Well first off let me thank Nomoretoxic for the solid and simple trading strategy. Unfortunately I haven't been able to test it out first hand, as I've been reading through the entire thread for the past few days, and I don't think I am going to try anything on a Sunday.
At first I had some confusion as to when the box should start, especially considering that so many people are at least slightly different times, but I've figured out that it's not really a hard and fast rule of Nomoretoxics on when to start the box. Really something that you just have to judge for yourself on.
My main concern however is with the Asian session. Unfortunately for me, it's the only session that I'm going to get to trade in.
I noticed that RRothschild has been testing it out and has admittedly had mixed results with it. RRothschild has however mentioned that there were two pairs thus far that had done fairly well. My thought is that maybe those two pairs should be the one's that are focused on during the Asian session.
Maybe RRothschild, if you don't mind, can crunch the numbers (success rate & average pip result) of just those two pairs during his trades from the Asian session. It may just be that there are only two that work effectively during the Asian session. Not that it would be a bad thing however, Nomoretoxic admits himself that he only focus' on EUR/USD. Just having two to pay attention to begin with would be easier anyways. I guess I would just like to know RRothschild's actual #'s with his two most successful pairs during the Asian session.
Thanks everyone for all the continued examples of how this strategy works. Awesome thread............and long too.
thx nomore for this system,but i will lik to advise traders of this system to stick to a particular currency(i think EU is the best) and trade it, and also let go for 1:2 risk/reward ratio,meaning that u only need one win to cover for 2 losses.
i.e. we are looking for this system to work 50% of the time,if it works 50% of the time we have 100% at 1:2(risk:reward) then the other 50% loss has been covered for,at the end of the day we are all happy wth a 50% gain.
Note:The labor of a fool wearieth him because he doesnt know how to enter the city.
D labour of a fool wearieth him cos he doesn't know how to enta d city
thx nomore for this system,but i will lik to advise traders of this system to stick to a particular currency(i think EU is the best) and trade it, and also let go for 1:2 risk/reward ratio,meaning that u only need one win to cover for 2 losses.
i.e. we are looking for this system to work 50% of the time,if it works 50% of the time we have 100% at 1:2(risk:reward) then the other 50% loss has been covered for,at the end of the day we are all happy wth a 50% gain.
Note:The labor of a fool wearieth him because he doesnt know how to enter the city.
Thank you for the rundown of the current stats from your Asian session trials. Though, like you said, it's a small sample size it should give me a fair idea of where to start my testing at.......narrow it down, so I'm not trying to watch 10 different pairs just to figure out which one/two are truly effective.
I'll start my testing on tonights Asian session. One more thing though, where to you have your box for the Asian session starting at? I was thinking of having my box start at the start of the Aussie session and then look to start trading at the open of the Asian.
Here are my performance rankings for currency pairs for each session. Note that I do not trade GBP/JPY & USD/CAD due to spreads and neither AUD/JPY. But noting RRotschilds post I may have to review my standing on G/J asian box trades.
Asia
1 - A/U
2 - E/U
3 - E/J
4 - U/J London
1 - E/U
2 - E/J
3 - U/C
4 - G/U New York
1 - E/U
2 - U/J
3 - A/U
4 - E/J
trade got as high as 40 PIPs in profit, within 6 of my tp. I set the sl to 20 PIPs profit and trailed from there. Market retraced and closed me out for +20.
If you look at some of my past posts, I sometimes skip GBPJPY trades because of the spreads. 6 - 7 is acceptable for me, but I've seen it as high as 17 on my fxcm feed.
Here are my performance rankings for currency pairs for each session. Note that I do not trade GBP/JPY & USD/CAD due to spreads and neither AUD/JPY. But noting RRotschilds post I may have to review my standing on G/J asian box trades.
Asia
1 - A/U
2 - E/U
3 - E/J
4 - U/J London
1 - E/U
2 - E/J
3 - U/C
4 - G/U New York
1 - E/U
2 - U/J
3 - A/U
4 - E/J
Thank you for the rundown of the current stats from your Asian session trials. Though, like you said, it's a small sample size it should give me a fair idea of where to start my testing at.......narrow it down, so I'm not trying to watch 10 different pairs just to figure out which one/two are truly effective.
I'll start my testing on tonights Asian session. One more thing though, where to you have your box for the Asian session starting at? I was thinking of having my box start at the start of the Aussie session and then look to start trading at the open of the Asian.
Others use 18:00 - 19:59 EST in most cases it won't make a difference.
Ignored
When you use the above times for the Asian session - what time do you use for the "BreakoutEndTime" field? If I go over 00:00hrs (ie. into a new day) the Offset levels don't display correctly.
Thanks
I just went ahead and done up the box and everything myself, rather than try and figure out how to make it work properly for the Asian session. Although that could just be because I'm lazy.
P.S. Asian market not looking pretty for my first run right now. Already got stopped out of GBP/USD......Although I only went 20 S/L & 20 T/P instead of actually putting the S/L in a safe place.
Just went ahead with the 1:1 R/R approach with my first attempt at things.
Got stopped out on GBP/JPY just now too.....*EDIT*:: Just noticed I should never had been in this trade, oops!
Still getting a feel for things too, so some of this is likely my mistakes.
Also running myself a little crazy paying attention to 4 pairs, can't wait till I get it narrowed down to 1 or 2.
