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My own developed benkyalate system

  • #2,661
  • May 27, 2011 5:26pm May 27, 2011 5:26pm
Just some add-ons to my experience with this system.

Trade only London Session and avoid statistics.

Sometimes, you can be long and short on the same pair, I did it on eur/usd and both trades ended with a win.

I only tested it on eur/usd, usd/cad, gbp/usd, aud/usd and usd/jpy.

@Big Mike, I am like you chasing a good scalping system. And, I found a similar system like this one on 5 min, I was like crazy with more than 100 pips per day but a time came where the system was only giving loosing trade. So, I guess we need to watch what will happen and find the way to use the system the best way.

But, One thing is sure, if we all work on it, with our experience, we can make someting really big!

Erwan.
  • #2,662
  • May 27, 2011 7:32pm May 27, 2011 7:32pm
Quoting Foreign Mark
Just some add-ons to my experience with this system.

Trade only London Session and avoid statistics.

Sometimes, you can be long and short on the same pair, I did it on eur/usd and both trades ended with a win.

I only tested it on eur/usd, usd/cad, gbp/usd, aud/usd and usd/jpy.

@Big Mike, I am like you chasing a good scalping system. And, I found a similar system like this one on 5 min, I was like crazy with more than 100 pips per day but a time came where the system was only giving loosing trade. So, I guess we need to watch what will happen...
Thanks for the answers Erwan.

Let's test the heck out of it !

BigMike
  • #2,663
  • May 28, 2011 6:11am May 28, 2011 6:11am
I have read many sites of this Thread. What is the result of oan4fx System? Does anyone use ist a long time and can explain, whats the best way? Because he posted many different versions.

Also i read posts from user Paulus and his version to use a combination of oan System + stochastic in the 1min. frame. Has anyone use his system a long time and can explain his experiences?

Thanks and regard
  • #2,664
  • May 28, 2011 6:18am May 28, 2011 6:18am
Quoting rbchapin
Hi Dyekid217,

I plan to back test your system this weekend. Which currency pair was your favorite?

Question though: your enter condition was when stochastic was over and at one of the cog positions and price was touching a bollinger band?

rb

Yes that's correct. I use a currency strength Meter as well to see the overall direction of a pair. And I only trade eurusd during the London session
  • #2,665
  • May 28, 2011 2:55pm May 28, 2011 2:55pm
Ok, I've setup all 12 pairs I usually trade and will test which are most reliable.
Those pairs are: EURUSD, GBPUSD, USDCHF, USDCAD, AUDUSD, GBPJPY, GBPCHF, EURCHF, NZDUD, EURJPY, EURGBP, USDJPY.

I have experience on price action long term but I'm totally new at this startegy. I'm a newbie at this !!! Should be fun.

Let's see Sunday night what happens !

Pip it Up !

BigMike
  • #2,666
  • May 29, 2011 6:46pm May 29, 2011 6:46pm
Market opened 2 hours ago.
A lot of bells and whistle going on !!!
It's kind of a video game.
15 trades
12 wins
2 losses
1 even
1 loss was my fault not being fast enough and it retraced.
1 loss was my mist not checking direction before entry.
I don't wait for TP or SL hit, I just grab 1-5 pips at the moment since market is weak at this time.
It's a good practice though.
I plotted a 100 SMA and 200 SMA for some direction indication (for what it's worth on 1M) lolll
I just go with 20 SL, 20 TP at the moment but I close manually.
Not many pips yet, because when direction strongly change I close for safety at even to 2 pips.
Anyway, it's fun for now, let's see what it does in high volume sessions.

Pip it Up !

BigMike
  • #2,667
  • May 30, 2011 2:48am May 30, 2011 2:48am
Update:
Since Asia session, I got hammered with some losses with the 20 pip SL, which confirms Foreign Mark's comment about 20 pips being to tight.
So I decided to test with no SL and it works nice for TP hits.
All wins and no manual intervention.
However the total DD of all positions went to 18% at certain moments.
I also did some more mistakes by opening up to 4 positions in same direction on a single pair, as oppose to noskool recommendations of max 2 position in same direction per pair... my miss again... So the DD's would be less than 18%.
From what I saw in price action, the DD's go a bit more than 50 pips on pairs like GBPUSD, USDCHF, NZD at the moment.
I'm up 96 pips since open of markets 11 hours ago.
The 100 SMA and 200 SMA seem to be useless on 1M.
So I will change them to 25 and 50.
Also US and Brits is holiday, so maybe my test is completely irrellevant...
Remember, this is on DEMO ONLY.
I'm testing on AVAFX broker.

Pip it UP !

BigMike
  • #2,668
  • May 30, 2011 6:42am May 30, 2011 6:42am
let me know how the 25 and 50 ma's work =)
  • #2,669
  • Edited 8:22am May 30, 2011 7:58am | Edited 8:22am
Hi Dyekid217,

I check if 25 SMA is over/under the 50 SMA.
If over = long, if under = short.
They have cut off quite a few false signals. JMHO
That's about it.
The market is so flat/ranging today because of holiday, it is not to it's fullest potential I guess.

I also replaced the bottom indicator (which was useless to me) by MACD. (standard 12,26,9)

I managed to cut down the over trades I did at about even or so, this way I trade the way it is supposed to trade, max 2 trades per pair per direction.
I have 13 positions left opened, all at 2%. But they are all considering 20 pips SL even though I do not put anymore SL at the moment. Many of them went to 5% DD at a certain point. When I figure out a decent SL, my guess at the moment would be 60-80 pips or maybe a very high one to let it breath. Our win ratio will be better, but end results maybe lower due to small positions... That will be a good discussion !!!
Will see...

BigMike
  • #2,670
  • May 30, 2011 10:21am May 30, 2011 10:21am
Cheers big mike. It will be interesting to see your results when the market comes off a national holiday. Keep us posted!
  • #2,671
  • Edited 1:52pm May 30, 2011 12:55pm | Edited 1:52pm
Quoting Dyekid217
Cheers big mike. It will be interesting to see your results when the market comes off a national holiday. Keep us posted!
Yes ! You too keep us posted !

I'm not taking new trades since this morning.
US session was flat as you know.
Down to 8 positions open, and closing them when in profit.
I think it is not normal (holiday) that positions are open such a long time on 1min TF.
+142 pips in 22 hours (minus a few hours of sleep) !!!

BigMike
  • #2,672
  • May 30, 2011 4:04pm May 30, 2011 4:04pm
Hi Guys,

Congrats BigMike for the pips, looks like you introduced some spice to your trading ;-)

I also was into the game today despite bank holiday.
Only 7 trades, +35 pips, no loss.

The market was very slow with position opened during hours...minimum 10 minutes, maximum 6H40.

I really don't know what to think about this system. It's really incredible. I used ichimoku indicators to help me with the trends.

Let's see what we will have tomorrow.
  • #2,673
  • May 30, 2011 5:04pm May 30, 2011 5:04pm
Quoting Foreign Mark
Hi Guys,

Congrats BigMike for the pips, looks like you introduced some spice to your trading ;-)

I also was into the game today despite bank holiday.
Only 7 trades, +35 pips, no loss.

The market was very slow with position opened during hours...minimum 10 minutes, maximum 6H40.

I really don't know what to think about this system. It's really incredible. I used ichimoku indicators to help me with the trends.

Let's see what we will have tomorrow.
Congrats to you to Erwan !
Spice indeed !
Yes Ichimoku is good for trend. I did not know it was good on such small TF.
You answered my question I had about trades being so long to close.

BigMike
  • #2,674
  • May 30, 2011 6:31pm May 30, 2011 6:31pm
WOW I have made it to the end of this thread. Spent all weekend reading,taking notes, and down loading all these systems. A big thank you to all of you who posted. It sure would be great if some of those traders who posted in the first 50 pages would come back and post some up dates. Would like to know how they have made out over these last couple of years or if they even still use any of these systems. I just set up the godfather and will see how it goes on the 4hr time frame. Any one still using the godfather?
  • #2,675
  • May 30, 2011 7:39pm May 30, 2011 7:39pm
Since posting my last results I hit my sl twice for -40 pips. Kinda thinking that a 20 pip sl isn't enough breathing room. Will try again with 25-50 smas in place for my next trades. Will tell you all how it goes
  • #2,676
  • May 30, 2011 8:28pm May 30, 2011 8:28pm
Welcome aboard Jagfx.

Dyekid, don't worry, past 24 hours were sideway.

I don't know if my experience with COG on long terme trading can be of any help but just look at the "thikness" of COG and it tells you if it's sideway or if there is volume/volatility. Lean = flat, large = volume/volatility.

Quick update:
Went from 8 open trades down to 1 with no losses.
+162 pips
+14.74%
Not bad for 28 hours of testing with a holiday !

Dyekid, just like any Moving Averages, be cautious when the seperation/gap between the two is large, retracement is almost a sure shot if there's an opposite signal.
When they travel side by side, it's a direction/trend.
(I have a hard time using the word trend on 1min TF) lolllllll
I still don't put any SL.
I risk 2% with mental SL of 50 pips now to figure my position size.
I used 20 pips before, that is why I have that % growth.

The only trade left open at the moment is EURGBP, short. The first pair I saw go -60 pips.

EDIT: By the way Dyekid, I changed my SMA'S to EMA's to give a bit quicker "reaction".

Pip it Up !

BigMike
  • #2,677
  • May 31, 2011 12:38am May 31, 2011 12:38am
Quoting Big Mike
Welcome aboard Jagfx.

Dyekid, don't worry, past 24 hours were sideway.

I don't know if my experience with COG on long terme trading can be of any help but just look at the "thikness" of COG and it tells you if it's sideway or if there is volume/volatility. Lean = flat, large = volume/volatility.

....
great to read your posts and results, mike!

i am busy with other stuff right now, but hope to contribute in about a month or two.

good luck
meine augen sind die sterne
  • #2,678
  • May 31, 2011 7:39am May 31, 2011 7:39am
Quoting aserbfx
great to read your posts and results, mike!

i am busy with other stuff right now, but hope to contribute in about a month or two.

good luck
Hi aser, long time no see !

Quick update:
This morning wihthin a few hours.
6 trades
6 wins
42 pips.
I put a 10-15 pips target depending on prior movements.
If ranging less TP, if moves are bigger, bigger TP.
Some pairs the spread is big so to make similar profit I need to put higher TP targets.

EDIT: 2.2% growth

Pip it Up !

BigMike
  • #2,679
  • May 31, 2011 10:11am May 31, 2011 10:11am
Hi,

Here is my update for today.

10 trades, +74 pips no loss.

Now it's time for tennis, let's see if Monfils can beat Federer.

Erwan.
  • #2,680
  • May 31, 2011 3:16pm May 31, 2011 3:16pm
Quoting Foreign Mark
Hi,

Here is my update for today.

10 trades, +74 pips no loss.

Now it's time for tennis, let's see if Monfils can beat Federer.

Erwan.
Great job Erwan !

Today 16 trades
2 losses for decimal pips I closed manually (I did not check the direction...my miss)
5.67% account growth
+143 pips
However, at this moment I'm all over the place... Again 13 open trades...
P/L -20.85%
Half of this is EG... I might scratch this pair when I figure out an honorable exit strategy, or use a 160 pips to figure my positions... Too soon to tell. But it's a nonsense to me to use this kind of win/reward to make 10-15 pips... Sounds like suicidal. Unless it gives me 30-40 wins in a row, I could live with that.
Now I'm using 50 pips mental SL to calculate my risk for 2%. But I don't apply it.

Sorry for the long posts, I just share how my brain works !!! (if any left)

BigMike
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