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1 trade a day

  • #721
  • Jul 9, 2009 9:33pm Jul 9, 2009 9:33pm
hi , sorry i need to ask this stupid question again, but just to double check, if i m using the ibfx platform, what should be the time frame for the breakout? thanks
  • #722
  • Jul 9, 2009 11:38pm Jul 9, 2009 11:38pm
I'm fairly new to forex and over the past few days I have read every post on this thread (including all the time differnce posts!) and I would like to say thanks to everyone (especially Paulus) for what seems to be a great system.

I have only been demo trading this for the past couple of days and has worked great for GBPJPY. I have also been looking at what can possible done to minimise the potential large losses on some (few) days. Going back through the GBPJPY over the last month, I think I have a fairly simple solution (would like someone to verify it and possibly with other pairs).

If you take your range as the 8 bars (0:00 - 07:00 GMT) and then ignore/don't trade the 08:00 bar (as this is generally the one that gives the false break and causes the losses) you will find it generally retraces back into the range and you can then trade any subsequent breakout from the 09:00 onwards.

Also, I know it's tweeking it a bit from the original (and again I have been looking at only the GBPJPY), but trading half at the 1.50 fib line seems to stop a few more losses also (the RR dependant people might not like that though).

Quickly looking back through the last month of data using these parameters I can only find two days where the stop loss is hit.

My thanks again to Paulus and everyone whose contributed.
  • #723
  • Jul 10, 2009 12:28am Jul 10, 2009 12:28am
Quoting sdstocks
I'm fairly new to forex and over the past few days I have read every post on this thread (including all the time differnce posts!) and I would like to say thanks to everyone (especially Paulus) for what seems to be a great system.

I have only been demo trading this for the past couple of days and has worked great for GBPJPY. I have also been looking at what can possible done to minimise the potential large losses on some (few) days. Going back through the GBPJPY over the last month, I think I have a fairly simple solution (would like someone...
hmm so its 8 instead of 9 bars? i see paulus initial post seem to suggest 9 or was there a change? Thanks
  • #724
  • Jul 10, 2009 5:19am Jul 10, 2009 5:19am
hi all, wish to ask, since i am new here; the following are the trades I took, maybe someone can tell me if they are correct, as in roughly the values. thanks

GU Short
Entry: 1.6234
TP: 1.6169
SL: high of the asian session (1.6344)
R:R is less than 1?

GJ Short
Entry: 150.25 (though I entered wrongly at 150.22)
TP: 149.10
SL: high of the asian session (152.15)

do u guys shift ur SL soon?
  • #725
  • Jul 10, 2009 5:33am Jul 10, 2009 5:33am
Just trying to figure out what is the exact asian box size?What time do you start Asian session (GMT?) and what time do you make buy or sell (GMT?) orders?I am trying to trade manually without any EA and just got a little confused on that box size.Can somebody help me out?
.
  • #726
  • Jul 10, 2009 6:25am Jul 10, 2009 6:25am
Quoting 4XTrader06
Just trying to figure out what is the exact asian box size?What time do you start Asian session (GMT?) and what time do you make buy or sell (GMT?) orders?I am trying to trade manually without any EA and just got a little confused on that box size.Can somebody help me out?
Maybee I can help you. My platform is GMT+00
Attached Image (click to enlarge)
Click to Enlarge Name: asian.gif Size: 25 KB
  • #727
  • Jul 10, 2009 6:41am Jul 10, 2009 6:41am
Quoting pipserix
Maybee I can help you. My platform is GMT+00
I am in US and my GMT time is different.At least i've got an idea how long asian session last.So u place an order at 10.00 GMT?Thank you.
.
  • #728
  • Jul 10, 2009 6:48am Jul 10, 2009 6:48am
Quoting 4XTrader06
I am in US and my GMT time is different.At least i've got an idea how long asian session last.So u place an order at 10.00 GMT?Thank you.
Example for GMT+0
Attached Image
  • #729
  • Jul 10, 2009 6:54am Jul 10, 2009 6:54am
Quoting pipserix
Example for GMT+0
Thanks a lot.That explains everything.
.
  • #730
  • Jul 10, 2009 6:58am Jul 10, 2009 6:58am
Quoting 4XTrader06
Just trying to figure out what is the exact asian box size?What time do you start Asian session (GMT?) and what time do you make buy or sell (GMT?) orders?I am trying to trade manually without any EA and just got a little confused on that box size.Can somebody help me out?

actually i think u can dl paulus template on the 1st post and 8 boxes should be the time
  • #731
  • Jul 10, 2009 7:01am Jul 10, 2009 7:01am
anyway can any kind soul give me advice about the trade?

and i have a question hope that someone will help me, say the long is 150.34. Should i long at 150.34 + 10pips + spread or is it 150.34 - 10 pips - spread? thanks!
  • #732
  • Jul 10, 2009 7:10am Jul 10, 2009 7:10am
Quoting yuan83
actually i think u can dl paulus template on the 1st post and 8 boxes should be the time
My trading software does not allow any custom indicators,Ea's and etc. But i like it for simplesity.Thats way I try to test strategies and systems manually imputing stuff,and thats way i asked for Asian session box range.Thanks for fast help guys!
.
  • #733
  • Jul 10, 2009 7:20am Jul 10, 2009 7:20am
Quoting yuan83
hi all, wish to ask, since i am new here; the following are the trades I took, maybe someone can tell me if they are correct, as in roughly the values. thanks

GU Short
Entry: 1.6234
TP: 1.6169
SL: high of the asian session (1.6344)
R:R is less than 1?

GJ Short
Entry: 150.25 (though I entered wrongly at 150.22)
TP: 149.10
SL: high of the asian session (152.15)

do u guys shift ur SL soon?
Hi yuan,

yes get the same (or near enough) levels for the GU. But not the GJ. I would also note that most people have been taking 50% profits at the 1.618 fib level.
  • #734
  • Jul 10, 2009 7:20am Jul 10, 2009 7:20am
Quoting 4XTrader06
My trading software does not allow any custom indicators,Ea's and etc. But i like it for simplesity.Thats way I try to test strategies and systems manually imputing stuff,and thats way i asked for Asian session box range.Thanks for fast help guys!

wah wad software u using. time to change ha
  • #735
  • Jul 10, 2009 7:34am Jul 10, 2009 7:34am
Quoting sdstocks
Hi yuan,

yes get the same (or near enough) levels for the GU. But not the GJ. I would also note that most people have been taking 50% profits at the 1.618 fib level.
hi thanks for e fast reply. care to tell me what is ur tp and sl for both? anyway you have any idea about the entry, should it be 10+spread for long or 10- spread?

and anyway this strategy does not have a 1:1 R:R right? for example this GJ trade my risk is 188 pips, tp is 100 pips. if i risk 2% of my account, i only gain a 1+%.. hmm
  • #736
  • Jul 10, 2009 7:47am Jul 10, 2009 7:47am
Quoting yuan83
hi thanks for e fast reply. care to tell me what is ur tp and sl for both? anyway you have any idea about the entry, should it be 10+spread for long or 10- spread?

and anyway this strategy does not have a 1:1 R:R right? for example this GJ trade my risk is 188 pips, tp is 100 pips. if i risk 2% of my account, i only gain a 1+%.. hmm
Yeah the R:R is always less than 1:1 for each individual trade. But this system for GU and GJ seems to have a considerably larger number of good days than bad.

Anyway, the GJ levels I had for today were: 152.160 to 150.435 (range) entry point was 150.290, SL was set initially to 152.305 and then moved to 150.290 after price reached the 1.618 fib point and closed 50% of the position.
  • #737
  • Jul 10, 2009 7:56am Jul 10, 2009 7:56am
Today i take 100 pips ...


Good Weekend



Petar,

Serbia Team
"Buy on fear, sell on greed !!!
  • #738
  • Jul 10, 2009 9:22am Jul 10, 2009 9:22am
Quoting sdstocks
Yeah the R:R is always less than 1:1 for each individual trade. But this system for GU and GJ seems to have a considerably larger number of good days than bad.

Anyway, the GJ levels I had for today were: 152.160 to 150.435 (range) entry point was 150.290, SL was set initially to 152.305 and then moved to 150.290 after price reached the 1.618 fib point and closed 50% of the position.
hmmm, what's the tp for the other 50%? I realised i did draw wrongly for the TP , my redraw put it to 158.55
  • #739
  • Jul 10, 2009 4:11pm Jul 10, 2009 4:11pm
Quoting yuan83
hmmm, what's the tp for the other 50%? I realised i did draw wrongly for the TP , my redraw put it to 158.55
TP for the second level is usually the 2.00 fib level, but some people like to let it run to see if the direction carries on. Could use a trailing stop strategy in this case.
  • #740
  • Jul 10, 2009 9:46pm Jul 10, 2009 9:46pm
Quoting sdstocks
TP for the second level is usually the 2.00 fib level, but some people like to let it run to see if the direction carries on. Could use a trailing stop strategy in this case.
ic. thanks. but just to check. So we use 8 bars or 9 bars from paulus indicator? thx
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