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Attachments: 30 minute hi/low strategy
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30 minute hi/low strategy

  • #21
  • Aug 12, 2010 4:59am Aug 12, 2010 4:59am
Hi Whatfx, see you are still online. Perhaps I can help?

In general breakouts can be what you make of them. Usually the wicks count as they are the high and low whereas the body is open and close.

There is no 'magic' in any of it, you take a mark and look for price to go either up or down from that. It certainly won't stand still.

It really doesn't matter what time you trade. LO and NYO are more active but you could try an over nighter

HTH
  • #22
  • Aug 12, 2010 5:26am Aug 12, 2010 5:26am
Hi guys,

Phreddy thanks for your help with the images, and yes any trade open i leave running even if a new trade is opened.

Trades are only closed by TP and SL

WhatFX apologies as i was unable to get some charts together, but if you are around tommorrow I will be trading it all the morning session and be able to put entries and exits here as they happen.

Im also looking at trying to avoid the trades that are against the intraday strategy. it will involve taking less trades through the day.

Regards

Rump.
  • #23
  • Aug 12, 2010 5:30am Aug 12, 2010 5:30am
Quoting rumpfunk
Hi guys,... but if you are around tommorrow I will be trading it all the morning session and be able to put entries and exits here as they happen.
Regards Rump.
...and there was me thinking that you were working!!
  • #24
  • Aug 12, 2010 5:32am Aug 12, 2010 5:32am
[quote=whatfx;3941823]
Quoting rumpfunk
Hi whatfx,

correct a trade will be taken every 30 mins if the price moves past the previous 30 min candle. If it is an inside candle then there will be
no trade we then wait for the next trade. We are only using the previous 30 min to move with the current intraday trend.

The trade will only be closed via SL or TP.

I will strive to post a chart tommorrow.

Thanks for taking the time to read and reply.

Regards








sorry rumpfunk, but some more questions.


1. do you count the wicks as a part of the...

1. Yes wicks are counted as they are points where the price has halted.

2.Correct the trade will be taken even if has gapped up as it is making a new high from the previous 30 mins.

3.the SECOND candle we are moving with the current intraday price so its only based around the PREVIOUS candle.

4.I take my last trade at 4 but theres no reason why it cant be carried on for longer, im usually happy to take 30 pips a day so if that is reached I will stop trading.

I will begin to collate results for you next week as It will be when I start a compounding system aswell. My only problem is as im working aswell its hard to be trading all the time, However I dedicate Fridays to trading only.

Regards

Rump.
  • #25
  • Aug 12, 2010 6:38am Aug 12, 2010 6:38am
i have been demo trading this system for the past few days.

iam not sure if this system will profit in the long run.

the problem is, the tp of 10 pips is rarely reached. usually the candles go into profit by say 5 pips, 3 pips, 7 pips etc before they start reversing.

so say for example we entered long. it would go into profit by say 5 pips. and then reverse. on the next candle as the market has reversed and has broken the low you would enter short. similar thing will occur here as well, i.e. the candle will go to profit by about 7 pips then reverse back up. by this time your first trade would have been stooped out......

you second trade is now reversing back up and eventually gets stopped out. this usually continues for the next few candles as well, i.e. the tp of 10 pips is not reached, but the stops get triggered. you then end up making a huge loss at the end.

on the few candles that do reach tp of 10 pips, this is overshadowed by the next few candles that continually get stopped out. so the end result is an overall loss.

so in the few days trading i did, not a single pip of profit was collected.

not too sure if the system will work.
  • #26
  • Aug 12, 2010 7:01am Aug 12, 2010 7:01am
Quoting whatfx
i have been demo trading this system for the past few days.

iam not sure if this system will profit in the long run.

the problem is, the tp of 10 pips is rarely reached. usually the candles go into profit by say 5 pips, 3 pips, 7 pips etc before they start reversing.

so say for example we entered long. it would go into profit by say 5 pips. and then reverse. on the next candle as the market has reversed and has broken the low you would enter short. similar thing will occur here as well, i.e. the candle will go to profit by about 7 pips then...
Im not sure if your trading the same entries because the past few days have been positive although about 30 pips however today you should be looking at around 40 already.
  • #27
  • Aug 12, 2010 7:15am Aug 12, 2010 7:15am
Quoting rumpfunk
Im not sure if your trading the same entries because the past few days have been positive although about 30 pips however today you should be looking at around 40 already.

are you saying 30 pips a day ? trading from what time to what time ? i only trade certain hours due to work commitments. usually about 3 hours (6 candles / trades ) a day in one go. so perhaps this system has to be traded the whole day in order to make profit ? in which case it will not work for part timers.

also, i forgot to ask you after the high / low has been broken, do you have to wait certain number of pips before entering trade, say 2 pips, just to make sure the market is going the right way ?


regards
  • #28
  • Aug 12, 2010 7:26am Aug 12, 2010 7:26am
rumpfunk, will be good if you posted daily results at end of day.

i presume you are now looking at just 10 points sl and 10 points tp, right?
  • #29
  • Aug 12, 2010 7:59am Aug 12, 2010 7:59am
Quoting coolshades
rumpfunk, will be good if you posted daily results at end of day.

i presume you are now looking at just 10 points sl and 10 points tp, right?
Correct not including my spread.
  • #30
  • Aug 12, 2010 8:03am Aug 12, 2010 8:03am
Quoting whatfx
are you saying 30 pips a day ? trading from what time to what time ? i only trade certain hours due to work commitments. usually about 3 hours (6 candles / trades ) a day in one go. so perhaps this system has to be traded the whole day in order to make profit ? in which case it will not work for part timers.

also, i forgot to ask you after the high / low has been broken, do you have to wait certain number of pips before entering trade, say 2 pips, just to make sure the market is going the right way ?


regards
Ah that makes sense, yes unfortunatley its dependant on taking trades throughout the day as we dont necessarily know where the bigger moves will occur, however if you are only trading a few trades maybe try it around the first hour or two around the opens.

Im looking to trade it safer, consider only trading the direction of the trend based on where the price is in relation to the daily pivot point. This will mean less trades and a bit less risk however you will probably get caught out on any reversals through the day.

Regards

Rump!
  • #31
  • Aug 12, 2010 8:12am Aug 12, 2010 8:12am
Quoting rumpfunk
Ah that makes sense, yes unfortunatley its dependant on taking trades throughout the day as we dont necessarily know where the bigger moves will occur, however if you are only trading a few trades maybe try it around the first hour or two around the opens.

Im looking to trade it safer, consider only trading the direction of the trend based on where the price is in relation to the daily pivot point. This will mean less trades and a bit less risk however you will probably get caught out on any reversals through the day.

Regards

Rump!

ok. but daily pivot points and trading with the trend should not make much of a difference , because we are trading the high / lows of the previous 30 min candles, and not long term.

can you tell me if we need to wait at least 2 pips after the high / low has been broken before entering a trade ? just to make sure the market is moving in the right direction. also, what if the previous candle is a doji ?
  • #32
  • Aug 12, 2010 8:31am Aug 12, 2010 8:31am
Quoting whatfx
ok. but daily pivot points and trading with the trend should not make much of a difference , because we are trading the high / lows of the previous 30 min candles, and not long term.

can you tell me if we need to wait at least 2 pips after the high / low has been broken before entering a trade ? just to make sure the market is moving in the right direction. also, what if the previous candle is a doji ?
A Doji will still have a high and a low so yes, i use 1 pip as a buffer.

Im not saying it has to be used but it could offer a few safer trades e.g todays EUR/USD has been below the daily pivot so only take trades breaking the low of the previous 30 min.
  • #33
  • Aug 13, 2010 1:07am Aug 13, 2010 1:07am
Morning guys,

I will be giving my entries today so hopefully you can follow.

This morning could be volatile with german figures coming out well above expectations but France and Spain to follow.
  • #34
  • Aug 13, 2010 1:31am Aug 13, 2010 1:31am
Just to let you know guys my first trade will be from 08:00 as I will wait for euro economy figures to be released.
  • #35
  • Aug 13, 2010 2:07am Aug 13, 2010 2:07am
EUR/USD

Buy @ 1.2899

stopped -10

waiting for next trade.
  • #36
  • Aug 13, 2010 2:54am Aug 13, 2010 2:54am
sell 1.2874

+12
  • #37
  • Aug 13, 2010 3:02am Aug 13, 2010 3:02am
Sell 1.2861
+12
  • #38
  • Aug 13, 2010 3:16am Aug 13, 2010 3:16am
Be aware price is around daily Pivot point, may be best to wait for direction.

Regards.
  • #39
  • Aug 13, 2010 3:17am Aug 13, 2010 3:17am
hi

following on from my morming trades yesterday which were all losers, i decided to try in the afternoon and evening. unfortunately all 6 trades were also losers.
  • #40
  • Aug 13, 2010 3:22am Aug 13, 2010 3:22am
Quoting whatfx
hi

following on from my morming trades yesterday which were all losers, i decided to try in the afternoon and evening. unfortunately all 6 trades were also losers.
Can you tell me what were you exaxct entries because yesterday morning produced around 40 pips? it was enough to not need to trade the afternoon.
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