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Attachments: 1 trade a day
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1 trade a day

  • #441
  • May 19, 2009 9:23am May 19, 2009 9:23am
Hi Paulus,
I know what you mean about exits. Entries are relatively easy just eiteh BUY or SELL. Its the getting out which is the problem.

Looking at today and comparing a swing trade exit and the 200 level exit would have probably given the same result over the 2 GY & GU pairs.

The advantage of the swing stop loss is that it does potentially reduce the losses before the price gets to the profit levels.

Other than that it is probably better just to rest and enjoy the actual profit. My son once told me that I wouldn't go broke if I closed all my trades for a profit :-)

This system basics already looks sound to me and any tinkering could be regard as being greedy.

Regards
Steve

Quoting Paulus
Johnh

The only protection I have in a ranging market is closing out 50% and bringing the stop to break even when we hit the 161.8 % line..other than that Ive spent 12 years trying to find a mechanical way of assesing a range or trend day and havnt been able to solve it yet lols

Leaf trader yes US opens at 1pm im taking the timings off of another thread running on FF,the one that adsanders is also following with some success with is great

Angler I like your statement under your name..even if a well presented and back tested system is shown...
  • #442
  • Edited 11:06am May 19, 2009 11:03am | Edited 11:06am
Quoting stevecartwright
Hi Paulus,
I know what you mean about exits. Entries are relatively easy just eiteh BUY or SELL. Its the getting out which is the problem.

Looking at today and comparing a swing trade exit and the 200 level exit would have probably given the same result over the 2 GY & GU pairs.

The advantage of the swing stop loss is that it does potentially reduce the losses before the price gets to the profit levels.

Other than that it is probably better just to rest and enjoy the actual profit. My son once told me that I wouldn't go broke if I closed all...
I have been using this system for some time and it has been consistently providing good pips why the tinkering pls

paulus sir, this is a very great system, and thanks for sharing it.
it is not by force that everyone trades this way, if it suits ones trading personality then let him do it, else look for another one they are many here in FF, dont let us tinker too much with it, the fib levels are OK

No system produces winners all the time, if there is then FX would not be

kos
John 3:16 - From THIS love no power on earth can me sever.
  • #443
  • May 19, 2009 2:00pm May 19, 2009 2:00pm
Quoting Kosomolate
I have been using this system for some time and it has been consistently providing good pips why the tinkering pls
kos
HI all..
Kosomolate - I think I may have contributed to the so called tinkering, as I mentioned the risk to reward was quite high earlier in the thread, and I think someone else mentioned draw-down.
Tinkering more often than not leads to trouble.
Refinement is something else, but it's a fine line.
I'm pleased to hear that you find the system profitable and workable. All credit goes to Paulus for kicking it off. Please don't misunderstand that as a newbie here to FF that I wish to cause hassle, as that's far from the case - wherever possible I wish to contribute positively.
I think from reading the entire thread, there is sufficient support here to look at some of these 'tweaks' suggested as maybe's - which would need back and forward testing to prove. Either way the main system remains unchanged, and Paulus has only investigated 'tweaks' to potentially reduce RR.
Investigation is one thing, applying it and changing the system is another matter.

Cheers
  • #444
  • May 19, 2009 4:40pm May 19, 2009 4:40pm
I'm happy to use the system as is with my own mods as its a good system. I like the once a day decision. Trouble is, is that if there is nothing else to say about it then the thread is as good as finished.
Regards

Quoting Kosomolate
I have been using this system for some time and it has been consistently providing good pips why the tinkering pls

paulus sir, this is a very great system, and thanks for sharing it.
it is not by force that everyone trades this way, if it suits ones trading personality then let him do it, else look for another one they are many here in FF, dont let us tinker too much with it, the fib levels are OK

No system produces winners all the time, if there is then FX would not be

kos
  • #445
  • May 19, 2009 4:42pm May 19, 2009 4:42pm
Quoting stevecartwright
I'm happy to use the system as is with my own mods as its a good system. I like the once a day decision. Trouble is, is that if there is nothing else to say about it then the thread is as good as finished.
Regards
LOL... Good Point!
  • #446
  • May 20, 2009 1:08am May 20, 2009 1:08am
Quoting stevecartwright
I'm happy to use the system as is with my own mods as its a good system. I like the once a day decision. Trouble is, is that if there is nothing else to say about it then the thread is as good as finished.
Regards
then let us discuss trades as we take them till all of us will be doing the same thing at the same time and reporting same amount of pips pocketed or not pocketed.

then if there is any lapse we see the cause, which fundamental news to be wary of e.g. the unemployment claims of last thursday on USD turned this system around and all good trades b4 1:15pm became bad... that is when newbies like me would know why things happen the way they do

kos
John 3:16 - From THIS love no power on earth can me sever.
  • #447
  • May 20, 2009 2:47am May 20, 2009 2:47am
Quoting Kosomolate
then let us discuss trades as we take them till all of us will be doing the same thing at the same time and reporting same amount of pips pocketed or not pocketed.

then if there is any lapse we see the cause, which fundamental news to be wary of e.g. the unemployment claims of last thursday on USD turned this system around and all good trades b4 1:15pm became bad... that is when newbies like me would know why things happen the way they do

kos
No system has the Holy Grail encrypted into it, this system like any other system has its flaws, the only seeming solution would be to reduce the stop loss to say 20 points but i have discovered that there are days that the price would come very close to the SL and then reverse back in the initial direction, but looking at the bright side, you end up with profit most of the week and i think good money management would prevent your account from being wiped out.

Cheers mate
Less is more...
  • #448
  • May 20, 2009 3:50am May 20, 2009 3:50am
Quoting Paulus
This is not my idea but ,it took my fancy as I wanted an indicator used on it but the principle is sound

Take the hi low of the Asian session,I will include a indicator that does this automatically.

As the next market to open is London we want to watch any GBP spots

I have set this up on

gbpusd
gbpaud
gbpjpy
gbpcad
gbpchf
gbptry

We set a buy 10 pips above the high and a sell 10 pips below the low

Once triggered we stay in until 1 of 3 criteria is met

Our Stop is hit
Our Target is hit
The close of the day without our SL...
Hi Paulus,

Just out of curiousity, you said that you trade the following pairs:

gbpusd
gbpaud
gbpjpy
gbpcad
gbpchf
gbptry

Which platform and broker do you use? I use FXDD on the Meta Trader Platform but i cannot see GBPAUD, GBPCAD and GBPTRY on the list of pairs traded.
Less is more...
  • #449
  • May 20, 2009 3:53am May 20, 2009 3:53am
OK well today, my buy order was triggered on GBPUSD at 1.5506, TP at 1.5527 (50% position closed) - moved up the SL to break even, which then closed out quite quickly as the price retraced.
So I'm out of this trade now.. Pips=21 (less broker spread).

Anyone else have the same, or was I too hasty to move up the SL on the remaining 50% of the trade?
  • #450
  • May 20, 2009 3:59am May 20, 2009 3:59am
Quoting LeafTrader
OK well today, my buy order was triggered on GBPUSD at 1.5506, TP at 1.5527 (50% position closed) - moved up the SL to break even, which then closed out quite quickly as the price retraced.
So I'm out of this trade now.. Pips=21 (less broker spread).

Anyone else have the same?
my TP was 1.5526 and also my stop avoided getting hit by .3 pips, so second half still running. so pretty much all the same.
  • #451
  • May 20, 2009 4:10am May 20, 2009 4:10am
Quoting datugman
my TP was 1.5526 and also my stop avoided getting hit by .3 pips, so second half still running. so pretty much all the same.
LOL! .3 pips!
I thought you were lucky there datugman, but it looks like it's retraced back again now.

What's our thoughts on GBPJPY do we expect to see action on this today?

Steve
  • #452
  • May 20, 2009 4:15am May 20, 2009 4:15am
wondering when will paulus start to share the us breakout.could it be like the big dog breakout somewhere in this thread.7am to 9am est trading time.
  • #453
  • May 20, 2009 6:06am May 20, 2009 6:06am
Quoting LeafTrader
OK well today, my buy order was triggered on GBPUSD at 1.5506, TP at 1.5527 (50% position closed) - moved up the SL to break even, which then closed out quite quickly as the price retraced.
So I'm out of this trade now.. Pips=21 (less broker spread).

Anyone else have the same, or was I too hasty to move up the SL on the remaining 50% of the trade?
but pips = 22

I dont know if that is too fast

kos
John 3:16 - From THIS love no power on earth can me sever.
  • #454
  • May 20, 2009 6:08am May 20, 2009 6:08am
Quoting LeafTrader
LOL! .3 pips!
I thought you were lucky there datugman, but it looks like it's retraced back again now.

What's our thoughts on GBPJPY do we expect to see action on this today?

Steve
yeah, stopped out at B/E about five minutes later lol. anyways, you didn't move the stop too fast as you're supposed to move it as soon as the first trade closes at the 161.8 level, which you did.
  • #455
  • May 20, 2009 6:37am May 20, 2009 6:37am
hello!
what about gbpjpy and eurjpy are you guys still waiting for a breakout or cancel it if it doesnt apearin few hours and the pairs have done some movement allready?thanks for the explanation.

maklla
  • #456
  • May 20, 2009 7:39am May 20, 2009 7:39am
Looks to me like a 18 Pip profit taken at 1.618 level. Break even on the remainder of the trade at 200 level.
Thats my view. I still have some difficulty with the timings of the London open though. I now have it at 07:00 BST/06:00GMT

Steve
  • #457
  • May 20, 2009 7:42am May 20, 2009 7:42am
Trade opened if it has to hit, not break 10 pips from low. Trading at a loss at the moment.
If it has to break past then no trade. I guess its the first rule. Just checked its ahit not break so a loss in progress
Comments on hit or break useful.
  • #458
  • May 20, 2009 7:44am May 20, 2009 7:44am
GBPJPY nearly gave us a 154 pip loss. This is unacceptable in my view. How can we limit this?
If we didn't take spread into account this would be a LOSS now. It hit the upper level to the pip :-(
  • #459
  • May 20, 2009 7:48am May 20, 2009 7:48am
steve, which level did your trade for GJ activate? Coz according to my chart today is ranging
  • #460
  • May 20, 2009 7:56am May 20, 2009 7:56am
Quoting ahbinn
steve, which level did your trade for GJ activate? Coz according to my chart today is ranging
ahbinn.. Same here, my upper and lower range incl +/- 10 pips is 149.18 and 147.43.
Since London open it's just being ranging around the 50.0 fib level.

It seems lacking in momentum, and I'm contemplating not bothering with it today.

LeafTrader.
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