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USDJPY: Open Hour

  • #1
  • First Post: Edited Aug 2, 2010 5:22am Jul 27, 2010 4:09am | Edited Aug 2, 2010 5:22am
I am following this method with great success for last several months. this is very very simple method without any indicator

There are several versions of this method on this forum with different names. why it is unique then ? its unique because of its simplicity. just follow blindly you will make pips !!! dont change any of these parameters

Pair : USDJPY. dont trade any other pair please

Method : Open H1 chart for USDJPY. mark high, low between 23:00 GMT to 00:00 GMT , this is 1 hour duration.

Place buy limit order at high + 2 pips, sell limit order at low - 2 pips
TP : close 50% at 1:1 and remaining at 1:2 (move SL to BE), that means if risk is 20 pips, then close 50% for 20, and 50% for 40

SL : Otherside of the candle +- 2 pips

Ideal Range: Minimum range should be 11 pips and max should be 18 pips.

Please please do not change any of these parameters, do not try on other pairs

do not add any EMA or any indicator, blindly place orders both sides. even if one leg gives profit, keep other leg order. however after 9 AM GMT , cancel pending orders. if the order doesnt hit TP/SL by next day open hour close it at whatever price you get
  • #2
  • Jul 27, 2010 4:29am Jul 27, 2010 4:29am
I don't understand TP1 and TP2.

Do you close half at TP1 and half at TP2?

What do you do with TP1 and 2, is my question.

Thanks
  • #3
  • Jul 27, 2010 5:57am Jul 27, 2010 5:57am
yes, close 50% at TP1 and 50% at TP2 and also move to BE when TP1 is achieved
  • #4
  • Jul 27, 2010 6:38pm Jul 27, 2010 6:38pm
Are the pending orders stop or limit orders?
  • #5
  • Jul 27, 2010 6:49pm Jul 27, 2010 6:49pm
Quoting roundrock
I am following this method with great success for last several months. this is very very simple method without any indicator

There are several versions of this method on this forum with different names. why it is unique then ? its unique because of its simplicity. just follow blindly you will make pips !!! dont change any of these parameters

Pair : USDJPY. dont trade any other pair please

Method : Open H1 chart for USDJPY. mark high, low between 23:00 GMT to 00:00 GMT , this is 1 hour duration.

Place buy limit order at high...

hi

iam new to this. i dont understand the method you described. dont know what H1, mark high / low etc means ?

can you explain it in laymans terms ?

also, what has been your success ratio so far ? can you post some results.



regards
  • #6
  • Jul 27, 2010 7:03pm Jul 27, 2010 7:03pm
Quoting whatfx
hi

iam new to this. i dont understand the method you described. dont know what H1, mark high / low etc means ?

can you explain it in laymans terms ?

also, what has been your success ratio so far ? can you post some results.


regards
H1 means 1 Hour Candle, Mark High = High of candle, Low = low of the same candle.
  • #7
  • Jul 27, 2010 7:11pm Jul 27, 2010 7:11pm
Do you have a minimum candle size, as tonight's candle was only 7 pips thus we had trades established 11 pips apart if I understand this correctly. Seems great chance that both SL get hit with such a small SL on either side.
  • #8
  • Jul 27, 2010 7:23pm Jul 27, 2010 7:23pm
Nice one, i use a similar strategy just on a larger time frame. I recommend pending order scripts to make strategies like this super simple
  • #9
  • Jul 27, 2010 8:35pm Jul 27, 2010 8:35pm
Quoting pipstalker
Do you have a minimum candle size, as tonight's candle was only 7 pips thus we had trades established 11 pips apart if I understand this correctly. Seems great chance that both SL get hit with such a small SL on either side.
when the candle size is less than 10 pips, i consider it as 10 and do the math. that means 12 pips SL, 12 TP1, 24 TP2 (considering 2 pips buffer)
  • #10
  • Jul 27, 2010 8:35pm Jul 27, 2010 8:35pm
Quoting pipstalker
Are the pending orders stop or limit orders?
limit orders
  • #11
  • Jul 27, 2010 8:56pm Jul 27, 2010 8:56pm
Quoting roundrock
limit orders
Appreciated if you can illustrate this strategy by chart. TQ
  • #12
  • Jul 27, 2010 9:54pm Jul 27, 2010 9:54pm
Should b an easy ea to write for the programmers here. Easy to test profitability of this system if someone wants to write ea
  • #13
  • Jul 27, 2010 10:07pm Jul 27, 2010 10:07pm
Quoting jtmoore007
Should b an easy ea to write for the programmers here. Easy to test profitability of this system if someone wants to write ea
that would be great
  • #14
  • Jul 27, 2010 11:09pm Jul 27, 2010 11:09pm
it is mean ,we just one time trade at the morning ,am i right?

pls advise.
  • #15
  • Jul 27, 2010 11:17pm Jul 27, 2010 11:17pm
Quoting roundrock
limit orders
Ok, but it seems to me that STOP orders makes more sense. Tonight the candle high was 87.81 and the low was 87.74 ( didn't see your 10 pip rule before tonight opening) when the candle was formed and the next hour started, price was between these two points. It seems that this is a breakout strategy from the high and low, if I place limit orders, price could blast thru my pending orders, never retracing to hit the limit, so a guess in my mind a STOP order makes more sense, maybe I am missing something. Sorry for all the questions, but this strategy is of interest to me because as you said "very simple" and an EA should be easy to program, as mentioned before. Oh, BTW got stopped out on both orders tonight. I know that will happen at times.
  • #16
  • Jul 28, 2010 12:33am Jul 28, 2010 12:33am
Asian Breakout?
  • #17
  • Jul 29, 2010 11:20am Jul 29, 2010 11:20am
Quoting pipstalker
Ok, but it seems to me that STOP orders makes more sense. Tonight the candle high was 87.81 and the low was 87.74 ( didn't see your 10 pip rule before tonight opening) when the candle was formed and the next hour started, price was between these two points. It seems that this is a breakout strategy from the high and low, if I place limit orders, price could blast thru my pending orders, never retracing to hit the limit, so a guess in my mind a STOP order makes more sense, maybe I am missing something. Sorry for all the questions, but this strategy...
i dont know the difference between stop order and limit order. may be you can give an example.
  • #18
  • Jul 29, 2010 11:39am Jul 29, 2010 11:39am
In simple terms: Stop orders - you expect the price to continue falling (or rising) past this level..

So if you have a sell stop: you expect the price to continue falling past this level.

Buy stop: you expect the price to continue rising past this level.

Limit orders - you expect the price to rebound back.

Sell limit: you expect the price to rise to this level and then rebound back.

Buy limit: you expect the price to fall to this level and then rebound back.
  • #19
  • Jul 29, 2010 12:00pm Jul 29, 2010 12:00pm
Quoting savoybc
In simple terms: Stop orders - you expect the price to continue falling (or rising) past this level..

So if you have a sell stop: you expect the price to continue falling past this level.

Buy stop: you expect the price to continue rising past this level.

Limit orders - you expect the price to rebound back.

Sell limit: you expect the price to rise to this level and then rebound back.

Buy limit: you expect the price to fall to this level and then rebound back.
I believe Oanda calls then all limit orders.
I've seen this cause confusion before.
  • #20
  • Jul 29, 2010 6:39pm Jul 29, 2010 6:39pm
Stop orders makes alot more sense when trading a breakout - this type of system. I am using Stop orders on my trial of this system.
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