Once again thanks for starting this thread. As I stated earlier on I was going to try and us eurjpy, chfjpy, usdjpy, and cadjpy. So far all work except for usdjpy. And the rest seem to follow gbpjpy, just not as strong. So for now I am at x3 with gbpjpy, and x2 with cadjpy and chfjpy, and x1 with eurjpy. I start each pair with 1 lot and close with 1/3 at each level. Then let the remaining .1 run till stopped out or end of day fri.
Since starting has been very good, with the exception of last week. All 4 pairs hit s/l on buy and sell. But over all still in the positive on all 4 of these pairs. I am still using 10 plus spread, havent tried increasing that yet although that would have prevented last weeks losses I think..
Yeah I too noticed that USD/JPY isn't that great with this strategy.
AUD/JPY is also a good one.
GBP/JPY and EUR/JPY are 70-78% correlated.
GBP/JPY, AUD/JPY and CAD/JPY are 85-97% correlated
EUR/JPY & CHF/JPY are 90-97% correlated.
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Thanks for the info, I am still only demo trading this method but would like to switch to my live acct. but as i am currently using IBFX and they don't let you put a pending buy order and pending sell order on the same pair. I don't know what I am going to do yet. I use FXDD on the demo and considering opening an acct with them. I have only used them on demo systems, and a couple of the systems I use only work on their time frame and platform.
Thanks for the info, I am still only demo trading this method but would like to switch to my live acct. but as i am currently using IBFX and they don't let you put a pending buy order and pending sell order on the same pair. I don't know what I am going to do yet. I use FXDD on the demo and considering opening an acct with them. I have only used them on demo systems, and a couple of the systems I use only work on their time frame and platform.
Is Oanda based in the US? Have you been using them very long? And have you tried setting buy and sell pending orders since they changed the hedging regs?
Oanda permits simultaneous pending buy and sell orders. Please note that both orders cannot be active at the same time. They will immediately cancel each other. Oanda now allows a trailing stop.
Oanda permits simultaneous pending buy and sell orders. Please note that both orders cannot be active at the same time. They will immediately cancel each other. Oanda now allows a trailing stop.
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Thanks, and yes I understand you cannot have a buy and a sell open simultaneously, but with this system that cannot happen. As your S/L on one triggers the open trade the other direction. And I always move my S/L to BE as soon as I hit the 1st target.
I will look into Oanda, as i am in need of a broker that allows this. I plan to continue using IBFX on my current acct., but would like to start trading this system on my ROTH acct. Since this is a system that requires little time.
I have been demo and live trading different breakout strategies for about 6 months now. I don't remember seeing it mentioned but one thing you can do to help with money management is to only trades in the direction of the trend. While this will of course leave some profits on the table it will give you stronger more reliable trades and should help curb allot of losses.
I have been demo and live trading different breakout strategies for about 6 months now. I don't remember seeing it mentioned but one thing you can do to help with money management is to only trades in the direction of the trend. While this will of course leave some profits on the table it will give you stronger more reliable trades and should help curb allot of losses.
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I do like this, I have read that you cannot go wrong following the long term trend, have you tried this method?
I read this particular money mangement strategy in one of the FF forums.
Not live on the long, a little on the conservative I got out at tp1 and tp2.
TP1+95
TP2+190
Though I see a daily retracement, we may even get into the short before the week is out.
What is your feeling on this?
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I too see the retracement.
As per the ATR for weekly, I don't see much of a drop if the break does occur. In other words the reward won't be too high compared to the risk. I've used the ATR since since Dec 08 and it hasn't failed me yet. For that reason I'm canceling the short pending order.
