My friend told me that he has been trading USD/JPY for years and have found a profitable system. This system work for this pair which have a swing characteristic. So, he told that this system just have a few simple condition without using any indicators.
The system is
1. for the first time, we open two position : buy n sell at a same price with a specifit target to take profit
2. if price goes to the direction of one of our order and hit our target, we open the same action to buy and sell again at this new price
3. there will be 2 posibilities when we already reach this condition
a. price will go to the same direction like previous one, and same order that will be hit like the one that already closed for target. so we will open a same action, buy n sell again
b. price will go to the opposite direction of previous one, so this one we will do a different action. Just to remember, we already have a position that is floating loss that we opened in step 1. So, we won't open again this time.
4. thats it... it is simple guys...
the concept of this system is over than 70% of trading time is sideways. so we will catch the profit from there.
i open mind for any ideas to make this system perfectly... but need ur help to realize this system into an EA.
you keep taking profit and let your loss run. in which case your realised profits will be worn down by your unrealised loss. so where does hte profit come in
did you hear firebird or phonix?? firebird was profitable (200 pips a day) when there's no big trends but when trend comes, oops all accont blew up =) try firebird and see..
thanks for ur good analysis. anyway, i have a same thinking too about this. that's why i really appreciate for any idea to make this system work better. i still believe in this system... maybe we can work together. i still try to make EA by myself but i have a lot of trouble seems i have no background in programming.
i have heard about firebird n phoenix ( by hendriks ). yes, they are some of great EA. but i want to develop this system to know how effective this. maybe if we can work together, we can develop a great EA too. that's why teamwork are better that personal
ok, here is an idea....
there's always trend but takes many days. if we open orders for just one direction, long or short, we can limit our losses. look at the daily chart. 5 ema/10 sma is enough to deceide what is the long term trend. 30-300-30 firebird can make profits by this directions..
I've met Anna Monti on the web and her Forex Freebot. I find this stuff interesting for newcomers. Just for notice