Mkcky's GBP System. | Forex Factory

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Attachments: Mkcky's GBP System.
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Mkcky's GBP System.

  • #1
  • First Post: Oct 10, 2004 8:32pm Oct 10, 2004 8:32pm
This system is based on daily channel breakout on GBPUSD. it uses 24 hours cycle and trade is placed before Europen session.

1) Sunday to Thrusday at 11:00 PM EST. close all the trades.

2) Place two Entry Orders, Buy 30 Pips above current price, Sell 30 pips below current price. Stop loss is 30 Pips. Do not set takeprofit.

Eg. If GBPUSD is at 1.8000 at 11 PM EST. Place Buy Stop @1.8030 with a stop loss @1.8000 and Sell Stop [email protected] with stop loss @1.8000

3) Exit Statergy: Next day at 11:00 PM EST(Exactly after 24 hours) go to Step 1.

Money Managment: This is most important part. With leverage 1:100 trade 1 minilot per 1000 USD. That mence any given day you will not loose more then 6% of your balance.

Mkcky
Lets Make Money!!!
  • #2
  • Oct 10, 2004 8:43pm Oct 10, 2004 8:43pm
I want this system to be very simple. Set and Forget. So I am not going to add any indicators or trailing stops. My results are based strictly based on above system.

Trading results for 15th-30th Sept 2004

15 Sept: 0 pips
16 Sept:+122 Pips
17 Sept: -60 Pips
20 Sept: +22 Pips
21 Sept: +86 Pips
22 Sept: -30 Pips
23 Sept: 0 Pips
24 Sept: +61 Pips
27 Sept: -25 Pips
28 Sept: -9 Pips
29 Sept: +96 Pips
30 Sept: +91 Pips

Total profit +354 Pips.

Mkcky
Lets Make Money!!!
  • #3
  • Oct 10, 2004 8:45pm Oct 10, 2004 8:45pm
Performance 1st Oct 8th Oct.

1 Oct: +90 Pips
4 Oct: +5 Pips
5 Oct: -30 Pips
6 Oct: -60 Pips
7 Oct: -60 Pips
8 Oct: +78 Pips

Total Profit for week: +23


Mkcky
Lets Make Money!!!
  • #4
  • Oct 10, 2004 10:25pm Oct 10, 2004 10:25pm
Quoting Mkcky
Performance 1st Oct 8th Oct.

1 Oct: +90 Pips
4 Oct: +5 Pips
5 Oct: -30 Pips
6 Oct: -60 Pips
7 Oct: -60 Pips
8 Oct: +78 Pips

Total Profit for week: +23


Mkcky
j

What are you using for the current market price? Bid, Ask, or Mid?

FT
  • #5
  • Oct 10, 2004 10:37pm Oct 10, 2004 10:37pm
Quoting fijitrader
j

What are you using for the current market price? Bid, Ask, or Mid?

FT
Hi FT,

I am using BID price.

Mkcky
Lets Make Money!!!
  • #6
  • Oct 11, 2004 9:46am Oct 11, 2004 9:46am
Thank you for this elegant system. Does it work for the EURUSD pair?

Also, can any of the experts here backtest it and post the results.

  • #7
  • Oct 11, 2004 2:13pm Oct 11, 2004 2:13pm
Quoting CrazyAboutForex
Thank you for this elegant system. Does it work for the EURUSD pair?
Also, can any of the experts here backtest it and post the results.
How did you get +68 for Oct 8? The downward news spike took out the 30 pip stop at 8:30 on FXCM and on Oanda.

Last week was NOT GOOD for this sytem, but I see its potential.
  • #8
  • Oct 11, 2004 3:07pm Oct 11, 2004 3:07pm
Quoting SteamTrader
How did you get +68 for Oct 8? The downward news spike took out the 30 pip stop at 8:30 on FXCM and on Oanda.

Last week was NOT GOOD for this sytem, but I see its potential.

I agree, don't think I'll trade this on live the week before the big news. Here is the data from FXCM and the lowest low was at 1.7835 (08:00), a pip higher than the open of 00:00.

Date Time Open Hi Lo Close
10/07/0423:001.78231.78341.78221.7834
10/08/0400:001.78341.78371.78241.7833
10/08/0401:001.78331.78381.78201.7834
10/08/0402:001.78341.78601.78311.7848
10/08/0403:001.78481.78781.78481.7869
10/08/0404:001.78691.78931.78691.7879
10/08/0405:001.78791.78831.78681.7874
10/08/0406:001.78741.78871.78611.7866
10/08/0407:001.78661.78771.78651.7871
10/08/0408:001.78711.79451.78351.7936
10/08/0409:001.79361.79541.79261.7929
10/08/0410:001.79291.79421.79191.7940
10/08/0411:001.79401.79411.79281.7938
10/08/0412:001.79381.79671.79341.7953
10/08/0413:001.79531.79631.79511.7954
10/08/0414:001.79541.79571.79251.7925
10/08/0415:001.79251.79441.79241.7933
10/08/0416:001.79331.79341.79321.7932

One thing I've picked up, the real price is 1 pip lower than shown on the graph. so keep this in mind when calculating the entry/exit.

Mkcky, thanks, I like this. Just to verify, do you take the open of the 23:00 (11pm EST) bar? What about the spread?

  • #9
  • Oct 11, 2004 8:30pm Oct 11, 2004 8:30pm
Quoting SteamTrader
How did you get +68 for Oct 8? The downward news spike took out the 30 pip stop at 8:30 on FXCM and on Oanda.

Last week was NOT GOOD for this sytem, but I see its potential.
This week comes big news on friday 18 (Retail Sales), shall we expect same results for this week?
  • #10
  • Oct 11, 2004 9:03pm Oct 11, 2004 9:03pm
Now for the really hard question. Do you trade real or demo using this system.

Thanks

Lou
  • #11
  • Oct 11, 2004 10:40pm Oct 11, 2004 10:40pm
Quoting CrazyAboutForex
Thank you for this elegant system. Does it work for the EURUSD pair?

Also, can any of the experts here backtest it and post the results.

I think it will work on EURUSD but performance will not be as GBP. Can any one with backtesting tool help use with both GBP and EURO?

Mkcky
Lets Make Money!!!
  • #12
  • Oct 11, 2004 10:52pm Oct 11, 2004 10:52pm
Quoting SteamTrader
How did you get +68 for Oct 8? The downward news spike took out the 30 pip stop at 8:30 on FXCM and on Oanda.

Last week was NOT GOOD for this sytem, but I see its potential.

Hi Steamtrader,

I checked the trade log for 8th Oct the Sell GBP Trade was not triggered so results of 8 Oct is correct. I use CBFX. I moved from Oanda becuase Oanda has huge slippage (Some times as much as 50 Pips).

Mkcky
Lets Make Money!!!
  • #13
  • Oct 11, 2004 10:57pm Oct 11, 2004 10:57pm
Quoting marejp



Mkcky, thanks, I like this. Just to verify, do you take the open of the 23:00 (11pm EST) bar? What about the spread?


Yes I use +/- 30 pips of Bid price and Open of the 23:00 (11:00 PM) EST bar.
I dont take spread into considration (Remember I am trying to keep system as simple as possible)

Mkcky
Lets Make Money!!!
  • #14
  • Oct 11, 2004 11:04pm Oct 11, 2004 11:04pm
Quoting mariovides
This week comes big news on friday 18 (Retail Sales), shall we expect same results for this week?
Hi Mari,

if market moves in either direction you are going to make money with this system. Remeber 1st week is always not a good week becuase market is awaiting for NFP data and nothing happen till then.

Mkcky
Lets Make Money!!!
  • #15
  • Oct 11, 2004 11:16pm Oct 11, 2004 11:16pm
Quoting Lou
Now for the really hard question. Do you trade real or demo using this system.

Thanks

Lou
Hi Lou,

This is not at all a hard question. I am demo testing it since 15 Sept and I want all you guys to demo test it for few months before going to live.

Mkcky
Lets Make Money!!!
  • #16
  • Oct 12, 2004 10:54am Oct 12, 2004 10:54am
This is system is extrem easy to backtest it manually for 3-4 months.
Anyone did that?

It can save some time.
Regards, Ido
  • #17
  • Oct 12, 2004 12:18pm Oct 12, 2004 12:18pm
Quoting Mkcky
Yes I use +/- 30 pips of Bid price and Open of the 23:00 (11:00 PM) EST bar.
I dont take spread into considration (Remember I am trying to keep system as simple as possible)
Mkcky
Ok I get it now. When I place my orders it is usually around 12:00-130amEST and I subtract-30 from the current sell price; and add +30 to the current buy price (this takes care of the spread) on what ever price it happens to be at the time (it is near the 11:00pmEST price most of the time anyway). However I see that results will be slightly different especially as for Friday where a few pips meant getting stopped out or getting the good run.

I follow it on OANDA because I can follow the progress easily, but OANDA, from past experience on news events, often DOES NOT fill the order; other times even stops it out or fails to take profit 5 pips or so from the chart price.

FXCM can be funny about this as well within 5-8 pips, FOREX seems like a fuzzy science when in that close, so one prays the law of averages will balance things out.

To follow your progress more easily, I'll place based on the 11pm EST open; I place my trades after I get in 100-130AM EST but things usually don't move radically until after 200AM EST.
  • #18
  • Edited 1:43pm Oct 12, 2004 1:14pm | Edited 1:43pm
Quoting SteamTrader
Ok I get it now. When I place my orders it is usually around 12:00-130amEST and I subtract-30 from the current sell price; and add +30 to the current buy price (this takes care of the spread) on what ever price it happens to be at the time (it is near the 11:00pmEST price most of the time anyway). However I see that results will be slightly different especially as for Friday where a few pips meant getting stopped out or getting the good run.

I follow it on OANDA because I can follow the progress easily, but OANDA, from past experience on news events, often DOES NOT fill the order; other times even stops it out or fails to take profit 5 pips or so from the chart price.

FXCM can be funny about this as well within 5-8 pips, FOREX seems like a fuzzy science when in that close, so one prays the law of averages will balance things out.

To follow your progress more easily, I'll place based on the 11pm EST open; I place my trades after I get in 100-130AM EST but things usually don't move radically until after 200AM EST.
Hi Steam,

Actually you can choose any one convinent time after 11 PM EST till opening of Europen Session becuase things dont really move till start of Europen session. I prefer to place the order at 11:00 PM before going to bed.

Mkcky
Lets Make Money!!!
  • #19
  • Oct 14, 2004 10:57pm Oct 14, 2004 10:57pm
Quoting idobrickner
This is system is extrem easy to backtest it manually for 3-4 months.
Anyone did that?

It can save some time.
Hello friends.
I realized for myself the following simple backtest "MANUALLY" not for 3-4 months as Ido suggest, i done for 3 years, sorry for the format i only copy and paste from my Excel file but please see at the left the name of each file to better understand the info and go with the cursor to the right to see untyl september 2004, seeing real results for last 6 months in other systems i see this MCKY system with best results, but for months with ATR lower than 100 the results are very bad, this is the only caution, i used netdania daily bars and there could be some human error for myself but the margin is sufficient for error, see my results:

PIPS339300575-175-200-292-18168246073587404773313417094715022766937511005326048833615461539176413401124742558658665Month/YearSep-01Oct-01Nov-01Dic-01Ene-02Feb-02Mar-02Abr-02May-02Jun-02Jul-02Ago-02Sep-02Oct-02Nov-02Dic-02Ene-03Feb-03Mar-03Abr-03May-03Jun-03Jul-03Ago-03Sep-03Oct-03Nov-03Dic-03Ene-04Feb-04Mar-04Abr-04May-04Jun-04Jul-04Ago-04Sep-04Higher ATR of the month113106113999692837390128166172125125122122136136140140153181167134160164143125238253265224202171171160153Lower ATR of the month9091908375686853627911511110486887979116124116118137134122116127109108124171193192160151135136127
  • #20
  • Oct 14, 2004 10:59pm Oct 14, 2004 10:59pm
Sorry the copy and paste from excel was very bad, i will send you soon my results in readable format.

mariovides

Quoting mariovides
Hello friends.
I realized for myself the following simple backtest "MANUALLY" not for 3-4 months as Ido suggest, i done for 3 years, sorry for the format i only copy and paste from my Excel file but please see at the left the name of each file to better understand the info and go with the cursor to the right to see untyl september 2004, seeing real results for last 6 months in other systems i see this MCKY system with best results, but for months with ATR lower than 100 the results are very bad, this is the only caution, i used netdania daily bars and there could be some human error for myself but the margin is sufficient for error, see my results:

PIPS339300575-175-200-292-18168246073587404773313417094715022766937511005326048833615461539176413401124742558658665Month/YearSep-01Oct-01Nov-01Dic-01Ene-02Feb-02Mar-02Abr-02May-02Jun-02Jul-02Ago-02Sep-02Oct-02Nov-02Dic-02Ene-03Feb-03Mar-03Abr-03May-03Jun-03Jul-03Ago-03Sep-03Oct-03Nov-03Dic-03Ene-04Feb-04Mar-04Abr-04May-04Jun-04Jul-04Ago-04Sep-04Higher ATR of the month113106113999692837390128166172125125122122136136140140153181167134160164143125238253265224202171171160153Lower ATR of the month9091908375686853627911511110486887979116124116118137134122116127109108124171193192160151135136127
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