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reliable trading system for GBP/JPY scalping

  • #21
  • Jun 7, 2008 10:55am Jun 7, 2008 10:55am
yes.. back to my drawing board..

1. i think i should make my tp a little bit smaller, for easy liquidity...

2. place orders by 5 pips gap..

3. long positions only for rollover/carry over interests

and it should look like this:

demo - 5k
platform - fxcm
pair - GJ
lot size - 10K
leverage - 1:200
positions - LONG by 5's ( 206.90, 206.95, etc.. up to 210.00)
tp - 5 pips
sl - none

4. all positions must be above the current market price
5. if price goes down, place order at every 15 pips gap with
no sl and no tp.. to average down.. to compensate the floating loss..

let see what will be the outcome, i already opened a new demo account with $5,000.00 virtual account..

i'll keep you posted by it's daily performance..

PLS POST YOUR COMMENTS, SUGGETIONS, RECOMMENDATIONS ON THIS REVISED SYSTEM OF MINE

http://www.forexfactory.com/images/misc/progress.gif

I'm not an expert but I can read charts.
  • #22
  • Jun 7, 2008 11:41am Jun 7, 2008 11:41am
Quoting forexgodess
thanks..

just wanna ask what time frame do i have to use for this?

do and how does it work?

is this signal to buy or sell or both?

please elaborate..

thanks

Read this thread. It's only 6 pages long.
http://www.forexfactory.com/showthread.php?t=9587
  • #23
  • Jun 7, 2008 12:01pm Jun 7, 2008 12:01pm
Quoting Vfforexlee
Read this thread. It's only 6 pages long.
http://www.forexfactory.com/showthread.php?t=9587
hi there,

thanks for the diligence,

i really appreciated it..

i owe you one

i can get back to you one of these days..

promise
I'm not an expert but I can read charts.
  • #24
  • Jun 7, 2008 2:54pm Jun 7, 2008 2:54pm
Quoting forexgodess
i alwyas place a tp of 10 to 20 pips per trade

but i never put a stop loss on my trade, NEVER

i believe stop loss ahs nothing to give you but losses..

no offense to other who uses this strategy its my own interpretation..

i just let my position open until it reaches only 2 ending,
1. hiting my tp
2. or giving me magin call..
I like this technique .. but gotta do it right otherwise is very unpleasant ..
Never be over-leverage. I don't use SL either on trading now ..
  • #25
  • Jun 7, 2008 10:19pm Jun 7, 2008 10:19pm
Quoting mktjong
I like this technique .. but gotta do it right otherwise is very unpleasant ..
Never be over-leverage. I don't use SL either on trading now ..
yep, this strategy can be awesome if it is done right....but need to be very careful to get it right....i have few ideas for this strategy...but never had the time to check it out...
  • #26
  • Jun 7, 2008 10:40pm Jun 7, 2008 10:40pm
does anybody have any recommendation or suggestion before i get this sytem??? of mine into action?

please do tell me...

so that i can still tweak it...

before the trading starts tomorrow at 4am...

thanks
I'm not an expert but I can read charts.
  • #27
  • Jun 7, 2008 10:43pm Jun 7, 2008 10:43pm
Quoting forexgodess
does anybody have any recommendation or suggestion before i get this sytem??? of mine into action?

please do tell me...

so that i can still tweak it...

before the trading starts tomorrow at 4am...

thanks

have a grid with spacing dependent on the volatility....if its GJ, have spacing of about 40 pips....have buy orders below the price and sell orders above the current price with space of 40 pips....if any order is triggered, replace with similar order....no tp, no sl....u close when u want to and when u have enough profit....
  • #28
  • Jun 7, 2008 11:14pm Jun 7, 2008 11:14pm
Quoting ns_karthik77
have a grid with spacing dependent on the volatility....if its GJ, have spacing of about 40 pips....have buy orders below the price and sell orders above the current price with space of 40 pips....if any order is triggered, replace with similar order....no tp, no sl....u close when u want to and when u have enough profit....

thanks you're really very helpful...

so, should i make it this way??

the GJ closed at 206.86, so i should place a.....
1.) sell order @207.26, ryt?
2.) buy order @206.46, ryt?

if......

buy order was triggered @206.46, i shud place another buy order @206.06, ryt?
same thru as with sell order @207.26, i shud place another sell order @207.66

please correct me if im wrong....

thanks..
I'm not an expert but I can read charts.
  • #29
  • Jun 7, 2008 11:41pm Jun 7, 2008 11:41pm
Quoting forexgodess
thanks you're really very helpful...

so, should i make it this way??

the GJ closed at 206.86, so i should place a.....
1.) sell order @207.26, ryt?
2.) buy order @206.46, ryt?

if......

buy order was triggered @206.46, i shud place another buy order @206.06, ryt?
same thru as with sell order @207.26, i shud place another sell order @207.66

please correct me if im wrong....

thanks..

yes thats right....but there are other things which we will have to work out as we go along./...
  • #30
  • Jun 8, 2008 8:25am Jun 8, 2008 8:25am
isn't it against the trend?

we buy when the price is going down and sell when its high?
I'm not an expert but I can read charts.
  • #31
  • Jun 8, 2008 8:36am Jun 8, 2008 8:36am
Quoting forexgodess
isn't it against the trend?

we buy when the price is going down and sell when its high?
Oh my god you are wounderful
  • #32
  • Jun 8, 2008 8:58am Jun 8, 2008 8:58am
Quoting forexgodess
isn't it against the trend?

we buy when the price is going down and sell when its high?
yes it is....thats the essence of grid strategy in the sense that it does not bother abt the trend.....another advancement of this method could be that u put both buy and sell every 40 pips in both directions....like if price is 206.86 now....but a buy at 206.46 and sell at 206.06...likewise , put a sell at 207.26 and buy at 207.66.... and so on....

there are lots of ways of doing this....we need to find out what works for us...no SL but u can have tp as 80 pips when the next similar order would kick in.....hope u understand....
  • #33
  • Jun 8, 2008 2:18pm Jun 8, 2008 2:18pm
Quoting ns_karthik77
yes it is....thats the essence of grid strategy in the sense that it does not bother abt the trend.....another advancement of this method could be that u put both buy and sell every 40 pips in both directions....like if price is 206.86 now....but a buy at 206.46 and sell at 206.06...likewise , put a sell at 207.26 and buy at 207.66.... and so on....

there are lots of ways of doing this....we need to find out what works for us...no SL but u can have tp as 80 pips when the next similar order would kick in.....hope u understand....
yes...

i've been thinking of that strategy last night before i sleep...

i thought what if i place both long and short order ever 40 pips gap??

ok... let's try it..

there's no harm in trying...
I'm not an expert but I can read charts.
  • #34
  • Jun 9, 2008 8:41am Jun 9, 2008 8:41am
Quoting forexgodess
yes.. back to my drawing board..

1. i think i should make my tp a little bit smaller, for easy liquidity...

2. place orders by 5 pips gap..

3. long positions only for rollover/carry over interests

and it should look like this:

demo - 5k
platform - fxcm
pair - GJ
lot size - 10K
leverage - 1:200
positions - LONG by 5's ( 206.90, 206.95, etc.. up to 210.00)
tp - 5 pips
sl - none

4. all positions must be above the current market price
5. if price goes down, place order at every 15 pips gap with
no sl and no tp.. to average down.. to compensate the floating loss..

let see what will be the outcome, i already opened a new demo account with $5,000.00 virtual account..

i'll keep you posted by it's daily performance..

PLS POST YOUR COMMENTS, SUGGETIONS, RECOMMENDATIONS ON THIS REVISED SYSTEM OF MINE

hi my fellow traders,

my newly TWEAKED system mentioned above did a great job today, hitting more than 30 positions @5 pips profit, 2 positions @ 105 pips profit ( acutally it's an accident, my fingers slipped and made it 105 instead of 5 pips) and 2 positions @ 350 and 335 pips ( the 15 pip gap orders with no tp)..

i'm still monitoring it for the the next day..

ADDENDUM
current price is at around 209.70...

already placed 20 LONG orders with 5 pip gap from 210.00 to 211.00 with 5 pips tp, no sl..

already placed 10 SHORT orders with 5 pip gap from 209.50 to 209.00 with 5 pips tp, no sl..

also placed 2 SHORT orders with 15 pip gap @ 209.65, 209.80 and 209.95, no tp, no sl..

let's see

100% winning percentage!!!!
I'm not an expert but I can read charts.
  • #35
  • Jun 10, 2008 3:57am Jun 10, 2008 3:57am
Have you taken a look at super carry trade thread?
  • #36
  • Jun 10, 2008 11:45am Jun 10, 2008 11:45am
hi thanks for replying..

no i have not visited it yet...

is their system same with mine??

a have additional modification made in my system..

now it's still working fine..

20% ++ gain in 2 days..

80% winning percentage!!!
I'm not an expert but I can read charts.
  • #37
  • Jun 10, 2008 11:47am Jun 10, 2008 11:47am
Quoting forexgodess
http://www.spreadisdead.com/profiles/blog/show?id=2078076%3ABlogPost%3A43
Lol this maked me laught
  • #38
  • Jun 10, 2008 12:08pm Jun 10, 2008 12:08pm
Quoting tunera
Lol this maked me laught

hey..

what that all about???

hehehehehe


I'm not an expert but I can read charts.
  • #39
  • Jun 10, 2008 12:11pm Jun 10, 2008 12:11pm
oops, i made a mistake with copy>paste :O

"Aggressive traders need an aggressive pair" this phrase maked me laught

sorry for mistake
  • #40
  • Jun 10, 2008 12:15pm Jun 10, 2008 12:15pm
Quoting tunera
oops, i made a mistake with copy>paste :O

"Aggressive traders need an aggressive pair" this phrase maked me laught

sorry for mistake

what makes u laugh with that????
I'm not an expert but I can read charts.
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