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  • #61
  • Jul 16, 2014 8:00am Jul 16, 2014 8:00am
Quoting nsn14
{quote} Thanks Ronichimo! What is your opinion if the OPEN of 'TODAY' already exceeded 1 tick which is also suppose to be our PENDING ORDER. But we havent manage to key in that time. For instance, we suppose to placed BUY Pending order at price 1.30001 but TODAY OPEN price is 1.30001 and price goes North after that. Shall we place another pending order which is higher that the actual one? Or we still placed the same Pending order at 1.30001, hope for the price to pull back and hit our pending order? PS : And what is the 'different things that you...

In my opinión we have to keep trading so simple as posible. If your strategy is "A" and happens a "A+1" just let it go. This won`t be YOUR system anymore. If there was only one currency available in Forex market, other history, but there are many currencies to trade with your own system. Don´t try to fix the PA on your strategy... every strategy has is own "PA".

Said in other words, if the strategy (in this case) is pending order one pip above/below previous close... that`s it...

Every strategy has is own "moment",...

but remenber, in this thread, started by SWilliam, we are starting and trying to get fixed it as best as posible... we still need to find some filters for when or when not use the pending orders.

Last one, by "diferent" things I mean everything what is not in accordance with the strategy... example, if pending order is Buy 1 pip above and before the order is triggered, there is a loo...oong bearisch candle going on, I close the pending order, PA has moved to much yet, other case is for example, same situation, order is not triggered yet and in 1/2 hour will be a BIG news, I prefer cancel the order and wait... tomorrow will be more forex trades, it not depends of one trade and one day... be patient

Ronichimo

P.S Don´t think soo much in what "in case of" and look more in "what happened yet"... to avoid a future mistake. I`m looking why some orders went wrong yesterday (today) and try to figure out why it happened and not repeat it tomorrow.

Ronichimo
  • #62
  • Jul 16, 2014 10:42am Jul 16, 2014 10:42am
Quoting ronichimo
{quote} In my opinión we have to keep trading so simple as posible. If your strategy is "A" and happens a "A+1" just let it go. This won`t be YOUR system anymore. If there was only one currency available in Forex market, other history, but there are many currencies to trade with your own system. Don´t try to fix the PA on your strategy... every strategy has is own "PA". Said in other words, if the strategy (in this case) is pending order one pip above/below previous close... that`s it... Every strategy has is own "moment",... but remenber, in this...
Thanks Ronichimo again!

I agree with your observation on "different things". During the day, after our BUY pending order was triggered, PA will changes direction to the south hitting our Stop Lost before heading South to our Take Profit....
  • #63
  • Jul 16, 2014 11:58am Jul 16, 2014 11:58am
as i mentioned before, the application of a simple timefilter can reduce possible loss.


If you place the order on london open, there will be more chance that price will not come back at hit TP first.
The drawdown is, you might miss the trade when it breakout during asia session.

In my observation, an overshoot even in asia session can hit TP. If its small around 7-10pips. so keeping a tight stop same as the TP
can ensure profitability with at least 60% win rate


If orders are triggered on asia session, there is a possiblity that price will immidiately pullback after breakout (false bo)


SO far these is the 100% clear & mechanical method i can suggest
without using indicators and vague price action reading


With regards to pairs,
i use 10Pips targets on eurusd, gbpusd and audusd,
7 pips on USDCHF

You can try other pairs, Like JPY, CAD & NZD cross to optimize a good target value, but i dont trade thos in live.
please share your results,


thanks everyone for joining

William
Profit is on the other side of your mind
  • #64
  • Jul 16, 2014 12:10pm Jul 16, 2014 12:10pm
Quoting swilliam
as i mentioned before, the application of a simple timefilter can reduce possible loss. If you place the order on london open, there will be more chance that price will not come back at hit TP first. The drawdown is, you might miss the trade when it breakout during asia session. In my observation, an overshoot even in asia session can hit TP. If its small around 7-10pips. so keeping a tight stop same as the TP can ensure profitability with at least 60% win rate If orders are triggered on asia session, there is a possiblity that price will immidiately...
Hi, swilliams,

By placing yur order "on London open" it can be that the PA already passed the previous day`s high/low, what are you doing then?

Ronichimo
  • #65
  • Jul 16, 2014 12:34pm Jul 16, 2014 12:34pm
Quoting ronichimo
{quote} Hi, swilliams, By placing yur order "on London open" it can be that the PA already passed the previous day`s high/low, what are you doing then? Ronichimo
Yes, if you place trades on the london open, the drawdown is trades might be missed and it can significantly reduce trades.
But on the other hand, can increase winrate because london breakouts will cause less false signals compared to asia session.


As for me, i dont use timefilter, i just place an order at the end of the day and set my targets.
But i only trade the pairs that i have confidence on (EURUSD, GBPUSD, AUDUSD, USDCHF)
Profit is on the other side of your mind
  • #66
  • Jul 16, 2014 1:34pm Jul 16, 2014 1:34pm
Quoting swilliam
{quote} Yes, if you place trades on the london open, the drawdown is trades might be missed and it can significantly reduce trades. But on the other hand, can increase winrate because london breakouts will cause less false signals compared to asia session. As for me, i dont use timefilter, i just place an order at the end of the day and set my targets. But i only trade the pairs that i have confidence on (EURUSD, GBPUSD, AUDUSD, USDCHF)
Ok. Just for confirmation. My D-candle ends at GMT+1, it means 8 hours before London`s open. At which GMt-time you open the orders? When you say D-candle close´s + 1 pip... when is it.

Or are you just opening direct orders just before London?

I`ll try to upload a Excel sheet with the GMT times of each sesión and so trying to use all of us the same time-units for the strategy. As I said in one of the first threads, not all brokers are using the same D-Candle. If you use a Australian bróker (eg. ROBOFOREX), his D-candle closes at 06.00 GMT, just 2 hours before London while a European bróker (eg. ALPARI-UK) closes 8 hours before.

this is the reason why using the pending orders on some of use the order is triggered on asian sesión and on other nearer to London`s open.

Ronichimo
  • #67
  • Jul 16, 2014 1:52pm Jul 16, 2014 1:52pm
i updated first post for clearer trade examples for those who want to see
Profit is on the other side of your mind
  • #68
  • Jul 16, 2014 1:54pm Jul 16, 2014 1:54pm
An Excel sheet imposible.

but here I write it down...

Session:

ASIAN: Sidney: GMT 22.00 - 06.00 // Tokyo: GMT 00.00 - 08.00
During Asian session the most traded pairs are YEN, GBP and US$ with a volatility of 60 to 120 pips...

EUROPEAN: London: GMT 08.00 - 16.00
During European session the most traded pairs are EUR, GBP and US$ with a volatility of 80 to 120 pips...

AMERICAN: New York: GMT 13.00 - 21.00
During American sesión the most traded pairs are US$, GBP and YEN with a volatility of 70 to 140 pips...

Hope it helps to understand us no matter the bróker or place we are and making all lots of pips..

Ronichimo
  • #69
  • Jul 16, 2014 4:03pm Jul 16, 2014 4:03pm
Quoting ronichimo
An Excel sheet imposible. but here I write it down... Session: ASIAN: Sidney: GMT 22.00 - 06.00 // Tokyo: GMT 00.00 - 08.00 During Asian session the most traded pairs are YEN, GBP and US$ with a volatility of 60 to 120 pips... EUROPEAN: London: GMT 08.00 - 16.00 During European session the most traded pairs are EUR, GBP and US$ with a volatility of 80 to 120 pips... AMERICAN: New York: GMT 13.00 - 21.00 During American sesión the most traded pairs are US$, GBP and YEN with a volatility of 70 to 140 pips... Hope it helps to understand us no matter...
Hello, your thoughts are very interesting. And the strategy is simple and therefore I want to test it as well.
In addition I have a question that is here not new: I take always the broker time to determine when Yesterday ends (broker 24.00) and Today starts?
If it is at FXCM 24.00, it's me 03.00 CEST (Germany) and I sleep.
What do I do now, I have to get up early and work? It may be that the high formed in the last hour after 23.00.

And a question to swilliam: How many days you use this method already without interruption and how much is your winning rate?
  • #70
  • Jul 16, 2014 4:28pm Jul 16, 2014 4:28pm
Quoting rmndschmidt
{quote} Hello, your thoughts are very interesting. And the strategy is simple and therefore I want to test it as well. In addition I have a question that is here not new: I take always the broker time to determine when Yesterday ends (broker 24.00) and Today starts? If it is at FXCM 24.00, it's me 03.00 CEST (Germany) and I sleep. What do I do now, I have to get up early and work? It may be that the high formed in the last hour after 23.00. And a question to swilliam: How many days you use this method already without interruption and how much is...

Hi,

As you can read in the previous posts, that`s one of the problems we are talking about. in fact, I don´t think the problem is with the bróker, the problema can be the sesión we are trading. Swilliamexplained well before the diference between Asia and European sesión, there is more volatility in european and in the Asian can have a bigger withdraw before going to TP.

I`m testing Swilliam´s strategy with to brokers now (in fact I start tonight). With one bróker I`ll use the strategy adapting it on my "lifestyle" (I life in Spain) and with the other one I`ll put the orders just before London`s sesión (as Swilliam)... What I gonna try is during the asian sesión, using a higher SL (see money managment rules) and see what happen. With the other bróker the strategy as written in the first threads.

The only candle that for all broker`s is the same is the 1H candle... and you also know in the asian sesión there is less volatility, so try to adapt the SL and Tp.

Hope it was clear enough and could help you,

ronichimo
  • #71
  • Jul 16, 2014 5:06pm Jul 16, 2014 5:06pm
Quoting swilliam
{quote} Yes, if you place trades on the london open, the drawdown is trades might be missed and it can significantly reduce trades. But on the other hand, can increase winrate because london breakouts will cause less false signals compared to asia session. As for me, i dont use timefilter, i just place an order at the end of the day and set my targets. But i only trade the pairs that i have confidence on (EURUSD, GBPUSD, AUDUSD, USDCHF)
Start of a new day for my broker (I try to follow SWilliam comment not to use timefilter).


Placed a BUY pending order GU @ 1.71503, TP @ 1.71603, SL @ 1.71403
  • #72
  • Jul 16, 2014 5:20pm Jul 16, 2014 5:20pm
Quoting nsn14
{quote} Start of a new day for my broker (I try to follow SWilliam comment not to use timefilter). Placed a BUY pending order GU @ 1.71503, TP @ 1.71603, SL @ 1.71403
same order GU @1.71505, TP 1.71605 but SL @ 1.71355 ( note SL on -150 for testing what Swilliam told about asian sesión)

ronichimo
  • #73
  • Edited 11:45pm Jul 16, 2014 11:31pm | Edited 11:45pm
NZDUSD Hit 7 Pips SL

http://s7.postimg.org/tiebytmrv/NZD.png
Profit is on the other side of your mind
  • #74
  • Edited 11:49pm Jul 16, 2014 11:34pm | Edited 11:49pm
Orders on Pairs i Trade

http://s30.postimg.org/p7e5rgz4h/orders.png
Profit is on the other side of your mind
  • #75
  • Jul 17, 2014 2:41am Jul 17, 2014 2:41am
yes have exactly the same results (so far) - but additionally EURJPY went in TP (12 pips).
This one is included into my "AGT's EA-portfolio" (http://www.stevehopwoodforex.com/php...forum.php?f=36 / I have there in the acc "TGTFX1" - to demos with manual trading attemptes).

http://www.myfxbook.com/members/TGTF...g-gp-24/932536
  • #76
  • Jul 17, 2014 5:28am Jul 17, 2014 5:28am
Quoting swilliam
Orders on Pairs i Trade {image}
Thanks for showing your trade Swilliam.

Until now, those trades still haven't been trigger yet.
May be wait for NY session?
  • #77
  • Jul 17, 2014 8:47am Jul 17, 2014 8:47am
It's nearly time to delete the pendings ?
@ swilliam:
So when do you suggest erasure them ?
  • #78
  • Jul 17, 2014 10:12am Jul 17, 2014 10:12am
I only cancel my oreders before i place a new one

my EU just triggered now

http://s11.postimg.org/xi3sf6k8j/EU1.pngpost image
Profit is on the other side of your mind
  • #79
  • Jul 17, 2014 11:05am Jul 17, 2014 11:05am
EURUSD Hit SL

So far this week

3 Wins
1 Loss
Profit is on the other side of your mind
  • #80
  • Edited 6:53pm Jul 17, 2014 6:34pm | Edited 6:53pm
Quoting swilliam
EURUSD Hit SL So far this week 3 Wins 1 Loss
EU trade lost yesterday (17/7/2014), price got triggered at 1.35202 but then went north hits my SL at 1.35302.
GU not trigger yesterday.

For EU, my broker Yesterday's LOW : 1.35157, according to basic rule we have to place SELL Pending order at 1.35156 however currently the price is already lower then yesterday low (1.35136), can I still trade?

For GU, yesterday's trade not trigger, therefore I cancelled the BUY pending order.
Today I look at the chart, the bias changed from BUY to SELL.
Yesterday's low was 1.70846, and follow the basic rule, we shall placed SELL Pending order of 1.70845.

However, I wake up late this morning and today's price was already lower than 1.70845 to 1.70832 and then price went up to 1.70867 now, shall I re-entry my SELL Pending order at 1.70845??? See chart below please..
Attached Image (click to enlarge)
Click to Enlarge Name: GU.PNG Size: 82 KB
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