DislikedThere ARE futures contracts for GBP/USD on Globex, but NONE for GBP/JPY, unfortunately.Ignored
Mr. Trend
1M & 5M Scalping System (Scalping Paradise) 21 replies
A switch: from part time trading to full time trading 8 replies
A system that works for a part time trader with minimum screen time 16 replies
Dear Full time/Part time Traders – Thanks for your time and help 7 replies
Part Time Wealth Building System - "High-Low Trending" 9 replies
DislikedThere ARE futures contracts for GBP/USD on Globex, but NONE for GBP/JPY, unfortunately.Ignored
DislikedI would go in the direction of the bar prior to the doji, TK has not mentioned anything on this so far.Ignored
DislikedMr. Trend,
Isn't every trade essentially a coin toss. Even if you go with the trend and use every possible indicator to your advantage you still have a chance of a loss. You can never tell the future of where a pairs price is going to go. You may get clues to a possible direction but it is still a 50/50 chance that it is going to be the right direction. Thats why no matter what the system is that you use the KEY to success is money management and consistency. No system is perfect, but all systems will work if you follow them properly and use money management.Ignored
DislikedThanks Howard, this is what I think as well.
I've backtested the system on the GBP/USD for the last six months - this is as far as my intraday day will go back - but it does look impressive. It's averaged 70 pips per week over the last six months. This is only using two trades per day maximum - if the second trade gets stopped out then that's it for the day.
This would increase to 75 pip average per week if you didn't trade on Non Farm Payroll data day.
If anyone is interested, over the last six months the optimum time of day to get out of the trades was 15.30 GMT.
I looked at exiting at 19.00 GMT - as I knew I would be home from work at this time. (This is the figure that I took to produce my 70 pip per week average - this increases by another 5 pips per week if you'd taken the trades off at 15.30GMT).
So on a basic average of 70 pips per week it would be possible to increase this very easily to 80 pips per week, just by not trading on Non Farm Payroll day and exiting trades at 15.30 GMT.Ignored
DislikedThanks Howard, this is what I think as well.
I've backtested the system on the GBP/USD for the last six months - this is as far as my intraday day will go back - but it does look impressive. It's averaged 70 pips per week over the last six months. This is only using two trades per day maximum - if the second trade gets stopped out then that's it for the day.
This would increase to 75 pip average per week if you didn't trade on Non Farm Payroll data day.
If anyone is interested, over the last six months the optimum time of day to get out of the trades was 15.30 GMT.
I looked at exiting at 19.00 GMT - as I knew I would be home from work at this time. (This is the figure that I took to produce my 70 pip per week average - this increases by another 5 pips per week if you'd taken the trades off at 15.30GMT).
So on a basic average of 70 pips per week it would be possible to increase this very easily to 80 pips per week, just by not trading on Non Farm Payroll day and exiting trades at 15.30 GMT.Ignored
DislikedI think I need to clarify a point:
because i entered the market both G-U and G-J in the opposite direccion than you...
My first monday trade is based on sunday candle/bar...which in both cases was up...then my entry was "Buy" on both...
What do you base your monday entries, on sunday bar, on friday's, or the result of both?
Based on my understanding of this procedure, I was stopped out on both -40 (g-u) and -50 (g-j)
Today I caught 100 PIPS on G-J...which was all for today on that pair.
and now I am a few PIPS up on cable...
Please help me get this point straight...
Thank you in advance...Ignored
DislikedDaily scalping:
g-u:
- open @ 1.9458, previous day trend = down; this is the 4th day after 3 in a row down so first trade would be BUY
- buy @ 1.9458; sell @ 1.9418
g-j:
- open @ 237.13, previous day trend = down; this is the 4th day after 3 in a row down so first trade would be BUY (as i said in my previous post, i think friday was down, not up: open @ 237.26, close @ 237.20; even if MT has a very small green candle for that day...)
- buy @ 237.13; sell @ 236.63
(results from MT chart)Ignored
DislikedDaily scalping:
g-u:
- open @ 1.9458, previous day trend = down; this is the 4th day after 3 in a row down so first trade would be BUY
- buy @ 1.9458; sell @ 1.9418
g-j:
- open @ 237.13, previous day trend = down; this is the 4th day after 3 in a row down so first trade would be BUY (as i said in my previous post, i think friday was down, not up: open @ 237.26, close @ 237.20; even if MT has a very small green candle for that day...)
- buy @ 237.13; sell @ 236.63
(results from MT chart)Ignored
DislikedI have another questions, if you don't mine.
How did you get the buy and sell numbers for g-J. I think I understand that you take the closing number and add 40 pips to buy and take 40 pips off for sell.
Thank you for your help.
AJIgnored
DislikedI think you misunderstand me, I am not asking in the vein of trying to predict price movement using candlesticks, only trying to understand how you would trade your system when this scenario happens.
I was only asking as a doji represents an open and close that are the same, therefore it is neither a bull or bear bar/candle. Seeing as your system takes the previous days bar/candle and trades in the same direction, my question was - how do you trade when the previous candle open/close are the same? Do you trade the same as the day before this one, or stay out altogether?Ignored
DislikedJill... this system is basically a coin toss system anyway, so it doesn't matter. With this system, you're just looking for that good volatility to bring you a lot of pips when you're right and you cut your losses when you're not. That's why this system, as it is now, would fail miserably on less volatile pairs -- which is pretty much anything other than Guppy or Cable...
I have yet to see a day where you don't lose AT LEAST once, so that just proves it's a coin toss. Which is fine -- so long that volatility stays the same on these pairs. But as soon as that changes (anyone remember EUR in the early days?), this system will be untradable.Ignored
DislikedTook another 100 PIP gain from the GBP/JPY market. That is 300 GBP/JPY PIPs so far this week with three more days in the trading week remaining. Only one 40 PIP loss thus far. The GBP/JPY market is currently at 235.58 which means I have left approximately 50 PIPS on the table.
The GBP/JPY chart clearly indicates one more short trade which will be the third consecutive short trade this week. Will reverse to a LONG position after this third and final SHORT trade.
Additionally up 81 GBP/USD PIPS with at TP of 100 PIPs.
Will pursue the 100 PIP TP strategy for the immediate future using the daily system.
Happy Trading,
TkIgnored