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  • #4,441
  • Oct 7, 2010 1:27am Oct 7, 2010 1:27am
Thanks Tony. I assume Asian session starts at 19est ?
  • #4,442
  • Oct 7, 2010 2:16am Oct 7, 2010 2:16am
Lost 2pips again today ..
  • #4,443
  • Oct 7, 2010 4:12am Oct 7, 2010 4:12am
Quoting Tony112
no, this is a take profit (it's green)
i can see very well, that it was your TP, but it doesnt matter. What matters is the fact, that your risked more than you gained, and thats why (in my opinion) such trades are not profitable over the long run (or you need a very high success rate). But anyway, everybody has its own trading style
  • #4,444
  • Oct 7, 2010 9:47am Oct 7, 2010 9:47am
Quoting sentinel777
i can see very well, that it was your TP, but it doesnt matter. What matters is the fact, that your risked more than you gained, and thats why (in my opinion) such trades are not profitable over the long run (or you need a very high success rate). But anyway, everybody has its own trading style
I think you have this trading style backwards. Although you will come out with alot of break evens and 2 pip losses, one great win will pay for months of straight losses. Even a medicore 20 pip win would take care of 1.5 weeks of straight losses.
  • #4,445
  • Oct 7, 2010 1:23pm Oct 7, 2010 1:23pm
Quote
i can see very well, that it was your TP, but it doesnt matter. What matters is the fact, that your risked more than you gained, and thats why (in my opinion) such trades are not profitable over the long run (or you need a very high success rate). But anyway, everybody has its own trading style http://cdn.forexfactory.com/images/s.../yim/happy.gif
just a little example for you. i never was profitable in trading and i do it for 3-4 years already. i started with tonys method and changed and tweaked it a little to match my trading style.
my account grew 39% from august 7th until today - 2 months.
I didn't trade every day for 2 months to achieve this, I traded on THREE days because i didn't felt like trading the rest of the time.
  • #4,446
  • Oct 7, 2010 2:27pm Oct 7, 2010 2:27pm
what kind of change u did?

Quoting alfanzereii
just a little example for you. i never was profitable in trading and i do it for 3-4 years already. i started with tonys method and changed and tweaked it a little to match my trading style.
my account grew 39% from august 7th until today - 2 months.
I didn't trade every day for 2 months to achieve this, I traded on THREE days because i didn't felt like trading the rest of the time.
  • #4,447
  • Oct 7, 2010 3:14pm Oct 7, 2010 3:14pm
Quote
what kind of change u did?

At first I watch, what the price did the last few days which gives me a direction I want to trade in and I don't trade exactly at London open or NY open.
I start trading at the market openings but I watch for S/R. If the the price was bullish the last few days , I watch out for good support zones and try to enter there. Vice versa for bearish price situations.
It's a bit more like the old system of tony because at these points there is a good possibilty of fast price action on the 5 sec. chart and price gets taken away from your entry for a free ride.

You also have to be discretionary. For example the price was bullish the last few days and reaches a support but price breaks the support heavily, no way you enter a long position there, that should be clear.
  • #4,448
  • Oct 7, 2010 4:06pm Oct 7, 2010 4:06pm
Quoting alfanzereii
just a little example for you. i never was profitable in trading and i do it for 3-4 years already. i started with tonys method and changed and tweaked it a little to match my trading style.
my account grew 39% from august 7th until today - 2 months.
I didn't trade every day for 2 months to achieve this, I traded on THREE days because i didn't felt like trading the rest of the time.
i dont really understand what you are trying to say. i just said, that the way Tony sometimes tends to trade, has statistically spoken no edge (risk > reward), except he has at least a 66% success rate to be profitable (if risking 4 pips to get 2 pips).

i dont want to say, that this strategy is not profitable. on the contrary, this is a very powerful strategy Tony is sharing with us, and i really appreciate this

your changes makes sense, maybe i will try them out in the way you do, thanks for contributing.

sentinel
  • #4,449
  • Oct 8, 2010 1:21am Oct 8, 2010 1:21am
Quoting sentinel777
i just said, that the way Tony sometimes tends to trade, has statistically spoken no edge (risk > reward), except he has at least a 66% success rate to be profitable (if risking 4 pips to get 2 pips).
You have to read the thread a lil' bit more.
Usual Tony's trade uses risking 2 pips to get 140 pips. So RR ratio is smth about 1:50 at least.
The trade you're discussing (with 4:2 RR ratio) is out of the system.
  • #4,450
  • Oct 8, 2010 3:44am Oct 8, 2010 3:44am
I see we do talk alot of the excellent RR which is 1:50 or better but how about the win:loss rate if its 1:60 then this system wouldnt really work...
The question is the win:loss rate is not too good here... imagine if half a year of loss of 2 pips its pretty deadly though.. just a thought..
  • #4,451
  • Oct 10, 2010 6:38pm Oct 10, 2010 6:38pm
Quoting Tony112
i have nothing against Asian open but it's kinda slow barely any volatility
Think fundamentals... wouldn't this increase your chance of hitting homerun?

When it moves it sets trend for rest of day.

If you play NY or London open it gets reset again on next London so smaller chance to hitting a homerun that spans multiple sessions.

Just a thought.

Edit: daily atr is higher on JPY pairs so you are likely to hit a bigger tp in one day too.
  • #4,452
  • Oct 10, 2010 10:16pm Oct 10, 2010 10:16pm
Quoting sidhujag
Think fundamentals... wouldn't this increase your chance of hitting homerun?

When it moves it sets trend for rest of day.

If you play NY or London open it gets reset again on next London so smaller chance to hitting a homerun that spans multiple sessions.

Just a thought.

Edit: daily atr is higher on JPY pairs so you are likely to hit a bigger tp in one day too.

I wouldn't have a problem on Asia open as long as the losses are limited as described on 1st page, either way this system is totally in your advantage either way. As for people mentioning hundreds of losses in a row being fatal to the system, it's false and this is because there are safe ways to recuperate some of the initial 2 pip SL, either by reducing them to 0SL or by restoring pips 1 pip at a time... add-on technique that will be added to the system pretty soon. For the moment, let's pound the opens.
Invest in alarm clocks
  • #4,453
  • Oct 10, 2010 11:13pm Oct 10, 2010 11:13pm
Interesting in testing this strategy out.. what MT4 brokers offer tick by tick or 5second data?
  • #4,454
  • Oct 11, 2010 2:41am Oct 11, 2010 2:41am
Quoting alfanzereii
At first I watch, what the price did the last few days which gives me a direction I want to trade in and I don't trade exactly at London open or NY open.
I start trading at the market openings but I watch for S/R. If the the price was bullish the last few days , I watch out for good support zones and try to enter there. Vice versa for bearish price situations.
It's a bit more like the old system of tony because at these points there is a good possibilty of fast price action on the 5 sec. chart and price gets taken away from your entry for a free...
thanks, these rules could filter a lot of bad entry and its so easyhttp://cdn.forexfactory.com/images/s.../yim/happy.gif probably you have good results. Will be TP discretionary ?
  • #4,455
  • Oct 11, 2010 4:28am Oct 11, 2010 4:28am
Quote
... Will be TP discretionary ?

To keep it short : Yes.
  • #4,456
  • Oct 12, 2010 7:46pm Oct 12, 2010 7:46pm
Tony - congrats on a brilliant and simple concept. I haven't seen any other strategy which offers comparable account building potential.

I started on the 2 opens yesterday and moved my stops to BE and then +2 as soon as I had breathing room. I have decided to trial just grabbing a few extra pips when I can to make up for a few unforced errors which I'm anticipating. Got a fright on the NY open when price returned to 0.1 pip above entry (after taking out my stop) thinking I had got too greedy, but both would have finally been BE trades under your rules, I think.

My entries were both longs - London 1.38261 and NY 1.38285. Could anybody following the system tell me if I am on the right track.
  • #4,457
  • Oct 13, 2010 5:14am Oct 13, 2010 5:14am
Hi Guys

Have have been reading through this thread but I am still a bit confused. Can somebody please either explain this strategy or point me to a page, I have been to page 180 but the enter and exit is still not clear?

Thanks

WFX
  • #4,458
  • Oct 14, 2010 12:33pm Oct 14, 2010 12:33pm
Just curious, any of you long time traders still trading this system?

It is an interesting concept, breakout from LO, NYO, but I have yet to see anyone do this great. Would like to hear from anyone who is still rockin..
We are our own best indicator.
  • #4,459
  • Oct 17, 2010 7:59pm Oct 17, 2010 7:59pm
floating at +20, same SL rules but entry on support
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Invest in alarm clocks
  • #4,460
  • Oct 18, 2010 1:42am Oct 18, 2010 1:42am
Tony,

It's great to see you are using alternative entries. I think the basic idea of this system is great, but the present entry at exactly London and NY "opens" is a bit of a coin toss. Not that this system needs much of an edge - just enough to ensure a reasonable distribution of -2s, -1s, 0s, +1s and +2s to keep the drawdown low, and then a "monthly" runaway of 100.
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