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Attachments: 1 trade a day
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1 trade a day

  • #321
  • May 12, 2009 12:49pm May 12, 2009 12:49pm
Quoting Paulus
Yes only those pairs.... 2 had huge spreads and the other just didnt seem to move much

P

thank you
  • #322
  • May 12, 2009 1:52pm May 12, 2009 1:52pm
Quoting Paulus
Yes only those pairs.... 2 had huge spreads and the other just didnt seem to move much

P
I see that in the gbp/yen the price have gon below the low. what can I do in this case, open new position or not?
  • #323
  • May 12, 2009 2:04pm May 12, 2009 2:04pm
I dont I take it...this is just 1 trade a day and Ive had that on the break up early in the London open when we had the momentum of the UK traders

P
  • #324
  • May 12, 2009 2:47pm May 12, 2009 2:47pm
Thank you Paulus !

I am using this system for two weeks and untill now it worked for me.
I will use it from now on with the 161.8% fib TP level and I hope we will have good profits on GBP/USD and GBP/JPY pairs.

Another thing Paulus, the trade is taken when the trend is up or down, not flat , am I right ?

Thx again !
  • #325
  • May 12, 2009 2:53pm May 12, 2009 2:53pm
wich do you think that are the best range for breackout after asian session? small range or big range? after for example breakout gone in up direction, do you delete the other pendings?
  • #326
  • May 12, 2009 11:25pm May 12, 2009 11:25pm
Quoting Paulus
N00b_FX


The breakout of the price from the Asia session 10 pips above or below is the entry.This is what I am concentrating on for now..if an EA develops it will be easier to code

The TP 161.8% fib that is correct it the TP ..its just 61.8% of the Asian high low added to your entry


Hope that helps


P
I am a breakout traders and i found that you breakout system is the best system (Without TP and SL) and i make green pips on UCAD and AU this week.By Mathematical calculation the bigger the trend the bigger the profit.

f it hit stop order and the trend countinue we can exit on breakeven and wait for retracment for increase in equity.
  • #327
  • May 12, 2009 11:27pm May 12, 2009 11:27pm
Quoting mynor5535101
I am a breakout traders and i found that you breakout system is the best system (Without TP and SL) and i make green pips on UCAD and AU this week.By Mathematical calculation the bigger the trend the bigger the profit.

f it hit stop order and the trend countinue we can exit on breakeven and wait for retracment for increase in equity.
Hi...

You trade the UCAD and the AU on the London opening?
  • #328
  • May 12, 2009 11:50pm May 12, 2009 11:50pm
Quoting adsanders
Hi...

You trade the UCAD and the AU on the London opening?
Yes.... see the chart and calculate how many one way stop order it hit.
  • #329
  • May 13, 2009 7:19am May 13, 2009 7:19am
Hi Paulus,
Great system thanks.
When you say 1 trade per day I assume thats 1 trade per pair per day. i.e. you don't take any opposite trades after one has been taken on a pair.
Looking at the charts it strikes me its rare for this to happen anyhow.

I like the entry thats fine, I am now looking to refine the exits.
a) after a certain profit level take a X%
b) trailing stop based on DMI
c) perhaps a moving profit target if I can think of some parameters.

any other ideas welcome.
With this system I need something to fill up the day.

Regards
Steve






Quoting Paulus
I dont I take it...this is just 1 trade a day and Ive had that on the break up early in the London open when we had the momentum of the UK traders

P
  • #330
  • May 13, 2009 10:08am May 13, 2009 10:08am
Hi Just in and out Docs appointment so will answer all later

good result again today

GBPUSD +53 pips

GBPJPY +139 pips

As you know at the 161.8 level I take 50% off and bring stop to break even at 200 level I close the rest.

If you check the 5min you will see that once the 1st level was hit it just fell again


P
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  • #331
  • May 13, 2009 10:46am May 13, 2009 10:46am
FX

I don’t look at trend direction at all is too subjective for me I go with any signal when it occurs.I like things to be mechanical

Patt

Any range will do me,once long the short order is cancelled yes and visa versa

Steve

Yes correct 1 trade per day per pair I only follow 2 so for me if the break occurs on each that’s 2 trades

At the 1.618 level I close 50% and bring the rest to break even at 200 I close the other 50%

You need to take up knitting if you got too much time hehe

8pips

Not me cannot code at all in MT4 sorry but others may be willing to


Don’t forget there is a vailid reason behind this break out ..the 1st market to open after the Asian session is the UK and we all look at highs and lows of sessions..once broken buying and seilling often piles in…not always of course and there are days when things just don’t go right but that’s just trading

Paulus
  • #332
  • May 13, 2009 10:59am May 13, 2009 10:59am
Paulus, I just looked at your charts and I have a question about GBP/USD trade from today:

How come your stop loss hasn't been hit ? Couse the first candle from London sesion took your sell order and then the seccond candle (the one who goes up) touched the 1.5329 level (the SL of our trade...)

I mean , do you use a bigger stop loss than the high/low of the Asia sesion ?


Thx again for your help and for your info about the take profit sistem
  • #333
  • May 13, 2009 11:11am May 13, 2009 11:11am
FX

Sorry the stop is 10pips above the high..we need a price break of 10 pips to enter..I need the high or low to support my trade if it moves against me...To set it at the high or low wouldnt work same as when we use swing low for a stop on a long we set it just below the swing low NOT the swing low itself

Cheers

Paulus
  • #334
  • May 13, 2009 11:22am May 13, 2009 11:22am
So, in this particular case my stop loss should be at 1.5339 (high of the Asia sesion + 10 pips), right ?

Sorry if I am so persistent, but I want to put the things in worder for me, couse today I just took a nice loss
And I agree that the high can support us when the price goes against us
  • #335
  • May 13, 2009 12:57pm May 13, 2009 12:57pm
Quoting FX_N00b
So, in this particular case my stop loss should be at 1.5339 (high of the Asia sesion + 10 pips), right ?

Sorry if I am so persistent, but I want to put the things in worder for me, couse today I just took a nice loss
And I agree that the high can support us when the price goes against us
Hi FX_NOOB,

I too took a loss on that one. I was thinking of adding to the stop loss 10 pips (Like Paulus suggested) but now I see where I was suppose to have done so all along. The good news is since I noticed all of the other GBP pairs started moving down in direction I jumped on board and rode it back down to the 161.8 level so it more than made up for the loss. I don't suggest anyone do this... I just had a hunch it would.
  • #336
  • May 13, 2009 1:35pm May 13, 2009 1:35pm
Quoting adsanders
Hi FX_NOOB,

I too took a loss on that one. I was thinking of adding to the stop loss 10 pips (Like Paulus suggested) but now I see where I was suppose to have done so all along. The good news is since I noticed all of the other GBP pairs started moving down in direction I jumped on board and rode it back down to the 161.8 level so it more than made up for the loss. I don't suggest anyone do this... I just had a hunch it would.

Nice ride man

For me this is really a mechanical system, couse I don't have time to stay arround my trading platform so I just give orders and do my job

From now on I will keep in mind what you and Paulus told me about this SL.

Thx !
  • #337
  • May 13, 2009 1:50pm May 13, 2009 1:50pm
What is it you want? An indicator is not the right vehicle but I can let you have something that will draw the hi/lo lines for the 8 hours.
Steve

Quoting 8pip
can you creat an indicators for easier resualt?
  • #338
  • May 13, 2009 1:57pm May 13, 2009 1:57pm
I'm done with knitting and needlework as I have t o many sweaters already :-)

Looking good.

Steve


Quoting Paulus
FX

I don’t look at trend direction at all is too subjective for me I go with any signal when it occurs.I like things to be mechanical

Patt

Any range will do me,once long the short order is cancelled yes and visa versa

Steve

Yes correct 1 trade per day per pair I only follow 2 so for me if the break occurs on each that’s 2 trades

At the 1.618 level I close 50% and bring the rest to break even at 200 I close the other 50%

You need to take up knitting if you got too much time hehe

8pips

Not me cannot code at all in MT4 sorry but others...
  • #339
  • Edited 5:02pm May 13, 2009 4:16pm | Edited 5:02pm
Quoting Paulus
FX

Sorry the stop is 10pips above the high..we need a price break of 10 pips to enter..I need the high or low to support my trade if it moves against me...To set it at the high or low wouldn't work same as when we use swing low for a stop on a long we set it just below the swing low NOT the swing low itself
Cheers
Paulus
I caught a loss on the GBPJPY today with a buy that then dropped to close on the stop loss. In looking at Paulus' chart I see that you're using the 0 GMT to 8 GMT for the Asian session. I know there's been lots of talk here as to which is the preferred time frame for the Asian. I'd been using the 23:00-7:00am GMT as seen on the chart posted by Rasteman.

Today this setup stopped the Asian session 'box', the bar before the spike to 148.045. So my buy stop was hit. Then trade closed for a loss on the drop to SL at 146.50. So I plan to start using the 0-8 GMT setting.

A related topic is; should the buy stop level be adjusted to accommodate the bid-ask spread? I believe the numbers MT4 lists for the bar hi-lo-open-close are the bid numbers, correct? If the spread is 3 pips on the GBPUSD and the Asian session 'hi' (bid hi) was 146.00, the ask hi would have been 146.03. Shouldn't the buy stop for entry be set at 13 pips (10 + 3=13) added to the bid hi, for the session? In this case if buy stop (ask) is set at 146.13, then when the bid price reaches 146.10, a buy stop for entry would be triggered at 10 pips from the bid hi of the Asian session, at 146.13.

On the sell stop you're working with the bid price so the Asian session bid low level, minus 10 pips, would be the proper sell stop setting for 10 pips away from lowest bid level of Asian session.

So for GBPUSD with a spread of 3 pips, the buy stop entry level would be set at +13 pips above the Asian bid hi, and -10 pips below the Asian session bid low for a sell entry. Right?

Anyone feel free to let me know if my math or reasoning is off.

Thanks,
LeoM
  • #340
  • May 13, 2009 4:38pm May 13, 2009 4:38pm
I would agree with adding the spread , as I always do, for the sell stop.
Although it seems that the stops don't get hit to often we might as well get it right.
Steve

Quoting Leomeister
I caught a loss on the GBPJPY today with a buy that then dropped to close on the stop loss. In looking at Paulus' chart I see that you're using the...
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