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Strategy to take safe pips every day

  • #81
  • Nov 20, 2007 6:46pm Nov 20, 2007 6:46pm
noe we are programming a automated system for trade this strategie. backtest for the last three mouth was 139 trades only one looser, since 1.aug we put the account from 10k to 52k ;-) with a little changes of the indicators bcos its automaticly.

i will post if the system is ready to trade live... if someone is really intessested in it ... pls contact me on skype kimba1999 i thinking about to make managed accounts , i hope it can be done asap, the programm is still exist.

i will post the trades now
  • #82
  • Nov 20, 2007 9:30pm Nov 20, 2007 9:30pm
Brilliant system toto4444!!

It makes perfect sense.

Really great idea by you. Thanks for sharing.
  • #83
  • Edited 3:17am Nov 21, 2007 2:26am | Edited 3:17am
3 winners yesterday and this one just now today to make it 4 out of 4.
took 15 pips from this move. I made allowance for the central pivot point support and exited 3 pips above. If the central pivot breaks with the next set up - look out below!

generalz - yes 1:1 risk reward. I know the general consensus is to target 3x your stop loss or greater and to cut losses short and let profits run but I have only ever lost trying to do that. we are scalping cable here and I like to win my trades and this is the only way I know how to get consistent winners so I say the experts are totally full of it!

http://www.forexfactory.com/images/buttons/quote.gif

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Click to Enlarge Name: GBPUSD Spot6.PNG Size: 21 KB
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  • #84
  • Nov 21, 2007 3:06am Nov 21, 2007 3:06am
bravo.....! big thanks to toto and doug........!

doug, hope you can continue to post those charts of yours .....they're great and they answered all my doubts ....!
  • #85
  • Nov 21, 2007 4:05am Nov 21, 2007 4:05am
Very nice and logical strategy! Thank you for sharing!
My first trade and a chart explaining smth

Best regards,
TheThing
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  • #86
  • Nov 21, 2007 4:11am Nov 21, 2007 4:11am
And another one just 5 minutes after the 1st LOL
Another winner..
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  • #87
  • Nov 21, 2007 4:53am Nov 21, 2007 4:53am
Quoting toto4444
noe we are programming a automated system for trade this strategie. backtest for the last three mouth was 139 trades only one looser, since 1.aug we put the account from 10k to 52k ;-) with a little changes of the indicators bcos its automaticly.

i will post if the system is ready to trade live... if someone is really intessested in it ... pls contact me on skype kimba1999 i thinking about to make managed accounts , i hope it can be done asap, the programm is still exist.

i will post the trades now
Ok we wait news
  • #88
  • Nov 21, 2007 5:04am Nov 21, 2007 5:04am
Hi TheThing,

I'm not sure if your entries and stop losses are really correct re the system rules (but toto4444 please correct me if I'm wrong).

I think you've just used the most recent candle for your entry and stop loss, whereas you shouldn't enter until a break of the previous low just prior to the up candle, or the low of the up candle itself (whichever is the lower). The stop should then be above the highest high also of these two candles just mentioned, rather than just the immedaitely most recent candle.

Cheers, John.
  • #89
  • Nov 21, 2007 5:17am Nov 21, 2007 5:17am
Quoting JohnnyFOREX
Hi TheThing,

I'm not sure if your entries and stop losses are really correct re the system rules (but toto4444 please correct me if I'm wrong).

I think you've just used the most recent candle for your entry and stop loss, whereas you shouldn't enter until a break of the previous low just prior to the up candle, or the low of the up candle itself (whichever is the lower). The stop should then be above the highest high also of these two candles just mentioned, rather than just the immedaitely most recent candle.

Cheers, John.
Hello JohnyFOREX,

Thank you for pointing this out! Indeed I was thinking that all action is about the most recent candle not the previous ones. Thank you for clarity

Cheers,
TheThing
  • #90
  • Nov 21, 2007 5:20am Nov 21, 2007 5:20am
Quoting JohnnyFOREX
Hi TheThing,

I'm not sure if your entries and stop losses are really correct re the system rules (but toto4444 please correct me if I'm wrong).

I think you've just used the most recent candle for your entry and stop loss, whereas you shouldn't enter until a break of the previous low just prior to the up candle, or the low of the up candle itself (whichever is the lower). The stop should then be above the highest high also of these two candles just mentioned, rather than just the immedaitely most recent candle.

Cheers, John.
So that makes Doug's most recent post an incorrectly set up trade?
Gone to a better place
  • #91
  • Nov 21, 2007 5:26am Nov 21, 2007 5:26am
Quoting smikester
So that makes Doug's most recent post an incorrectly set up trade?
As for me the entry level is OK but SL should be a little higher at the high of previous candle.
  • #92
  • Nov 21, 2007 6:06am Nov 21, 2007 6:06am
Quoting smikester
So that makes Doug's most recent post an incorrectly set up trade?
its pretty hard to be incorrect when I am following my own rules - lol
I place my stop 1 pip above the high of the retracement which is exactly what I did in my previous post. I thought that is what toto was doing. anyway we are targeting aggressive moves and most trades go quickly into profit. I think a tight stop is appropriate and the tighter the stop, the less risk you take, the more money you can bet and the better return you achieve. Thats how you make the big bucks - risk management
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  • #93
  • Nov 21, 2007 6:11am Nov 21, 2007 6:11am
toto - could you please clarify this one?

In a short trade for example like MAC-D's most recent one ... do you place your stop at/above the 'resistance' candle, or at/above the higher high of either the resistance candle or the most previous trend direction candle such as the one preivous in this example?

Thanks, John.
  • #94
  • Nov 21, 2007 6:25am Nov 21, 2007 6:25am
Here is an example of a failure, just for the record:

Attached Image


The trade was taken on the first pull back after the ema crossover. It did go into profit, as you can see. It was possible to take that profit before the reversal.

So I think the take profit must be discretionary, as toto has said. I think this system has great possibilities.
Gone to a better place
  • #95
  • Nov 21, 2007 6:47am Nov 21, 2007 6:47am
Quoting smikester
Here is an example of a failure, just for the record:

Attachment

The trade was taken on the first pull back after the ema crossover. It did go into profit, as you can see. It was possible to take that profit before the reversal.

So I think the take profit must be discretionary, as toto has said. I think this system has great possibilities.
I was watching this one also. But as you can see 2.0600 is an important level, many times it played as support and resistance in the past, so called price pivot. Besides round numbers are always psychological barriers for the people so I would skip this trade and wait for a clear break.
But anyway this system has a lot of potential
  • #96
  • Edited 7:32am Nov 21, 2007 7:00am | Edited 7:32am
Quoting JohnnyFOREX
toto - could you please clarify this one?

In a short trade for example like MAC-D's most recent one ... do you place your stop at/above the 'resistance' candle, or at/above the higher high of either the resistance candle or the most previous trend direction candle such as the one preivous in this example?

Thanks, John.
stop sucking up johnny - lol
you know where to place a stop.

Sometimes the retracement involves a series of candles creating a clear swing point after price returns to the trend. Sometimes that swing point is above/below the initial set up candle. Thats makes an obvious stop level. In my last trade post there was only one candle in the retracement so it didnt create a clear swing point but still gave a high point to set your stop with. Obviously a higher stop would have worked also but you would have risk more and needed to target more, therefore lowered your chance of success. We are scalping.The quicker you can get out in profit the better. From what I have seen there is no need to place your stop any further away than 1 pip past the retracement high/low. You are going to lose a trade now and again but who cares

p.s Johnnyforex is a close trading buddy of mine, I dont speak to people like that generally. He has a wealth of knowlege and experience and is brilliant with coding so Im tipping we are going to see some interesting back testing and optimisation to really hone this technique, on top of what Toto is doing

edit : my first loser. Im glad my stop wasnt any bigger looked what happened to this gold trade - lol
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Click to Enlarge Name: XAUUSD Spot.png Size: 23 KB
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  • #97
  • Nov 21, 2007 7:10am Nov 21, 2007 7:10am
Quoting M.A.C.Doug
stop sucking up johnny - lol
you know where to place a stop.

Sometimes the retracement involves a series of candles creating a clear swing point after price returns to the trend. Sometimes that swing point is above/below the initial set up candle. Thats makes an obvious stop level. In my last trade post there was only one candle in the retracement so it didnt create a clear swing point but still gave a high point to set your stop with. Obviously a higher stop would have worked also but you would have risk more and needed to target more, therefore lowered your chance of success. We are scalping.The quicker you can get out in profit the better. From what I have seen there is no need to place your stop any further away than 1 pip past the retracement high/low. You are going to lose a trade now and again but who cares

p.s Johnnyforex is a close trading buddy of mine, I dont speak to people like that generally. He has a wealth of knowlege and experience and is brilliant with coding so Im tipping we are going to see some interesting back testing and optimisation to really hone this technique, on top of what Toto is doing

Your P.S. explains a lot :
  • #98
  • Nov 21, 2007 7:34am Nov 21, 2007 7:34am
Quoting TheThing
Your P.S. explains a lot :
check my edit out for a good laugh
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  • #99
  • Nov 21, 2007 7:43am Nov 21, 2007 7:43am
Quoting M.A.C.Doug
check my edit out for a good laugh
Yup, a nice one :

In my previous examples I entered right at the break of a signal candle not at the break of previous to the signal candle. I know it smth against the rules of the system as JohnyForex already explained but this is the way I see it lol.. your second bearish candle didn't touch 10 ema so as for me it's ok to enter at the break of it and in this way it might be a winner. I'm not trying to make a winner from the loser, it's just how i understood the rules from the beginning in a little different way
  • #100
  • Nov 22, 2007 12:20am Nov 22, 2007 12:20am
Quoting TheThing
Yup, a nice one :

In my previous examples I entered right at the break of a signal candle not at the break of previous to the signal candle. I know it smth against the rules of the system as JohnyForex already explained but this is the way I see it lol.. your second bearish candle didn't touch 10 ema so as for me it's ok to enter at the break of it and in this way it might be a winner. I'm not trying to make a winner from the loser, it's just how i understood the rules from the beginning in a little different way
well there are many ways to skin a cat and I have a few slight variations on the rules myself, Your way gives you a better entry and tighter stop but waiting for the breakout is safer I believe. Look at some chart history and you will see quite a few set ups which dont breakout. Im pretty sure your win/loss ratio will not be as good.

Well done pointing out the pivot resistence on smikesters failed trade post. There were a few good reasons not to take that trade and the central pivot in the way was obvious to anyone using pivot points ( highly recommended!) a quick look for other support/resistence in the way of the target is a good idea. if there is strong resistence or support in the way you could reduce your target or take other defensive tactics or just avoid the trade. I took what i believed to be a great trade recently but after it failed I noticed I entered short right on the longer term uptrend line and price bounced on it exactly to the pip - I couldnt have picked a worse point to go short! As for my gold trade well, what the hell was I trading gold for anyway! lol
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