
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Can someone help clarify the re-entry rule (or no re-entry rule)? I think I understand just want to be sure. I've attached a pic. The arrow shows a long trade and the check mark is the trade reset - one could re-enter after the bear candle. Is this correct?
What I have understood is that the bear candle allows to look again for a new set of three bull candles. The EA works like that.
Michel is correct. If we have 3 bear candles, we open the trade for a buy. Even if price continues heading north for another 1000 pips there is NO reentry, because we have no way of knowing what price is going to do next.
What I noticed is that after a good move of 3 days in a row, typically price would at least give you another 30 pips at least. I was trying capitalize on that. I also noticed that half the time price would continue for 100-150 pips in a good strong trend. Again, I was trying to capitalize on that as well.
But this system does not have a reentry rule. You just wait for a completely new set of signals to appear. That's why I started looking at other pairs to trade this system with. When 1 pair is days away from giving a good signal, another pair may be perfectly setup for it.
Hope that helps.
Thank you
Willis11of12, Michel, and wpaten--thank you, that does answer it!
wpaten..."If we have 3 bear candles, we open the trade for a buy"..you meant 3 BULL candles, right?
Great system!
Willis11of12, Michel, and wpaten--thank you, that does answer it!
wpaten..."If we have 3 bear candles, we open the trade for a buy"..you meant 3 BULL candles, right?
Great system!3 Bullish Bars, buy on open of 4th bar.
3 Bearish Bars, sell on open of 4th bar.
When entered, set a limit(take profit) of +100 pips, and brekeven at +30 pips.
Stop-loss is 90 pips or previous bar's low(if bought), and previous's bars high(if sold)2 pips above/under them. Whichever stop is smaller, use it.
Willis11of12, Michel, and wpaten--thank you, that does answer it!
wpaten..."If we have 3 bear candles, we open the trade for a buy"..you meant 3 BULL candles, right?
Great system!Yes gnllr, that is correct. Sorry about that. I didn't get my nap this afternoon.
Has anyone done optimizing on the other pairs besides the GBPUSD that I optimized?
My backtest results
I haven't done any optimization on other pairs but I did my own backtest for 2007 (using original rules). I'm using North Finance which is GMT+2. While certainly profitable, my results weren't nearly as good as previously posted. Also, I tested EURJPY instead of CADJPY becuase NF doesn't have it on my demo account. EURJPY had no losses for year to date.
2007 Results YTD (including spread):
GBPUSD: 19 trades, 442 pips, 3 losses, 100 pip PT reached 4 times
GBPJPY: 17 trades, 301 pips, 3 losses, 100 pip PT reached 5 times
USDCHF: 19 trades, 252 pips, 4 losses, 100 PT reached 3 times
EURJPY: 18 trades, 760 pips, 0 losses, 100 PT reached 4 times
Totals (all 4 pairs):
Jan: 345 pips, 11 trades
Feb: 402 pips, 13 trades
Mar: 41 pips, 8 trades
Apr: 485 pips, 9 trades
May: -275 pips, 11 trades
Jun: 813 pips, 14 trades
Jul: -56 pips, 7 trades so far
SUM: 1410 Total Pip profit, 73 Total Trades (16 at the 100 TP)
AVG: 235 pips/month, 10.4 trades/month
235 pips/month is a decent return.
I haven't done any optimization on other pairs but I did my own backtest for 2007 (using original rules). I'm using North Finance which is GMT+2. While certainly profitable, my results weren't nearly as good as previously posted. Also, I tested EURJPY instead of CADJPY becuase NF doesn't have it on my demo account. EURJPY had no losses for year to date.
2007 Results YTD (including spread):
GBPUSD: 19 trades, 442 pips, 3 losses, 100 pip PT reached 4 times
GBPJPY: 17 trades, 301 pips, 3 losses, 100 pip PT reached 5 times
USDCHF: 19 trades, 252 pips, 4 losses, 100 PT reached 3 times
EURJPY: 18 trades, 760 pips, 0 losses, 100 PT reached 4 times
Totals (all 4 pairs):
Jan: 345 pips, 11 trades
Feb: 402 pips, 13 trades
Mar: 41 pips, 8 trades
Apr: 485 pips, 9 trades
May: -275 pips, 11 trades
Jun: 813 pips, 14 trades
Jul: -56 pips, 7 trades so far
SUM: 1410 Total Pip profit, 73 Total Trades (16 at the 100 TP)
AVG: 235 pips/month, 10.4 trades/month
235 pips/month is a decent return.Your results are closer to my own, when I started looking into this strategy. I never thought it was good for 6000+ pips, or whatever the number was. With all four pairs going at once, I only figured for 3500 pips for the entire year. But again that was for all 4 pairs.
It is a profitable strategy, but it only has about 2-4 trades per month, per pair. The key is patience and waiting for the setup to take place.
Also I would be curious as to what trades you have listed for July so far. According to my trading I am up 90 pips with this strategy. 3 trades for 30 pips each. But then again, one of those trades was on the CAD/JPY (which is one that you do not trade).
Thanks for the input though. Much appreciated.
My July trades
Also I would be curious as to what trades you have listed for July so far. According to my trading I am up 90 pips with this strategy. 3 trades for 30 pips each. But then again, one of those trades was on the CAD/JPY (which is one that you do not trade).
Here's my July trades to date. BTW, today is a short entry for the EURJPY, so far so good...
07-02 GBPJPY +22 pips (with spread)
07-02 EURJPY +25 pips
07-03 USDCHF -90 pips
07-06 USDCHF +26 pips
07-08 EURJPY +25 pips
07-10 GBPJPY -90 pips
07-11 GBPUSD +26 pips
07-16 GBPJPY +22 pips
07-17 EURJPY In progress...
I really like this system wpaten. Thank you again for sharing it!
What were your trades for July?
You're welcome. :-)
My trades for July using this strategy are as follows:
7/6/07 - USD/CHF Buy = 30 Pips
7/9/07 - CAD/JPY Buy = 30 pips
7/12/07 - GBP/USD Buy = 30 Pips
You have quite a few more trades than I do. Also you had a trade for the GBP/JPY on July 2nd, but on my charts (using FXDD as the broker) I don't have a setup.
I do not trade EUR/JPY currently. I looked at that pair because I like how it trends so well. But I didn't like the results that my preliminary investigations were giving me. Maybe I'll go back and take another look-see.