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A simple strategy with no indicators

  • #241
  • Aug 10, 2010 12:52pm Aug 10, 2010 12:52pm
Quoting adeforex
are you on live account now? trade with caution. tommorrow may be nice. gpbjpy is cool but too much volatility on the pair. missed chfjpy but its ok.
I'm still on demo. Thanks for any and all advise, it's always welcome.

I see that the EJ is also showing a prospective signal, large fat-bodied candle, which I believe people here have cautioned about.

Regards
  • #242
  • Edited 3:27pm Aug 10, 2010 3:11pm | Edited 3:27pm
see how fast one can loose a winning trade without a TP today as many pairs retraced.lost on usjpy, but still make a net of 90+ pips. Do you relly know what caused this HEAVY RETRACEMENT? it is FOMC Statement, around 18.30 GMT...that is why you need to watch what is going on fundamentally before trading...trade with caution dude
We Win Some, We Loose Some, But Let your Win Rates be More to be Successful
  • #243
  • Aug 10, 2010 7:25pm Aug 10, 2010 7:25pm
Hi to everyone on this thread!

This is my first post ever on forex factory! I have been using this site for about a year now, and this is the first thread that I feel most comfortable being part of, and will be trying to use this system. I went short today on AUD/JPY, I will keep everyone posted on my progress.

Thank you [IMG]file:///C:/DOCUME%7E1/Fred/LOCALS%7E1/Temp/moz-screenshot.png[/IMG][IMG]file:///C:/DOCUME%7E1/Fred/LOCALS%7E1/Temp/moz-screenshot-1.png[/IMG]Ashraf for taking the time to share your system with us!!!

PS. By the time I have finished writing this, I am already in 30 pips Profit!
  • #244
  • Aug 11, 2010 1:09am Aug 11, 2010 1:09am
pheonix, u are welcome,you are right, short on audjpy and its a winning trade,also gpjpy.
We Win Some, We Loose Some, But Let your Win Rates be More to be Successful
  • #245
  • Aug 11, 2010 1:32am Aug 11, 2010 1:32am
Thanks Adeforex,

I went short today from 77.838 ( i jumped in a couple of hours before the third candle was finished, but i saw the opportunity). Closed Profits at 77.500

Then went in short again at 77.331 and closed profits at 77.221 for some quick pips.

I will try and post up some pictures(haven't done this before, but i will give it my best) when i get home, still at work at the moment.

So far +44pips (including spread)
  • #246
  • Edited 4:48am Aug 11, 2010 4:27am | Edited 4:48am
I'm still assessing, but demo'ed the three JPY related pairs at the close, short on the EURJPY, GBPJPY and AUSJPY. Nice! Only wish I had put the take-profit out a little farther. Does anyone try to use any certain risk-reward in their stop and take-profit placement? I know you use the psych levels on the hundreds and 50's, I'm just wondering if you use any other logic to tell you which of those to choose.
A good man knows his limitations ~ Clint Eastwood
  • #247
  • Aug 11, 2010 5:08am Aug 11, 2010 5:08am
so if setup on daily near RN... target will be the next RN
right?
could someone post daily A+ setups (best) .. i find sometimes when 3rd candle is equal or just little smaller to 1st or 2nd it still works...
  • #248
  • Aug 11, 2010 5:17am Aug 11, 2010 5:17am
Quoting dgodfrey
I'm still assessing, but demo'ed the three JPY related pairs at the close, short on the EURJPY, GBPJPY and AUSJPY. Nice! Only wish I had put the take-profit out a little farther. Does anyone try to use any certain risk-reward in their stop and take-profit placement? I know you use the psych levels on the hundreds and 50's, I'm just wondering if you use any other logic to tell you which of those to choose.

that is what i enquired about earlier in the thread. i.e. a successful tp/sl combination. any thoughts from anyone ?
  • #249
  • Aug 11, 2010 5:23am Aug 11, 2010 5:23am
here are the signals i had yesterday:

eur/jpy short

usd/cad long

usd/jpy short

cad/jpy short

gbp/jpy short

sgd/jpy short


of which i only entered two trades: eur/jpy and sgd/jpy.
i came out of both the trades with + 30 pips on each one. total pips + 60.

i didn't hang around for the trades to reach the psych tp's of 00 or 50. being a learner i couldn't afford to take any risks.

do people agree with the above signals ?


regards
  • #250
  • Aug 11, 2010 6:07am Aug 11, 2010 6:07am
Quoting whatfx
here are the signals i had yesterday:

eur/jpy short

usd/cad long

usd/jpy short

cad/jpy short

gbp/jpy short

sgd/jpy short


of which i only entered two trades: eur/jpy and sgd/jpy.
i came out of both the trades with + 30 pips on each one. total pips + 60.

i didn't hang around for the trades to reach the psych tp's of 00 or 50. being a learner i couldn't afford to take any risks.

do people agree with the above signals ?


regards
From my FX Accucharts screens, AUDJPY, EURJPY and GBPJPY (all shorts) are BIG winners today according to this strategy...huge pips!!
Make It Simple !
  • #251
  • Aug 11, 2010 8:00am Aug 11, 2010 8:00am
Quoting whatfx
that is what i enquired about earlier in the thread. i.e. a successful tp/sl combination. any thoughts from anyone ?
Agreed, it's a good time to begin discussing the lousy risk/reward ratios we so often see when adhering to the basic rules. The basics of this system are clearly discussed in earlier pages for newcomers to this thread.

I've been placing two psych level lines toward target on my charts and entering (on demo) with the nearest target phych at a minimum number of pips from entry. I'm beginning to get the sense that this minimum may be quite pair specific, haven't yet sorted that out.

As the daily candle advances, I watch all pair crosses on the M5 (JPYs in today's case) even if they didn't signal, to get a feel for which psych target is likely to get hit.

I try to keep greed at bay, keeping in mind that this system is not a grail. I made that mistake a couple days ago when PA hit the first target psych. That cost me 30, had to settle later for a BE.
  • #252
  • Aug 11, 2010 8:02am Aug 11, 2010 8:02am
Quoting ashraf999
From my FX Accucharts screens, AUDJPY, EURJPY and GBPJPY (all shorts) are BIG winners today according to this strategy...huge pips!!
Welcome back Ashraf -- and many thanks for creating this great thread.
  • #253
  • Aug 11, 2010 9:46am Aug 11, 2010 9:46am
AUDJPY, EURJPY and GBPJPY, usdjpy are just too much today. am using alpari.uk with london time. many xxxjpy moved over 250 pips today. initially didnt trade them on live because personally i have being on carry over tradesanddont want to risk more.As per TP/SL. if you are a newcomer, stick to demo, use physco levels relating to asharfs method,learn fibonacci retracement ,from monthly down to daily if you are trading on daily chat.then use your head most.support and resistance matters.Never trade against trend if you are new.it my be dangerous.
i love simple system and i majorly trade trend on daily chats.it saves my time and give me more pips..ratio 2:1,3:1 as the case may be.
We Win Some, We Loose Some, But Let your Win Rates be More to be Successful
  • #254
  • Aug 11, 2010 9:57am Aug 11, 2010 9:57am
AUDJPY, EURJPY and GBPJPY, usdjpy are just too much today. am using alpari.uk with london time. many xxxjpy moved over 250 pips today. initially didnt trade them on live because personally i have being on carry over tradesanddont want to risk more.As per TP/SL. if you are a newcomer, stick to demo, use physco levels relating to asharfs method,learn fibonacci retracement ,know ATR of the pair you are trading , study from monthly down to daily if you are trading on daily chat.then use your head most.support and resistance matters.Never trade against trend if you are new.it my be dangerous.
i love simple system and i majorly trade trend on daily chats.it saves my time and give me more pips..ratio 1:1,2:1,3:1, swings,as the case may be.
We Win Some, We Loose Some, But Let your Win Rates be More to be Successful
  • #255
  • Aug 11, 2010 7:08pm Aug 11, 2010 7:08pm
Quoting ashraf999
From my FX Accucharts screens, AUDJPY, EURJPY and GBPJPY (all shorts) are BIG winners today according to this strategy...huge pips!!

do you not come out of the trades once your tp is reached ? or do you adjust sl and continue with the trend ? if not, what is your method of taking all of the pips ?
  • #256
  • Aug 12, 2010 3:09pm Aug 12, 2010 3:09pm
Prospective buy signals on the USDJPY and CHFJPY as we enter the final hour. Any comments, opinions about these potential trades?
  • #257
  • Edited 7:48pm Aug 12, 2010 7:16pm | Edited 7:48pm
I can't believe it -- I sat on the sidelines as both pairs went to profit, "against all odds", so to speak. Horrible R/R ratio, trend defiant, you name it, no way Jose, but they worked. Go figure... (north american expression for puzzlement and surprise)

Edit: (north american expression for puzzlement and surprise)
  • #258
  • Aug 13, 2010 3:30am Aug 13, 2010 3:30am
Quoting devogel
Prospective buy signals on the USDJPY and CHFJPY as we enter the final hour. Any comments, opinions about these potential trades?

i went long on both of these pairs chf/jpy and usd/jpy yesterday. however they are currently running at a loss of - 30 pips and - 21 pips respectively. not sure if things will improve during the day, and iam thinking it could be a good idea to come out early ?

yesterday my daily candles closed at midnight (gmt). i opened the trades at 00.001 i.e. i minute past midnight, effectively the following day.

ia,m still confused as to when to enter trades as each brokers daily candles close at different times.

perhaps ashraf could clarify ?
  • #259
  • Aug 13, 2010 3:35am Aug 13, 2010 3:35am
Quoting ashraf999
From my FX Accucharts screens, AUDJPY, EURJPY and GBPJPY (all shorts) are BIG winners today according to this strategy...huge pips!!


could you please clarify what time of the day your daily candles expire ? and what time you enter these trades.


regards
  • #260
  • Aug 13, 2010 4:11am Aug 13, 2010 4:11am
hi guys......i like,this strategy......but what TP and SL should i put when i want enter the market??? Can anybody member here explained??
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