Hi all,
Tremendous thread and strategy we are having here, with so many input and variations for this strategy. Just wanna start with introducing myself and join in this big family. I’ve been trading FX for few years and new to this forum. I’ve been using this strategy since early Oct and been enjoying quite good results with it. My rules are:
Only trade with Cable
0400 to 0600 GMT box at M15, cut off point is 0645GMT if order is not triggered
Long when 85 EMA is below box, Short when 85 EMA is above box (no trade if EMA cut thru the box in the middle, sometime will take the trade if the EMA touch the edge of the box)
Box only consists of high & low of the range traded in the box (no buffer included)
Long buffer = 6 pips + spread , Short buffer = 4 pips + spread (if low of box is 1.6237 then my STOP short order is 1.6233 – whatever spread I’m getting)
SL= 30
TP1=30
TP2 using pivot or Fibo level of the M15
I normally trade in the multiple of 2 lot (not necessary standard lot), once TP1 is hit then move SL to BE. Then sometime take 80% or 70% of remainder at TP2 while move the remaining to TP3 using pivot or Fibo technique. The reason I only leave very small amount for TP3 is that chances of my TP3 is hit is only abt 10% according to my backtest up to June 09.
I’ve also did backtest on EUR/USD but the result is not satisfactory so I didn’t trade with it. I would like to tap into fellow traders’ experience where has anyone traded with the EUR/USD pair using this strategy with consistent good result and what is your rule for it.
Happy Trading.
Tremendous thread and strategy we are having here, with so many input and variations for this strategy. Just wanna start with introducing myself and join in this big family. I’ve been trading FX for few years and new to this forum. I’ve been using this strategy since early Oct and been enjoying quite good results with it. My rules are:
Only trade with Cable
0400 to 0600 GMT box at M15, cut off point is 0645GMT if order is not triggered
Long when 85 EMA is below box, Short when 85 EMA is above box (no trade if EMA cut thru the box in the middle, sometime will take the trade if the EMA touch the edge of the box)
Box only consists of high & low of the range traded in the box (no buffer included)
Long buffer = 6 pips + spread , Short buffer = 4 pips + spread (if low of box is 1.6237 then my STOP short order is 1.6233 – whatever spread I’m getting)
SL= 30
TP1=30
TP2 using pivot or Fibo level of the M15
I normally trade in the multiple of 2 lot (not necessary standard lot), once TP1 is hit then move SL to BE. Then sometime take 80% or 70% of remainder at TP2 while move the remaining to TP3 using pivot or Fibo technique. The reason I only leave very small amount for TP3 is that chances of my TP3 is hit is only abt 10% according to my backtest up to June 09.
I’ve also did backtest on EUR/USD but the result is not satisfactory so I didn’t trade with it. I would like to tap into fellow traders’ experience where has anyone traded with the EUR/USD pair using this strategy with consistent good result and what is your rule for it.
Happy Trading.