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USDJPY: Open Hour

  • #21
  • Jul 29, 2010 7:48pm Jul 29, 2010 7:48pm
Could you please post a chart "roundrock"?

Do we enter into the trade at the 0 am GMT candle?
  • #22
  • Jul 29, 2010 7:55pm Jul 29, 2010 7:55pm
Thanks for sharing your system Roundrock. If both orders get stopped out, do you wait until next day to place new ones, or do you continue placing until 9:00 AM GMT?
  • #23
  • Jul 29, 2010 8:09pm Jul 29, 2010 8:09pm
this is the picture for todays trade. short triggered...
Attached Image (click to enlarge)
Click to Enlarge Name: uj.gif Size: 15 KB
  • #24
  • Jul 29, 2010 8:10pm Jul 29, 2010 8:10pm
Quoting Jostein
Thanks for sharing your system Roundrock. If both orders get stopped out, do you wait until next day to place new ones, or do you continue placing until 9:00 AM GMT?
we will wait for next day. no point chasing...
  • #25
  • Jul 29, 2010 8:11pm Jul 29, 2010 8:11pm
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.
thanks for the axplanation, although i didnt understand...
  • #26
  • Edited 11:32pm Jul 29, 2010 11:22pm | Edited 11:32pm
My broker is GMT +1, so these are the candles I am using. I noticed you were using FXCM MT4 and their GMT offset is -4, so just want to make sure you have the right GMT time since you didn't mention an offset...

Is this right?

As for the stop/limit orders... if you expect the price to continue to move past your pending order, then you use a stop order. If you expect the price to touch or move past your pending order and then retrace, you use a limit order...

Make sense now?
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.png Size: 9 KB
  • #27
  • Jul 30, 2010 1:09am Jul 30, 2010 1:09am
i am using FXCM UK which is GMT+1

todays trade : 1st lot TP hit. 2nd lot move sl to be
  • #28
  • Jul 30, 2010 1:19am Jul 30, 2010 1:19am
hi roundrock,i have backtested yr strategy and it seem work well.other tahn USD/JPY, is this strategy can work on other pairs such as eur/jpy,gbp/jpy and etc...thanks
  • #29
  • Jul 30, 2010 2:24am Jul 30, 2010 2:24am
Quoting mikok730
hi roundrock,i have backtested yr strategy and it seem work well.other tahn USD/JPY, is this strategy can work on other pairs such as eur/jpy,gbp/jpy and etc...thanks
pl post the details of your back test. how have you tested ? with EA ?

i only tried UJ. other pairs i dont know
  • #30
  • Jul 30, 2010 2:30am Jul 30, 2010 2:30am
are you using a script to control the orders?
  • #31
  • Jul 30, 2010 2:57am Jul 30, 2010 2:57am
tp2 hit target
  • #32
  • Edited 8:23pm Aug 1, 2010 3:27pm | Edited 8:23pm
One thing I don't understand from your strategy:

You state you mark the high and low of 23:00->0:00 GMT candles and place a buy/sell pending order +2/-2 pips from these levels, but in your pic you don't have the pending order on the low of the 0:00GMT candle, it looks like it runs through the lower shadow.

Am I missing something here, or are you using only the 23:00 candle?

Edit: today's trade (going by your rules, I think)
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.png Size: 8 KB
  • #33
  • Aug 1, 2010 9:28pm Aug 1, 2010 9:28pm
ho savoybc,

i take only one hour candle that is 23:00 to 23:59 GMT, not 2 hours
  • #34
  • Aug 1, 2010 9:35pm Aug 1, 2010 9:35pm
OK, that makes sense.
  • #35
  • Aug 1, 2010 10:38pm Aug 1, 2010 10:38pm
Hi Roundrock,

Would you please show me how do you set your TP1 and TP2 from #23?

Thx.

Sam
  • #36
  • Aug 1, 2010 10:52pm Aug 1, 2010 10:52pm
Quoting sam2vt
Hi Roundrock,

Would you please show me how do you set your TP1 and TP2 from #23?

Thx.

Sam
tp1 is at 1:1 and tp2 is at 1:2

risk is at other end of bar +- spread
  • #37
  • Aug 2, 2010 1:03am Aug 2, 2010 1:03am
Hi roundrock,

Thanks for posting the method.

Cheers
  • #38
  • Aug 2, 2010 2:39am Aug 2, 2010 2:39am
i started to test it on 5 pairs...
4 already closed in profit 5 th running ... on volatile pairs like euraud u can put larger take profit
i use 1:00 to 2:00 candle (GMT+2)
  • #39
  • Aug 2, 2010 2:50am Aug 2, 2010 2:50am
TP1 hit and moved SL to BE
  • #40
  • Aug 2, 2010 2:50am Aug 2, 2010 2:50am
Quoting mistersimple
i started to test it on 5 pairs...
4 already closed in profit 5 th running ... on volatile pairs like euraud u can put larger take profit
i use 1:00 to 2:00 candle (GMT+2)
what are the pairs and the open hour ?
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