • Nov 7, 2007 2:06pm Nov 7, 2007 2:06pm
Quoting Bull
First of all I want to thank to Nicotina for share this system with us and also to billbss for his contribution.
This system work very well, inclusive if you see the PipBoxer (commercial system) it’s similar in the way that make a Box in a appropriate time and the entry will occur at the breakout.
I’ attach a little Indicator that Show the Box (even with difference of days) with High and Low. The “BoxBegin” and “BoxEnd” are ALWAYS the hours of your Broker (look difference with GMT).

thats really awesome, thank u so much.

BK
  • #318
  • Nov 7, 2007 7:20pm Nov 7, 2007 7:20pm
Quoting howard
Today's trades:

Long order -50
Short order +100

Result: +50
Hello!
Could you explain me how did you do this trade? becouse i placed 2 orders: buy 239.55 and sell 238.76. I was filled for buy, but about 1 hour later i was stopped out with loss - 50 pips. Than i placed the same two orders again: 239.55 buy and 238.76 sell. i was filled for buy again and than stopped out with loss -50, after that i ended day with loss 100 pips.
Did you place order: buy = high+1pip+spread; sell = low -1 pip, or another.
Sorry for my english!
ABRA CADABRA
  • #319
  • Nov 7, 2007 7:42pm Nov 7, 2007 7:42pm
Quoting svv691
Hello!
Could you explain me how did you do this trade? becouse i placed 2 orders: buy 239.55 and sell 238.76. I was filled for buy, but about 1 hour later i was stopped out with loss - 50 pips. Than i placed the same two orders again: 239.55 buy and 238.76 sell. i was filled for buy again and than stopped out with loss -50, after that i ended day with loss 100 pips.
Did you place order: buy = high+1pip+spread; sell = low -1 pip, or another.
Sorry for my english!
You don't add the spread on a buy. You don't add or subtract the 1 pip on either a buy or sell.
I know it sounds unusual, but those are the rules.

Had you set a stop loss 50 pips below the 239.55, when it was finally hit, price never reached 239.55 again.

Later price hit the sell stop and went on to 100 pip profit.
  • #320
  • Nov 7, 2007 7:51pm Nov 7, 2007 7:51pm
8/11/2007


Buy: 238.12
Sell: 235.20

Play with small lots was a big fall!!!
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