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  • #241
  • Aug 25, 2014 8:57pm Aug 25, 2014 8:57pm
Quoting Steef
{quote} Thanks for backtesting, did you use TP 5 and SL 10 ? And do you mean there were only losses on Friday ? Thanks !
I only had a look at last week's EURUSD and GBPUSD. Looks like ideal TP is 5-7 pips now. As for SL it did not really matter, for the losing trades you'd die either way. For the winning trades they did not cross the border at all, except for USDCHF on Friday. My problem with TP 5 and SL 10 is that you will need two wins for every loss. I'd go with TP7/SL7 - but again, I have not backtested this too much.
  • #242
  • Aug 25, 2014 9:11pm Aug 25, 2014 9:11pm
I just noticed 2hrs ago there was a dip in EUR/USD which would have triggered limit sells according to this system - you would have come out at a loss if you had set SL 5 or 10.
  • #243
  • Aug 25, 2014 9:51pm Aug 25, 2014 9:51pm
EU was a loss if TP=10 Pips

but it was a winner if TP=5 Pips

Swilliam
Profit is on the other side of your mind
  • #244
  • Aug 25, 2014 10:16pm Aug 25, 2014 10:16pm
Quoting swilliam
EU was a loss if TP=10 Pips but it was a winner if TP=5 Pips Swilliam
Yes you are correct
  • #245
  • Aug 25, 2014 11:12pm Aug 25, 2014 11:12pm
Changed my TP to pip, might try 7pip also. Winnings so far:
EJ +5
NZ +5
UC +5
EU +5
Learning is all about about asking the right questions!
  • #246
  • Aug 25, 2014 11:27pm Aug 25, 2014 11:27pm
Great thread. Thanks for sharing swilliam and everyone else.

I've backtested manually a month or so on all 4 pairs and filtering till 1 hour before Euro open definitely decreases the losses. So for me being in Australia I will only add my orders around 3pm. If PA is already past that point then I am betting on a pullback otherwise I cant enter.

Also adding the 2nd trade the same as the 1st if the 1st fails but doubling the TP increases wins and cancels out some of the losses.

Once I get a few weeks forward testing under my belt I intend to add some rules to help let winners go on to be bigger winners but I appreciate the simplicity of the in and out quickly goal swilliam aims for.
Winners add to winning trades!
  • #247
  • Aug 26, 2014 2:41am Aug 26, 2014 2:41am
so 5-7 pip TP and 7 pip SL would be best?
  • #248
  • Aug 26, 2014 5:22am Aug 26, 2014 5:22am
Quoting reeeen4
Changed my TP to pip, might try 7pip also. Winnings so far: EJ +5 NZ +5 UC +5 EU +5


what is your stop loss
  • #249
  • Aug 26, 2014 9:28am Aug 26, 2014 9:28am
Quoting Dave.Z
{quote} The closeness with the psychological level limit was the reason why I did not bother with the USD/JPY long scalp on Friday. Care to share the indicators that you use to determine whether the pairs are oversold or undersold?
I don't currently use an indicator for overbought/oversold. I just look out for price consolidation after a lengthy trend. Look at the chart of E/U from 8/5 to 8/18. I commited to not taking any trades until price broke that 1.3335 support.
  • #250
  • Aug 26, 2014 10:21pm Aug 26, 2014 10:21pm
Quoting Nico1359
{quote} I don't currently use an indicator for overbought/oversold. I just look out for price consolidation after a lengthy trend. Look at the chart of E/U from 8/5 to 8/18. I commited to not taking any trades until price broke that 1.3335 support.
I see. Thanks for the insight.

As for today's update early Tokyo session - looks like a +7pip on E/U, but a loss on G/U (SL hit) and a potential loss on U/C (SL not hit yet). A/U has no trades today.

Looks like it would be best to only commence the pending trades after London opens as per what marshalmax stated - i.e. treating London open as the start of a new day.
  • #251
  • Aug 26, 2014 11:02pm Aug 26, 2014 11:02pm
Started off as a good day with +7 pip wins EU & EJ but GJ & GU have been a loss, may put in a second entry at the london open. Still have UC open also.
Learning is all about about asking the right questions!
  • #252
  • Aug 27, 2014 12:09am Aug 27, 2014 12:09am
Quoting reeeen4
Started off as a good day with +7 pip wins EU & EJ but GJ & GU have been a loss, may put in a second entry at the london open. Still have UC open also.
Same trades i took with the same results.
  • #253
  • Aug 27, 2014 1:34am Aug 27, 2014 1:34am
I just noticed that the potential E/U short and U/C long for the London open are at very high peaks and lows - swilliam would these be considerations as to whether a pending trade should be entered?
  • #254
  • Aug 27, 2014 5:11am Aug 27, 2014 5:11am
Quoting zalbu
{quote} Try this one, should be easier {file}
will gmt offset affect the results?
  • #255
  • Aug 28, 2014 2:28pm Aug 28, 2014 2:28pm
2 losses this morning during the Euro session:

Buy A/U... -15 pips

Buy A/J... -15 pips

The funny thing is I had concerns about opening both these orders. There was a point of historical resistance dangerously close to my quote on A/U and on A/J the prior day had only just barely closed above the monthly open. The lesson to take from this: quality over quantity. In my opinion, it's not wise to open an order for every daily close that meets the basic conditions. It pays to be judicious
  • #256
  • Aug 28, 2014 10:51pm Aug 28, 2014 10:51pm
My AUDUSD yesterday was an easy 10pips win.
Trade was triggered on Asia session

https://charts.mql5.com/5/559/audusd...al-markets.png

https://charts.mql5.com/5/559/audusd...al-markets.png
Profit is on the other side of your mind
  • #257
  • Aug 28, 2014 10:59pm Aug 28, 2014 10:59pm
Quoting moneybill
so 5-7 pip TP and 7 pip SL would be best?
AUDUSD EURUSD & GBPUSD, 7 pips SL & TP maybe better than 10.
You will only know once you did forward testing

Swilliam
Profit is on the other side of your mind
  • #258
  • Aug 29, 2014 12:16am Aug 29, 2014 12:16am
for me 7 pips works better so far.
Reaction is better than Prediction
  • #259
  • Aug 29, 2014 12:48am Aug 29, 2014 12:48am
Quoting swilliam
My AUDUSD yesterday was an easy 10pips win. Trade was triggered on Asia session {image} {image}
If you set the AUDUSD trade for the London session instead (like I did), it hit SL, would not have mattered even if it was set at 5 pips TP.
  • #260
  • Aug 29, 2014 12:28pm Aug 29, 2014 12:28pm
Quoting Dave.Z
{quote} If you set the AUDUSD trade for the London session instead (like I did), it hit SL, would not have mattered even if it was set at 5 pips TP.
i think in AUDUSD, Asia session is better. Since AUD is volatile on Asia session and also volatility form news.

Maybe this is best

AUDUSD , Asia Session

GBPUSD & EURUSD & USDCHF in london session.

But now i stick with the rules, no session filter needed and trade 1st breakout only . and it was a good week for 7 pips. i use pepperstone broker.
Reaction is better than Prediction
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