150 pips per week
This is a fabulous system. I've taken it and adapted it to my style of trading and over the last two weeks I'm up 205 pips on the Cable. Over the last 4 weeks I'm up 406 pips - and so on.
I've adapted it in a slightly different way in that I take my profits at around 8am - or just before. I have a 40 pip stop-loss, 100 pip target (though this is rarely hit in overnight trading) and I don't trade on Non-Farm Payroll day (too whippy). I don't get the huge profits that are available, but then again I don't get stopped out as much and take a consistent but smaller profit.
Maybe some better settings?
my results for this week:
GBPJPY: +200 Pips
GBPCHF: +270 Pips
I use a 40 pips stop on both with a porfit target of 120 on GBPJPY and 100 on GBPCHF
Overall results using this strategy in the last 22 trading days: +1591 Pips.
Thank you TK for introducing this fantastic simple strategy!
And some more settings. These are from manual testing but I may adjust ea accordingly
I'm using these settings, starting to demo EA for the first time tomorrow. I post comments from others testing from the other forum.
GBPJPY:
GBPCHF:
40 pips stop on both with a porfit target of 120 on GBPJPY and 100 on GBPCHF
Quite a low tp for this system but a problem can be whip saws so will try these settings first as someone else is having success.
Cryten, can you tell what is the other forum where you got that EA?
Cryten, you posted EA with SL which depends on ATR. not fixed SL... 
Are there optimized settings for posted version of the EA?
Thanks!
the other forum is forex factory.
My ea is not trading yet, maybe its conflicting with other ea on my demo account. will have to look into this when i get home
simple but nice system
i think it still need a lot off research, but quite promising
do you already try to do some backtest
if yes then i hope you post the result soon
at what pairs u use this system, seem at volatil pairs only like gbp/jpy and gbb/chf
how you define the optimum tp and sl for this system for each pairs
about the rule, entry that opposite with the trend an after 3 consecutif same candle. is it wise?based on what back testing or else
as i know for currency pairs especially gbp/jpy usually the trend will last from 2 till more than 5 day
thx
From a short visual backtesting, it looks promising to me.
I will look into it further next week.
I am using Northfinance who work at GMT+2. Since this is a daily plan, I don't think this GMT+2 instead of your GMT will make much difference, right?
From a short visual backtesting, it looks promising to me.
I will look into it further next week.
I am using Northfinance who work at GMT+2. Since this is a daily plan, I don't think this GMT+2 instead of your GMT will make much difference, right?what pairs u look at
i think for yen pairs it have a big difference because tokyo often release news at 00.00 gmt
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**Found this on another forum**
Daily trading rule are as follows:
1. Create daily chart on any pair
2. Enter Buy/Sell order upon Sunday or Monday open at 2400 GMT. Order should be consistent with previous days trend (i.e; Previous day up, Place "Buy" market order, Previous day down, enter "Sell" market order at open)
2. Place opposite side trade 40 PIPS aways from initial market order (i.e.; if initial order was a Buy Place immediate Sell side order 40 PIP away from initial market entry)
3. If same trend for three consecutive days, place next days open order opposite of previous three days trend. i.e; If Monday, Tuesday and Wednesday were up days, Thursday would be a Sell order.
4. Use 40 PIP stops on all orders.
5. Close between 2300 and 2400.
6. Repeat trade rules at 2400 GMT.
No straddling the price entry. Enter market immediately with 40 PIP reversal companion order...
EA is coded by SKYLINE and is not my own.
User settings usage :
GMT_Shift = Your broker shift related to GMT time zone (if it's GMT+3 then put 3 , if GMT-1 then put -1)
TakeProfit = Take profit in pips when EA will close current order
StopLoss = Stop loss in pips when EA will close current order
HourToCloseOrders = Hour when EA will close ALL positions
SundayCandleExists = Flag to let the EA to don't take care about Sunday Candle. If your broker get the Sunday candle put true elsewhere put false
Lots = Number of fixed contracts (used only if UseMoneyManagement = false)
UseMoneyManagement = Flag to let the EA to use money management routine with Risk value per trade
Risk = Risk per trade allowed (used only if UseMoneyManagement = true)
Slippage = Max slippage allowed in pips
MaxLossesTradesPerDay = Max losses trades allowed in a day per single pair (Setting to 2 , if EA will hit 2 consecutive losses in a day then will stop to trade until new day start even if HourToCloseOrders is not reached)
Note :
The EA will also handle automatically the MagicNumber generation so that you can put it with multiple pairs or multiple EA within the same account without any interference
Optimized Settings :
TakeProfit = 200;
StopLoss = 40;
HourToCloseOrders = 17;
MaxLossesTradesPerDay = 2;
(Optimized settings are still in researching and all traders are encouraged to share his result here)