Follow the monthly candle and be profitable | Page 5 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Follow the BIG Candle 322 replies

Follow Last Candle EA 10 replies

Follow the prior Heiken Ashi candle for profits 61 replies

How to make EA that send Open Price of Candle for every new candle 5 replies

Correlation between first 4 hour candle and daily candle 1 reply

Attachments: Follow the monthly candle and be profitable
Exit Attachments

Follow the monthly candle and be profitable

  • #81
  • Sep 21, 2014 5:02pm Sep 21, 2014 5:02pm
Quoting EnoFX
This is a very interesting system that has potential until we have more conclusive back tests. I do wonder what kind of results we would get if we were to reduce the stop loss to let's say 80 pips. Also, for those who are less patient you could try creating a four-week candle every two weeks which likely would catch market turns in a more precise manner and would give you twice as many set ups.

I put the idea on the forum for this, juntos.Acho work to lower the stop is risky because it has couple jogging .... put a lot of 100/120 pips STOP think is paramount. But those who want to manage peers and like to stay following may increase the TP ... as peers who had said 500 pips gain + (GBPUSD, GBPAUD) + 400 pips (USDJPY) ... this will depend on each one ... as I said: EARN 10% PER MONTH IN 04 YEARS DOES 1k 100k ... patience, patience and patience ... Greed can not have
  • #82
  • Sep 21, 2014 5:04pm Sep 21, 2014 5:04pm
Quoting Hammertop
{quote} I was referring to your sentence in post # 72 "Not forgetting that we Trailing stop trigger"

Do not put Trailing stop ... but if you want to put, depends on each ...
  • #83
  • Sep 21, 2014 5:15pm Sep 21, 2014 5:15pm
can I see whats look like this sept. month? trading?
  • #84
  • Sep 21, 2014 5:16pm Sep 21, 2014 5:16pm
Quoting behman8850
can I see whats look like this sept. month? trading?
See the first post.
  • #85
  • Sep 21, 2014 6:25pm Sep 21, 2014 6:25pm
Quoting Robinho
{quote} October 01 ... I think starting with 1k and 0.01 are putting lots of good size ...
Thank you friend - October 01 is good....... what time of day ?

If I start with 1k or $1000 US dollars and go with 0.01 lot size then what would +820 pips profit be equal to ? or what would be an average monthly profit ?
  • #86
  • Edited 7:02pm Sep 21, 2014 6:47pm | Edited 7:02pm
Quoting Joeforex510
{quote} Thank you friend - October 01 is good....... what time of day ? If I start with 1k or $1000 US dollars and go with 0.01 lot size then what would +820 pips profit be equal to ? or what would be an average monthly profit ?

$ 82 would be your profit ... the daily candle closes in Brazil 18:00 hs,,, you have to see on your screen MT4 what time will close the daily candle on your broker.
  • #87
  • Sep 21, 2014 7:55pm Sep 21, 2014 7:55pm
Quoting Robinho
$ 82 would be your profit ...
That would be the case with a dynamic lot size based on the pip value for each pair. Keep in mind that 1 pip for EURUSD isn't the same than 1 pip for EURJPY (that's an example).

With a fixed lot size (ie. 0.01), be aware than some loses will be bigger than other.
MT4/MT5 EAs/Indicators/Alerts coder
  • #88
  • Sep 21, 2014 7:57pm Sep 21, 2014 7:57pm
Quoting Joeforex510
{quote} Thank you friend - October 01 is good....... what time of day ? If I start with 1k or $1000 US dollars and go with 0.01 lot size then what would +820 pips profit be equal to ? or what would be an average monthly profit ?
These kind of questions make me thinking you're very new in trading. I would highly suggest you to start from the beginning (learning) before jump directly in a trading system.
MT4/MT5 EAs/Indicators/Alerts coder
  • #89
  • Sep 21, 2014 9:03pm Sep 21, 2014 9:03pm
Quoting Robinho
{quote} Good morning friends (Brazil) I am an optimistic person, in everything I do in life, do not like pessimistic people. Life was ....
Hi Robinho, thank you very much for guiding us through the strategy and describing your experience, this is most helpful. Also, thank you to everyone who has presented their data analysis and setup accounts, all this is extremely helpful.
  • #90
  • Sep 21, 2014 9:09pm Sep 21, 2014 9:09pm
Quoting Joeforex510
{quote} Thank you friend - October 01 is good....... what time of day ? If I start with 1k or $1000 US dollars and go with 0.01 lot size then what would +820 pips profit be equal to ? or what would be an average monthly profit ?
Joe- you are too new to jump into trading like this. You'll lose your $1000- thats guaranteed.

Go to babypips.com and learn as much as you can

The only major set back I see with this system so far, is you have to win 2 trades for 1 loss. If all 27 pairs lose in one month, you will lose 20% of your account (at $1000). That only affords you 5 bad months in a row.
  • #91
  • Sep 21, 2014 9:21pm Sep 21, 2014 9:21pm
Quoting FerruFx
{quote} These kind of questions make me thinking you're very new in trading. I would highly suggest you to start from the beginning (learning) before jump directly in a trading system.
Thank you FerruFx for the suggestion - I am very new in trading forex and can use all the help I can get !
  • #92
  • Sep 21, 2014 9:27pm Sep 21, 2014 9:27pm
Quoting Pharm0r
{quote} Joe- you are too new to jump into trading like this. You'll lose your $1000- thats guaranteed. Go to babypips.com and learn as much as you can The only major set back I see with this system so far, is you have to win 2 trades for 1 loss. If all 27 pairs lose in one month, you will lose 20% of your account (at $1000). That only affords you 5 bad months in a row.
Thank you Pharm0r - I will check out babypips.com
  • #93
  • Sep 21, 2014 9:36pm Sep 21, 2014 9:36pm
Yes, negative RR is not exactly an attractive feature.
  • #94
  • Sep 21, 2014 9:49pm Sep 21, 2014 9:49pm
slience.......................!!!!!
pls don't scare new liquidity provider...!

Quoting Joeforex510
{quote} Thank you friend - October 01 is good....... what time of day ? If I start with 1k or $1000 US dollars and go with 0.01 lot size then what would +820 pips profit be equal to ? or what would be an average monthly profit ?
My Best Trade is Next Trade!
  • #95
  • Sep 22, 2014 5:52am Sep 22, 2014 5:52am
Quoting jen101
{quote} This might help. I have a pending order script which I discovered works just fine as an EA if you stick it into the experts folder . You can input the SL and TP in pips, so you just have to put in the price. Don't forget to check "disable alert once hit" otherwise as an EA it will keep on opening trades every time price crosses over your entry point in your direction. {file}
This EA can put only one Pending Order, either a Buy or a Sell.
It will not place Pending orders on both sides Buy as well as Sell.

We need an EA which will place Pending OCO Orders on both sides with
User Defined distance from the open of the candle.
Can someone make such an EA.
The EA should also have user defined TP, SL and Trailing Stop.
It will be a great help for all of us.
Thanks.

John
Winning is a Great Feeling!
  • #96
  • Sep 22, 2014 5:59am Sep 22, 2014 5:59am
To compare risk / reward:

If we had a starting balance of $10,000.
Trading 27 pairs each month.
We set risk per pair @ 1% each x 27 pairs = 27% risk ($2700) = 2700pips
n.b. This is quite a high risk, but it is spread over 27 pairs.

Last months gain = 850pips = $850 = 8.5% growth in 1 month.
If this represented the average growth per month, then this would give a compounded interest rate of 266% per annum = $26,600 end of year balance.

On the flip side, if we lost 27% each month for 12 months with compounding interest your end of year balance = $230!
  • #97
  • Sep 22, 2014 7:30am Sep 22, 2014 7:30am
Quoting 236dave
To compare risk / reward: If we had a starting balance of $10,000. Trading 27 pairs each month. We set risk per pair @ 1% each x 27 pairs = 27% risk ($2700) = 2700pips n.b. This is quite a high risk, but it is spread over 27 pairs. Last months gain = 850pips = $850 = 8.5% growth in 1 month. If this represented the average growth per month, then this would give a compounded interest rate of 266% per annum = $26,600 end of year balance. On the flip side, if we lost 27% each month for 12 months with compounding interest your end of year balance = $230!...
This is comparing Average winning scenario (some lost, some won) VS worst case losing scenario (every trade lost).

What if you won all of them each month for a total of 1620 pips/month (best case scenario)? That is arguably just as possible as a worst case scenario.
  • #98
  • Edited 8:34am Sep 22, 2014 7:34am | Edited 8:34am
Good morning friends ... optimism always. No auditioned last in all pairs, but I do not think we lose a month of 08 + entries ... in any month for my tests and seen it looks. We need not be anxious, next week just the month and we will do all the entries together. Good morning everyone and a week of much PEACE.

Note: Do not forget to look at the scene putting only 10 pips TP ... long term is very interesting.
  • #99
  • Sep 22, 2014 9:19am Sep 22, 2014 9:19am
Quoting Pharm0r
{quote} This is comparing Average winning scenario (some lost, some won) VS worst case losing scenario (every trade lost). What if you won all of them each month for a total of 1620 pips/month (best case scenario)? That is arguably just as possible as a worst case scenario.
Yes that is true, I was being a bit unfair.

So with $10,000 starting balance, the best case scenario would be winning all trades = 1620 pips (16.2%) / month, compounded = $60,600 end of year balance
  • #100
  • Sep 22, 2014 9:48am Sep 22, 2014 9:48am
Quoting 236dave
{quote} Yes that is true, I was being a bit unfair. So with $10,000 starting balance, the best case scenario would be winning all trades = 1620 pips (16.2%) / month, compounded = $60,600 end of year balance
Ha- well, of the 4 pairs I've completed back testing- only one month has achieved 100% profitability, and no months 100% drawdown. Diversification at work! Both a good and bad thing....mostly good in my opinion.

Also interesting to note so far- of the 4 I've back tested, over the last 9 months only one is an overall loser- and that's just by 100 pips. (AUDUSD) - and so far- of all winning trades across all pairs- over 50% could have taken a profit of 100 pips instead of 60.
0 traders viewing now