Daily95pips

Quoting Ykb

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Hi Naranjoe, I have one question I hope you may answer.

I know you provide statistics for every weekday, but do you actually open position every day, or just keep watching the market? For example, if you are already +300 pips on Wednesday, do you still keep trading for the rest of the week or rather start the next week?

Thanx

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Quoting naranjoe

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Results for week ending friday 22 february 2008.

Arkpip - verry good result on gbp/jpy, do you use 24 hours for the look back ?

Naranjoe

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Quoting mikelath

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Hi all and welcome to the DAILY95PIPS strategy.

Before we start I urge you to paper trade any new strategy including this one before committing any of your own funds. Thorough testing is crucial before taking any strategy live.

Also bear in mind that this system is by no means new and may look familiar to some of you. I am simply passing it on from my predecessors/mentors in the hope that it adds to your existing trading arsenal and increases your trading results.

The basis of this system is VERY simple and has proven to be profitable, though I am adjusting the money management/profit targets. So results for this revised version will be realised on this thread. I must also emphasise the well known phrase that "past performance is no guarantee of future returns".

I will add the daily trading results to this thread as we go along. See post#1602 for updated results for the current week. Weekly and individual pairs results are at post #1602. Monthly totals are at post#1602. (Please disregard the next post #2 as I am unable to add to it.)

That being said, let us proceed with the strategy.

OVERVIEW:
This is a pure "set and forget" system where trades are placed at the same time everyday. The option is also there for those inclined to monitor their positions to adjust stop levels as profit targets are reached. Please note that there is currently an Expert Advisor being developed that automates the trading of this strategy, thus keeping to the set and forget objective. Please click on the paperclip at the top right hand side of the page to find the current versions. For those new to using Expert Advisors you will need a broker that uses an MT4 platform such as North Finance, IBFX, ODL, FXDD to name a few. For instruction on installing EA's go to: http://www.halcyonfx.com/howtoinstall.htm

By setting multiple profit targets we are exercising money management, while aiming for 95pips profit from a 50pip move in price.
We will simply be placing orders 5pips above the previous days HIGH and 5pips below the previous days LOW.(Actually, it's more like the previous 17hrs at 5pm EST.)
Use a 30pip stop loss for all orders.
Orders are placed on Monday, Tuesday, Wednesday, Thursday and Friday.

EXECUTION:

1.) At 5pm EST open the 1hr chart (2hrs b4 start of the Asian session) of USDJPY. ( In an attempt to pre-empt questions about how this strategy works on other pairs, I will post results comparing GBPUSD, GBPJPY, EURJPY, and EURUSD. You're welcome to add to the list.)
For those who need help with converting timezones go to: http://www.timeanddate.com/worldclock/converter.html
For those whose brokers spreads are still wide at 5pm EST on Sunday (which is 7am my time on a Monday here in Brisbane), in order to avoid the wide spreads you may need to wait until they reduce to normal before placing the orders for the day. I typically have to wait until around 8pm EST for Oanda's spreads to reduce back to normal.


2.) Use the high and low of the previous 17hrs. For Mondays orders go back as far as 00:00 EST on Friday for high and low.

3.) Open a total of 6 PENDING orders (for each pair) including 3 BUY STOPS and 3 SELL STOPS that expire within 24hrs (I use 18hrs) as follows:

Buy/Long Orders:
i. #1 - Entry = HIGH+5pips, Take Profit=15pips, S/L=30pips
ii. #2 - Entry = HIGH+5pips, Take Profit=30pips, S/L=30pips
iii. #3 - Entry = HIGH+5pips, Take Profit=50pips, S/L=30pips

Sell/Short Orders:
i. #1 - Entry = LOW-5pips, Take Profit=15pips, S/L=30pips
ii. #2 - Entry = LOW-5pips, Take Profit=30pips, S/L=30pips
iii. #3 - Entry = LOW-5pips, Take Profit=50pips, S/L=30pips

That's it.

Once you have placed your orders you are free to go and do something else with your day as this strategy does not require you to be monitoring the trades. Though, as already mentioned, to maximise results you may choose to adjust stop levels when profit targets are reached which by the way is automatically done by the EA.

There can be 4 possible outcomes after either the long or short trades are triggered:
1.) All 3 profit targets are reached for a total of +95pips.
2.) The first 2 profit targets are reached (+45pips) and the remaining lot is stopped out (-30pips) leaving a total of +15pips.
3.) The first profit target is reached (+15pips) and the two remaining lots are stopped out for a total of -45pips.
4.) All 3 lots are stopped out for a total of -90pips.
Additional to this is the variable outcomes of when both the long and short trades are triggered.
Also note that for those so inclined to monitor the trades, stop levels may be adjusted on remaining lot/s to protect already achieved profits. Trailing stops may also be used at your discretion. These features are included in the EA.

Please note that as a general rule of thumb you should not risk any more than 3% of your trading account on any one trade.
Therefore, with the DAILY95PIPS strategy the order size will need to be divided between the long and short orders. The total potential loss on the long orders (90pips) will therefore add up to 3% of your trading account.
Alternatively, you could risk 3% of your trading capital on EACH order, totalling 9% of your trading capital being risked for the long trades. The same applies to the short orders.

Happy trading everyone !

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Quoting 07nioe

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Hello,

as I live in Europe, it is quite hard for me to respect 5pm EST for setting up the positions. Is it also possible to prepare the trades at 0600 am GMT? This time would correspond with my work cycle. Thanks 07nioe

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Quoting 07nioe

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Hello,

as I live in Europe, it is quite hard for me to respect 5pm EST for setting up the positions. Is it also possible to prepare the trades at 0600 am GMT? This time would correspond with my work cycle. Thanks 07nioe

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Quoting Arkpip

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Hey Naranjoe,

I use the same settings as you do (in fact, thanks for sharing this setup)

Settings for GBP/JPY:

TP = 40-80-110

SL = 60

Update to BE = 80 mostly, but actually no rule for me here, it depends on the market/price action, sometimes I move SL to BE, sometimes to the 1 TP, sometimes I just close the trade. I don't use any EA's, I modify all trades manually.

LookBackHours = 17

DayStartHour = around 10 PM EST

I don't see how you got negative GBPJPY trades this week. I'm using OANDA as my trading platform, maybe your broker's spread is different. Please see the attached file where it shows my GBP/JPY trades for this week (only two days were hit, 19 and 21 Feb)

Blue and yellow squares are the limit orders, triangles are the triggered ones and green dots are the TP's (1,2 and 3). Pink squares are the trades closed.

(EST 10:00 PM is 1:00 AM in my country, please dont get confused with the chart time)

Kindly,

Arkpip

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Quoting harv58

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Arkip,
I set at 00:00GMT and look back 17 hrs with similar settings to you and naranjo. Am i setting too early and not getting your results or am i missing something else?
Help appreciated

ta
Harve

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Quoting mikelath

Disliked

Hi all and welcome to the DAILY95PIPS strategy.

Before we start I urge you to paper trade any new strategy including this one before committing any of your own funds. Thorough testing is crucial before taking any strategy live.

Also bear in mind that this system is by no means new and may look familiar to some of you. I am simply passing it on from my predecessors/mentors in the hope that it adds to your existing trading arsenal and increases your trading results.

The basis of this system is VERY simple and has proven to be profitable, though I am adjusting the money management/profit targets. So results for this revised version will be realised on this thread. I must also emphasise the well known phrase that "past performance is no guarantee of future returns".

I will add the daily trading results to this thread as we go along. See post#1602 for updated results for the current week. Weekly and individual pairs results are at post #1602. Monthly totals are at post#1602. (Please disregard the next post #2 as I am unable to add to it.)

That being said, let us proceed with the strategy.

OVERVIEW:
This is a pure "set and forget" system where trades are placed at the same time everyday. The option is also there for those inclined to monitor their positions to adjust stop levels as profit targets are reached. Please note that there is currently an Expert Advisor being developed that automates the trading of this strategy, thus keeping to the set and forget objective. Please click on the paperclip at the top right hand side of the page to find the current versions. For those new to using Expert Advisors you will need a broker that uses an MT4 platform such as North Finance, IBFX, ODL, FXDD to name a few. For instruction on installing EA's go to: http://www.halcyonfx.com/howtoinstall.htm

By setting multiple profit targets we are exercising money management, while aiming for 95pips profit from a 50pip move in price.
We will simply be placing orders 5pips above the previous days HIGH and 5pips below the previous days LOW.(Actually, it's more like the previous 17hrs at 5pm EST.)
Use a 30pip stop loss for all orders.
Orders are placed on Monday, Tuesday, Wednesday, Thursday and Friday.

EXECUTION:

1.) At 5pm EST open the 1hr chart (2hrs b4 start of the Asian session) of USDJPY. ( In an attempt to pre-empt questions about how this strategy works on other pairs, I will post results comparing GBPUSD, GBPJPY, EURJPY, and EURUSD. You're welcome to add to the list.)
For those who need help with converting timezones go to: http://www.timeanddate.com/worldclock/converter.html
For those whose brokers spreads are still wide at 5pm EST on Sunday (which is 7am my time on a Monday here in Brisbane), in order to avoid the wide spreads you may need to wait until they reduce to normal before placing the orders for the day. I typically have to wait until around 8pm EST for Oanda's spreads to reduce back to normal.


2.) Use the high and low of the previous 17hrs. For Mondays orders go back as far as 00:00 EST on Friday for high and low.

3.) Open a total of 6 PENDING orders (for each pair) including 3 BUY STOPS and 3 SELL STOPS that expire within 24hrs (I use 18hrs) as follows:

Buy/Long Orders:
i. #1 - Entry = HIGH+5pips, Take Profit=15pips, S/L=30pips
ii. #2 - Entry = HIGH+5pips, Take Profit=30pips, S/L=30pips
iii. #3 - Entry = HIGH+5pips, Take Profit=50pips, S/L=30pips

Sell/Short Orders:
i. #1 - Entry = LOW-5pips, Take Profit=15pips, S/L=30pips
ii. #2 - Entry = LOW-5pips, Take Profit=30pips, S/L=30pips
iii. #3 - Entry = LOW-5pips, Take Profit=50pips, S/L=30pips

That's it.

Once you have placed your orders you are free to go and do something else with your day as this strategy does not require you to be monitoring the trades. Though, as already mentioned, to maximise results you may choose to adjust stop levels when profit targets are reached which by the way is automatically done by the EA.

There can be 4 possible outcomes after either the long or short trades are triggered:
1.) All 3 profit targets are reached for a total of +95pips.
2.) The first 2 profit targets are reached (+45pips) and the remaining lot is stopped out (-30pips) leaving a total of +15pips.
3.) The first profit target is reached (+15pips) and the two remaining lots are stopped out for a total of -45pips.
4.) All 3 lots are stopped out for a total of -90pips.
Additional to this is the variable outcomes of when both the long and short trades are triggered.
Also note that for those so inclined to monitor the trades, stop levels may be adjusted on remaining lot/s to protect already achieved profits. Trailing stops may also be used at your discretion. These features are included in the EA.

Please note that as a general rule of thumb you should not risk any more than 3% of your trading account on any one trade.
Therefore, with the DAILY95PIPS strategy the order size will need to be divided between the long and short orders. The total potential loss on the long orders (90pips) will therefore add up to 3% of your trading account.
Alternatively, you could risk 3% of your trading capital on EACH order, totalling 9% of your trading capital being risked for the long trades. The same applies to the short orders.

Happy trading everyone !

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Quoting 07nioe

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Hello,

I haven't understood which high and low I have to consider for Monday orders. Mikelath told us to go back as far as 00:00 EST on Friday. Does it mean that I have to include the complete Friday movements. And what does it mean for Central European Time? And my last question: Isn't it a little bit risky to set up a 30 pips SL independent of the TP? Thank you for your answers, 07nioe

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Quoting Christancho

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Hi,
I just want to publish my forward testing results....

I have received many questions about which technique is the best... D95P or D95P-REVERSE.... so, I made a hand-to-hand forward testing... and here are the results...

So, which one is the best? let me know what you think.

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Quoting Christancho

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Hi,
I just want to publish my forward testing results....

I have received many questions about which technique is the best... D95P or D95P-REVERSE.... so, I made a hand-to-hand forward testing... and here are the results...

Personally I can say that both tecniques are good... it's all about the pair... take a look to EURUSD, USDJPY consistent profit on D95P. Look at GBPUSD on D95P REVERSE, what do you think of EURJPY and USDJPY on D95P-REVERSE? will you trade live based on this results?.

So, which one is the best? let me know what you think.


Regards!
Christancho

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Quoting bullrock

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Here is a converter for the time question:
http://www.timeanddate.com/worldclock/converter.html
Then yes you go back and take the movement of the whole Friday.
What do you mean you set up 30 pips SL independent of the TP? When you put your order you specify both SL and TP. You put through 6 orders. Please read again the first page especially the implementation/execution part.

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Quoting Pheniox

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If there is nothing more than 80 pips then we make the trades.

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