were there any specific pairs you were looking to use this with?
You read what someone posts and you infer they have a āholier than thouā attitude. You are just as adamant in your opinions and beliefs as the next guy. I have read many of your posts. Blunt is not the same as condescending.
From where I sit the people banned were targeted. They werenāt rude nor did they call others names. The way they were treated was obviously against the forum rules but that behavior was tolerated for some unknown reason.
Wow.
And you did all this in the three days youāve been here?
In the order of keeping things civil, I wonāt post a reply other than this, those who know me in my short time here, also know Iām not close minded.
GBP/USD is what Iām mainly looking at. thatās the pair Iāve done the most analysis on. I do wonder though are there other pairs that may be better? Iām open to suggestions.
i tried it on GBP/USD, EUR/USD and AUD/USD, G/U and E/U use the same TP and Sl while A/U used a smaller TP and SL
Iām thinking of having my stop loss bigger than my take profit. I know āUsedā in another thread recomended not using a take profit. Why limit yourself. Let the market give you as much as it will. Or take as much as you can. But until I change my biological clock so I can actively manage. I think a take profit is the way to go. SL bigger than TP is against the usual MM rules. But a larger SL has a lower probability of being hit. and if the win rate is high enough then you would still be profitable.
true, if you want i have a trade manager that can have multiple TP points (up to 4) and an option where after āXā pips in the positive stoploss is moved to plus 2, all it does is manage the open trade on the current pair, not open any tradess. also with it running you can only have 1 trade open per pair including working orders, thats the one downside. but it is still nice and would allow for better TP and better SL.
leme know what settings you are using and ill try it out, and let me know the optimum TP and SL levels for G/U.
That sounds interesting. Unfortunately I use Oanda right now and Iām only using metatrader on an IBFX demo account. I should switch over to a metatrader broker so I can use things like that.
Tomorrow Iāll post a few results that indicate what TP may be best. But the
SL Iām not so sure about.
alright cool 
well here are a few numbers.
Iāve only started trading this for about a week so no real life stats yet. These graphs are from looking at the historical data that I downloaded from IBFX.
This little analysis doesnāt make any distinction between a normal day and things like NFP or other high impact news items. So there are lots of variables, this is just raw data.
As I mentioned in the first post, 96 times out of a 100 price will exceed the previous days high or low. of those 96 times it will go a certain distance a certain percent of the time. That distance in pips multiplied times the percent would give you a total of pips per 100 trades.
and here is a graph of the total pips per 100 trades. Pretty clear where the optimum peak is. But there is still something in my psycological makeup that makes me go for 20 pips instead of 55. :eek: (something I need to work on!)
Looks like around 55 pips take profit is optimum.
This assumes that every take profit is hit for a win. Which of course wonāt happen in real life.
Perfect example of a [B]FALSE ASSUMPTION[/B]. The join date is not the same as the date someone started reading this forum. Let me suggest you check all of the assumptions you have been making because this is not the only false one.
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Looks like you are on to something profitable. Very nice frequency distribution. Can you include a maximum drawdown for each row?
well based on that 55 is the best, however, it only wins 45% of the time so how big will the stoploss be? must be smaller then 55, also look at the win% of the 30 pip TP, 67% so 2/3 of your trades will be profitable, but at what SL?
LOL you didnāt [B]ASSUME[/B] for one second that I was [B]NAIVE[/B] enough to believe that this was BabyPipperās first week here did you?
My post was a [B]TONGUE IN CHEEK[/B] stab at someone who has [B]OBVIOUSLY[/B] been here before.
Silly Jaquille;)
Nice try for a āsaveā.
CAD/JPY may be a good pair to look at.
A sizeable range on a daily basis, with strong tendencies to continue going a given direction.
NOW whoās [B]ASSUMING[/B] things?
This is tiresome.
Good thread Talon.
Iāll PM you with some thoughts.
I donāt want to clutter this.
CAD/YEN - Thanks for that suggestion, Iāll take a look at it.
Draw down and stop loss - Well thatās the tricky bit that I havnāt figured out yet. I only looked at day candles to get these numbers. Iāll have to look at a zoomed in view of price on smaller time frames to see the detail and get an idea of draw down and how big stops should be.
It would be easy to multiply the pips times the loss percent. But what about when price hits your stop and then goes on to where the TP would have been. So you get a loss that should have been a win? So the wins in my previous chart look good but that doesnāt show the whole picture.
Analyzing daily candles is the easy part. Then it starts getting hard.
Last few days there hasnāt been much of a price move beyond previous days highs & lows. Today is a good example.
ya i know what you mean, when i tested this before sometimes price would hit my SL then hit my TP, the hard part is going to be finding the right SL
Here to add in my own thoughts. This daily hi lo method is best to combine with candlestick patterns. Eg a bearish candlestick pattern occurs on the daily and at a swing high. We can play the break of the pattern which is the daily low and vice versa for bullish pattern at swing high. 