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82

Hello windsorftw,

Last week I stumbled on this thread and started reading it. I do have to say that I’m very excited about the WW-method. I’ve been testing it out this month on 3 different currencies and the outcome is amazing.

+3469 pips!

Now I’m very curious how you fine-tweaked this strategy and which indicators you use to filter out those bad trades.

Here 3 pictures of the sheets I made for this month.

AUD/USD

EUR/USD

GPB/USD

I hope this thread will get his life back:51:

Happy trading!

83

Hey folks! Sorry I got sidetracked AGAIN. Fear not, the update is coming…
For starters, I have made a few minor adjustments I can point out here.

Instead of the Entry at the 100.0 Fib Level, make a custom level at 110.0%. This will help get out of those trades that hit and bounce off support/resistance levels. It won’t save you from all of those bad trades, but it helps.

Also, for the more conservative trader, set BreakEven at 131.8% Fib Level. You’ll find you get stopped out more, especially since 131.8 can mean 10-20 pips on certain trades. Again, this will optimize your winning number of trades.

Lastly, I’ve been setting my targets once the price hits certain levels. Instead of two pending orders, I only put one in now at 5.0% of my balance.
Instead of targetting 161.8 and 261.8 Fib levels, here’s how it works. Once price hits 131.8 I move my SL to break even. Once price continues and moves to 161.8, I move my SL to 131.8. If price continues to progress from there, the next move is at the 200.0 Fib Level. Once it hits 200, move the SL to 161.8. Again, if price continues in our favour and hits the 300.0 Fib Level, move SL to the 200.0 Level. The final target is the 400.0 Fib Level. If price makes it that far, than chaaaaching!
Be warned, price very rarely hits the 300.0 level, let alone the 400.0 level, but it does, sometimes.
As this is on the daily time frame, it’s easy to move your levels. I typically have two charts of the same currency pair, each with the MoveStop EA running. One for the closest possible level, and the other for the next closest level. As levels get hit, adjust the EA.

For example, I just opened my pending order. I adjust the EA on chart 1, and set the target at the 131.8 level and move stop to whatever my entry price is (break even point). On chart #2, I set the target for the 161.8 level and move stop to the 131.8 level. As the trades progress and a level gets hit, I adjust the EA. Say my first level got hit and now I’m sitting at break even. I then go into chart 1, and edit the EA. Setting the target at the next level, in this case, the 200.0 level and move the SL to the 161.8 level etc…

I’ve added the MoveStopEA. It’s pretty straight forward. Simple input the trade #, the price target you want to hit and the new price you want your SL moved to. If anyone needs more help with this just ask.

Great work Kabooem! It’s interesting to see it on a nice spread sheet like that. Well done. I also can’t help but notice if you were to move your SL to break even after a trade hits the first target you’d have slightly a few more pips, +397 more pips to be exact :wink: But then again, maybe not. You might lose out on more of the T2 trades which is where the pips are at.

MoveStopExpert.zip (2.77 KB)

84

Hey windsor,

I just went through the entire thread and couldn’t find anything about your initial stop loss? Where do you set you SL when you first enter the trade?

85

The stop loss is posted in post #44, which is on page 5 I believe.

I use the 23.6 Fib level as the initial Stop Loss.

86

Hello windsorftw,
I have just started price action trading and somehow took a chance to glance at this thread. Method seems to be good. Am i correct, assuming that these 2 methods work only during the trending market ? as there might not be large moves during range trades or consolidation periods ?

87

Hi Wind…,

I have been looking at WW systerm and have to say I really do like it indeed. I just want to ask you what pairs are you still on since you started this systerm. Has any amendment been done as per your SL. 23 fibbonaci level.

I like the strategy as you are more than 90% sure of being in the positive by the end of the week or month.

The other question I have is how do you trade when there is big news like NFP and Budget Release coming up in a pair you are already in a trade with. Do you close the Trade out or leave it on, I probably will scale out some of my position but I want to know your stance and how you play it.

You now say you do not enter two pending postions any more, can you elaborate more on it and why please.

I am only asking so I can have a better understanding on your mindset with this strategy.

I am not a newbie as I post more on Forexfactory so I can take your analysis and see what you mean. Also keep the demo charts coming through as it helps re enforce your point to every one.

I do use TDI and the version I use does not repaint so I will be using it to watch out on over bought and over sold regions.

Also, I know I am asking a lot of questions but do you ever look at weekly and monthly TF in your analysis ie TOP/DOWN analysis on weekly and monthly TF.

Thanks and hope I don’t bore you with all my questions.

88

Hey Windsorftw,

Thanks for your quick reply :slight_smile:

I re-tested your strategy with the new conditions, and I have to say, i’m even happier with the result then before. Maybe a bit less pips each month, but the reducement of losing trades will cover that up.

I still have a few questions,

Like sharemaster2, I would like to know which charts you trade. At the moment I’m only using EUR/USD, AUD/USD, EUR/JPY and GBP/USD.

What are you doing with the candle that is being created on Sunday, are you trading that one or leave that one be?

I downloaded your indicator to move the stop/loss automatically, however I can’t get it to work. If I go to Inser->Indicators->Custom and click on MoveStopExpert, nothing happens. Any idea what the problem might be or what I’m doing wrong?

Thanks in advanced!

89

gs8888, the first strategy doesn’t work too well, the indicator repaints way too much to make a valid entry point. This recent discussion is concerning the whicked wick approach.

The WW strategy works in any trading condition, ranging markets, consolidation periods and trending markets.
Some of the best trades occur while price is bouncing off S/R levels or Bollinger Bands.

90

Sharemaster, thanks for the inquiry. No you’re not boring anyone with your questions, you’re helping us develop this strategy and it helps others understand what’s going on as well, including myself at times lol!

To answer your questions, I do use the 23.6 Fib level as my stop loss. This seems to work well in the long run. As I have been using this system for quite a while now, the wins outweigh the losses.

I trade the major pairs, and the commodity pairs. Though I do stay away from the NZD crosses.
GBPUSD, EURUSD, USDJPY, USDCHF, AUDUSD, USDCAD
I will be back testing/forward testing EURGBP and EURJPY in the near future to see if I can add them to my list. I’ll post any results I get.

Personally i don’t worry about the news releases with regards to this system. I still work a day job (which I hope Forex will free me from in the near future). I don’t have time to sit in front of my computer to monitor news releases except during the asian session. So far so good so why fix something that’s not broken?

When I first posted about this system, I was using 5% of my account balance, divided by two for each position I entered. Here’s an example:
Acct Balance = $5,000.00
On a trade with 100 pip SL, 5% is 0.25 lots.
Enter two pending orders at 0.12 lots
One trade makes it, the other doesn’t, and the first trade makes like 30 pips. 30 pips at 0.12 lots is not a lot of income.

Now let’s take this same example with only 1 trade
1 pending order at 0.25 lots
You get stopped out at the 161.8 fib level, which is T1 above. Same 30 pips, I now just made twice the profit that I normally wouldn’t have made with dividing up trades.

That and it’s easier to set up 1 trade instead of multiple trades with different TP levels.
You might not get more pips in the long run, but to be honest, I’m here to make a profit. Higher pips doesn’t necessarily yield higher profits.
10 pips at 1.0 lot is a lot more than 50 pips at 0.1 lots.

Please share the TDI you use, would be nice to see if it helps with trading this method.

And no, I typically don’t check the other TF while trading this system.

If you have any more questions, or input please share with the community. That’s what we’re here for!

91

Kaboemm,
Agreed, the new conditions yield a lot less losing trades. A LOT less losing trades in my opinion. That can make a huge difference in the long run as well.

I trade every candle I see. My broker shuts down for the weekend, so I don’t trade Friday or Saturday nights. When the candle opens Sunday, I proceed per normal. Just be careful with that one is all. As most traders will be playing the Gap trades, but this system is pretty robust and it usually doesn’t get affected by that.

As for the movestopexpert, it’s an Expert Advisor, and needs to be put into the Expert Advisor folder, not the indicator folder.
I’m sure you know how to install custom EAs if you know how to install custom indicators, if you still need help I’ll explain further.

92

Here’s the results for AUDUSD for Jan and Feb using the new conditions.

As you can see, there’s a LOT less pips being made as well, but 0 losses incurred in two months. Not a lot of trades getting triggered either. I’ll finish the rest of the year and move on to the other pairs for comparisson’s sake.

So far I’m averaging 100-200 pips per month on AUDUSD. AUDUSD isn’t as volatile as GBPUSD or EURUSD, but the decrease in volatiliy means an increase in profitable trades. I can live with that. The other pairs trade a little more often than this , but this one is one of the safest to trade with.

AUDUSD won’t make you rich with this approach, but it’ll land you some nice, EASY, worry free pips.

audusd janfeb.JPG690×582 108 KB

93

Hi Wind…

Thanks for getting back to me, I have to say that you are very helpful and very approachable too. This is the spirit amd that is why you will always be moving foward indeed.

As you said you new systerm reduces losses more which is more important than profits to me, as we all know the first principle in trading is protecting your pips dollars and then keeping what you have made from the markets. This systerm keeps you off the screens a lot and still earns a huge sack of pips even more than then intraday traders glued to thier screens for up to 12 to 15 hours a day.

Well for the TDI I use, I got from the Factory site in TMS Made simple thread. I am having issue uploading this here probably due to my low post ratings. So not sure on the way forward with that.

Well be doing something similar with what the other fellow did with the excel spread sheet. I like that as that is also a back testing of what to expect. So your confidence is boosted when you go live.

I also noted on your post that you have some entries that say, “wicks too short” can you elaborate on that please, does it mean if that wick of the last candle for the day is too short you don’t trade it? does it not mean that you have strong momentum in hence no wick but a body? I would have thought so.

Also lots of trade no being triggered, is not still wiser to have two pending trades as that may increase the trades triggered but then again could also mean possibility of looses too so that is two edged sword I guess.

So also take any trade on any candles too you said, hmm.

thanks and may the green pips stay with you all as always.

94

I probably missed it somewhere, but what happens if neither your stop loss or tp have been hit and now another candle has closed?
Thanks for your Help. Great system.

95

hi there,

The rule in trading will mean you remain in the Trade till you TP is HIT and in the mean time move your SL to breakeven once you have reached your first fibb levele or major resistance level. That is a know general rule in Trading. If also you analyse the market and feel it is going to go the other way against you, then you close your trade manaully and look for the next valid trade. So knowing what the higher TF is doing like the Weekly and Monthly TF for me matters. But you will develope you your own rules too as your gain confidence. As I said before, I am not new to trading as I post more in the factory site but like this thread hence I am here too.
Just my two Pips worth as always.

96

Good Advice. Thank you!

97

I wonder if the system would work if we take the previous 6 4hr candles and draw the fibs based on this system therefore giving us an opportunity every 4 hours? I know your chart would look like a mess of fibs but I wonder if it would work? Or maybe use the 8hr chart? Just thinking!

98

Hey Wind,

Thanks for the explanation. I saw your AUD/USD sheets of the 2 months Jan and Feb and I remaked them just to be sure that I’m doing the same thing as you do.

You see there are a few different trades and outcomes between the 2 sheets of us. I think what you did different:

On the 3rd of January you have made a profit of 52 pips at the 161.8% fib level due the 200% fib level was triggered.

On my sheet I have a profit of 3 pips. I added the fib lines from the top whick of the previous candle to the body’s high on the 2nd previous candle.

I guess you took the high whick or high body (can’t figure out which one because the whick is really small) of the previous candle to the lower body or low shadow (as the candle doesn’t have a shadow lol) of the 2nd previous candle.

Could you explain how and why you did that?

On the 23rd of January you made a profit of 28 pips while I lost 20 pips. I drawed to fibs from the lower shadow of the previous candle to the top body of the 2nd previous candle. Which made the 110% fib triggered and touched the S/L of 23.6%.

Could you please explain how you got +28 pips on that day?

I feel like a real noob now asking this as an IT certified nerd :[ But I can’t seem to find the Expert Advisor folder. I putted the file in the Expert folder, maybe that is the good folder tho, but how to open or start it?

[B]edit:[/B] [I]I managed to get it to work now, as I didn’t had the Navigator tab open, and that’s were the MS Expert was hiding. Now I guess that shutting down your computer will interrupt the MoveStopExpert as it is not a server side plugin right? Also, is it possible to set more Targets en Move Stops at one trade order number? If not, maybe I can look in to the code and make a few changes^^[/I]

Thanks:57:!

99

Hi windsorftw,

Just came across your thread and thanks a lot for sharign with us your strategy.

Refer to your post #91, AU result for Jan and Feb-2012. Are you entering the trade as per rule stated at Post #44 (the original) or the modified version which using TDI Reg Green to determin Long or Short regardless of candle direction?

Thank you

100

Hello Windsor. With the new conditions, chances of getting stopped are high, asi saw that price is always retracing and then shooting down and also as we keep the SL at 23.6% , the RR is totally uneven. When price bounces off 110% fib level, we almost lose what we have made on 3 or 4 trades.

101

Sharemaster,
in my excel file where I marked the wicks are too short, I should have marked Fib Levels are too small. Basically the wick might be long but the adjacent candle body is too close and results in skewed Fib Levels.

IE: Previous day candle had a high at say, 1.0000 for simplicity sake and it was a bullish candle. The day before that was also a bullish candle, and it closed at say, 0.9990. a 10 pip difference. Hence the short fib levels.

You COULD play it from the day before’s open but I’d rather not. I try to play it as safe as possible.

If you were to put two pending orders at the 110.0 Fib level, they’d still get triggered as entering one pending order at the same level. Whether you enter two and guarantee a few pips, or enter one and hope to go the distance is entirely up to the trader. The question is, what is the optimum risk to reward ratio for this system? Maybe instead of using fib levels based on the candles we use a designated TP, SL and break even points?
We could still use the 110.0 as the entry level as it seems to be pretty safe.

I guess we need to do some more back testing and see what the optimal levels are. Don’t forget each currency pair is different so the TP/SL/BE points could be different for each pair.

More work work work :slight_smile: