Hi perryfx,
This one was stopped at entry, but anticipating they will make some move today to early next week.
Type 2 short on eurjpy @ 138.87. Risk 33 pips, Potential Reward 57.5pips
[QUOTE=“BankDaPips;630500”]NZDJPY type 1 short setup. <img src=“301 Moved Permanently”/>[/QUOTE]
Hi Bank,
So, have you entered this type 1 trade already, or are you waiting for it to retrace to 2-8 pips below last blue bar?
Hi brutus2,
I had a sell limit order 8 pips from the close price of the last blue bar. It was just filled.
i want to ask, different broker different time of open market, so how to synchronize this time ? i had already compare, your broker, FXDD, and IBFX all candles are different. so how to determine 12:00am and 4:00am?
I am glad someone asked this because I always struggle with methods that pose a particular time when we have so many different platform times. I also have some IBFX accounts and their platform is gmt. Here is the best I can come up with and hope Bank can confirm if I got this right. He is basing his entry decisions on the midnight and four am bars EASTERN time. Midnight eastern time is 4am on IBFX. So, we remember that the time represents the start of the bar. The 4 bar will conclude and the 8 bar will begin. If I am understanding correctly, these correspond to Bank’s midnight and 4am eastern bars. The 8 bar will conclude at 12 gmt and that is when we can see the completion of both reference bars and will be making trading decisions. That would be 8am eastern time. Bank, did I get that right?
Hi sigedhol and pipwoof. Sorry for the delayed response, I was offline for the weekend. Yes you are very correct pipwoof. The times represent the start of the bars EST and decisions are made at 8am. Trading the corresponding time on your platform should be fine.
Only one correction pipwoof…Bank is a SHE 
Just filled on this short.
My sincere apologies, Bank. No excuses for that one.
Hi BankDaPips,
On AUDJPY what was the level you were filled at? On the Chart the levels are not clear.
Still trying to follow the rules of the system.
Great work
DD
Hi dubadat,
I will try to type the prices next time. I was filled at 94.259.
GBPJPY type 1 short. Sell limit @ 171.613, stop 171.943, tp 171.08
EURJPY type 2 short. Sell limit @ 139.017, stop 139.347, tp 138.48. Last week’s short still in play.
Hi Bank, thank you for sharing your work with us, I can see that you have put a great deal of effort into this strategy…and to share it here with everyone is very gallant of you.
I would like to understand the logic behind your method and therefore have some questions: with reference to the bar range and limit calculations how did you derive at or what are those figures based on? Why are the orders valid for 5 days & say not 3 or whatever? And why is the SL a hard 33 & for all the pairs?
Thx again for your efforts.
[I]If range of ENTRY PRICE BAR(EPB) =<30, LIMIT = (EPB High - 3.65EPB Range)+18pips
If range of ENTRY PRICE BAR(EPB) >30 and =<50, LIMIT = (EPB High - 2.43EPB Range)+18pips
If range of ENTRY PRICE BAR(EPB) >50, LIMIT = (EPB High - 2.3*EPB Range)+18pips
Stop is moved to BREAKEVEN when price reaches low of EPB or 12:00am bar, whichever comes first.
Order is valid for 5days
[/I]
Hi PipReaper
First of all I must remind that this is a strategy BEING developed so its still work in progress.
My objective is an easy to understand non subjective strategy with high probability success. Straight forward entry, management and exit.
In short the logic is examining price behavior during the first session of the day to assume the likely trend for the remainder of the day/week.
Basing entries on the last blue bars close price for instance is rationalized as it being the last impression buyers made which would therefore create good resistance for sellers to take.
You will probably so far observe how this bar is respected through all the trades so far.
The calculations are ratios in respect of the size of the move after direction is decided.
The rest is based on the observed pattern which i am currently testing before concretizing…hard stop 33pips order validity etc.
This is it in a nutshell. Hope i have answered your question.
Good Morning/Good Evening,
Some update on my last set of trades…
EURJPY shorts were both stopped -33pips each
GBPJPY short stopped -33pips
NZDJPY short stopped -33pips (I subsequently re-entered short)
AUDJPY short still going.
The trades were all stopped out between 0.2 and 2pips before reversing, which means a bit of a better stop or entry would have made a vast difference.
I will therefore need to make some revisions where the stop is concerned at the moment. I was hoping to have some sort of automation to help with that but it seems it may not be as simple as calculated.
Regardless, the work continues.
AUDJPY short closed at entry giving favor to long setup.
