Thanks for the share Perseus, quite logical your system. is very similar to the daily scalping system described on FF. Regards
Hi flexie, I have a brain but am reasonably new to forex.
I have Qs.
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.
'determine direction by close-open'... What does this mean? Do you determine direction from the 'close' OR 'open'? Is it close at 2300-0000 candle??/
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.
If you do as you explained in No2, then does'nt that still equate to a loss. 2*-8=-16 and 1*10=+10 isn't this still -6 loss... Entry-4 would equal 2 pip profit not -8.
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.
OK, Best case, +60. Worst case 50*3 = 150 loss. Most likely 10+20+2= +32.
If I do have this correct then that means that this must be successful 5 times out of 6. 5*32=160 1*150 = 150. So it is a 10 pip profit.
I realise because I am new at forex that I may have interpreted this thread incorrectly, if so please set me straight! I want a reliable system!!!!!
Your initial post didn't mention anything about pivot points. Nor did it mention anything about stops that some other poster is recommending. It's pure suicide to not use a stop with the hope that is it goes the opposite way by, say, a hundred pips, it may turn around so you can catch your 10 pips. Now, someone is adding rules to the "easy 1-2-3" method. The addition of new rules makes it no longer easy, and only serves to prove that this is not an easy system. You want to put in stops? Fine. You want to trade based on pivots? that's fine, too. All I'm saying is the system as originally posted will not work. If it does, then post an actual trading record based on the initial post. Blank out your personal information, and post it.
Hi Todd, my apologies if I offended you. So many traders are so fixed on a specific concept that they bash a good new idea because it doesn't fit their existing parameters. To answer your questions ... Perseus, correct me if I make mistakes here.
If the opening hour bar closes higher than it opens, then it is a LONG trade. If it closes lower than it opens, then it is a SHORT trade. I did see one day where IBFX indicated one direction and MultiBank indicated another, but that is a risk we take.
As far as my trade management goes, my feeling is a bird in the hand is better .... you know the rest. Therefore, once I've booked ten, I pull in the stop loss on the remaining two positions so the most I can lose is 8, resulting in a net +2 pips. You are right then, each stop would be entry - 4 pips ... 4 + 4 = 8 possible to lose. But hey, if something else works for you, go for it. If time & results prove that this stop loss movement, can be improved or dropped all together, then I will do that.
You see, I actually don't like using stop losses to manage my trades. I use a hidden SL, ie. I handle it (discretionary), so I don't get spiked out.
As far as the 50 pip stop loss, I only use the initial stop loss as an emergency SL ... eg. if I lose internet connection, pc crashes, etc.. I never rely on that value to take out a trade which is obviously going the wrong way.
The results for last week were 60,60,60,32,0. The 0 being Friday, which I don't trade. I'm only trading this on the GBPUSD, it makes enough for me.
I like Perseus ....
dude, relax ... take a chill pill. This is one of the simplist systems I've ever seen, but hey, if you've traded simpler systems successfully, maybe you'd be so kind to share?
And if a few modifications can make it more profitable as testing goes on, isn't that a good thing .... especially when Perseus is sharing this for free?
No offence taken! So you base your trade on the 0000-0100 candle (GMT). If it closes higher go long, closes lower go short... Im sure the original post said the entire trade was based on the 2300-0000 candle... Ill give your way a shot.
Thanks for the constructive words!
hello once again....
Can't you get people? I am posting this thread not to make a spoon feeding with you but to mold you to become an expert FOREX TRADER.... Always look at the bright side, use what you think is necessary to maximize profit... Guys I am just giving you an idea that would lead you to a better yet simplest strategy.... I am giving you the key but you are throwing it away.... use the candle 2400H-0001H GMT.... use trailing stop or whatever suits you.... JUST AVOID GREEDINESS.... This thread is to open your mind to the actual world of FOREX.... My first post' actually needs some development and that is what I am tasking you... THINK THINK THINK... I KNOW YOU CAN DO IT... I BELIEVE THAT MEMBERS OF THIS COMMUNITY ARE HIGHLY MOTIVATED AND INTELLIGENT....
Best Regards Gentlemen....
This is how I interpret the system. All the info below is from posts from Perseus and Flexie. Ive just tried to simplify...
1. If the candle 2400-0100 closes higher than it opened go long. If it closes lower than it opened go short.
2. Enter 3 trades. 1 with 10 pips TP, 1 with 20 pips TP and 1 with 30 pips TP.
When first target is reached move stop .loss to entry -4 to guarantee some profit. After that trail your SL however you see fit.
As far as initial SL, well that area is a little vague. I think that is up to the individual trader. I personally am going to trial with an initial 20 pip SL and will keep you updated. I picked 20 so that the maximum I can lose is 60 pips in a day which also happens to be the max pips providing I stick to the TP's.
Also, remember to wary of News announcements. They will affect the system...
My Fellow traders and members of this community.... I have posted a new thread much simpler than this.... PROFIT EVERYDAY...
TITLE: FOREX IS EASIER THAN 1-2-3 OR A-B-C (the simplest)
Hello fellas.... I am back and this time it is a quiet cool .......
Try this with demo account first, this is very simple... simpler than my other thread and much simpler than ABC OR 123... and you can enter the market at anytime of the day and night so long as the market is open you can use this system... and at any event, news, lightning, thunder, earthquake, what so ever just trade the market and all you have to do is to check and wait at anytime you want without worries... I just want you to choose a reliable broker that offers tighter spread on all majors... BROKER OF YOUR CHOICE OK...DO THE FF:1.) At anytime during trading days, place 2 trades at one direction (Long/Buy) EURO/USD and (Long/Buy) USD/CHF at same LOT size...2.) Then, wait for a positive figure and get out of the market (close all position if the profit you see is already enough for you)* easier than 123 right? Because it is just 1-2 procedure ...Explanation:If EURO/USD is uptrend then probably CHF/USD is downtrend but sometimes both go UPTREND which is good for us...What you are going to do is just wait and make snap/look at your trades or just simply visit it during volatile hours for that is the time where you can benefit from the market (NEWS TIME).. Let's say bad for the US, then probably the market would move against the USD...To maximize your earning on (ex. US bad news) just simply look at the EURO/CHF chart (30 min or 1 hr chart) and determine which is stronger that time.. if EURO/CHF chart is downtrend (CHF is dragging EURO) signifying that CHF is stronger than EURO that time, you can make a back-up position to maximize your profit (Hedge your USD/CHF position) to add-up to your EURO/USD positive figures... Then close your positions at profit you desire..... Just don't be so greedy..Note: Best if you open your position upon opening of the market atleast before 2400H GMT but if you missed that time already, no problem! anyway all you have to do is to wait for the positive figures to come and then close your positions if you are already satisfied with your profit....WARNING: LEAVING YOUR POSITIONS OPEN UNTIL THE NEXT TRADING DAY WILL GIVE YOU ADDITIONAL PROFIT .... YEAH, ADDITIONAL PROFIT ON INTEREST.... and if during the next trading day the figures goes back to negative, don't worry just wait and let the market give it to you... yes... it will turn positive within the day, JUST WAIT and worry not!Best Regards, PERSEUS