GBPJPY Daily Trend Method

me too

At least this is with the trend eod,eow and eom, which gives you an idea of my time frames. expect it to go back and test that 130 level, maybe!

that was a fast one

Super TP 100, thanks

TP +125p very fast one, the perfect trade lol

Yeah it was fast......just like yesterday.

10:00 am Trade
Total May Pips: -25

Anybody viewing the thread like Rock? If so, Sevendust has a great new song out. It's called "Unraveling". Look it up on Youtube.

Traders,

If you have any ideas or thoughts that could make the system better feel free to share them.

Michael

Hi Michael, Do you add Trailing stops to the trade? I thru a T/S 24 on the trade and it still hit TP 100.

I was thinking that Trailing stops would help get to Breakeven faster to minimize the stop loos.

thanks

Yeah I've had the same thought. It's just hard to back test a trailing stop. Why don't you keep trading it like that and let us know how your trades do? I think that would be easier than trying to back test it. Plus, I only have so much time on my hands

Michael

I will keep you updated, I just attached Steve Hopwood's Trade Management EA. I love this EA because of all the different settings in it.
It has TP, S/L, B/E and T/S settings, all you do is put the settings in the EA and when you make a trade (manually)the Ea puts in TP, S/L, B/E and T/S for you.
You should be able to find the EA on forex factory or by doing a google search.


thanks

Yeah there are a bunch of those out. I have the multi purpose trade manager attached to post #1

I forgot to ask what are the time you look to trade this system?
I saw on the 1st post that you only trade once a day, but it looks like that you trade during the day and evening too.

Can you clarify.

Currently looking at 10 am est and 7pm est

Traders,

Just finish testing 2008. Ugly, but could have been much worse! Take a look.

I'm also including a template that marks where all of the trades are. I had to test it on FXCM instead of forex.com mt4 because of a lack of history. Don't pay attention to anything outside of 2008 because it might not be correct. Most of the entry lines are at 14:30(10am on FXCM's mt4).

Blue Vertical Line= Buy
Red Vertical Line= Sell
White Vertical Line= Exit

Please let me know if you have any ideas that can increase the performance. It would be a big help.

Current Filter Ideas To Test:
1) Don't take the trade if price is more than 130 pips from the custom trend
2) Change the settings on the Custom Trend
3) Only take short trades when price is below 200 EMA and vice-versa for long trades
4) Experiment with trailing stops
5) Use an ema cross as an entry trigger instead of Custom Trend. This would eliminate "blind" entries but we would probably have to wait a while for a signal.

I won't be able to take the 7pm trade (if there is one) tonight because I'll be out putting a swing together for my nephew. However, I'll check in later tonight.

Michael

I have been using the AO with great succes as an extra Filtre if short we want it red for Daily and 30 min chart plus all the other ducks lined up

green for long

Keep us updated on how your trades go. If you could do some back testing with it, that would be great!

Michael

Traders,

7:00 PM trade was stopped out. May continuing to be a rough month. Like I mentioned earlier, it does not have a good historical performance.


7:00 PM Total May Pips: -57

Hi,

Please find a small backtest for April 2010.

* 20 period RSI with the 50 level clearly defined
* 14 period ADX with the 25 level clearly defined
* Custom Trend with default settings

Stop Loss = 100 pips (plus spread)
Take Profit = 125 pips
Break Even = 100 pips

For the moment, I do not handle correctly the ADX filter, because I check it at 9:30 AM EST, 10:00 AM EST and 10:30 AM EST like other indicators to confirm a signal.

Michael, could you please check the trades and tell me which were wrong and should not be taken.

Many thanks

Thanks for putting some work into the system. I really appreciate it! Checking your back test now.

Here is another template which has the trades from 5/09-present marked the same way as the template above. You should find it useful.

Michael

Yousky,

There was a long entry on 4/1/10 that was good for approx 168 pips because of a weekend gap in our favor.

Trade #1 is not valid. Remember, if the ADX is not above 25 at the close of the 9:30-10:00am bar there is no trade for the day.

Trade #4 should be short not long and should have been stopped out.

Trade #9 according to my data would have been a 125 pip winner. However, everything depends on spread. It was very close I'm sure.

Trade #12 was good for approx. 201 pips because trade #13 was an add-on signal. Remember, the take profit for trade #12 should have been moved to match the take profit of trade #13. In other words, the take profit for both should have been 144.84 according to your data.

Everything else looks similar to my results.

Michael