10 pips / day (NBoP)

[PIPology]

Yes, there are also losing trades, no one can get 100% profit from any strategy. Generally I lose about $500-$1000 per total from a profit of $4K-$10K/month. That's about 8-10%.

I already said on my website who is my broker.

Thanks for your visit and interest.

Originally Posted by Harry Potter

Hi Pipology!

I like the "hit and run" approach of your strategy. Very nice results too, congrats.

Do you have losing trades too tho?
In post #13 you wrote that your stop is 10pips+spread above the high of entry candle. This is quite a bad risk/reward ratio if you only go for 10pips profit.

What broker do you use, and what pais do you trade?

Thanks!

[PIPology]

Hello my friends,

After almost a week of "holiday" I'm back with today's trade. It was a little risky but 1 lot worth it

Here is the chart:



11.30 GMT price broke the mini-TrendLine and the RegChan. (I attached a detailed picture to see the trend line), but MACD was positive
12.00 GMT price turned the MACD to negative and also made a little retrace and the risky part was that W%R wasn't clear above -80, was at -80.51 and that meant I broke my rules to enter a trade.

I am aware that when I broke my rules I might end losing that trade and the possibility to lose is HUGE, but that's part of the game and fun Now I was lucky, next time I better be more careful because we expect volatile times

12.00GMT Entry: SELL @ 1.5715 with 1 lot
Target: 1.5705
Stop Loss: 1.5735 (maybe that why I entered, because price closed UNDER the RegChan and I was almost sure that price will move at least 10 pips in that direction for at least 10-15 minutes)
Time of trade: 5 minutes or less

Profit: 10 pips x 1 lot x $10/pip = $100

Well, that was all for today, I'm out for fitness hour.

Happy PIPpin' !

[perfectsun]

Hello,

I took a trade today, based on your rules, It went against me. Can U explain a bit more?

[PIPology]

Hi there,

I will clarify for you 2 things:
1. I don't trade AUD/USD, GBP/CHF or any other dangerous pair that it's more chaotic than any other. And the spreads are HUGE. I developed my strategy testing and backtesting the pairs I mentioned on my website. The main pairs that generate my profit are EUR/USD, USD/JPY, GBP/USD and CAD/JPY.

2. I suggest you to get another charting software because that broker displayed wrong a pattern for you. I attached a picture from my chart broker and I NEVER TRADE THAT PATTERN. That pattern means indecision at that point. There is no strategy to show the next move after that. It's all based on luck if you trade it. You weren't lucky. When I see it I am happy to get out flat. You should exit at that point.

If I were to trade AUD/USD I would have enter like you with a little worry because W%R was too close to RSI and rarely RSI goes near 30 level (and when it goes it rings bells that price might jump). And more, that pattern would bring worries and I would have got out instantly at close of that candle.

Sorry for your loss.

Happy PIPpin' !

Originally Posted by perfectsun

Hello,

I took a trade today, based on your rules, It went against me. Can U explain a bit more?

[enochbenjamin]

Great thread - I always like the simple trading rules.

May I make a simple suggestion to make the strategy more profitable?

ok - since you already trade multiple lots, why not keep one and move your stop to break even for a free trade?

For example, if you traded 3 lots, take your profit on 2 lots (10pips), move the stop to break even and see how many pips you can bag! At this point the worst that can happen is a 10pip profit on 2 lots.

Just something to consider.

[perfectsun]

No problem, it was on demo. I am just testing your strategy, it looks good, so thank you for explaining.

I don't use this broker for trading, just charts.
I will check some other one, do you recommend any other for charting?

Can U send me a template of your charts, and is there any option of live chatting through msn or skype, maybe a few minutes a day?

P.S.: you forgot to post your picture, from your charts.

[PIPology]

Originally Posted by perfectsun

No problem, it was on demo. I am just testing your strategy, it looks good, so thank you for explaining.

I don't use this broker for trading, just charts.
I will check some other one, do you recommend any other for charting?

Can U send me a template of your charts, and is there any option of live chatting through msn or skype, maybe a few minutes a day?

P.S.: you forgot to post your picture, from your charts.

I have a webchat on my website. You can find me there in the GMT morning. Or PM me with you skype id to add you.

Originally Posted by enochbenjamin

Great thread - I always like the simple trading rules.

May I make a simple suggestion to make the strategy more profitable?

ok - since you already trade multiple lots, why not keep one and move your stop to break even for a free trade?

For example, if you traded 3 lots, take your profit on 2 lots (10pips), move the stop to break even and see how many pips you can bag! At this point the worst that can happen is a 10pip profit on 2 lots.

Just something to consider.

Well, my trades don't take more than 15 minutes. If it takes more I'm out. I don't like to stay too much in the market. I like to take my profit and that's all. But you have this option you suggested and you can try But before that see the pics I taken for each trade and you will notice that 80% of the trades are taking place before reversals (on short therm obviously) I know why i am not staying with this strategy too much in the market.

I have other strategy for H4 that is made for long trades.

Thanks for your messages.

[Burbor]

Hello Pipology,
I have been testing your strategy with surprising success. Very impressed... Thank you for sharing.
I would like to clear out one part of your strategy. You are using the Reg. Channel from previous day (from 00.00-24.00 GMT). CLEAR. But, sometimes you move that Reg. Channel forward (from 12.00 previous day to 12.00 present day). Please, can you explain why? What conditions you need to move that Reg. Channel forward? Sometimes you use mini trend line. OK. But, what if that trend line is different than line from REG. Channel? As you now it happens. Which line is more reliable for you? Yes, I have some answers, but I am curious to reed yours.
Good luck and wish you the best!
Burbor
PS. You said that you have another strategy. Will you post it on this forum?

[uptick]

Originally Posted by PIPology

Hi there,

I will clarify for you 2 things:
1. I don't trade AUD/USD, GBP/CHF or any other dangerous pair that it's more chaotic than any other. And the spreads are HUGE. I developed my strategy testing and backtesting the pairs I mentioned on my website. The main pairs that generate my profit are EUR/USD, USD/JPY, GBP/USD and CAD/JPY.

2. I suggest you to get another charting software because that broker displayed wrong a pattern for you. I attached a picture from my chart broker and I NEVER TRADE THAT PATTERN. That pattern means indecision at that point. There is no strategy to show the next move after that. It's all based on luck if you trade it. You weren't lucky. When I see it I am happy to get out flat. You should exit at that point.

If I were to trade AUD/USD I would have enter like you with a little worry because W%R was too close to RSI and rarely RSI goes near 30 level (and when it goes it rings bells that price might jump). And more, that pattern would bring worries and I would have got out instantly at close of that candle.

Sorry for your loss.

Happy PIPpin' !

AUDUSD has a pretty tight spread.

[PIPology]

Hey Burbor,

First let's clear the thing with "good luck" PLEASE don't "good luck" me in Forex, it's like saying "good luck" at fishing Better wish tight spreads

So, about your questions.
1. RegChan: Sometimes I move the channel when I see that price didn't get out of it till 12.00 noon. There are no conditions, I am only looking for a better channel, a channel with closer bands.
2. Thend Lines I am drawing must match the RegChan bands or at least stay together.

I attached the carts for today's trade. GBP/USD. Great move.

I moved the RegChan today for GBP/USD and as you can see the TL was there, near the RegChan. Pretty nice, ha ?

Signals:
2 EMAs crossed
Price broke the RegChan and TL at 16.00 GMT (with the same candle - pretty strong signal)
MACD turned down at 16.30 GMT
W%R retraced at 17.00 GMT

Entry:
17.00GMT: SELL @ 1.9744 with 2 lots
Time of trade: 3-5 minutes
SL: "nevermind" price hit the TL and closed bellow so that was clear for the next move - direction DOWN
Target: 1.9734

Profit: 10 pips x 2 lots x $10/pip = $200


Happy PIPpin' !

Originally Posted by Burbor

Hello Pipology,
I have been testing your strategy with surprising success. Very impressed... Thank you for sharing.
I would like to clear out one part of your strategy. You are using the Reg. Channel from previous day (from 00.00-24.00 GMT). CLEAR. But, sometimes you move that Reg. Channel forward (from 12.00 previous day to 12.00 present day). Please, can you explain why? What conditions you need to move that Reg. Channel forward? Sometimes you use mini trend line. OK. But, what if that trend line is different than line from REG. Channel? As you now it happens. Which line is more reliable for you? Yes, I have some answers, but I am curious to reed yours.
Good luck and wish you the best!
Burbor
PS. You said that you have another strategy. Will you post it on this forum?

---------------------------

uptick - good for you, i don't trade USD clone currencies (AUD, NZD etc).