That’s awesome melchsee! Are you using your filters on both methods though? I think I need to try your filters out. As of right now, I have 329 closed pips since last friday on the wicked wick approach, however, that +400 pips from wednesday night did a complete 180 degree turn and now it’s at -460 floating pips. Still might turn out in my favour but it might not. The one thing i did notice about the wicked wicks, your balance will bounce up and down until you hit one of those nice big trends then it’ll sky rocket until the trend is done…then repeat the up and down until the next big trend. If there was a filter to reduce the up/down bouncing, or perhaps we can employ a set stop loss of say, between 30 and 50 to minimize our losses.
Any further suggestions? In the meantime I’m still working on getting screen shots set up for the entire month of may on a few pairs.
Happy pipping people!
Yup I’m using my filters on both approaches. I also make sure that the current and future news is in line with the side it’s taking. I’ve successfully made 250+ pips alone just trading XAU/USD yesterday over a course of the week. This weeks trades were choppy because of the news so I’ve set stop losses every 25 pips. Everytime my trades close I get prompts so I can quickly reopen when I’m at my desk. Even though I’m trading with a small amount this approach on average has potential profit of 10% base per day.
Thanks for the info melchsee.
So far I finished screen shots for the entire month of May for the GBPUSD pair using the Wicked Wick approach.
For the month, you would have landed +704 pips. Not a lot of pips, but again this system didn’t trade for 10 days out of 22 and saw only 4 losing days out of 12. Not a great win/lose ratio but the winning pips outweigh the losing pips by a lot which make the difference. Maybe with melchsee’s filters we could increase that to 9 or 10 or even 12 winning days out of 12!
We also see two small trends that didn’t last very long for the month, not the big trends that land a lot of pips.
I’m trying to fix up my blog so I can put the screen shots up and the results so please bear with me a little longer!
Alrighty then. Here’s the month of may for GBPUSD using the Wicked Wick basic method. I’ll just link the URL instead of the actual image to keep this message short.
NOTE: The candle at the very RIGHT HAND OF THE SCREEN is the one we’re hoping trade on. Pretend it just opened and hasn’t fully developed as displayed in the screen shots. Keep that in mind while looking at this system.
Adding up for the month yields +704 pips. Trade this method accross several pairs and well, hopefully you get the picture.
Now, if we could have used Melchsee’s filters this number may increase significantly. Let’s give it a shot!
Using the TDI Reg Green indicator with the Wicked Wick method landed an additional +200 pips in May. Simple to use
For LONGS, the green must be above the red, then trade in that direction, regardless of candle direction.
For Shorts, the green must be below the red, and trade in that direction, regardless of candle direction.
hi guys im back for now, my laptop died on me a last week. So i’m in the process of replacing with a new one. For now i’ve been trading using my mobile and based off windsor’s wicked wick strat, i’m up 1200 + pips for this week, i trade basically gold,eur/usd,gbp/usd.
I’ve been blinded by not having my indicators at all and i traded solely on windsor’s approach. I’ve made some losses here and there but the profit itself overwhelms the minimal losses.
I’ll be adding a link of my series of trades on fxbook.com soon to show how well this strategy is working.
Also some advice for conservative traders, a way to minimise loss set stop loss to 30-40 pips. Or you can create pending orders every 30-40 pips till it reaches the +/- 161.8 levels. Usually i start slightly above 50% level and work my way to 100% and then 161.8 % level. By splitting up your trades you not only can gain profit but also minimise any losses should it turn north/south on you.
Some may have thought of this method, just wanted to share what i’ve been doing
Happy Pipping !
Thanks for the feedback, good luck on the test! If you have any questions, feel free to ask!
Thanks again for sharing Melchsee. I’m glad to hear it’s working for you.
FYI, the TDI indicator repaints too so just becareful if trying to use it as a filter. I stopped using it since and my profits are going up a little quicker than with using it. Also, my mt4stats page isn’t updating either. Silly website.
As you guys may have seen, I was testing the approach on several pairs with mixed results. As Melchsee stated, it seems to work best on GBPUSD and EURUSD, but also works well on AUDUSD and I think USDJPY. Stick to those four for now while testing. You’ll be greatly suprised at the results.
Another piece of advice, while setting targets if you put up a Bollinger Band with deviation 2 period 20, T2 can be the upper/lower band, depending if the Bollinger Band comes first before the 261.8 fib mark. Though technically this would result in slightly less pips from a target aspect, overall the T2 target might get hit more often than going the distance to 261.8.
How this works is hover your mouse over the Bollinger Band directly above/below the current candle. It’ll display it’s price level, and you can set that as your TP for T2.
Good luck on the tests, can’t wait to hear your results!
@windsorftw and melchsee: I am still demo trading through OANDA and plan on trying out this method for the next week. However I noticed that some of the price data (candles/wicks) that OANDA has looks a little bit different from the candles that were displayed in all of the pictures on post#64. I was wondering what brokers you both use because this strategy may work better with those brokers since there is no discrepancy in the price data. Also, I’m still having a little bit of a hard time figuring out how to draw the fib lines. I’ve looked through all of the pictures on post#64 to try and understand it but I’m a little bit confused. For example, on the may 3rd picture you drew a fib line from the bottom of the bearish wick to the TOP of the bullish candle’s body from the previous day. But on May 11th you drew a fib line from the bottom of the bearish wick to the BOTTOM of the bullish wick from the previous day. How come on the 3rd you drew the line to the top of the body but on the 11th you drew it to the bottom of the body? How do you know when to draw to the top or bottom of the previous day’s body? I also noticed that on the 18th you drew a line from the top of the bullish wick to the top of the bearish body, but on the 20th you drew a line from the top of the bullish candle’s wick down to the bottom of previous day’s bearish body.
Other than that little bit, it seems like it would work pretty well and it is very effective at catching those big trends. Also, congrats to melchsee for getting 1200 pips in one week. That is ALOT.
Navo, I apologize as I don’t very much time right now to write a proper reply. To answer some of your questions.
I use FXOpen.com for my broker. They are GMT+2 time zone and have been around for quite a while. I have not had any issues with using them.
Drawing Fib lines. The rule is on a bearish candle, draw from the bottom wick to the bottom body of the previous candle. Now, what happened May 3rd if you look at the screen shot, drawing from the bottom wick to the bottom of the previous day candle (which was a large bullish candle) would not have given us a T1 or T2 fib line. This type of set up is user specific, either avoid trading that day, or do like I did, draw to the top of the body. You’ll find drawing to the top of the body will yield more wins than avoiding trading altogether in that scenario though. It takes some getting used to, but overall it’s working, and the most important thing, it’s working on a LIVE account.
a quote on quote, i’ve been trying to set up the fxbook account but it seems to be incompatible with OANDA’s MT4 client.
I’m using OANDA to trade based on windsorftw’s strat and it has been working well. I also have a FXopen trading account to compare charts. Last week was a lucky week for me as i managed to ride the trend on gold and silver. However i was down -300 pips at the end of the week. Leaving me with a profit of +800 pips.
I dont trade solely on windsor’s method. though i find his simple way of picking up trades to be really effective so far.
Hope we all can learn more about this method from the man himself, kudos to that !
Happy pipping guys !
Here’s my current trade based on the strat :
i was already +25 pips from here earlier, i manually closed it before the austerity vote in euro should it go down south. but it hit my pending order as shown and i’ve set TP at Fib 100.0 and SL @ Fib 0.0 and another pending order to take over when i pasts Fib 100.0 with TP set at 30 pips. SL set at 10 pips.
could you explain further how you entered and placed your TP and SL?
I dont seem to have any problems with it though it has been quite a slow trade day.
Having read over this thread in the past week I’m curious to know whatever became of this strategy? Everything seemed to be going well with the participants, yet the thread abruptly ends. Whatever became of the Wicked Wicks idea?
I don’t know about anyone else Merchantprince, but I’ve been busy making a living with the system. It works really well, especially if you know how the markets work. I’ve added a few filters which seem to improve on the original system. I’ll post an update if anyone’s interested. Still, the main system works really well on a live account and demo.
Thanks for the reply, Windsor. I was curious after reading about it and would like very much to see an update of the additions you’ve made to the system.
Sure thing Merchantprince, I’ll put everything together in a nice well thought out package and update the initial post, with screen shots and all. Cheers!
@windsorftw I’m very intrigued with your Whicked Whicks system and FOREX in general. I plan to start demoing it soon. I’m curious to your money management strategy when you engage in placing position in 6 different pairs. Can you elaborate any on that. Let’s say for example I start out with $5K USD in my account, based on your experience and such how would you trade? I understand trading is a very personal thing, and I do plan on demoing and creating a plan consistent with my personal taste, I’m just curious how you would advance with an account such as that, keeping your risk management within limits.
Kudos! How’s the system working for you lately and have you made any major changes since Post #44?
Another quick question…For the daily trades that get triggered, do you continue to add daily trades on the following days, even though you have several outstanding trades from prior days that may not have hit the T1 or T2 level? You mention some going for weeks…
