Does the OP mean to enter 3 pips beyond yesterdays high or low price on the chart?
So Take Profit 8 chart pips beyond yesterdays high or low price on the chart?
So Stop Loss 7 chart pips behind yesterdays high or low price on the chart?
Is this method only intended to trade on the first pass beyond yesterdays high or low?
Or also on all other passes beyond yesterdays high or low from inside yesterdays high and low?
Thanks.
There are too few times when price moves rapidly through the prior day’s extreme and too many when it pauses and retraces back 10 pips, so it hits the stop.
I cannot make this work consistently - and given that 95% win rate was the quoted target, actual real-life performance was very far below this. I suspect the quoted 95% win rate for this approach was purest BS.
Yes, or done in some faulty data containing back testing simulation.
Another variation on the enter long or short at the imaginary line for no specific reason method.
When entering in the other direction at the said line makes at least as much logical sense.
The first breakout 80% pullback.
So, Don’t trade at the first time breakout.
If previous day high is exceeded by 3 pips + spread = buy TP = 5 pips SL = 10 pips
If previous day low is exceeded by 3 pips + spread = sell TP= 5pips SL = 10 pips
Hi. It would be very helpful if you provide a concrete example on how your strategy works.
Many traders like to place pending orders above and below the previous day high and low price.
Tutuapp 9apps Showbox
This forex robot does the job for you. It places 2 pending orders: 1 order to buy the currency pair 2 pips above the previous day high price and another order to sell 2 pips below the previous day low price.
The default profit target for both pending orders is 10 pips. Take profit and stop-loss values can be changed using the EA inputs tab. It’s recommended to use this robot on the EUR/USD and GBP/USD pairs.
I think they are doing it for profit
What if they are right??
Is there any way to prove
I still want to press on with trials but its not working with a Risk:Reward of 2:1. I’m keeping the SL at 10 pips back but I’m moving the TP to 10 pips ahead instead of 5.
Regards
Jimmy
i was bored the other day and was curious that if someone can get rich earning 10 pips at a time. i usually trade the asian session so i don’t really get the 100 pip moves. i was curious if i started $1000 how much would i have using a strategy that could get me 10 pips a day. i was shocked when i finished this spreadsheet. im not sure how to attach files and also not sure if i can attach an excel file but let me know if you want to see it.
Yes, post it please. May be using an external server like Google Drive?
The problem is making 10 pips every day.
Doubling your account in a year will eventually make you wealthy. This requires making 6% profit per month. If you trade 20 days per month and only aim to make/risk 10 pips per day, at a value of 1% of your account capital per trade, you will need to be profitable 13 days out of 20. This means you’re winning 65% of the time, which doesn’t sound too demanding.
The problem is consistency.
Did everyone give up or is it a success
Cheers
i have been using the wedge strategy and it is working fine for me
actually imho isn t that hard to make 10 pips a day or even 20 if u know what ur doing and u have a nice win rate. it s easier then chasing price, just wait for that high probability trade, take ur 10 to 20 pips(whatever that means in % risk per pip) and ur done for the day. it s easier imo to be consistent like this then chasing trends or moves etc.
Well, we all know the theory but why is it so hard in practice to be consistent? Consistent in both win rate and daily returns and winning days? I don’t have an answer to this.
because people, like myself also, are impatient, greed takes over, and that s when u fail. specially if u have a higher win rate, ur ego get s so large that u can t accept not being right, so u hold onto ur losers till they turn into massive holes in the account. that s what happened to me atleast not so long ago. had to take a step back and realise that wasn t my analysis or my entry techniques, but my ego and the greed that comes with it. was harder for me to teach myself to take the losses fast without thinking to much than to learn how to trade.
i was thinking that exactly im a beginner hehe interesting
what timeframe you use? can i trade this strategy with gbpusd?