Early Bird catches the Worms..GBPUSD | Page 3 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Bird is the word - 1 word trading advice 120 replies

21 sma trading early bird 13 replies

Early Bird Broker? 0 replies

Attachments: Early Bird catches the Worms..GBPUSD
Exit Attachments

Early Bird catches the Worms..GBPUSD

  • #41
  • Sep 23, 2009 6:19am Sep 23, 2009 6:19am
Quoting DubaiTrader
If you can, could you try:

25 TP, 20 SL

30 TP, 20 SL

45 TP, 20 SL

All of above but with 25, 30 SLs.

That'd be interesting.
If (and it's a big if) that backtest is accurate, playing with the SL and TP will not improve it.

You cannot turn a loser into a winner with money management.
  • #42
  • Sep 23, 2009 6:22am Sep 23, 2009 6:22am
Quoting billbss
If (and it's a big if) that backtest is accurate, playing with the SL and TP will not improve it.

You cannot turn a loser into a winner with money management.
Disagree completely, but that's what opinions are for.
  • #43
  • Sep 23, 2009 9:26am Sep 23, 2009 9:26am
if you set a 150 pip stop loss,
and a 5 pip take profit,

you will have >95% wins on a random entry system.

BUT you will still lose money over the long term.
  • #44
  • Sep 23, 2009 9:40am Sep 23, 2009 9:40am
DT,
Too funny, guys...made me laugh out load...
Keep those opinions coming...gets the creative thought process in gear...

I myself don't feel that extensive back testing can predict future events...
I will, however, manually go back and look at past setups on the charts to see how PA performed under those conditions that existed in the market at that time...
This model has proved itself sufficiently to me to place trades with it live...
If I get the time/chance I'll post some charts...win or lose...

DT...thanks much for sharing this model targeting such a specific entry...
Cliff


Quoting DubaiTrader
Disagree completely, but that's what opinions are for.
I get exercise just pushing my luck
  • #45
  • Sep 23, 2009 9:59am Sep 23, 2009 9:59am
Quoting panguFX
if you set a 150 pip stop loss,
and a 5 pip take profit,

you will have >95% wins on a random entry system.

BUT you will still lose money over the long term.
What relevance does this example have in relation to Dubai's strategy?

  • #46
  • Sep 23, 2009 10:05am Sep 23, 2009 10:05am
Quoting Bobcat2
What relevance does this example have in relation to Dubai's strategy?



just commenting on money management turning winners into losers and
vice a versa
  • #47
  • Sep 23, 2009 10:12am Sep 23, 2009 10:12am
Quoting panguFX
if you set a 150 pip stop loss,
and a 5 pip take profit,

you will have >95% wins on a random entry system.

BUT you will still lose money over the long term.
You're right, and that was my point.

A losing method is a losing method. TP and SL won't change it.
  • #48
  • Sep 23, 2009 10:23am Sep 23, 2009 10:23am
Hi Bill,

I use a signal based software program and certain strategies are losing ones with a certain TP and SL. However, by varying TP and SL, they become winners.

I'm not going to go into details as this isn't the thread for it but from my profession and brief insight into FOREX, MM is the Ace in the deck, so to speak.

I'll stand by my comment that different TPs and SLs within reason can produce better/improved results.

The example posted by Pangu, is nothing short of ridiculous, it has no basis to this strategy.
  • #49
  • Sep 23, 2009 10:26am Sep 23, 2009 10:26am
Quoting DubaiTrader
Hi Bill,



The example posted by Pangu, is nothing short of ridiculous, it has no basis to this strategy.


...sorry, I'll stay out of your thread.
  • #50
  • Sep 23, 2009 10:38am Sep 23, 2009 10:38am
Quoting panguFX
...sorry, I'll stay out of your thread.
If you have something positive to contribute you're more than welcome but highlighting a pointless MM isn't worthwhile.
  • #51
  • Sep 23, 2009 10:40am Sep 23, 2009 10:40am
Quoting DubaiTrader
If you have something positive to contribute you're more than welcome but highlighting a pointless MM isn't worthwhile.

i think a trail stop would help this method.
  • #52
  • Sep 23, 2009 10:52am Sep 23, 2009 10:52am
Quoting panguFX
i think a trail stop would help this method.
I think you could be right, hopefully as soon as the EA is complete, I can try a few different ideas and see how they performed.
  • #53
  • Sep 23, 2009 11:49am Sep 23, 2009 11:49am
DT,

Interesting method, thanks for sharing.

Have you also monitored results for keeping both orders active? Which would mean a possible total 40 pips profit a day instead of 20.

Regards,
Scattydiva
  • #54
  • Sep 23, 2009 12:01pm Sep 23, 2009 12:01pm
Quoting DubaiTrader
I think you could be right, hopefully as soon as the EA is complete, I can try a few different ideas and see how they performed.

Again, set one stoploss option to a MA with options to set every aspect of that MA, I will test this will my exit system to see how it fairs.
  • #55
  • Sep 24, 2009 10:37pm Sep 24, 2009 10:37pm
Did everyone give up on Early Bird? I have placed my pending orders on Oanda:

Buy = 1.6026 (includes 3 pip spread)
Sell = 1.5983

  • #56
  • Sep 24, 2009 10:58pm Sep 24, 2009 10:58pm
Quoting Bobcat2
Did everyone give up on Early Bird? I have placed my pending orders on Oanda:

Buy = 1.6026 (includes 3 pip spread)
Sell = 1.5983

Hi mate,

No, definitely not given up.

I have orders at 1.6021 and 1.5981, not accounting for spread.

Yesterday's trade came within 0.4 of a pip of being a winner!!

Good luck for today.
  • #57
  • Sep 25, 2009 7:20am Sep 25, 2009 7:20am
Dubai,

I just started trading your strategy the past 3 days, but I have experienced losses in 2 out of the 3 trades. In your experience, what have been the longest string of losing trades? And winning trades?

Thanks.
  • #58
  • Sep 25, 2009 7:34am Sep 25, 2009 7:34am
Quoting DubaiTrader
Hi mate,



Yesterday's trade came within 0.4 of a pip of being a winner!!

within 0.4 pips of being a winner?

why not exit with some profit, and make it a winner?
  • #59
  • Sep 25, 2009 7:43am Sep 25, 2009 7:43am
Quoting panguFX
within 0.4 pips of being a winner?

why not exit with some profit, and make it a winner?
Because if your going to follow a strategy you need to adhere to the rules of that strategy.

Besides you have no way of knowing what the right edge is going to do..... that same trade could just as easily been a winner but you would have cheated yourself by exiting early.
Same Whore .... Different Dress
  • #60
  • Sep 25, 2009 10:56am Sep 25, 2009 10:56am
Quoting Bobcat2
Dubai,

I just started trading your strategy the past 3 days, but I have experienced losses in 2 out of the 3 trades. In your experience, what have been the longest string of losing trades? And winning trades?

Thanks.
Hi mate, I thought you were on only demo trading it?

This week was +20, it was a disappointing way to end the week, considering after Wednesday, it was +60.

I've got the EA working now and unfortunately, whilst proving profitable the last few months, it's long term equity is not favourable.

I'l continue to monitor this method but will return it to demo acc.
0 traders viewing now