After i've completed this i'll happily send it to you.
scrambledem, thank you so much for doing this. It means a lot to me.
The numbers certainly look good in the attachment. I'm tired of using indicators too.
The long lost again last night, two in a row now. I'll keep forward testing.
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,
no worries, i'll gladly work on ideas if i think they could have any value. You might have to wait a week and a bit so i can get my computer fixed. I'll make sure to finish it though.
Dreamliner, thanks for forward testing... I am sorry I didn't tell you that this trade is not good on Mondays. I this is suitable for Tuesday-Fridays..
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
I tried the EA and it worked. I had set order hour to=1 and take profit pips= 30. The EA took total of 40pips profit (20pips=buy and 20pips=sell) ! This doesn't make sense.
I had also set Orderframe to M15=3 and DirFrame =3.
Can anybody clarify what happened above? How do I set it to open orders at 00 GMT? My broker is +1, so I set OrderHour= 1.... not sure here.
Are you saying that you use 100 pips each and you consider that proper managment for the 30 pip TP?
electricSavant, your right SL 100 pips is not good money management. It might be good for SL 40 pips TP 60 pips. Once the position that get the SL, open a new order right on the price you get stop.
Open on 00
1. Buy on 00 and Sell on 00
2. price went Up 60, your buy get profit 60. But your sell get stop -40.
3. Open new order to sell on the price you get stop (thats on 40) TP 60 pips below.
unless that new order was a reversal then I would agree...which is what you are illustrating...good work
You'd better use this logical ideas :
AT 00:00 GMT, Assuming that GBP/JPN is at 212.50
Buy Stop at 213.00
Sell Stop : 212.00
You have to put SL 100 and trailing stop 20.
I make a lot of pips using this method, and I never use stop loose but I trade in minor account. We'd better use it rather than search for 'new system'. You'll make a lot of money...He..he....he..
Could you explain more? what do you do if it is at 212.25, or 212.35? What is your hit rate?
Dreamliner, i will try to answer ur question instead of nicesurf coz i think nicesurf won't answer ur question (sorry nic, no hurt feeling).
Based on nicesurf's post, it looked like he put order +/- 50 pips from 00:00GMT GJ's postion. So, if at 00:00GMT GJ price was 212.25 then you should buy stop @ 212.75, sell stop @ 211.75.
About hit rate, i can't answer coz i didn't trade this system. Hope that helps