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  • #461
  • May 20, 2009 8:33am May 20, 2009 8:33am
Quoting stevecartwright
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 :-(
in my opinion,the difference between the high and low of tokyo range in this case is big, more than 120pips.
it is not recommended to trade or enter carefully if the hi lo difference is big.it s hard to determine the max range.
the yen is already being traded in the asian session by the japs,unlike GU.this makes GU has a higher probability of breakout once the big dogs in uk opens.
  • #462
  • May 20, 2009 8:47am May 20, 2009 8:47am
Quoting stevecartwright
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 :-(

For me the order did not get triggered, because 10+spread always saves you from false breakout
  • #463
  • May 20, 2009 8:48am May 20, 2009 8:48am
Quoting mimet66
in my opinion,the difference between the high and low of tokyo range in this case is big, more than 120pips.
it is not recommended to trade or enter carefully if the hi lo difference is big.it s hard to determine the max range.
the yen is already being traded in the asian session by the japs,unlike GU.this makes GU has a higher probability of breakout once the big dogs in uk opens.

Agree 50 -60 for GU, I do not know about GJ.....
  • #464
  • May 20, 2009 8:50am May 20, 2009 8:50am
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?
Guess you were not too hasty dude, i think the market is going the reverse direction soon...
Less is more...
  • #465
  • May 20, 2009 10:25am May 20, 2009 10:25am
Quoting mimet66
in my opinion,the difference between the high and low of tokyo range in this case is big, more than 120pips.
it is not recommended to trade or enter carefully if the hi lo difference is big.it s hard to determine the max range.
the yen is already being traded in the asian session by the japs,unlike GU.this makes GU has a higher probability of breakout once the big dogs in uk opens.
in my opinion, for japan session if GJ range over than 200pips, it will ranging within this range(ranging). i think all of you could backtest.

and, i trade with PO at 61.8 level, TP at 161.8 & 200.00 level and SL at 00.00 level. so it make reward bigger than risk.
  • #466
  • May 20, 2009 10:50am May 20, 2009 10:50am
Some of you might find the attached trade management expert by Steve Hopwood helpful in managing the split of your initial trade lot between two take profit levels. The included pdf file gives directions on the settings options. The thread for this expert is at; http://www.forexfactory.com/showthread.php?t=89371

You're able to control the specific order number that's managed, and split your initial order however you like; open with .5 lots, then close .2 at first level, and close remainder, .3, at second TP level. You can assign a variety of SL functions such as remaining lots go to BE breakeven when the first lots portion is closed. There are other functions such as trailing stops, step stops, and basket trade processing, which may not be needed for the Paulus method.

Today I entered GBPUSD on a buy stop with .4 lots at 1.55117 and set TP at 423.6% for the order. After the market had ranged for several hours I turned on the expert with the first "Jumping Stops Pips" target at + 26 pips (1.618% level), and 'AddBEP=true', or stop loss goes to break even, when +26 pips was reached and .2 lots closed. The remaining .2 lots ran to 1.56500 and closed at the combined 423.6% Fib level, and a daily R2 level.

The directions in the instruction manual are clear but I've listed my settings below in case that helps. To access the partial lot closure use the "Jumping Stops" section settings. The manager is an expert and goes in the experts folder.

Default settings plus:

Manage by ticket number = true
Ticket number = enter seven digit order number
BreakEven = true
BreakEvenPips = 260 (This is 26 pips; add the last 0 if a five digit broker)
BreakEven profit = 0 or 2, etc. whatever pips profit you want above original
entry number.
JumpingStop = true
JumpingStopsPips = 260
AddBEP = true (to break even SL at first closure level is optional)
PartClosedEnabled = true
Close_Lots = 0.2
PreserveLots = 0.2 (These together should add up to the original entry of
total lots)

Leave the other settings at default.


LeoM
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd_0520_trade_mgr.gif Size: 23 KB
Attached File(s)
File Type: mq4 Multi purpose trade manager.mq4   72 KB | 489 downloads
File Type: pdf Multi purpose trade manager instructions.pdf   84 KB | 975 downloads
  • #467
  • Edited 12:53pm May 20, 2009 12:16pm | Edited 12:53pm
Quoting okawa
in my opinion, for japan session if GJ range over than 200pips, it will ranging within this range(ranging). i think all of you could backtest.

and, i trade with PO at 61.8 level, TP at 161.8 & 200.00 level and SL at 00.00 level. so it make reward bigger than risk.
Well said bro, well said...actually what i do in this kind of situation is to take the second top as my buy stop (or second bottom as my sell stop) and the low of the asian session as my sell stop (or hi of the asian session as my buy stop) whichever one gets hit first...for example today, GBPJPY was already trending during the Asian session in the downwards direction but was beginning to reverse when the London session was about to open so i applied this method and both of the buy orders for GBPUSD and GBPJPY were triggered and hit the TP.

Y'see this was what should have happened but i ended up moving my SL so i actually got hit! (talking about today's hit and run whipsaws and late trend on the GBPUSD...boy was it a ride or something? Watch it guys, you might turn choleric trading forex - i mean emotionally spent and none remaining for the wife at the end of the day...lol)
Less is more...
  • #468
  • May 20, 2009 12:37pm May 20, 2009 12:37pm
Hi Everyone,
It seems I was a candle short which gave me the trigger. My EA mistake. I have uploaded a script which draws all the lines for the system. It runs on Hrly charts. Its easy to eyeball and see that this is a very good system.
Attached File(s)
File Type: mq4 SMC DayTrading.mq4   3 KB | 526 downloads
  • #469
  • May 20, 2009 3:15pm May 20, 2009 3:15pm
Quoting okawa
in my opinion, for japan session if GJ range over than 200pips, it will ranging within this range(ranging). i think all of you could backtest.

and, i trade with PO at 61.8 level, TP at 161.8 & 200.00 level and SL at 00.00 level. so it make reward bigger than risk.
absolutely and completely wrong. please don't just state opinions without doing some fact checking. for example, here is a back test for october '08. note all of the huge wins and huge losses because of the wide tokyo session. if you had skipped trading because the tokyo range was over 200 pips, you miss out on a huge number of pips.

October '08
10/01/08 89
10/02/08 86
10/03/08 -216
10/06/08 300
10/07/08 -164
10/08/08 -465
10/09/08 -382
10/10/08 120
10/13/08 261
10/14/08 -262
10/15/08 -260
10/16/08 175
10/17/08 59
10/20/08 10
10/21/08 148
10/22/08 224
10/23/08 216
10/24/08 465
10/27/08 -209
10/28/08 517
10/29/08 289
10/30/08 200
10/31/08 Ranging
Total 1201
  • #470
  • May 20, 2009 4:44pm May 20, 2009 4:44pm
Quoting Leomeister
Some of you might find the attached trade management expert by Steve Hopwood helpful in managing the split of your initial trade lot between two take profit levels. The included pdf file gives directions on the settings options. The thread for this expert is at; http://www.forexfactory.com/showthread.php?t=89371

You're able to control the specific order number that's managed, and split your initial order however you like; open with .5 lots, then close .2 at first level, and close remainder, .3, at second TP level. You can assign a variety...
Thanks LeoM,

This should be very helpful!

I was wondering... are you trading live or demo?
  • #471
  • May 21, 2009 3:55am May 21, 2009 3:55am
Well I cocked it up good and proper this morning. GBPJPY broke the high and then of course headed South, stopping me out on the way making a fat loss.
To make matters worse, I'd only put long trades on GBPUSD - and of course that's fell off and yielding great profits (1.618 and 2.0) for all of you that placed the short trades correctly ;-)
Will have to pay more attention tomorrow!

Cheers
  • #472
  • May 21, 2009 5:10am May 21, 2009 5:10am
Quoting adsanders
Thanks LeoM,

This should be very helpful!

I was wondering... are you trading live or demo?
Just demo trading this system at present. It looks very promising however, so might go live with small lots in the near future. I like the mechanical simplicity of setting breakout stops but don't like losing the gains made with the GBPUSD to losses from the more volatile GBPJPY.

I'm playing with looking at overbot/oversold indicators on 30m, 4H and daily charts to either, weight my exposure with different size lots between the two pairs, or occassionally only trade one. For example, today the 50 bar regression channel on the daily GBPUSD showed it overbot-maxed out on the upper channel line. This usually indicates a drop even in an upward/bullish channel. So I set my TP levels very low at the S1 daily pivot level (1.5535) which today was halfway between the 261.8% and the 423.6% Fib retracement levels. It went to that level, closed me out, and and is now retracing.

I got dinged on the GBPJPY however; went long on the buy stop, then closed for a loss at the SL level at bottom of the Asian session box. So today broke even. On the overbot/oversold indies the GBPJPY was mid-range so no bias for today's breakout. If I see this again, I might consider setting trade lot amounts to represent what looks like a bias. For example, 2x the lots for the GBPUSD entry stops, as used on the GBPJPY entry stops.

I don't want to overcomplicate a simple system, but hate taking the big losses when a trade reverses.
  • #473
  • May 21, 2009 5:37am May 21, 2009 5:37am
Hi all...


I dont think you will ever find a cure for what occured today.....and I am sure no indicator will help..

It was just some BAD economic data coming out of the UK that caused the big move...
  • #474
  • May 21, 2009 5:40am May 21, 2009 5:40am
Quoting Leomeister
Just demo trading this system at present. It looks very promising however, so might go live with small lots in the near future. I like the mechanical simplicity of setting breakout stops but don't like losing the gains made with the GBPUSD to losses from the more volatile GBPJPY.

I'm playing with looking at overbot/oversold indicators on 30m, 4H and daily charts to either, weight my exposure with different size lots between the two pairs, or occassionally only trade one. For example, today the 50 bar regression channel on the daily GBPUSD showed...

Leomeister, I did the same as you did, taking into consideration de stocastic for bouth gbp/jpy and gbp/usd.
But I think I will only trade this system (especialy in thouse choppy times)...when the stocastic will show me overbot/oversold.
I thought that I should take only gbp/usd but then I got into gbp/jpy too....

But this is how we learn from mistakes

Have pips !
  • #475
  • May 21, 2009 6:05am May 21, 2009 6:05am
Quoting FX_N00b
Leomeister, I did the same as you did, taking into consideration de stocastic for bouth gbp/jpy and gbp/usd.
But I think I will only trade this system (especialy in thouse choppy times)...when the stocastic will show me overbot/oversold.
I thought that I should take only gbp/usd but then I got into gbp/jpy too....

But this is how we learn from mistakes

Have pips !
I think I learned a valuable lesson here. They say to always check for news before you place your trade and unless you are planning on trading the news it is probably best to wait until after the news. Well I did check for the news... but after my trade was triggerred and after I saw the huge move down on the GBP/JPY. Oh well... lesson learned. Ouch.
  • #476
  • May 21, 2009 6:18am May 21, 2009 6:18am
Quoting adsanders
I think I learned a valuable lesson here. They say to always check for news before you place your trade and unless you are planning on trading the news it is probably best to wait until after the news. Well I did check for the news... but after my trade was triggerred and after I saw the huge move down on the GBP/JPY. Oh well... lesson learned. Ouch.

Same here :|
  • #477
  • May 21, 2009 12:23pm May 21, 2009 12:23pm
I havent had time to read all the posts as time for me is so short..how ever there is nothing stopping you just trading the reliable GBPUSD

Nice gain on that today and EURJPY came to a hairs breath of stopping out but has now closed out 50% at the 161.8 level

Yep GBPJPY loss was painful but the loss should of only been 3% max of your account balance..

Us break today went well

1 loser
2 winners

On hols Sunday for 1 week so no updates from me

all looks good

P
  • #478
  • May 21, 2009 12:26pm May 21, 2009 12:26pm
Quoting Paulus
I havent had time to read all the posts as time for me is so short..how ever there is nothing stopping you just trading the reliable GBPUSD

Nice gain on that today and EURJPY came to a hairs breath of stopping out but has now closed out 50% at the 161.8 level

Yep GBPJPY loss was painful but the loss should of only been 3% max of your account balance..

Us break today went well

1 loser
2 winners

On hols Sunday for 1 week so no updates from me

all looks good

P
You are wright Paulus. it didn't kill my account, couse MM is verry important for me

Paulus, please tell me what are the rules that you are using for US break system and what hours (GMT)

Thx !
  • #479
  • May 21, 2009 12:34pm May 21, 2009 12:34pm
Someone can develop an EA for this system like it take High Low of 8hrs (or X hrs we determine period) and put an order X pips above,below it with tp X pips we choose a fibo number for example and sl option? thanks in advance.
  • #480
  • May 21, 2009 12:36pm May 21, 2009 12:36pm
Quoting Paulus
I havent had time to read all the posts as time for me is so short..how ever there is nothing stopping you just trading the reliable GBPUSD

Nice gain on that today and EURJPY came to a hairs breath of stopping out but has now closed out 50% at the 161.8 level

Yep GBPJPY loss was painful but the loss should of only been 3% max of your account balance..

Us break today went well

1 loser
2 winners

On hols Sunday for 1 week so no updates from me

all looks good

P
excuse me but EURJPY for me give not win.
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