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Simple "Make Pips" Strategy

  • #21
  • Nov 6, 2014 12:41pm Nov 6, 2014 12:41pm
Quoting BLACKFEET
Hi Simoneg Please, Do you use Pending Order or Market Order ? TIA Regards BBF
Hi BlackFeet,

I use both.
Hero Traders Live to see their Accounts Die!
  • #22
  • Nov 6, 2014 12:45pm Nov 6, 2014 12:45pm
Quoting nixxx
How about it? {image}

Hi nixxx,

I gather that the trades which you have highlighted are being assessed by you as failed trades. However, the best way to analyze this, is to go down to a 5min chart or so to see what the PA said.
Hero Traders Live to see their Accounts Die!
  • #23
  • Nov 6, 2014 12:47pm Nov 6, 2014 12:47pm
Quoting piprac
{image}My 1st try with this strategy, I got nervous so I got out much too early but would not have made my default TP of 20 pips. The bottom gray line is entry, upper one is exit. I don't think I can ever be comfortable with a risk 2X the TP so I would go for at least a 1:1 R/R personally. Any comments are appreciated and that big red candle might have been a tip not to trade but I did. p.
Good trade piprac! Feel free to adjust risk/reward to suit you.
Hero Traders Live to see their Accounts Die!
  • #24
  • Nov 6, 2014 12:49pm Nov 6, 2014 12:49pm
Sell Limit Order on GBPJPY H4
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  • #25
  • Nov 6, 2014 12:58pm Nov 6, 2014 12:58pm
Short EURJPY H4
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  • #26
  • Nov 6, 2014 2:43pm Nov 6, 2014 2:43pm
Short NZDJPY H4
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  • #27
  • Nov 6, 2014 4:56pm Nov 6, 2014 4:56pm
Simoneg, what was the reason for choosing 2:1 risk:reward ratio?
And how long have you been trading by these simple rules? What is the percentage of successful trades?
  • #28
  • Nov 6, 2014 7:18pm Nov 6, 2014 7:18pm
Quoting Stingr
Simoneg, what was the reason for choosing 2:1 risk:reward ratio? And how long have you been trading by these simple rules? What is the percentage of successful trades?
Hi Stingr,

Firstly, I trade the strategy on a number of levels. The quick 5pips, which means bigger lots for a higher probability win. So far my win rate is between 60-70%. The 5 pips is almost guaranteed on the H1 as I have stated. I also employ a buy and hold approach at times.
The strategy may be applied as a scalping, day or swing trading technique, which is how I currently trade it. I believe I have been trading this strategy since 2012.
Hero Traders Live to see their Accounts Die!
  • #29
  • Nov 7, 2014 11:05am Nov 7, 2014 11:05am
Hi

Intresting thread. Are you still using your old fibo trading ?

In your latest post you say win rate is 60-70 percent but the 5 percent is almost gurantee ? so for more pips and higher tiomeframes it is 60-70 percent but for 5 pips on 1 hour it is almost 99 percent ? Is this right ?


Best regards
  • #30
  • Nov 7, 2014 2:09pm Nov 7, 2014 2:09pm
Am I missing something ? If you are risking 10 pips to make 5, you would only break even at 66% WL.
  • #31
  • Nov 7, 2014 6:23pm Nov 7, 2014 6:23pm
Quoting jgadefelth
Hi Intresting thread. Are you still using your old fibo trading ? In your latest post you say win rate is 60-70 percent but the 5 percent is almost gurantee ? so for more pips and higher tiomeframes it is 60-70 percent but for 5 pips on 1 hour it is almost 99 percent ? Is this right ? Best regards
Hi jgadefelth,

Yes 60-70 for higher timeframes, definitely higher on the 1 hour for 5 pips but not 99%. Yes I still trade my fib system.
Hero Traders Live to see their Accounts Die!
  • #32
  • Nov 7, 2014 9:26pm Nov 7, 2014 9:26pm
risking 2 to win one is nonesense
  • #33
  • Nov 8, 2014 2:46am Nov 8, 2014 2:46am
hello, just curious - how many (and which) pairs do you watch/trade?
  • #34
  • Nov 8, 2014 2:49am Nov 8, 2014 2:49am
Quoting kabukyboy
risking 2 to win one is nonesense

anything to back-up your shout?
  • #35
  • Nov 8, 2014 8:11am Nov 8, 2014 8:11am
Quoting simoneg
{quote} Hi jgadefelth, Yes 60-70 for higher timeframes, definitely higher on the 1 hour for 5 pips but not 99%. Yes I still trade my fib system.

so you risking for example 40 pips to get 20 pips on higher timeframe and have 60-70 percent win rate ?


it is like this of 10 trades you win 6-7 120-140 pips and loose 120-160 depending on the win rate. Is this how i shall understand it or am i whrong somewhere ?

Best regards
  • #36
  • Nov 8, 2014 9:10am Nov 8, 2014 9:10am
Quoting kabukyboy
risking 2 to win one is nonesense
You still have a long way to go. You have imbibed too much jargon from public forums


kos
John 3:16 - From THIS love no power on earth can me sever.
  • #37
  • Nov 8, 2014 1:11pm Nov 8, 2014 1:11pm
SHORT when there are TWO CONSECUTIVE BEARISH BARS and the SECOND closes WITH a LOWER CLOSE PRICE

Do you mean that the second bar simply needs to be another bearish bar? Or does the close need to be toward the low of the candle?

LONG when there are TWO CONSECUTIVE BULLISH BARS and the SECOND closes WITH a HIGHER CLOSE PRICE

Same question only for a long.

The WIN PROBABILITY is HIGHER when the CLOSE PRICES are NOT FAR APART.

​Please specify.. Close prices? There is one close price per bar. Do you mean close price is not far from the high or low or open of the current bar. Which is it?

Notes:

 

  1. It is best to wait for a little pullback if close prices are not very close.

​ A pullback to the open price? A pull back towards what exactly? I'm afraid I don't understand.

  • #38
  • Nov 8, 2014 3:34pm Nov 8, 2014 3:34pm
Quoting Kosomolate
{quote} You still have a long way to go. You have imbibed too much jargon from public forums kos
  • #39
  • Nov 9, 2014 9:10am Nov 9, 2014 9:10am
have you automated this? could you share us your code
  • #40
  • Nov 9, 2014 7:26pm Nov 9, 2014 7:26pm
I try this on my Backtester with EUR_USD
TP must be greater than SL ..


here my result with 5/7 pips for the last 3 month

Maybe better result on low volatility ?
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gerryjam