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  • #381
  • Edited 7:01pm Jun 24, 2008 7:00pm | Edited 7:01pm
Quoting dkhinckley
I'm still holding the short on usd/jpy, currently up just 5 pips.
I don't see any new entries for today on FXDD.
I'm waiting for EURGBP long next day or two. Backtesting with this pair on this system looks very promising.

Of course, with my luck I've just jinxed it for everyone, so sorry in advance!!

-Dave
  • #382
  • Jun 24, 2008 7:27pm Jun 24, 2008 7:27pm
Quoting NuclearSecret
I'm waiting for EURGBP long next day or two. Backtesting with this pair on this system looks very promising.

Of course, with my luck I've just jinxed it for everyone, so sorry in advance!!

-Dave
on IBFX the psar has already flipped but waiting for ac and ao. the stoch is a little above the 50 line though so it would be second strength trade. I'll be checking other pairs in little while.

dave
Is it Break Time yet?
  • #383
  • Jun 24, 2008 8:18pm Jun 24, 2008 8:18pm
Quoting Akalra
Ash,

It is a wonderful system and hope to gain pips with this system. I have ibfx mt4 and in your posts you recommend fxdd to base our trade on. I went to their site, they only offer demo for 90 days. Do you know if they let you renew demo or open yet another one so that I keep using it without opening a live account with them at this point?

Thanks

Akalra
I could be wrong but I think that when the demo acct runs out it's just a matter of a few mouse clicks to open a new one: FILE\OPEN AN ACCOUNT
Hope that helps (and that its correct!).
dave
Is it Break Time yet?
  • #384
  • Jun 25, 2008 2:20am Jun 25, 2008 2:20am
Quoting blackdog
Hi Ash
You mentioned S/R and Fibs being very important
as we are looking at the daily charts do you only use
S/R and Fibs from the daily charts and nothing else.
thanks
Yep, I only use a dedicated D1 chart.
  • #385
  • Jun 25, 2008 2:21am Jun 25, 2008 2:21am
Quoting dkhinckley
I could be wrong but I think that when the demo acct runs out it's just a matter of a few mouse clicks to open a new one: FILE\OPEN AN ACCOUNT
Hope that helps (and that its correct!).
dave

Yeah, that's all you gotta do!
  • #386
  • Edited 4:23am Jun 25, 2008 3:03am | Edited 4:23am
Ash do you think this

1:30pm USDhttp://www.forexfactory.com/images/m...mpact_high.gifCore Durable Goods Orders m/m


Is going to affect our usd/jpy trade to our benifit ?

Is it best not to worry too much about these announcements ?
  • #387
  • Jun 25, 2008 7:49am Jun 25, 2008 7:49am
Quoting logic38
Ash do you think this

1:30pm USDhttp://www.forexfactory.com/images/m...mpact_high.gifCore Durable Goods Orders m/m


Is going to affect our usd/jpy trade to our benifit ?

Is it best not to worry too much about these announcements ?
I personally don't really worry too much about news announcements, unless it's the NFP.
  • #388
  • Jun 25, 2008 11:25am Jun 25, 2008 11:25am
USD/JPY

Ash sorry to keep on about this trade but I have traded it on my live account since sunday night.


Now I have notice that now the AC has turned green and the stoch is below 50 and pointing up, as if a buy signal, do I hang on in the trade to see if it hits my s/l at 108.67.

I know win or lose thats the name of the game but what do you think?

also the daily rollover charges are stacking up, on a trade that on the daily average moves only about 90 pips.
  • #389
  • Jun 25, 2008 1:45pm Jun 25, 2008 1:45pm
Dude, hang in there.

You wanna test this system and see if it works?

Then go the whole hog and let the trade do it's talking.
  • #390
  • Jun 25, 2008 2:04pm Jun 25, 2008 2:04pm
Quoting forexmoments
Dude, hang in there.

You wanna test this system and see if it works?
Ash is right. The problem I'm seeing is that many of you are using real live accounts to test the system. That's taking on more risk than necessary. You should be testing with a demo account unless you hate money.
  • #391
  • Jun 25, 2008 2:43pm Jun 25, 2008 2:43pm
Quoting RickyRudy
Ash is right. The problem I'm seeing is that many of you are using real live accounts to test the system. That's taking on more risk than necessary. You should be testing with a demo account unless you hate money.
Personally, I don't recommend trading for too long on demo accounts. In my opinion, to test a system, it's better to open a live micro account (tenth of a mini), and then test. This way, you're working with real money, and it will instill in to you the required attributes you need to cope with natural human emotions such as greed, fear, hope, etc...
  • #392
  • Jun 25, 2008 8:37pm Jun 25, 2008 8:37pm
also, systems are often a product of the specific market they were developed in. waiting too long to impliment a system could see the market conditions change and the system losing its effectiveness.

of course the best systems overcome that, which is the hope for every system developer.
  • #393
  • Jun 25, 2008 10:23pm Jun 25, 2008 10:23pm
Quoting Stormin_Norm
also, systems are often a product of the specific market they were developed in. waiting too long to impliment a system could see the market conditions change and the system losing its effectiveness.

of course the best systems overcome that, which is the hope for every system developer.
Dear Stormin Norman,
Be assured ASH did not wake up one morning and decided to throw this one out there. If you trade this you know these are based on trend changes on the daily and the three indicators give you a high level of profitable trades...Try it....you will like it...if your looking for a quick scalp in and out method this is not your dog. This method requires patience...slow and easy patience....to collect 100 plus pips easy...I would not worry about market conditions changing since this is suited for any pair... if some turn cold others will get hot...there are always trade setups on this one. Good Luck
  • #394
  • Jun 25, 2008 10:45pm Jun 25, 2008 10:45pm
Bent the rules a little.... not first PSAR and Stochs not ideal..... but hey into some Pips and out when the AO changes. Ash would this be a secondary secondary strength trade??


Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy d1.gif Size: 22 KB
  • #395
  • Jun 26, 2008 5:03am Jun 26, 2008 5:03am
Ash,
Many thanks for the detailed reply, I understand perfectly. A chart is worth 1000 pips or something, as they say...

You run TWO trades (2lots, 2 stakes, £2...) and TOTAL the pips.
I have learned to calculate a trade PER LOT, so this (successful) UJ trade netted 500/2 = 250 pips
BTW, the first TP was a very close shave to the pip!

You don't use Spread Betting to trade? Why not?

At £1 a pip this (2 lot) trade needs a SL of £586!! which puts the method WAY out of my league.
Using the 3% rule this leads to a bank of about £20,000 for ONE pair!
Four pairs = £80,000.... Hmmmm

I note the FF way is to report only wins and usually off demo trades, losses are bad press!
Are you trading money and what is the win/loss ratio you have seen with the daily method?


thanks
rorieu

Have I got numbers right?




Quoting forexmoments
Hi Ror,

Yes, I entered my SS Long Trade for Eur/Jpy at the opening of the new candle, i.e. 165.18. My SL was at the swing low, which was @ 161.73.

My 1st TP (as outlined in the PDF manual in the first post), is equal to the same number of pips of the close of the candle minus the low, which is 165.17 - 162.24 = 293 pips. This TP was hit, and I moved my SL to break even.

The second TP was when the AO closed as red. This occured yesterday, at which point I closed my long for an additional 215 pips.

So in total, on that trade I made around 500 pips.

Hope the pic makes things clearer.

Thanks.

Ash
  • #396
  • Jun 26, 2008 6:34am Jun 26, 2008 6:34am
Well, the chfjpy trade was a bust. I actually had more confidence in that one than usdjpy. Glad I'm only testing this system on a demo account :-) Now I'm pulling for usdjpy, but not too worried as I won't lose any money with a demo.
  • #397
  • Jun 26, 2008 6:37am Jun 26, 2008 6:37am
Quoting Stormin_Norm
also, systems are often a product of the specific market they were developed in. waiting too long to impliment a system could see the market conditions change and the system losing its effectiveness.
Then that would be a system in which I am not interested. I would even go as far as question how good that system is. Nobody can predict when the market conditions will change. If you try to do that you will have lost your shirt. That's not a good approach to trading.
  • #398
  • Jun 26, 2008 6:41am Jun 26, 2008 6:41am
Quoting forexmoments
Personally, I don't recommend trading for too long on demo accounts. In my opinion, to test a system, it's better to open a live micro account (tenth of a mini), and then test. This way, you're working with real money, and it will instill in to you the required attributes you need to cope with natural human emotions such as greed, fear, hope, etc...
That's fine for you. The point of testing a system is to see whether it works or not. I've tested too many systems that don't work to put blind faith into something to which I'm just introduced. Moreover, I see so many people on here repeatedly ask the same questions about the rules of the system. Why would I use my hard earned money to test something especially if I'm not sure of the rules? That makes no sense. They also want to bail on trades when things start looking down. You are not going to effectively test a system if you have the fear of losing money because of a system in which you haven't built trust. You're not going to know if the system is any good if you keep bailing on trades because you have this fear of losing money. The better approach to me is to first test on a demo, then once you're familiar and comfortable with the system go live, even if its only for pennies. What a lot of new traders fail to understand is that it is better to limit your risk/exposure.

Of course, this is just my humble opinion and I'll continue to approach my trading in this way.
  • #399
  • Jun 26, 2008 9:41am Jun 26, 2008 9:41am
How's the USDCHF looking for a second strength short?

Any takers?

-Dave
  • #400
  • Jun 26, 2008 9:47am Jun 26, 2008 9:47am
I'm still short from a few days ago, any one else?

Jim
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