150-200 pip/month without technical indicators.

hi maya, so far how many wins and losses? tq

i agree with maya " there is NO PERFECT indicator "

all indicator just follow the market , so the important thing is ;

money management and psychological

This system was profitable earlier in the week, so according to the rules of engagement, no more trades were to be made since the 50 pips profit was made. BUT...if you had traded this strategy last night, it made another 50 pips!

Can't wait for next week...

Thanks, la maya k!

hope can get +50 today, so i can sleep (like bears) tomorrow till friday lol...

good luck guys...

Have entered short GBPUSD today at about 5.40 pm (GMT+8). At time of posting it's almost reaching the point where I'll move my stop to break even, which is 30 or so pips. Might be possible to achieve the 50 pips target today on Monday itself.

hi maya, what if it doesnt reach target and also SL..it just hang on there...just let it open till tomorrow or?

I breakeven when it's 33 pips in profit. So far I didn't specify a expiry time for the trade, so I let it either hit the 25 pip SL, or 33 pips to breakeven. Once it reaches 33 pips, we don't lose either way. We either make 0 pips, or 50 pips.

So few things will happen:
Stop loss hit: 25 pip loss.
33 pips profit: Move to break even
- SL hit, 0 pip loss
- Target hit, 50 pip win.

I've learnt that trading defensively works best for me.

okay thanks...

Here's an update of the current trade. Came close to the stop loss at breakeven, seems to be heading back down perhaps. Either, even if stop loss is hit now, there is no loss. Hope for the best.

Thanks to all those who's been supportive.

yup hope it doesnt touch SL...

well its hit SL..hope tomorrow will be better

Yep, stop loss hit at breakeven. No loss made today. No more re-entry for today, will look at the charts again tomorrow same time.

yup...see ya tomorrow...

I have been doing this kind of strategy but a little bit different, I took high and low and start doing the Buy and Sell PO exactly 12.00PM (GMT +8, I come from Malaysia too) for GU. At the same time I employed Martingale system. But, there will be some spikes, where the price might hit the PO and turn back, it happen quite regularly.

It worked pretty well for the last 6 months giving monthly return no less than 25% of my capital, everyday without fail but I blew up my one month profit + additional 20% of my capital this month (July 2008)

I've stopped trading temporarily since last week after realizing Martingale is very very very dangerous, as it can sucks your hard earned past months profit in one or two bad trade. My system works like, I entered 1 lot, the double up, double up until until i hit my target.

But right now, looking at your system, it seems more safe a secured to me as you only chase 50 pips per week. Your SL is tight. YOu don't double up the lot (semi martingale). You reduce the potential spike (hitting PO and the price turning back). Looks like holy grail to me. At last I can see some light at the end of the tunnel!

By the way, since you enter the position for GU at 4.35PM (GMT+8), what I can say, the GBP news always come out at exactly 4.30PM. Why do you prefer to do PO after the news? instead of riding the news? ANy comments on this?

Another thing is, cancelling all the PO at 7.50PM means..you are avoiding US market. ANy specific reasons for that?

Another thing is about your MM. With 50 pips per week, roughly 200 pips per month. With USD 3500, we can earn USD 752, which means for a capital of USD 3500, you might enter 3.75 mini lot?
Considering 25 pips as your potential average stop loss, you are risking USD 93.75 per trade. So it is actually 2% risk on your capital.

Anyway Good JOb..and thank you for your system..

Hi Mahir, good to know another trader from Malaysia

How do you trade your breakout system? Is there a target that you strive for? Or is there some kind of signal you use to tell you to exit, or trailing stop?

Starting at 12 PM might be a bit to early to look at the charts, unless you set rather a big stop loss. Even so, momentum will pick up at 2, and you might not necessarily be on the right side of the trade.

When I setup only past 4.30 pm, I might miss out some good moves between 2-4 pm, sometimes it might be the only good move of the day. But reversal is quite often here, so I'd rather let the market iron itself out then do the breakout system.

As for me canceling trades at 7.50 pm, this is something I'm still looking on fine-tuning, but so far, I think I'd rather stay out of the market when 8.30 pm approaches. Spikes most likely will happen, so if the trades get triggered by this spike it would be a loss. So I might be missing moves here once again, but there's too much uncertainty here for me to want to be in.

As for the MM, I attached an excel file here to help me stay on track. It shows how much a 50 pip gain would affect the account every week. Considering I compound my gains, with a $3500, in about 2 years, it'll be close to $20,000. That is there is absolutely no deviation from the plan, strict 50 pips per week.

Not really phenomenal but some other systems' standards, but if only I have $30,000 to start with today, in 2 years, if I make only 50 pips each time (sometimes on a bad stretch, it might take 2 weeks to achieve the 50 pips), this 30k turns into $215k.

Now, before anyone jeers at this, I'm not trying to project my future gains, but merely calculating what the account would become if I were to achieve my target each week.

If I set up the trade before 4.30 pm, it might be triggered by a spike when people go on a panic buy/sell mode after the news release. I'd rather wait until it settles down and I get to see the true direction.

Not to mention in some brokers, there might be problems of widening spread, orders not filled because of gaps, etc. I've never had these problems with GFT though.

Have set up my trade to enter short if price reaches 1.9519, as usual stop loss at 25 pips, target at 50 pips. Since yesterday's trade was breakeven, I'm starting back at 1 mini-lot.

Will set up long trades if price approaches the upper side of the channel.

Have just set up the long trade as well, seems to be drifting further from the short entry point. Might be heading for long so I'd just create a stop buy at 1.9609.

okay its 7.50...time to cancel orders..

Yep, both long and short trade were not hit today, have closed both trades. Will check the charts tomorrow 4.30 pm. Good day people!