Hi RR, thank you for your information I check them every time I learn from them.
Can you please give me the information on the stopl. do you enter the sl prier to the trade come a live or just simple watching as it work it self and the right time you close the trade?
Thanks for your help.
E
Blessed are they who maintain justice, who constantly do what is right.
ok, but if you did the same trade last week it would have been 08:35gmt does that matter? I realise that for \"london\" session your slot is 01:00-03:05est, I just need you to please confirm what we mean by \"london session\"... should we be saying \"europe\" or something...? The basis for this system is to track prices 2 hours prior to the \"open\". For NY its 07:00-09:00 local time est. So are we saying London opens at 07:00 gmt?
sorry, don't mean to pick at bones but I just need someone to set me straight, cheers....
i enter the sl after I enter the trade. (if the chart is giving me an sl with too much risk i use 20 - 24 PIPs, depends on the pair and the type of trading day/week i'm having)
once i get up past 25 pips, i move the sl to a 25 pip profit
once i get to 1:1, i do the same
the tp is 2:1 at the beginning of the trade. i also mark the 25 ans 1:1 points on my graphs with horizontal lines.
At times you will notice that I end up with some strange stops these are due to the following:
- missed changing the sl and the trade moved against the sl i was going to set
- sometimes the moves of the trades are happening at the same time so i can't get to it in time
- slippage if it's a strong move
there are many times that i leave PIPs on the table using this method. i average 7.79 PIPs left on the table per trade.
Hi RR, thank you for your information I check them every time I learn from them.
Can you please give me the information on the stopl. do you enter the sl prier to the trade come a live or just simple watching as it work it self and the right time you close the trade?
ok, but if you did the same trade last week it would have been 08:35gmt does that matter? I realise that for \"london\" session your slot is 01:00-03:05est, I just need you to please confirm what we mean by \"london session\"... should we be saying \"europe\" or something...? The basis for this system is to track prices 2 hours prior to the \"open\". For NY its 07:00-09:00 local time est. So are we saying London opens at 07:00 gmt?
sorry, don't mean to pick at bones but I just need someone to set me straight, cheers....
Ignored
We call it "London session" because normally is when the trades begin to appear.
Frankfurt session , I believe starts on 1:00 AM (please correct me if I'm wrong) normally lacks on push. This is where we position ourselves in reality.
On NY its slightly different. Although the session opens up @8:00 am, the influx of new trades on the overlap creates a wave that last 1 hour approximately.
Hi Nomo,
Your method is very interesting to me and I have some questions:
1. Do you use fixed time periods for your boxes or do you choose them according to market condition on particular day?
2. Do you use 1:1 for your PT and ST or sometimes they are different?
If your answer is yes to the above questions then it is fully automated system and as we all know automated systems can not win in the long term. We can assume that the system has 50:50 losers to winners. So with 1:1 Stop loss to Ptofit target you should be break even at the best.
I wonder what is your winning percentage over the long term? What I am trying to find out is how much discretionary decision is involved in this system? Because I think only discretionary element can give you an edge using this system. But maybe sticking to your rules and not closing manually your open positions untill they are stopped or PT is triggered is part of the edge? For many people it is very hard to stick to that rule. But I don't think it is enough to win in the long term.
I would appreciate your comments.
Y.
Hi Nomo,
Your method is very interesting to me and I have some questions:
1. Do you use fixed time periods for your boxes or do you choose them according to market condition on particular day?
2. Do you use 1:1 for your PT and ST or sometimes they are different?
If your answer is yes to the above questions then it is fully automated system and as we all know automated systems can not win in the long term. We can assume that the system has 50:50 losers to winners. So with 1:1 Stop loss to Ptofit target you should be break even at the best.
I wonder what is your winning percentage over the long term? What I am trying to find out is how much discretionary decision is involved in this system? Because...
Ignored
With all due respect...
When you read a book - do you read the first chapter and then the last chapter and ask someone to tell you about the middle?
If not, then do not treat this thread (or any thread) that way.
There are almost 1000 posts to this thread over the past several months, discussing this method. Please do us the courtesy of doing your homework first before posing questions that are answered numerous time throughout the thread.
I would like to thank you for your system, and the way that you manage this thread.
I'm 100% with you about indicator, ma, bla , blah
As you said>I use London session. My box is from 1:30 AM EST to 3:30 AM EST.. not a hard and fast rule. You can play around with it.
NY session, I use 7:00AM EST to 9:00 AM EST
I have account with oanda and I set the platform time at EST or NY time.
So the london box will be 1:30 / 3:30 AM EST and ny box 7:00 / 9:00 am EST
I would like to thank you for your system, and the way that you manage this thread.
I'm 100% with you about indicator, ma, bla , blah
As you said>I use London session. My box is from 1:30 AM EST to 3:30 AM EST.. not a hard and fast rule. You can play around with it.
NY session, I use 7:00AM EST to 9:00 AM EST
I have account with oanda and I set the platform time at EST or NY time.
So the london box will be 1:30 / 3:30 AM EST and ny box 7:00 / 9:00 am EST
RR, Tsquad, cheelu ..anyone following this method.
I would like to know how many pairs are you currently trading??
how are you spreading the risk across the board..??
Thanks.
Ignored
Nomo and all...
Because of my schedule, I have traded mainly the US open the past couple of weeks. I also use a lot of discression over trades I take versus ones I let pass by. That being said, over the the past couple of weeks, here are the pairs I traded with this method:
GBPUSD
EURUSD
USDJPY
GBPJPY
EURJPY
USDCHF
EURGRP
As far as risk, I try to limit myself to 4% per breakout period, making sure I do not exceed the 3% on a particular currency per breakout. Said another way, if both the GBPUSD and EURUSD give a bullish signal, I will either spread the 3% risk out between the two pairs OR trade just the pair that I felt the best about. That way, if the USD was to strengthen, I would not be out more than the 3%. I allocate risk according to how confident I am in a particular move.
I know that Nomo says not to worry about the trend, but that is a old habit that I have not yet broken. I am more likely to take a trade that is moving the same direction as the trend and also risk more on that trade than one moving against the trend. When I say risk more, I mean both in risk % and also risk reward ratio.
Final note, I do watch risk vs. reward and will sometimes bend the method parameters to make the trade, again if I feel very good about it. For example, if I am looking to capture 20 pips but the last level of support or resistance level was 100 pips away, I might still enter the order with a 40 or 60 pip SL.
The biggest danger I face trading this or any method is overtrading. Right now I am averaging about 3 winners for every loser. Therefore, I better be very sure about a trade with anything above a 3:1 risk reward ratio. I am still very new to this system and do not take all trades in live accounts.
You may have mentionned it before and if so I apologize in advance.
When looking back to last year's data it seems this method doesn't work nearly as well as the market conditions seem too thin.
Have you been trading that method in those conditions or is it a method that is more suitable to volatile markets such as the current market?
Ignored
I believe that targets were shorter last year. This year most definitely had bigger ranges.
I did good on this method last year. I have to look back but I believe my targets were shorter and many times I went off-balance. Sorry, but I really don't keep any records other than P/L's.
I use the box and I also have a counter-trend method I use. Daily market conditions are hard to gauge. But here's a hint.
One thing I found useful is having the box closing at 9:00 AM. I think most likely the first hour of NY session defines the rest of the day - note I use the word "most likely"...anything can happens..
It all depends on what session you're trading. Like if you are trading NY session, most likely, what happens on London Session becomes useless.
Markets are living things. The contract and expand and trust me, it's really a loser's game trying to predict what will happen next. Especially ranges. Sometimes, E/U goes over 100 pips daily range, sometimes it goes way below that. I give like 1 week leeway to make sure there's an increase/decrease in range and then I adjust my targets accordingly. It's not a hard and fast rule.
My goal is to get 2:1 . As I stated before, sometimes you just can't get it.
Please don't hesitate to ask, I'll do my best..promise.
EURUSD, GBPUSD, USDCAD, GBPJPY, AUDUSD and USDCHF.
I'm at 1 - 2 % risk per trade. Overall win rate is 3:1. Average win 39 pips average loss 26 pips. Using my 25 PIPs, 1:1 and 2:1 SL moving scheme i leave about 7.9 pips on the table per trade.
EURUSD, GBPUSD, USDCAD, GBPJPY, AUDUSD and USDCHF.
I'm at 1 - 2 % risk per trade. Overall win rate is 3:1. Average win 39 pips average loss 26 pips. Using my 25 PIPs, 1:1 and 2:1 SL moving scheme i leave about 7.9 pips on the table per trade.
RR -
Ignored
Please understand - I am not being critical. I am very much from the school of "if it ain't broke don't fix it..." Your numbers indicate you are doing very well. But I do have one question:
5 of the 6 pairs include the USD. Do you limit your risk exposure during a particular session? A 'whipsaw' concerning the dollar pairs could cost you 5 to 10% (1 - 2% each pair) of your account.
I hear you. Just reporting what I'm doing now. It's not for everyone and not what NOMO recommends, nor am I recommending it.
Surprisingly, I'm usually not in many of these trades at the same time. Many of my trades only last for about 5 - 10 minutes and I'm out. Also, many times a move in EUR, for example, is mirrored in the GBP, but one is happening outside the box and the other may be inside the box so I only have one position open.
I guess that I should add that EURUSD and GBPUSD are my priority. EURUSD for the smaller spread and GBPUSD for the bigger daily range. My daily goal is 25 pips so everything else goes into the "bank."
Please understand - I am not being critical. I am very much from the school of \"if it ain't broke don't fix it...\" Your numbers indicate you are doing very well. But I do have one question:
5 of the 6 pairs include the USD. Do you limit your risk exposure during a particular session? A 'whipsaw' concerning the dollar pairs could cost you 5 to 10% (1 - 2% each pair) of your account.
I only looked at your system the last three month or so. I started trading 8 years ago and lost all my capital because of greed. You’re not the first person that were “pissed of” excuse the words by someone that doesn’t appreciate a guys opinion and understand were he is coming from
For a while I haven’t even looked at the market again. All I can say is your system made me positive to trading again.
I can see many of the other persons don’t follow your suggestions on the dot. It might work for them and we can even learn from them.
I just want to thank you for your system and input. It will be a loss if you don’t post anymore.
And thanks for all the others for their input, it is appreciated but please keep the negativity for yourselfs.
I like reading all the posts and enjoy all the results posted.
I hear you. Just reporting what I'm doing now. It's not for everyone and not what NOMO recommends, nor am I recommending it.
Surprisingly, I'm usually not in many of these trades at the same time. Many of my trades only last for about 5 - 10 minutes and I'm out. Also, many times a move in EUR, for example, is mirrored in the GBP, but one is happening outside the box and the other may be inside the box so I only have one position open.
I guess that I should add that EURUSD and GBPUSD are my priority. EURUSD for the smaller spread and GBPUSD for the bigger daily range. My daily goal is 25 pips so everything else goes into the \"bank.\"
RR -
Ignored
Thanks for sharing...
Currently I am underwater for 2 JPY pairs and already took a loss on the EURUSD. I did have a winner with GBPJPY. These are all in a demo account. As I am still trying to perfect a few things and a bit more sleep was a necessity last night...
T...
Both of these JPY pairs ended up at a profit of 20 pips....
