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Cheerio, Pip Pip
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DislikedI was also temted to take profits this morning. I am long GBP/JPY and GBP/USD as per rules of entry. I entered with 2 positions each and split my risk capitol equally on each position as others on this thread had suggested before. I set a take profit target of 100 pips on GBP/JYP on one position and am letting the other run per rules. I didn'tlet it hit my TP, after a sharp 44 pip correction after 9:00 AM EST I closed the tp position with 30 pips plus spread profit and am up 130 pips on remaining positionon GBP/JPY. Same scenario on GBP/USD except I let my TP target get hit for 100 pips plus spread and am letting my other position run as per rules. I am up 38 pips on remaining position as of this writing. Many thanks to you TKIMBLE as you have given me inspiration to think outside of the box. I am like you in that I like simplicity and am not much on programming and back testing. I have seen where this system along with the others may allow me to trade profitably even with a full time JOB(bad word) which I hope to inevitably trade full time one day soon. Thanks for your willing and unselfish contributions in this world of sharks and thieves we call forex.Ignored
DislikedIt's always tempting to take the pips when they are there. But, you must trade like a machine. What if the trend had kept riding up and you were up 200-300 pips right now? You will lose the benefit of the system if you constsantly change the rules. There won't be any consistency, and your account will ultimately suffer. You will never be around to reap the benefits of the 300-500 pip weeks. That's where the losses are recovered and the extended profitability is made. Beat your own mind game, and you will beat the market.Ignored
DislikedWho else was tempted to take the profit at the top of GBP/USD earlier today???
I sure was
Let's hope it starts trending again and that it will pay off to stick with the rules.
JoggeIgnored
DislikedNow this is the thing I am care about the most.
I guess it is OK to just use GBP/USD but if we can find another pair it will be amazing.
Any thoughts?
What pair you can combine with GBP/USD to use with this strategy?
Or just stick with GBP/USD and foget about any other pair?Ignored
DislikedJust a quick question TKimble, do we add the spread to our stop loss or just plus minus 30 pips from entry? 30 pips seems like not much of a buffer with the pound...but your system seems to be working for you. My spread for the pound is 5 pips.
I just want to make sure i am doing this right.
I am live with 6 mini lots. Stopped out once today on my long entry, and now re-entered long.
I am trading like a robot, but feeling a little anxious right now.
Thanks for all the help you have given on this forum.Ignored
QuoteDislikedYou must trade consistent with you comfort level. Can never go broke taking profits.
DislikedGBP/JPY, GBP/CHF, CHF/JPY. Really, any pair will work with proper adjustments in the entry and stop prices...
TkimbleIgnored
DislikedTrue, but as someone pointed out earlier, if you miss out on the big weeks by taking profit too soon, you run the risk of not making enough to offset the losing weeks.
Your average of 150 pips-week is due in large part to several monster 300+ weeks scattered amongst a sea of 50+/- weeks.Ignored
Dislikedon this, i have now learnt why tk advocates the ideally minimum pairs on this system and fewer trades/pair.
i traded this system this week on the gbpjpy and cable with 3 entries per pair for long and short, and frankly it is a nightmare, especially if you have a day job..
guess i will stick to 2 pairs next week and just the one trade each.
i am up on both pairs.Ignored
DislikedI had a thought, based on this system and the Daily system you posted:
What if, instead of straddling the open of Monday's trading, you simply opened a market order in the direction of last week's trend?
For example, since last week's trading closed up, you would place a buy market order to begin this week, with the 30-pip SL and set your sell entry 50 below the open.
Had you done that, you'd currently be up 70 pips versus the mere 20 we are now. It would also lessen the chance of having a stopout kick in, given the greater distance from the open position.
Thoughts? Has anyone tried this?Ignored
DislikedI was also temted to take profits this morning. I am long GBP/JPY and GBP/USD as per rules of entry. I entered with 2 positions each and split my risk capitol equally on each position as others on this thread had suggested before. I set a take profit target of 100 pips on GBP/JYP on one position and am letting the other run per rules. I didn'tlet it hit my TP, after a sharp 44 pip correction after 9:00 AM EST I closed the tp position with 30 pips plus spread profit and am up 130 pips on remaining positionon GBP/JPY. Same scenario on GBP/USD except I let my TP target get hit for 100 pips plus spread and am letting my other position run as per rules. I am up 38 pips on remaining position as of this writing. Many thanks to you TKIMBLE as you have given me inspiration to think outside of the box. I am like you in that I like simplicity and am not much on programming and back testing. I have seen where this system along with the others may allow me to trade profitably even with a full time JOB(bad word) which I hope to inevitably trade full time one day soon. Thanks for your willing and unselfish contributions in this world of sharks and thieves we call forex.Ignored
DislikedIt's always tempting to take the pips when they are there. But, you must trade like a machine. What if the trend had kept riding up and you were up 200-300 pips right now? You will lose the benefit of the system if you constsantly change the rules. There won't be any consistency, and your account will ultimately suffer. You will never be around to reap the benefits of the 300-500 pip weeks. That's where the losses are recovered and the extended profitability is made. Beat your own mind game, and you will beat the market.Ignored