GBP/USD - one trade a day | Page 17 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

EUR/GBP, EUR/USD, GBP/USD, AUD/USD, CAD, NZD, JPY, and more... 15 replies

GBP/AUD, GBP/CAD, GBP/CHF and GBP/NZD thread 126 replies

ACD Method on GBP/JPY One trade a day 451 replies

The best way to trade is one trade a day 76 replies

two version of FF tunnel Chart, one say down, one say up, which one is correct? 3 replies

Attachments: GBP/USD - one trade a day
Exit Attachments

GBP/USD - one trade a day

  • #321
  • Feb 9, 2011 6:34pm Feb 9, 2011 6:34pm
Quoting cgrey
Now you're making it complicated

Good points - and yes, I think there is a difference. Question is, for those that truly want a "set and forget" system, is there a way to account for this without discretion?
Yea, it's truly up to one's preference. I have no issues with trading according to the original rules. In fact, my preference is to not even bother looking at how much of a difference the 0 GMT & 8 GMT candles have. However, if 17 out of 30 losers are when the difference is <9 pips, that shouldn't be ignored either. So if going to go that much further into it (which is not alot, in my opinion), why not look at the difference between the two points in my previous post. Just a thought worth following in my opinion. Maybe when we're done testing the difference isn't enough to change the original method. Thanks again cgrey and all for keeping the thread smooth and making good points.

Let's just keep chugging along and trading likes machines!
  • #322
  • Feb 9, 2011 6:36pm Feb 9, 2011 6:36pm
Quoting FX-Petra
Nice strategy. Clearly presented. Very similar to other slingshot strategies, but it has it's own twist. I would be intrested in comparing it to the Frankfurt Head Fake/London reversal strategy. The Frankfurt strategy does not always give you a signal, but when it does there is high probability that London will reverse. Perhaps you could use Frankfurt price action as a filter to tweak your entries. Just an idea. Good trades to all.....

Regards,

ps-- if you were going to use frankfurt open as a filter, you may need to look at more than one...
Thanks Petra.... That's what we need now - a catchy name... "Head fake..." I'll search - haven't seen that specifically, but have heard of some others like Big Ben and countless breakout and straddle type systems. All along, I've been preaching the fine line between improving and over-complicating. I'm all for improvements, and also encourage people to take an idea and run with it.. This, for me, will never be more than sort of a "side" strategy (I've called it a hobby earlier in the thread) to keep me busy in between my "real" trades. For others, it may have more (or less) importance, and the amount of time they want to put in to it may differ accordingly.

All the same, I remain open to things we can try that keep the basic idea of this system intact and maintaining simplicity. Most of all, we have what, at least for now, appears to be something we can work with and hopefully all gain from.
  • #323
  • Feb 9, 2011 7:14pm Feb 9, 2011 7:14pm
cgrey, there is one thing I wanted to mention. It has come up before on this thread, but wasn't discussed much. I know you have stated on multiple occasions that this is just a "side project" or "hobby" in between your real trading, but is there another reason why you wouldn't continue trading right through the 10% gain for the month? For instance in January another 3% was made after reaching the 10% early in the month. Wouldn't it be foolish (for lack of better word) to leave money on the table? Of course it's possible that it could go negative, but if you believe in the methodology then why stop at a certain point. Again I know for you it's more of a matter for distraction, but to someone who would take it more serious would you recommend continue to trade? Or would not recommend it due to some kind of law of averages reason (or other reason)?
  • #324
  • Feb 9, 2011 7:35pm Feb 9, 2011 7:35pm
Quoting 2+2=4ex
cgrey, there is one thing I wanted to mention. It has come up before on this thread, but wasn't discussed much. I know you have stated on multiple occasions that this is just a "side project" or "hobby" in between your real trading, but is there another reason why you wouldn't continue trading right through the 10% gain for the month? For instance in January another 3% was made after reaching the 10% early in the month. Wouldn't it be foolish (for lack of better word) to leave money on the table? Of course it's possible that it could go...
Nothing more than a pervasive belief in not over-trading. My entire "business plan" so-to-speak is built around capital preservation. Simply put, the simplest thing you can do to not lose money is to not trade. And to anyone who got in to the Forex game for the thrill of trading, this is probably one of the hardest hurdles to overcome. Obviously, you can't gain by not trading either... So, I set goals, and when I reach them, I stop. Sure, I may be leaving money on the table. But I'd take that any day over having reached a goal only to give part of it back when I could have locked it in. And this system especially is not one with a high win %. The money management is what makes it work. You WILL give at least part of it back.

Whether specific to this system or not, I would recommend to anyone exactly this: Set a goal, whether it is 2%, 5%, 10%, or more. It can be daily, weekly, monthly.... But make it realistic, and when you get to it, stop. It is important enough to repeat over and over - capital preservation is the most important aspect of trading if you want to do this for a living. Never, EVER enter a trade thinking "how much can/will I win?" Always enter a trade thinking "what is the most I will allow myself to lose?"
  • #325
  • Feb 9, 2011 7:55pm Feb 9, 2011 7:55pm
Quoting cgrey
Nothing more than a pervasive belief in not over-trading. My entire "business plan" so-to-speak is built around capital preservation. Simply put, the simplest thing you can do to not lose money is to not trade. And to anyone who got in to the Forex game for the thrill of trading, this is probably one of the hardest hurdles to overcome. Obviously, you can't gain by not trading either... So, I set goals, and when I reach them, I stop. Sure, I may be leaving money on the table. But I'd take that any day over having reached a goal only to give part...
Great answer. Straightforward and well said. I love the business approach. The way you just said it makes sense and it 'clicked' for me when you said set a realistic goal and preserve capital. Thank you cgrey.

Quoting cgrey
Nothing more than a pervasive belief in not over-trading.
I really liked this opening line. It's definitely a hurdle for someone who is not "there" yet.
  • #326
  • Feb 9, 2011 8:04pm Feb 9, 2011 8:04pm
Quoting 2+2=4ex
Great answer. Straightforward and well said. I love the business approach. The way you just said it makes sense and it 'clicked' for me when you said set a realistic goal and preserve capital. Thank you cgrey.
Sorry, I really don't want to beat a dead horse here, but it is soooo important. Not aiming this at you 2+2, but at anyone who may someday want to do this for a living.... The business approach is the ONLY approach if you ever want to make your living trading (whether forex or any other trading). You need to take it seriously. Dumb luck aside, you will not succeed in this or any other business without a plan. If you want this to be your only (or even primary) source of income, it IS a business, and you need to treat it like one. Otherwise, it's a hobby. No matter how good you may be at it - if you're not treating it like a business, developing a plan, and executing that plan - defining what is an acceptable loss, having some sort of "targets", analyzing your revenue stream, understanding where your money goes (losses), knowing what you will do to still be in this next week, next month, next year - trading forex will never be anything more than a hobby... (hopefully) "making a little extra money on the side" is the best you can hope for.
  • #327
  • Feb 9, 2011 8:07pm Feb 9, 2011 8:07pm
Quoting cgrey
I'm not going to modify my actual trading just yet. But I am going to track in my journal the "gap" between the two open prices for the remainder of February. That will let me do a "what if" for the rest of the month, and see if there is a difference in the outcome.

I have to say - I am really leaning toward adding this filter - exactly as roundrock proposes it (don't trade if the "gap" is less than 9 pips). We'll see what happens if I put this in place for March. I'll also be going live with about $1k for this system in March, IF OANDA...
Getting back to this for just a minute... Since we're so early in to February, I went back and took a look at the impact so far. Today is the only day in February that we would have filtered out the trade. As it happens, today we hit SL.

For me, I'm currently down 6.57% for February. If we throw out today's trade based on the 9-pip filter, it would be 4.24% down instead.
  • #328
  • Feb 10, 2011 2:26am Feb 10, 2011 2:26am
A loss again...

Still some days left this month. Target gain now: 19%
  • #329
  • Feb 10, 2011 6:42am Feb 10, 2011 6:42am
anybody agrees ?
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 40 KB
  • #330
  • Feb 10, 2011 7:57am Feb 10, 2011 7:57am
Quoting Bilalshah
anybody agrees ?
Please remove your post which is totally irrelevant to this system.
  • #331
  • Feb 10, 2011 8:53am Feb 10, 2011 8:53am
Quoting cgrey
Thanks Petra.... That's what we need now - a catchy name... "Head fake..." I'll search - haven't seen that specifically, but have heard of some others like Big Ben and countless breakout and straddle type systems. All along, I've been preaching the fine line between improving and over-complicating. I'm all for improvements, and also encourage people to take an idea and run with it.. This, for me, will never be more than sort of a "side" strategy (I've called it a hobby earlier in the thread) to keep me busy in between my "real" trades....
I'm not sure that is the "offical name", that is just what I have heard it called by numerous traders over the years. As a filter for your system, I would consider correlating the 7gmt (Frankfurt open) candle with the the 8gmt(London open)--- specifically looking at the reversal pattern between them. One problem is that the movements don't always happen within the 1 hr candles. Some times frankie move will come in a little early (6:45gmt). London will sometimes start early as well (7:45gmt). If I were looking for a filter and/or trigger, I would be looking @ 5 min candles between 6:30gmt (for entry) and 9:15ish (for exit). In most cases this is a great time for price action. Good luck with your little diversion! Yes, after a time trading gets boring as hell. Most of your time is spent sitting around waiting.

Regards,
  • #332
  • Feb 10, 2011 1:27pm Feb 10, 2011 1:27pm
Quoting Bilalshah
anybody agrees ?
Bilalshah, this system doesn't take into account s/r's or trendlines. This system is hoping to catch lightning in a bottle, figuratively speaking. You can incorporate whatever you like into this method, but I think it's best that we stay away from trying to add too much to it. This system basically hopes to get get a large 1 hour candle in the traders direction by way of a reversal from the previous 8 hour overall direction. That along with money management rules is what we're testing here. So again, please try not to overcomplicate it from that.
  • #333
  • Feb 10, 2011 6:15pm Feb 10, 2011 6:15pm
Quoting 2+2=4ex
Bilalshah, this system doesn't take into account s/r's or trendlines. This system is hoping to catch lightning in a bottle, figuratively speaking. You can incorporate whatever you like into this method, but I think it's best that we stay away from trying to add too much to it. This system basically hopes to get get a large 1 hour candle in the traders direction by way of a reversal from the previous 8 hour overall direction. That along with money management rules is what we're testing here....
Since he's chosen to leave his post in place after I politely asked him to remove it, I've removed his ability to post anything else in this thread.

To anyone else: please do not post irrelevant charts or systems in this thread.
  • #334
  • Feb 11, 2011 3:01am Feb 11, 2011 3:01am
And another loss... -4 pips
  • #335
  • Feb 11, 2011 12:26pm Feb 11, 2011 12:26pm
Dear Cgrey
Please find attached the Excel file based on your Money Management Idea for the One Trade a Day thread.
It is user friendly, just must fill the purple cells. The starting Balance in cell B3, pip value in cell C3 and the daily finish of pips (gain or loss) in cell I6 to I30. It will automatically set tomorrow’s trade in detail.
I locked the calculations for not to be accidently deleted. If you want the password, I will send it also.
Thanks for your great idea. If there are any comments to improve it, please let me know.
All the best.
Attached File(s)
File Type: zip MMCgrey_Ver01.zip   9 KB | 242 downloads
  • #336
  • Edited 1:31pm Feb 11, 2011 12:50pm | Edited 1:31pm
Quoting Merlin.v
Dear Cgrey
Please find attached the Excel file based on your Money Management Idea for the One Trade a Day thread.
It is user friendly, just must fill the purple cells. The starting Balance in cell B3, pip value in cell C3 and the daily finish of pips (gain or loss) in cell I6 to I30. It will automatically set tomorrow’s trade in detail.
[font=Calibri][size=3]I locked the calculations for not to be accidently deleted. If you want the...
Thank you Merlin.
  • #337
  • Feb 11, 2011 2:54pm Feb 11, 2011 2:54pm
Quoting Merlin.v
Dear Cgrey
Please find attached the Excel file based on your Money Management Idea for the One Trade a Day thread.
It is user friendly, just must fill the purple cells. The starting Balance in cell B3, pip value in cell C3 and the daily finish of pips (gain or loss) in cell I6 to I30. It will automatically set tomorrow’s trade in detail.
[font=Calibri][size=3]I locked the calculations for not to be accidently deleted. If you want the password,...
Thanks Merlin - I know a few people have asked for something like this. Your contribution is appreciated.
  • #338
  • Feb 11, 2011 8:59pm Feb 11, 2011 8:59pm
Thank you friends
There was a mistake in computing the new Balance, the pip value was not considered.
It is considered at Ver2. The password for sheet protection is “cgrey”. If any one wants to improve it, please do.
Happy weekend.
Attached File(s)
File Type: zip MMCgrey_Ver02.zip   9 KB | 234 downloads
  • #339
  • Feb 11, 2011 9:53pm Feb 11, 2011 9:53pm
Thanks Merlin...nice addition!

Best regards,
Bob in Wisconsin
  • #340
  • Feb 12, 2011 9:23am Feb 12, 2011 9:23am
Quoting Merlin.v
Thank you friends
There was a mistake in computing the new Balance, the pip value was not considered.
It is considered at Ver2. The password for sheet protection is “cgrey”. If any one wants to improve it, please do.
Happy weekend.
thanks merlin for the 'excel'lent work. this will help me track the daily trades. however there is one logical error because of this the daily balance is showing wrong. the lotsize doesnt change daily. its fixed at start of the month, only TP changes daily.
0 traders viewing now