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My own developed benkyalate system

  • #2,681
  • May 31, 2011 4:02pm May 31, 2011 4:02pm
Hi Mike,

I am sharing almost the same conclusion as yours.

Either the system is the Holly Graal and we are all becoming millionaire or the system will reverse and crash our account due to the crazy SL.

I really think that the option two is the one and even if I feel like a drug addict that need to trade with this 1min system, I think the best thing to do is to stop unless I (we) find a proper R:R for it.

I made 29 trades with this system for the past three days, no loss...and more than 200 pips. But, it's "only" 200 pips compared to the 100 SL this is only 2 loosers.
  • #2,682
  • May 31, 2011 5:15pm May 31, 2011 5:15pm
Thanks for the welcome Big Mike. Nice work today @ Big Mike and @Foreign Mark. I ran the godfather on the e/u today and 0 trades taken and 0 pips made. lol Price is on the very outer red band but no candle avg signal. Just wanted to test the water so to speak with one pair. I will add a few more pairs tonight and c what happens. If I understand right u guys are trying out the 1min system. I will check this out tonight as well. nothing like a big cup of coffee and then trade the 1min tf. Gets the blood moving.
  • #2,683
  • May 31, 2011 8:37pm May 31, 2011 8:37pm
Quoting Foreign Mark
Hi Mike,

I am sharing almost the same conclusion as yours.

Either the system is the Holly Graal and we are all becoming millionaire or the system will reverse and crash our account due to the crazy SL.

I really think that the option two is the one and even if I feel like a drug addict that need to trade with this 1min system, I think the best thing to do is to stop unless I (we) find a proper R:R for it.

I made 29 trades with this system for the past three days, no loss...and more than 200 pips. But, it's "only" 200 pips compared...
lolllll Erwan. (addict) Also agree with you about large SL.
I feel like I'm gambling instead of trading.

I think the entry is far more important on this strategy since there is no room for mistakes. Imagine 5-6 trades with large DD's ???
Let's look at my EURGBP for example: It's at -90 pips at the moment... It's not logic to endure such DD on such a smal TF.
I'm use to 600-800 pips DD's on certain pairs like GBPJPY (my personal favorite) but on daily ! That's 1440 minutes lollll
90 pips on 1min sounds suicidal copared to 600 pips on daily, no ?
I feel like I'm doing something right, but I don't know what !!!
That's worse than doing something wrong and knowing it.

Anyway, here's an update for today:
23 trades
2 losses
8.9% account growth
P/L -19.33%

Maybe it's a russian roulette holy grail !

Pip it Up !

BigMike
  • #2,684
  • May 31, 2011 9:49pm May 31, 2011 9:49pm
Erwan/Mike,

I've been trying it on 5min TF with 50pip SL and profit @ midline (no adjusting). Below are the results since Monday.

There are a little more pips to be made on the 5min TF. It will help offset the DD of 50pips SL. So far I'm ~80% winner. I'll keep it going for the week and post the results. Might get slow with non-farm creeping.

50k demo acct.

Gross Profit: 1 259.07
Gross Loss: 142.61
Total Net Profit: 1 116.46
Profit Factor: 8.83
Expected Payoff: 101.50
Absolute Drawdown: 14.00
Maximal Drawdown: 126.04 (0.24%)
Relative Drawdown: 0.24% (126.04)
Total Trades: 11
Short Positions (won %): 2 (50.00%)
Long Positions (won %): 9 (77.78%)
Profit Trades (% of total): 8 (72.73%)

Loss trades (% of total): 3 (27.27%)

j-
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  • #2,685
  • May 31, 2011 9:53pm May 31, 2011 9:53pm
Quoting jay_x
Erwan/Mike,

I've been trying it on 5min TF with 50pip SL and profit @ midline (no adjusting). Below are the results since Monday.

There are a little more pips to be made on the 5min TF. It will help offset the DD of 50pips SL. So far I'm ~80% winner. I'll keep it going for the week and post the results. Might get slow with non-farm creeping.

50k demo acct.

Gross Profit: 1 259.07
Gross Loss: 142.61
Total Net Profit: 1 116.46
Profit Factor: 8.83
Expected Payoff: 101.50...
Very interesting input Jay. Thanks !
More food for the brain.

BigMike
  • #2,686
  • Jun 1, 2011 11:35am Jun 1, 2011 11:35am
Update day 3:
+4.21 account growth
13 trades
1 loss - closed manually (decimal pips)
P/L is - 29.25% due to the EURGBP trade.
I'm workig on an honorable exit plan by taking bigger positions and closing partial of the original trade so it cancels out a portion of the losses hoping I can grind it back to even or so.

My observation since 3 days is to trade peak session hours:
London, New York etc... for 2 hours from opening.
Fast TP.

BigMike
  • #2,687
  • Jun 1, 2011 12:35pm Jun 1, 2011 12:35pm
New to this thread but I have been trading COG on a 5 minute using quarters for about a month. After reading this thread decided to look at the 4 hr...

First trade:

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  • #2,688
  • Jun 1, 2011 3:10pm Jun 1, 2011 3:10pm
Mike.. what conditions do you look for to close the trade manually?

I had a loss last night on gby/jpy. That pair might be too volatile for scalping. Perhaps off hours is best for it.

Still up overall ~3%

j-
  • #2,689
  • Jun 1, 2011 4:08pm Jun 1, 2011 4:08pm
Quoting jay_x
Mike.. what conditions do you look for to close the trade manually?

I had a loss last night on gby/jpy. That pair might be too volatile for scalping. Perhaps off hours is best for it.

Still up overall ~3%

j-
Hi Jay,

It all depends on price action.
Sometimes when I see it is dipping lower than previous recent low on a Buy, I will close. Same goes for short if price goes higher than previous recent high. Also if the trade sits there doing nothing and COG shifts, I might consider closing. One last reason is if I added a position and total profit of both trades together, I close. Ex: One trade is at -6 and the other at +9, I might consider closing for a positive result.
Forgot about news or some big suprise movement that turns a profitable trade to a near zero.

It is discretionary, but many would have made it if I would have left them do their thing. I'm too quick on the trigger on 1min !!!

Hope this helps.

BigMike
  • #2,690
  • Jun 1, 2011 9:04pm Jun 1, 2011 9:04pm
Update day 3:

+9.08% account growth
28 trades
24 wins
4 losses (all were closed manually combined with a win to cut down the open positions)
P/L - 21.5%

Very hard day to trade with conflicting signals and news.
I honestly could not trade real money 2 or 3 days in a row like this.
A lot of retracements and negative right off the bat.
Trades were long to close. I took chances by adding positions to catch up the bad trades. Not a recommended strategy. Let's just say it was a very "experimental" day. Was hard to find directions.

Hey Erwan and Dyekid, where are you ? Any updates ?

BigMike
  • #2,691
  • Jun 2, 2011 3:35am Jun 2, 2011 3:35am
Hi BigMike and all,

I did not use 1 min system for the past day and I think I will no more use it for the future.

1 min scalping is too much for me, I don't like to be in front of my PC for hours. I go on with my usual cog 1h, 4h and daily and I can enjoy life and go for a walk with my little daughter when I want too ;-)
  • #2,692
  • Jun 2, 2011 5:30am Jun 2, 2011 5:30am
Quoting Foreign Mark
Hi BigMike and all,

I did not use 1 min system for the past day and I think I will no more use it for the future.

1 min scalping is too much for me, I don't like to be in front of my PC for hours. I go on with my usual cog 1h, 4h and daily and I can enjoy life and go for a walk with my little daughter when I want too ;-)
I understand. I might do the same and stick to 4h and daily.
For short term I might use the 5min after this week test.

BigMike
  • #2,693
  • Jun 2, 2011 8:52am Jun 2, 2011 8:52am
Quick question - is the BELKHAYATE TIMING indicator a processing hog? My computer seems to drag to a crawl each time I add it to a chart?

Is there an updated or more efficient version of this indi?

thanks in advance.
  • #2,694
  • Jun 2, 2011 8:58am Jun 2, 2011 8:58am
Quoting enochben
Quick question - is the BELKHAYATE TIMING indicator a processing hog? My computer seems to drag to a crawl each time I add it to a chart?

Is there an updated or more efficient version of this indi?

thanks in advance.
yes, it is.
and i am also very thankfull if someone has a lite version of it. i already tried many but my pc slows down dramatically every time.
meine augen sind die sterne
  • #2,695
  • Jun 2, 2011 9:37am Jun 2, 2011 9:37am
Scalp using quarter levels combined with 5 min COG.

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note: USDCHF
  • #2,696
  • Jun 2, 2011 9:43am Jun 2, 2011 9:43am
another 5 min scalp setup on AUDUSD

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  • #2,697
  • Jun 2, 2011 9:45am Jun 2, 2011 9:45am
USDJPY

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  • #2,698
  • Jun 2, 2011 10:00am Jun 2, 2011 10:00am
Please allow me to explain how I am looking for scalps on 5 minute.

First I got the concept of quarters from this thread: http://www.forexfactory.com/showthread.php?t=291669

I think most of you have a better concept of COG than I do so I won't go into that. Just look for your pair to be in the extreme buy/sell zone. Once there use a pyschological quarter level to time your entry. Quarter level (00, 25, 50, 75) with an extreme COG level is enough confluence to grap some pips.

In the attached chart COG has started to point down so I am looking for short opportunity. I see that my COG sell zone is lining up with 6375 so I am going to place a sell limit order at this 75 level with a 12 pip SL and 25 pip TP.

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If price action does not behave prior to my level being hit, just cancel order and wait for next opportunity.
  • #2,699
  • Jun 2, 2011 1:18pm Jun 2, 2011 1:18pm
Quoting enochben
Quick question - is the BELKHAYATE TIMING indicator a processing hog? My computer seems to drag to a crawl each time I add it to a chart?

Is there an updated or more efficient version of this indi?

thanks in advance.
Hi,

I am using an optimized version of the timing indicator which does not consume any cpu but this is a paid version, you can find it here: http://www.foreign-market.com/vostro

Erwan.
  • #2,700
  • Jun 2, 2011 8:01pm Jun 2, 2011 8:01pm
Hi all,
My computer comes to a drag as well. I have been trading the 1min and I have only been trading on 2 pair because of how it slows my computer down. I place my orders on the outer bands. If price hits that is great. if not I wait. So far for me the best time to trade is NY open for 3 hours. So much more action then. I agree with setting in front of a computer for hours and hours. It feels like time is passing by. This 1 min might be ok for every now and then but I don't think I an going to traded it everyday. My trades I have 9 wins and 2 loss. Will give this a good test on NFP.
GL
Jag
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