The Weekly Opening Range Method

PaJaSoft,
Yes, The W.O.R.M was stopped out twice so I'm out until next week.
Any chance of you posting more details of past drawdowns? Such data might be very useful to my ongoing research into this concept.


2007 profits: 150 pips.


Ken

Hello PipRage - it is posible that you tell me plz what was the enteries you had this week? I am bad with the range you use. I think it is the high and low ending Monday 5am EST but not knoing when it start. I was thinking only once stopped so I am wrong and need help since you did not post enteries on Monday as last 2 weeks you did.
Thanks to you

DW

driftwood,
My first entry was the short at 1.9553.
Stopped out at 1.9603
My second entry was the long at 1.9619
Stopped out at 1.9568
Even more frustrating was that this 2nd position was 80 pips in profit 24 hours before the stop out.
Mind you, it really doesn't bother me when I consider how many times I have been 4-5 pips away from a double stop-out only to reverse to my 100 pips profit. I've also had many trades where I've only hit my 100 pip limit by the barest of margins before a huge reversal. I've been overdue for some drawdown. What you miss on the swings, you pick up on the roundabout.
Choppy weeks like this one will always kill the WORM. That's why I won't trade after 2 stopouts. I would have been stopped out again if I'd re-entered on the short side for a 2nd time.
See you next week.

ken

Hello PipRage - Thank you for answer. I see better now I see until Mon 21.00 Melbourne/05.00am EST low was 1.9554 for me so youre enterey make sense. I see ending time of range is Monday 21.00 Melbourne/05.00am EST but I still confuse when is start of range?

Thanks to you.
DW

edit - No have to answer I see it better now.

the following times are posted as eastern standard times Sunday 2pm New Zeland opens 4pm Australia opens 6pm Tokoyo opens 2am Monday morning Eurozone opens 3am London opens 8am New York opens so 18 hours after market opens is 8 am Monday morning works for me funny how that worked out

Short at 1.9574

Ken

Shaken out for a 50 pip loss

2nd double shakeout. 2 choppy weeks in a row
2007 profits: 50 pips


Ken

Wow!

This week was very very especially unique! Since 1.1.2004, which I tested from, there was no one week when we must close our entered position at Friday before market close! (because InterbankFX (IBFX) closes market at 21:00GMT for now, I close my position +-1-2 minutes before too)

BTW Pip Rage - In 2004 there was line of lost by almost ten (!!) weeks - every week of this was in lost -100 pips, only one wins all (+100 pips). Whole year 2004 ended in +-zero.... between 9/2004 - 11/2004 we gave back almost all of profit of the year... Lost 2 week in line isn't nothing special, but I think that not all lost in the past must be -50pips lost - I have some ideas to minimize lost(s) without plunger profits and tested 3 past years says that there is may be some possible improvent...

PS: Sorry for my late, I'm too bussy now, but I try testing some strategies derived from your idea and may be in a one or two weeks I will have some positive results for you guys.... so this week result +50pips.

PPS: How you work with spread? As I tested, I think, that spread must be added to S/L and profit must be a bit smaller... - so let say I calculate with fixed spread 4 pips (IBFX has commonly 4 pips spread for Cable) and so when the channel is 1.9000 (High) and 1.8700 (low) my first real enter is at price 1.900+1pips+spread = 1.9005 - T/P sets to 2.0000 nad S/L sets to 1.8951 - second posiotion is similar - enter at price 1.8700-1pips = 1.8699, T/P 1.8603 and S/L 1.8645... If you don't calculate with spread at testing, some winning positions doesn't win in live... - if real T/P will be not 100, but 100+spread - some positions ends not at T/P, but at S/L... (counting of this possitions is bigger number than if your real S/L will be not 50, but 50-spread)