cool..so far dis is d best system dat i ever knew... great achievement...!!
thanks man, nice and simple system
Can you post a few charts with explanation please that would help us newbies. Is there a time limit to the trades? I use FXDD Data for MT4, and it is 2 hours ahead of GMT
Yes, it's easy, all right. EASY tolose money with this "system". No stops, trying for 10 or 15 pips, and keeping your fingers crossed that it doesn't go down a hundred before you get your 10 or 15 pips. I tried it, and it doesn't work...pure and SIMPLE!
It's quite difficult to trade without SL for just 15 pips. You can wipe out your account in a day.
For those who have a brain and are willing to think about trade management for a moment, this is actually a beautiful little system. Here's how I've been trading.
1) At the close of the 00:00 bar, determine direction by close - open. Place 3 trades, with 10, 20 & 30 TP points, stop loss of 50.
2) When price closes out the first trade, pull the stop in to entry -8. This way, a reversal will result in at least 2 pips profit. I call this my beer stop ... cause you always gotta have 2 beers.
3) When price closes out the second trade, pull the stop to entry +2 for the last trade... another beer stop, except for the last position only.
4) Close any open prices at the end of day.
Best case, 60 pips. Worst case 50*3 loss. Most likely, 10 + 20 +2. For the people who can't get their head around a 3:1 profit to loss ratio, better try another thread. For the rest of us who care about the bottom line and hit rates, give this system a try on the GBPUSD, you'll be happy you did.
I've attached my charts from the week. Four winning days, Friday was a break even, but I actually don't trade Fridays often anyway.
And before you ask, if all works out well, yes an EA is in the works.
High guys.... how you all doin?
I WILL GIVE YOU ANOTHER HINT! determine the pivot point for the accuracy of this technique.. How? if the 00H GMT 1 hr bar closes low and the opening of the day is below the pivot point it means that down trend is confirmed...
Don't be so stupid in making comments with this thread because this is how the BIG BANKS which is the market movers trade... HAVE YOU WONDER WHY BANKS BUY IF YOU SELL AND THEY SELL IF YOU BUY? AND YET THEY EARN BILLIONS OF DOLLARS DAILY.... TRADE LIKE A BANK NOT LIKE AN ORDINARY TRADER...
I have demo tested this system both on Eur.USD and Gbp.USD for 6 weeks works better on EUR.usd
Thank Perseus, for pivot point explanation, can you confirm please.
1 If 00:00 GMT bar closes high and opening bar is above pivot point does that mean uptrend?
2 If 00:00 GMT bar closes low and opening bar is above pivot point that means we not sure if therer is going to be down trend.
nice idea Peseus. Shall add it to the conditions... Thanks.