I here to share my trading method. I tried this for two weeks (with real live account) with great results. I have research and back test from 2000 that GBB/JPY almost all the time touch the open. So here what i do at GMT 00
Buy and Sell GBP/JPY at GMT 00. Buy and sell are two independent position. TP 30 pips on buy, and 30 pips on sell. Ok guys, I need your comments and if some good guy here in this forum could make an EA to back test, I would be happy.
Appreciate your help guys,
GBPJPY trading method
You can try attached EA, based on the same principle, with little improvement.
Parameters are :
- MinLots : lots to buy or sell in countertrend direction
- MaxLots : lots to buy or selle in trend direction
- OrderFrame : time frame for EA execution (1 = 1M, 2 = 5M, 3 = 15M, ...)
- DirFrame : time frame for trend direction
- OrderHour : order hour, between 1 and 23
- TakeProfitPips : order take profit, in pips
- StopLossDollars : both orders are closed when reached
Thank you. Any SL. What do you do with negative positions?
You did not mention what you do with all your dangling trades. Please tell us what you do with the danglers.
Negative positions are closed on stop loss in dollars.
We may improve this trading method, but maybe the result will be near to Pipmaker.
Thanks Patrice for your EA's.
Guys, I tried this for two weeks and always reach my 30 pips limit straight through. As for SL use proper management for 100 pips each for your BUY and SELL position. As I mention, 10 trading days straight got 60 each that 600 pips...
Are you saying that you use 100 pips each and you consider that proper managment for the 30 pip TP?
The EA presented here uses SL in dollars can someone modify it to be in pips for each trade separatley?
As for SL use proper management for 100 pips each for your BUY and SELL position.
Did you notice that your short order on this past Thursday night (00 GMT) got stopped out? The opening price at 00 GMT (Friday morning) was 208.41, the market then rose, never coming back to 208.41, and reached a high at 209.61 at 0900 GMT, thereby stopping your short position out. So did you minus 100 pips from your total you mention above?
i'm going to code this as an EA and optimize it, but i'm pretty certain it won't make consistent profits, unless you had a really good idea for money managment. I know i'll end up over complicating it but i'll post it once i've done programming it, nice1
Thanks for your participation. I realize that this is not perfect and need adjustment. I am tired of using indicators and searching for the perfect entry. The main idea of this trading is that you tend to trade side ways with little votality becuase you trade arround New York Closed and Asia Open.
As for last thursday, yes it did not touch the 30 pips high, on thursday i did some Discretionary trading and just open my short position.
I have attach some calculations on Excell with the daily chart on GBp/JPY and calculate High-Open and Open-Close, If the respective result are more than 30 pips, i consider that as profit. But If it did not reach 30 pips, I put it as Loss trade (-100pips). And again I realize that this is not perfect because i just calculate with the daily data and not with 5 minutes price action.
But i think that you guys will get the picture with good money management this idea will work. If not please make suggestion.
Thank you guys,
i've just finished doing loads of backtesting, if t/p is 30 and s/l 200, you will make profits and quite a few winning streaks but the 200pip s/l will wipe your profit out of the window. I've only been experimenting with going long, i'll write an ea in a few days that enters both ways.
After i've completed this i'll happily send it to you.
* I think the idea is very simple, but i think it has something to it, i'll look into it for sure. Thanks for the idea