150-200 pip/month without technical indicators.

The worst streak was 8 losses, target made on 9th attempt. That's what I tested from beginning of the year until now. Will do an extra year's manual backtest when I can.

Can't say for live, haven't trade it on live account long enough to have such a bad streak. On live so far the target is made either on first or second attempt.

Oh and BobCat, I forgot to mention earlier, if the price has moved 52 pips your way, you should have moved your stop to break-even by then!

I breakeven at about 30+ pips. That way, this morning's trade wouldn't have cost you anything.

Except I fell asleep...so I wasn't awake to set a manual trailing stop loss. LOL

Oanda doesn't have a trail stop per se.

Perhaps you could set alarms to ring at a certain price to wake you up?

Not sure about others, but alarms set with GFT's Dealbook will ring on the computer AND send an SMS to my phone. You could always use a demo to do that? After you set the alarm you could turn off the computer and just have your phone with you. Unless you're a very heavy sleeper, then...don't bother trying

Best time to check out trend for gbp/jpy for that day is 4.30 am New York Time ?

need to use any indicator to check ?

Might as well backtest it 8 years, don't you think? It'd be a shame to prepare for X losses and be stung by X+1. Just a word to the wise.

GL.

Tdion, perhaps you'd like to check back only in about 2 or 3 years time to see if we're still here?

If we're not, you would have proven yourself right all along. In the mean time, please don't sweat yourself on us mortals who's just trying to learn.

Tdion has 1937 posts to his credit...I bet they're all negative

la maya k,

You earlier mentioned that some trades (backtesting) had consecutive losses into the second week of trading. If this happens, do you open a new trade in addition at the beginning of the second week, or do you simply keep the original trade going until it becomes a winner?

lol...

Hey Micro!

My biggest problem with this strategy is that it turns a profit so quickly (1st or 2nd day of the week) that I have too much time on my hands waiting for next week.

What do you do with your spare time? I know what Tdion does with his! LOL

I don't do anything different at the beginning of a new week. If by Monday the following week I still haven't achieved the 50 pips, I just carry on as usual, be it attempt no. 3, 4, or 5...

Now now, let's not have our fun at the expense of others...

Bob, you were asking about an alternative MM to catch more pips, what's your feedback on the trailing stop on an extra lot plan I mentioned earlier?

Do you have any suggestions of your own too?

Micro and I are actually in the same country. Micro, we should have lunch one day.

Since I just started trading with you about two weeks ago, I think it is somewhat presumptious of me to attempt to modify your strategy until I can fully appreciate the nuances that you have already developed with this system.

Having said that, many traders do incorporate a multi-trade approach to capture more profits. However, I was more or less wanting to know if you practice some sort of trailing stop when the market is strongly trending (other than just moving the SL to break even once the market has moved at least 30 pips in your favor). A few days ago, we could have captured more than 150 pips had we been able to closely monitor the trade's progress. Honestly, I have mixed feelings based on the fact that whenever we move the stop loss to break even and beyond, we can be severely limiting the breathing room of the trade. My experience in using a manual trailing stop on Oanda usually ends up with a smaller profit than if I simply let the trade carry through to fruition. Conversely, we can move the Take Profit target ahead 10-20 pips a crack as the market moves in our favor and still preserve the breathing room should the price retrace substantially. Let's be careful with this and take some time to put together an alternative that won't negate the success of what you have already achieved.

BTW, tonight's trade (I'm not trading because I already have pocketed my 50 pips for the week) has a channel or box that is 153 pips wide. If we were still attempting to win our 50 pips for the week, would you still make this trade given that the average GBP/USD daily range is about 150 pips? In other words, we have already exceeded the average daily range. Wouldn't it be very risky to expect it to move an additional 50 pips?

Conversely, what if the channel or box is extremely narrow, say only 25-45 pips? Does this narrow range mean the market is ranging, not trending, and perhaps not conducive to a breakout strategy? Would it make sense to only take trades where the daily range were, say, something like between 60-130 pips? Otherwise the market may be ranging below 60, and already maxed out if it were above 130? Those numbers are purely arbitrary, but I am wondering what your thoughts are.

Just my 2 cents worth.

I would start applying the trailing stop method in a few months time. Just want to make sure there are no loose knots trading this in a live environment before I take that extra risk.

I still don't think I've planned out a proper plan for a way to trail the profits yet. So perhaps we can work together on drawing that up.

love 2...bobcat2 can join us 2......for free time i normally play video games or watch movie hehehe...

Micro,

I'd love to have lunch with you and Maya! Thanks for the invite.

Can you swing by and pick me up? I live in Wisconsin. LOL

YAY! Thank you for the negative attention..... you guys made my day....

If you actually READ my post for once, you'd see there is some good advice there with no malice intended. Do what you want.

yeah sure...just bring ur passport...our private jet will pick u up...lol