Simple Daily System

[walkonwallstreet]

system looks great, thank you pipchaser! i just have one more question... what do you do when you see the yellow colored line start to appear? do you exit your current position?

[bobbobson]

After my first week trading this system, I saw significant gains early on in the week, followed by significant losses at the end of the week (mainly in the Yen pairs). Not completely giving up on this one, but so far my win/lose ratio has been about 50% so it would need to get a lot better than that to make it profitable.

[PIP CHASER]

Originally Posted by bobbins

After my first week trading this system, I saw significant gains early on in the week, followed by significant losses at the end of the week (mainly in the Yen pairs). Not completely giving up on this one, but so far my win/lose ratio has been about 50% so it would need to get a lot better than that to make it profitable.

It works great when the market is trending then gets chopped up when ranging. You can try cutting the ADR stop in half giving you a risk/reward ratio of 1:2 thus needing an ~ 33% win rate to break even.

[uafx]

Hi Pipchaser,

thanks for your system, I will try it, but 2 things not clear for me (I am new to forex, so forgive me for the probably lame questions):

1. What is the entry price you enter a trade? Is it just a market order somewhen a little after midnight, if you have the signal? Or how do you calculate your entry price?

2. About SL and TP levels... as I see your attached statements you used mainly an 1:1 risk-reward ratio. But for example on USDCHF in your posted statements you used a SL/TP level somewhere between 100-200 pips, but for example for the next monday my maximum stoploss value for long is 65.

Thanks for your answers:
Andras

[walkonwallstreet]

Originally Posted by walkonwallstreet

system looks great, thank you pipchaser! i just have one more question... what do you do when you see the yellow colored line start to appear? do you exit your current position?

i was asking the same question...

the yellow colored line means both reversal or uncertainty. wheather if we should exit our current position we need to consider accordingly.