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.
Knowing the reversal strategy, how to enter the trade TP and SL
One could perhaps achieve similar results with these or any parameters by -
Buying instead of selling when the chart price goes 3 pips beyond yesterdays low price.
Selling instead of buying when the chart price goes 3 pips beyond yesterdays high price.
Both of which actions are at least equally logical with -
buying at 3 pips beyond yesterdays high price,
or selling at 3 pips beyond yesterdays low price.
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.
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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.
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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