OzFx System :) 100-800 Pips Per Trade

[forexnoob]

Well I know its been awhile since I said I would update. I was moving so I had no access to the internet for a little while.

Anyway though I did enter 3 trades starting yesterday and 1 today for a total profit of 250 pips.

I traded EUR/CHF, GBP/CHF, USD/JPY, USD/CAD

I shorted them all starting with EUR/CHF, GBP/CHF, USD/CAD yesterday around 7pm est U.S

Then shorted USD/JPY this morning all for a total of 250 pips.

So far I haven't had the "stones" to carry my trades more than over night and into the next afternoon. SO I may be able to get more profits from these trades ,but tend to close them at the end of the NY session the following day for a substantial profit so far.

I have doubled my account since I started trading this system. I have no complaints so far.

[avimanya]

Hi OzFx,

Which duration chart is most suitable to use - 5M, 15M...or 4H?

Thanks.

[OzFx]

Originally Posted by tonymand

I am not criticising this system at all as I have not used it but the profit reporting is in my view misleading and there have been a number of queries on this. Reporting of pips means nothing as a strategy can be pip positive and dollar negative and vice versa. The important figure is your profit relative to risk ie R. In this strategy the worst case scenario is stop out at 100pips (does this include spread and commission, if not it should be added) and this represents 1R. For the strategy to return 1R on a trade you must get past your 4th take profit point. It is safe to assume therefore that this strategy needs to have well in excess of 50% trades successful. Taking the example here by Oz this actually represents 160 pips not 300pips ie 800/5 and as a function of R is something less than 160/500 (because of spread and commissions). On say EY which commonly trades around 3 pips you would have 160/515 ie 0.3R. If this was an average return then an 80% win rate would give you 8 x 0.3 - 2 as a return ie 0.4R (a 70% win rate would lose you money!). Assuming a 2% risk per trade then you would have a return of (0.4/10) x 2 ie 0.08% effective return per trade entered. Obviously you can substitute your own values into these equations to get your likely return and if you then multiply it by the average number of trades per month that you expect then you can estimate its monthly ROE. Hopefully the strategy is indeed profitable for you guys and continues to be so but strategies with such a high win rate are rare indeed

Hi tonymand,
Thanks for your input. We had similar discussion before on my forum and we all decided to keep the existing method for calculating pips. Moving forward I would look into something more pleasing to everyone.

Oz

[OzFx]

Originally Posted by Johnsovich

Does it exist a similar indicator like AC in Oandas platform? I can't get MT4 to connect on my computer at work, probably because of firewall.

Bummer...I think the name is something else on Oanda...play around see if you can find it.

[OzFx]

Originally Posted by avimanya

I would like to know what is AO as opposed to AC and how do I apply and use it in my trade?

Thanks.

try reading on AES Advance Entry Signals (AES) | OzFx Forex System

let me know if you still have questions.

[OzFx]

Originally Posted by alkhataat

Hi OzFx

Firstly I must thank you for sharing this trading method with every one here, very kind of you and most appreciated.

Personally I understood the chart setup and the rules for going long/short and the MM, but one thing still not clear to me, is where exactly to enter.

Looking to the attached EURUSD chart, the signal was to go long on the 14th FEB (Blue Arrow) as the AC was above 0 and the AO was green.

At which price was the entry long? was it at the closing of the candle on the 14th? or at the opening of the next candle on the 15th?

Can you kindly explain this bit in details if possible and appreciate if you also can give us another example.

Thanks again for your kindness and best of luck

Alkhataat

We actually took that trade and I made +445 pips....some traders held it for longer and made +550 pips.

You are right...we would enter at the candle pointed by arrow. I would enter at the open of the candle. We don't wait for that candle to close.

Oz

[OzFx]

Hello Friends,

Trades from this morning are all going in our favor big time. So far we already have banked +300 pips plus more to come

Currently Open Positions:

1. EUR/JPY - Short - 2nd lot closed at +100
2. AUD/JPY - Short - 2nd lot closed at +100
3. NZD/JPY - Short - 1st lot closed at +100
4. EUR/GBP - Long - Already had 3rd lot closed at +150

Month Total: +1615

[OzFx]

Hello friends,

As soon as I finished writing my previous post prices move incredibly in our favor banking us total of +450 pips
Currently Open Positions:

1. EUR/JPY - Short - 3rd lot closed at +150
2. AUD/JPY - Short - 3rd lot closed at +150
3. NZD/JPY - Short - 3rd lot closed at +150
4. EUR/GBP - Long - Already had 3rd lot closed at +150

Month Total: +1765

[OzFx]

Originally Posted by alkhataat

Hi prettrad,

Thanks for your reply, though you are jumping ahead of the original signal but that has good sense.

I also noticed that some brokers do have 5 bars a week on the daily chart and others have 6 bars a week on their charts, both are on MT4 platform, does this different type of charts effect profitability or lets say generates wrong signals?

Has any one experienced this matter?

As you see on the first AUDUSD daily 5 bars/week chart, the AC has gone above 0 on the 28th JAN, but on the 2nd chart the 28th was the second day that the AC has crossed 0.

Any comments on this ?

Thanks again for your assistance prettrad.

Best of luck

ODL has candle for Sun. Most brokers don't. It doesn't really matter

[OzFx]

Originally Posted by prettrad

hey all,

I was just going through my GBP/JPY chart and wondering whether anyone would enter a trade here.

Personally, looking at AO & AC which look pretty undecided and stoch above 0 I'm thinking i'll wont enter a trade here - i'd rather let the chart develop and look out for a clearer signal

anyone agree?

Pret

I personally keep away from GBP/JPY pair.

Oz