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GBPJPY 50 Pips daily

  • #1
  • First Post: Jun 25, 2008 11:14am Jun 25, 2008 11:14am
HI GUYS

[FONT='Verdana','sans-serif']I have been using this system for over 2 years. What I have found, (but please do your own research) is if the first attempt fails, then double your lot size on the second. Keeping in mind that the second attempt might be in the same direction as the first. Also, If the first attempt is a winner, then kill the other order, your done for the day.

I have only been trading the GBPJPY, have a couple filters.


GBPJPYJ: I like to enter the trade during the asian session ( 12:30am est cut off )
I set my buy/sell stop +/- 23 pips outside the range ( yes 23 )
I set my target +/- 57 pips ( or +/- 90 from the high/low )
I use a 67 + spread SL

IF trade is triggered and a double bottom or top is formed, close position. ( usually a small loss because it takes that long to confirm the pattern )

You should average 81.3% winners. The GJ can have as many as 3 losers in a row, but I had 23 winners in row, so it's streaky... Hope this was clear... and helps...[/font]
  • #2
  • Jun 25, 2008 11:30am Jun 25, 2008 11:30am
Quote
GBPJPYJ: I like to enter the trade during the asian session ( 12:30am est cut off )
I set my buy/sell stop +/- 23 pips outside the range ( yes 23 )

The range of what?
Where do you begin and end your period of marking off the range?

Thanks
  • #3
  • Jun 25, 2008 12:30pm Jun 25, 2008 12:30pm
maybe you can be more elaborate on your strategy any way what ever it is thanks for sharing
  • #4
  • Jun 25, 2008 12:39pm Jun 25, 2008 12:39pm
Quoting mio
HI GUYS
...
is if the first attempt fails, then double your lot size on the second.

[/font]

don't do that
  • #5
  • Jun 25, 2008 12:42pm Jun 25, 2008 12:42pm
could you please use charts type,timing (GMT) and prices to elaborate on this system
better still use a chart and give an example

thanks
  • #6
  • Jun 26, 2008 9:36am Jun 26, 2008 9:36am
Quoting billbss
The range of what?
Where do you begin and end your period of marking off the range?

Thanks
last days high low range
  • #7
  • Jun 26, 2008 9:53am Jun 26, 2008 9:53am
Quoting stanchuks
could you please use charts type,timing (GMT) and prices to elaborate on this system
better still use a chart and give an example

thanks
Look on Candle of 4.Juni.
The high of the day was at 206.63
The low of the day was at 204.53

Daycandle is:00:00-24:00 Central European Time (GMT+2 in Summer) (GMT+1 Winter)

Make at 00:01 next Day a pending buy Order at 206.86 (206.63+23pips higher)
and also a pending sell Order at 204.30 (204.53-23pips lower)

When a take profit is done close another order.
If one stop loss is done try again only in the same direction.

Mio
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  • #8
  • Jun 26, 2008 9:59am Jun 26, 2008 9:59am
I have been using this system for over 2 years. What I have found, is if the first attempt fails, then try again on the second. Keeping in mind that the second attempt might be in the same direction as the first. Also, If the first attempt is a winner, then kill the other order, your done for the day.


I set my buy/sell stop +/- 23 pips outside the range ( yes 23 )
I set my target +/- 57 pips ( or +/- 90 from the high/low )
I use a 67 + spread SL


You should average 81.3% winners. The GJ can have as many as 3 losers in a row, but I had 23 winners in row, so it's streaky... Hope this was clear... and helps..

Example:
Look on Candle of 4.Juni.
The high of the day was at 206.63
The low of the day was at 204.53

Daycandle is:00:00-24:00 Central European Time (GMT+2 in Summer) (GMT+1 Winter)

Make at 00:01 next Day a pending buy Order at 206.86 (206.63+23pips higher)
and also a pending sell Order at 204.30 (204.53-23pips lower)

When a take profit is done close another order.
If one stop loss is done try again only in the same direction.

Mio
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 158 KB
  • #9
  • Jun 26, 2008 10:12am Jun 26, 2008 10:12am
will try it tomorrow
  • #10
  • Jun 26, 2008 11:28am Jun 26, 2008 11:28am
Quoting mio
I set my target +/- 57 pips ( or +/- 90 from the high/low )
Is this supposed to be 80 instead of 90?

57+23=80

Quoting mio
Keeping in mind that the second attempt might be in the same direction as the first.

If one stop loss is done try again only in the same direction.
Is this contradicting itself?
  • #11
  • Edited 2:14pm Jun 26, 2008 12:09pm | Edited 2:14pm
I have to agree with Lucidlamp. The instructions on what to do when a stoploss is hit are contradictory. In one sentence you mention that the 2nd attempt MIGHT be in the same direction as the first. In a sentence at the end of your post, you say try again ONLY in the same direction. Which is it?

And thanks for posting the system!

Scott
Prices are never too high to begin buying or too low to begin selling.
  • #12
  • Jun 26, 2008 2:32pm Jun 26, 2008 2:32pm
Yes, some of the statements are confusing. I take it you're using daily candles.

What do you do with an order that does not hit tp or sl and a new day is starting?
  • #13
  • Edited 6:52pm Jun 26, 2008 6:29pm | Edited 6:52pm
Quoting BenQ
Yes, some of the statements are confusing. I take it you're using daily candles.

What do you do with an order that does not hit tp or sl and a new day is starting?

Based on GMT is bette you not get it from daily candle because of difference in brokers.

Get based in your broker the high and low from yesterday and today looking 1H chart and based in the GMT

I think !
  • #14
  • Jun 26, 2008 7:20pm Jun 26, 2008 7:20pm
New daily candle for IBFX begins at 8PM ET. According to IBFX, here are the entry numbers for the next day. Note: The spread for this pair is 9 at IBFX, and that is reflected in these numbers.

LONG: 214.11
TP: 214.70
SL: 213.33

SHORT: 211.66
TP: 211.07
SL: 212.42

Feel free to check me on my numbers.

Scott
Prices are never too high to begin buying or too low to begin selling.
  • #15
  • Jun 27, 2008 2:12am Jun 27, 2008 2:12am
Quoting lucidlamp
Is this supposed to be 80 instead of 90?

57+23=80

Sorry that are 80 not 90.

Is this contradicting itself?
No-if 1 stop loss reached try again the same direction.
  • #16
  • Jun 27, 2008 2:15am Jun 27, 2008 2:15am
Quoting thehenryfam
I have to agree with Lucidlamp. The instructions on what to do when a stoploss is hit are contradictory. In one sentence you mention that the 2nd attempt MIGHT be in the same direction as the first. In a sentence at the end of your post, you say try again ONLY in the same direction. Which is it?

And thanks for posting the system!

Scott
I trade with it.
I mean try again,100 %.
Might is a poorly explained.My English is not good.Sorry
But i trade it real with success.
  • #17
  • Jun 27, 2008 2:17am Jun 27, 2008 2:17am
Quoting BenQ
Yes, some of the statements are confusing. I take it you're using daily candles.

What do you do with an order that does not hit tp or sl and a new day is starting?
Look for Trades 18 hours.
If no Orders were hit close pending Orders for that day.
  • #18
  • Jun 27, 2008 2:18am Jun 27, 2008 2:18am
Quoting mio
I trade with it.
I mean try again,100 %.
Might is a poorly explained.My English is not good.Sorry
But i trade it real with success.
a picture says a thousand words
  • #19
  • Jun 27, 2008 2:35am Jun 27, 2008 2:35am
Quoting thehenryfam
New daily candle for IBFX begins at 8PM ET. According to IBFX, here are the entry numbers for the next day. Note: The spread for this pair is 9 at IBFX, and that is reflected in these numbers.

LONG: 214.11
TP: 214.70
SL: 213.33

SHORT: 211.66
TP: 211.07
SL: 212.42

Feel free to check me on my numbers.

Scott
On FXDD i had on 26.6 Daily Candle High 213.90 (Long at 214.13 TP 214.70 SL 213.38 (=67 Pips+8 Spread on FXDD)

Daily Low 211.90 (Short at 211.67 TP 211.10 SL 212.42)

Happy Trading
Mio
  • #20
  • Edited 3:16am Jun 27, 2008 2:57am | Edited 3:16am
I simply hate and and dont want to believe in any system that tells me i make profits daily. infact the word "daily" when people use it is disgusting, absurd and annoying whenever i hear it. it pierces my spirit , touches my veins. i just dont get well with people who especially say it to my hearing.
Can the starter of this post who has said has been using dis approach 4 d past two years show us his track record ? i mean can he just show me his account history ? and let me see and believe ?
If this will be true , great it will be and by now he shuld have been competing with bill gates, abramovich etc in terms of riches. i am both a day trader and a swing trader. i use a simple system i strictly follow and with i i survive dis business. i am one of the 5-10% feeding from fx. i do not see it as a get quick rich venture.
Wel i hope i am well understood, i just do not get well with people using the word "DAILY", bcos i no it is impossibu u make profit on every day basis as far as dis biz is concerned, d best traders loose on some days and gain on other days, common ! everyday is not christmas and if he is sure let him show me his live account history, not a demo history.
know thy edge and abide by it ! 4 in it shall thou be successful !
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