What pairs do you trade using this system?
Building an equity millipede 7,406 replies
ADX Engulfing Millipede 59 replies
Please see the first post regarding pairs. Why do you think monthly is better? You only get to place 12 trades per year. The purpose is to stack at least one trade per week when you catch a trend.
Both lots have 100 pips SL. One lot has 100 pips TP, the other doesn't have a TP. The purpose is to get a free trade without moving the SL, thus giving it more breathing space. I took this concept from Graeme's grid trading idea which stated that you went long at 1.5400 (if price came up from 1.53) or short (if price came down from...Ignored
Some key things I remember from Graeme:
-the best time to catch the whole range of a candle is to enter at the open
-send scouts to catch the beginning of a new trend
-add multiple positions along the way
-risk very little for infinite profit
-participate in the market and follow the price
-buy when it's up, sell when it's downIgnored
So the final result for this week was somewhere around +700 pips.
Here are the stop orders, so you can check them on your charts. I placed between ( ) the summed profit/loss in pips.
AUD/USD Buy 1.07 (+100) Sell 1.06
EUR/USD Buy 1.35 Sell 1.34 (+300)
GBP/USD Buy 1.59 (-100) Sell 1.58 (-200)
NZD/USD Buy 0.84 (-200) Sell 0.83
USD/CHF Buy 0.90 (+200) Sell 0.89
AUD/CHF Buy 0.96 (+300) Sell 0.95
EUR/AUD Buy 1.26 (-200) Sell 0.95 (+300)
EUR/CHF Buy 1.21 Sell 1.20
EUR/NZD Buy 1.62 Sell 1.61 (+300)
GBP/CHF Buy 1.43 (+300) Sell 1.42...Ignored
Yes, the worst case scenario is -100pips x 2lots x 2trades.
Yes, that is correct.
Stay tuned because I'm really trying to improve this method and I'm backtesting 2011 on EUR/USD with 50 pips SL instead of 100 and so far it seems to work better in terms of breakevens and stoplosses.Ignored
DislikedWelcome lyondegreat, I'm happy to hear that.
Dreamliner, if the rules say so, yes, even if it is 4 pips. Otherwise you modify the system. You have to be consistent.Ignored