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30min of Your Time system

  • #21
  • Aug 8, 2010 4:52pm Aug 8, 2010 4:52pm
Quoting Darren Teo
Thanks for the screenshot.

Just a suggestion. Would it be possible employing your strategy and trading with the trend? Seems less risky this way, because it's difficult to pick tops and bottoms. Sometimes, there might be little retracement too.

If we trade with the trend there might be pullbacks, but because we are averaging in we will profit when the trend resumes.
It would probably work but I'm not that good at seeing trends, when I look at charts I see retracements and reversals. Every time I try to trade with a trend it reverses, so I developed a system that relies on short term retracement. If you're more comfortable with trends then give it a try.
  • #22
  • Aug 8, 2010 8:56pm Aug 8, 2010 8:56pm
I've decided to use a 25 pip SL from the final average and close half of the positions at 5 pips and the other half at 10 pips. This way one losing trade only wipes out the profits from the last 3-4 trades at the most. I will make decent money and minimize losses and stress.
  • #23
  • Aug 8, 2010 9:44pm Aug 8, 2010 9:44pm
Quoting jaws810
I've decided to use a 25 pip SL from the final average and close half of the positions at 5 pips and the other half at 10 pips. This way one losing trade only wipes out the profits from the last 3-4 trades at the most. I will make decent money and minimize losses and stress.
Yes, I think this makes more sense, rather than your 100 pip SL, since you are trading reversals and if you are wrong you only lose 25 pips.

I will try trading with the trend and will let you know my results.
  • #24
  • Aug 9, 2010 3:30am Aug 9, 2010 3:30am
I had my first loss mostly due to a poor entry and the 25 pip SL, but I'll take the pain, if i made the same trade without a SL it would have recovered within the next hour or it could have taken off in the other direction and wiped out my account, better safe than sorry. I have been having problems with setting the 5-10TP(multiple orders in a fast moving market is not easy) so I'm changing it to strait 10pip TP which will allow me to recover losses in 3 trades. I think my entry strategy still needs some work, but I'm happy with the risk management and exit strategies.

BTW, I will be updating my original post to include changes made since this thread started.
  • #25
  • Aug 9, 2010 3:58am Aug 9, 2010 3:58am
it was working on eurusd this morning
  • #26
  • Aug 9, 2010 5:13am Aug 9, 2010 5:13am
Quoting jaws810
I had my first loss mostly due to a poor entry and the 25 pip SL, but I'll take the pain, if i made the same trade without a SL it would have recovered within the next hour or it could have taken off in the other direction and wiped out my account, better safe than sorry. I have been having problems with setting the 5-10TP(multiple orders in a fast moving market is not easy) so I'm changing it to strait 10pip TP which will allow me to recover losses in 3 trades. I think my entry strategy still needs some work, but I'm happy with the risk management...

hi

bit of a problem. iam based in the u.k.. the platform i use is igindex. so i just want to know if your system will work on this platform ? also, we dont have leverage here, so i dont know what you mean when you discuss leverage in your rules. can you exp[lain ?

thanks
  • #27
  • Aug 9, 2010 5:40am Aug 9, 2010 5:40am
Quoting whatfx
hi

bit of a problem. iam based in the u.k.. the platform i use is igindex. so i just want to know if your system will work on this platform ? also, we dont have leverage here, so i dont know what you mean when you discuss leverage in your rules. can you exp[lain ?

thanks
OandA is world wide and my system should work with your platform however you will have to use even lots and the progress will be a bit slower.

Leverage is the lot size divided by the margin required. If your broker requires $200 margin to open a $10000 position you have 50:1 leverage(10000/200=50)
with 50:1 leverage you can open a maximum number of lots that equal 50 times your account balance.
  • #28
  • Aug 9, 2010 5:48am Aug 9, 2010 5:48am
Cable is hot today, I just missed a great entry point at 970 I' did 3 trades this morning and I was stopped out on one(bad entry due to lack of patients) and the other 2 were successful. Here is a screen shot on a 5 min chart
Attached Image (click to enlarge)
Click to Enlarge Name: Early Monday Trades.JPG Size: 206 KB
  • #29
  • Aug 9, 2010 6:32am Aug 9, 2010 6:32am
Anyone catch the wild ride on cable, it demonstrates the power of my system. Even with a bad entry point and a huge move in the wrong direction the downside was minimal yet the trade made over $50 using 970 unit lots, due to the fast moving market. Here is a Screen shot on 1min TF
Attached Image (click to enlarge)
Click to Enlarge Name: Nice ride.JPG Size: 78 KB
  • #30
  • Aug 9, 2010 8:06am Aug 9, 2010 8:06am
Quoting jaws810
Anyone catch the wild ride on cable, it demonstrates the power of my system. Even with a bad entry point and a huge move in the wrong direction the downside was minimal yet the trade made over $50 using 970 unit lots, due to the fast moving market. Here is a Screen shot on 1min TF
Any particular reason for your short entries?

Yes, I like the system because we are averaging into the price and it allows room for error.
  • #31
  • Edited 9:05am Aug 9, 2010 8:07am | Edited 9:05am
Just an observation for those wanting to add a filter to this method...

This is a short term trend following system. The high and low lines are calculated off of a two day sma calculated by average (kind of). When price is above the half line on a 30 minute chart there is a sell signal, and when it is below there is a buy signal.


So you see there really is a ma filter using multiple timeframes and it is a short term trend follower (2 day).


jaws810, a very interesting system. Thank you for posting it.

Mark
EllisEdi Moving on to my next trade ...
  • #32
  • Aug 9, 2010 8:23am Aug 9, 2010 8:23am
Quoting Darren Teo
Any particular reason for your short entries?
Yes, the current price is above the center point between the high and low of the past 2 days. That and 6000 is a very high resistance point. Here is a screen shot that shows the high low and center points compared to my trades.
when the current price is above the center line I sell, when the price drops below the center line I buy.
Attached Image (click to enlarge)
Click to Enlarge Name: HCL.JPG Size: 118 KB
  • #33
  • Aug 9, 2010 9:02am Aug 9, 2010 9:02am
Quoting EllisEdi
Just an observation for those wanting to add a filter to this method...

This is a short term trend following system. The high and low lines are calculated off of a two day sma calculated by average (kind of). When price is above the half line on a 30 minute chart there is a sell signal, and when it is below there is a buy signal.


So you see there really is a ma filter using multiple timeframes and it is a short term trend follower (2 day).


jaws810, a very interesting system. Thank you for posting it.

Mark
*oops - this system follows the trend but places trades for the short term retracement of the trend.
EllisEdi Moving on to my next trade ...
  • #34
  • Aug 9, 2010 1:08pm Aug 9, 2010 1:08pm
After having 2 trades hit my 25pip SL, then reverse and hit what would have been the TP point, I started thinking about how to adjust the SL to suit current market conditions without excessive risk or loss of profit and I think I found the answer. It's so simple just use market volatility calculated by taking the distance between the 2 day high and center point and using half of that number for the distance to the SL. The number will change daily depending on how much the market fluctuates. If I started this morning using this method to calculate my SL I would have made $150 on my 5 trades using 1 micro-lot trades instead I have 3 winners and 2 losers leaving me down $75. This system requires room to breathe and linking the amount of room to volatility guarantees that you will have the same chance of success in any market.

(This will be added to the system description in the first post in this thread post)
  • #35
  • Aug 9, 2010 1:13pm Aug 9, 2010 1:13pm
I think you have made some great additions to the strategy.
The risk management and now, making adjustments for volatility, are meaningful, positive trading practices.
  • #36
  • Aug 9, 2010 1:33pm Aug 9, 2010 1:33pm
Quoting Intu
I think you have made some great additions to the strategy.
The risk management and now, making adjustments for volatility, are meaningful, positive trading practices.
Thanks, I think this system is finally ready for live trading. I'll be starting very small but making 3% per trade with a high success rate should grow my account at a good rate.
  • #37
  • Aug 9, 2010 6:19pm Aug 9, 2010 6:19pm
How exactly do you get the high and low? You are using the 2 previous daily bars, correct? So you take the 2 highs and add them together and divide by 2? Same with the lows? Then find the center?
  • #38
  • Aug 9, 2010 7:38pm Aug 9, 2010 7:38pm
Quoting Dreamliner
How exactly do you get the high and low? You are using the 2 previous daily bars, correct? So you take the 2 highs and add them together and divide by 2? Same with the lows? Then find the center?
No, I take the higher high and the lower low of the 2 days and then find the center.
  • #39
  • Last Post: Aug 9, 2010 8:30pm Aug 9, 2010 8:30pm
Quoting jaws810
No, I take the higher high and the lower low of the 2 days and then find the center.
Ok, I wish you the best with this system. I do not believe it is fundamentally sound. I think that it will blow up accounts. Like just tonight, after a big move down, it hung around the bottom for awhile and you would have been accumulating positions at the bottom. Once it drops down just a little more it would wipe out the account or take the stop loss.

Hope it works for you.
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