Central Banks & Big Players

I wonder how's this setup? I went short at the arrow but a few minutes later got stopped out with a 10 SL. Tony do you have screenshots of very good examples?

http://i877.photobucket.com/albums/ab333/fxeturn/GU.jpg

edit: or is this supposed to be a good setup? (keeping my fingers crossed)

http://i877.photobucket.com/albums/a...xeturn/GU2.jpg

Maybe I can answer part of the question, I traded this system from scratch the week beginning 15th March as per the rules. Early london session + Early NY session. As you can see I lost just as much as I won that week, however the key was getting that stop to BE asap!!! Cant stress that enough for me. Eventually your going to get a runner with this style.

However you need screen time + decent reflexes as well as some level of internal filters, so your not trigger happy. My only regret is my dayjob lol.

Tks for that.

Another one, first page suggests enter after 8pip candle....nothing mentioned about price continuation preferred.

Later on in the thread it suggests confirmation.

Can somebody clarify please.

Tks

The 2nd chart on my post above netted me 10 pips. It actually went all the way to 35 pips and I adjusted my stop loss at +10 pips. Eventually it came down and hit my stop loss.

I have a NinjaTrader Strategy that autotrades however many pip bars in however many seconds, during whatever window you set, with a X stoploss, then a move to breakeven at Y pips profit (set t +10), and a second move to Z pips profit at W pips profit, set now to 10p profit at +25p. This does very well at capturing a few pips back to cover the direct losses.

NinjaTrader also has a very solid tester, but the kicker is the data,.. .there is no free data, as you have to build a HUGE file of tick data into bar data, for whatever bars you want, 7p, 8p, 10p, each time costs $$... so I haven't done that yet. I would be happy to back test this if we can figure a way to get good NinjaTrader data, back far enough to mean something???

So, am I right to not trade on Good Friday?

or just be flexible knowing its a channel day?

Oh absolutely not. Forex works best with one method ALL the time. You're not supposed to be adaptive.

hehehe,, we've all been there done that!

Have we considered the probability of picking a target that is quite far out.

at 120p its more than likely to be taking the movement of a daily range for Gbp/Usd.
Using a 5/10sec chart. Quite ambitious but considering the plan its feasible.

Check out autochartist- powerstats.

IF one is considering income trading then a tgt that is lower may just about increase the probability of taking something home .

Its frustrating to watch a +35p trade turn into a BE...

Yet if we could take 35p on a regular basis then it may suit an income trading profile better.

Speculative "fat tail" trades would do for someone who can stomach the psychology of the many BE and minimal loss trades.
can you take a 10% win rate?
can you take a 20% win rate
can you take a x% win rate?

Wats good for one trader is only good for the one who created it.
Personalize the system and stick to it...
then comes the home work to create one that fits ones own psychology.

My 2cents.

Thanks Tony, this is indeed a very interesting read.

Tnanks!! It's interesting but is it checked? who uses it besides you?

we lost all the followers because of lack of money management... oh well

Tony, your strategy gives us a huge avantage on the market, money management with a max% lost per trade like 1% (depends to the drawdown) is way enough for managing your money.

According to results I saw :

For instance : On EURUSD
Average of 1 trades /day with 20 trading day/month = 20 trades/month
Suppose your ratio %win trade is about 65% with average winning trade = 30 pips and average loosing trade = 7 pips. I think it corresponds to realistic results.

(13*30)-(7*7)= 341 pips/month

well, take 10 000$ funds.
Risk per trade is 0,5% (very low)
50$ = 7 pips; 1 pip = 7,6$

You can make about 25% a month with 0,5% risk/day on 20 trades/month.

Tony, with a good money management and your current results you can be rich with 5k$ deposit within 4 years if your results are more or less stable.

Not ALL the followers!

can't stop won't stop

Hey Tony, I think I remember reading that you were working on a strategy to help recoup losses when the market does in fact hit your SL. I have been noticing a pattern when the market drops by 8-10 pips over a few candles as opposed to one big candle. When it does that move slower, it tends to fill the hole fairly quickly. I did place a scalp trade to recoup an earlier loss, but have you noticed this also? I am not sure how well it works long term yet.

Nice observation. It wouldn't surprise me if there was something to that. In fact, candlestick patterns often take into affect moves that occur over multiple bars and often treat them as one bar.

Here's another one. I know it's not many pips, but could cover some losses of the overall system's method.

Hi Tony,

Hows trading going for the last 2 weeks? Ive not been following the charts as ive been quite ill but still looking to go live soon. Ive been trying to look for history of the 5 sec chart so I can look back and see what ive missed over the last 2 weeks but with Oanda you can only go back so far like a day or few hours. Is this the same for you? Is there any other way you can view a 5 sec chart and look far back??

Cheers

Momo2k10

I posted a tool called FlexiCharts for MT4 you can make about 100 different time frames from tick upwards. Seems nobody is interested so you will have to do a search to find the thread.