Lovei,
I have a question about when we have to close each trade with green pips. I mean, with the sell GBPJPY I had 52 green pips and now 7 and I dont know if will take these pips again. I dont know if I have to close before fridays or just relax and wait to fridays and then close it.
Thanks in advance for all!
Still early in the week but I’m down 300 pips…hopefully it’ll get better! Being optimistic!
Eur/jpy n gb/nzd was doing well but it hit my break even. I have opened new sell positions on both.
Well, well, well…
https://www.facebook.com/groups/368277783289778/permalink/440835379367351/
This is where loveislife retrieves his golden signals. Someone from Lagos is the original owner of them. Yet our “master” here has acquired permission to publish them on the condition that he should not change the signals.
But the question is why does he call it “his strategy”. Isn’t that strange? Why doesn’t he want “his” strategy to be discussed openly here? As I understand it, he is not capable of answering. I doubt he would even respond to such a challenge because he doesn’t know either how this strategy was developed.
I was being naive enough to believe that he spent four years to develop this system so I had decided not to make comments on “his” strategy here publicly. Because ethically it wouldn’t be appropriate. Also, I recall another member here asserting that they were developing this project under their “legal” system. But now that the cat is out of the bag, there’s no problem in discussing this strategy with the participation of other members. I don’t know how the ”true believers” of loveislife would react but here we go!
Although I am not much in favor of applying this strategy completely, I must admit that it is great.
Because:
I didn’t backtest it for months but for the last 5 weeks it produced great results.
R/R ratio seems proper. (1:2)
But as I said earlier here, it has some flaws and I’d like to elaborate.
First of all, it has NO fundamental basis. The concept of stop order is based on the idea that if price goes that much up/down it is going to continue to go up/down, so it is safe to buy/sell. This logic can be useful when the critical levels pre-defined. But in this strategy, most of the buy/sell levels are the recent critical levels. In my opinion it would be safer to trigger an order after a support/resistance level gets broken. See this week CADJPY sellstop level, it speaks for itself. I have been following this thread sinc ethe beginning and each week I see this happening.
Regarding the fundamentals, the thinking behind placing a stop order needs to have a Plan B. Actually each trade with a sensible perspective must have Plan B. But our Plan B is 100 pips SL and expecting the counter order to get triggered. Now remember what happened last week. Everyone is amazed at the results but let’s not forget, most of the profits last week is due to the FOMC minutes after which USD lost greatly. Also the same day the JPY lost against all other currencies. If FED had stated otherwise, all the USD pairs would be in the red and hit SL levels. Let alone making any profit, you could lose 100 pips for 12 pairs, that means 1200 pips loss. (12 out of the 15 pairs for which the signals are published have are USD and JPY pairs).
Another weak point in this strategy is the inclusion of some crosses in the batch. Example: This week EURUSD, EURJPY and USDJPY sellstops are all triggered. You are all selling these pairs. When you sell EURUSD and EURJPY, you sell EUR twice and buy USD and JPY. But in this case selling also USDJPY is pointless. Each week there’s a contradicting trade in the batch that makes indecisive moves. Especially EURAUD and GBPAUD. If you are only interested in the results, that’s fine. But I for one prefer to know what I am trading.
Of all the 15 pairs published here, I prefer to trade only EURUSD, EURJPY, GBPUSD, GBPJPY, AUDUSD, AUDJPY, NZDUSD and NZDJPY. I don’t trade USDJPY, USDCAD, USDCHF, EURAUD, GBPAUD, GBPCHF, CADJPY and CHFJPY. Actually I did a performance test for different batches from these pairs and the results are quite funny.
I made 4 different batches which don’t contain contradicting ones. Namely I don’t buy one currency in a pair if I sell the same currency in another pair.
They are:
BATCH 1 includes EURUSD, EURJPY, GBPUSD, GBPJPY, AUDUSD, AUDJPY, NZDUSD
These are the best performing pairs in the list.
Compare the results for 15 pairs and this batch separately:
15 PAIRS BATCH 1
WEEK 1 1051 429
WEEK 2 660 455
WEEK 3 1176 757
WEEK 4 519 448
WEEK 5 1208 902
As you see most of the profits come from this batch.
BATCH 2 includes only USD pairs & JPY pairs
15 PAIRS BATCH 1
WEEK 1 1051 625
WEEK 2 660 615
WEEK 3 1176 886
WEEK 4 519 484
WEEK 5 1208 1125
BATCH 3 includes only EUR pairs & GBP pairs. It has also very consistent results.
15 PAIRS BATCH 1
WEEK 1 1051 447
WEEK 2 660 462
WEEK 3 1176 574
WEEK 4 519 526
WEEK 5 1208 509
BATCH 4 has EURUSD, EURJPY, GBPUSD, GBPJPY, AUDUSD, AUDJPY, NZDUSD, EURAUD, GBPAUD and GBPCHF.
15 PAIRS BATCH 1
WEEK 1 1051 855
WEEK 2 660 500
WEEK 3 1176 1067
WEEK 4 519 483
WEEK 5 1208 985
Of course, you may think that it would be more profitable to trade all 15 pairs, because more trading equals more pips. But as long as you don’t know what you do and why you do it, someday you will lose and you won’t know why you lose.
What I explained here may be found pointless, nonsense, etc… And of course maybe my thinking is wrong. But this is how I see it and I’d like to hear other opinions, criticisms, etc…
Regards
EDIT: I forgot to tell how to determine the buystop/sellstop levels in this system.
For buystop
Close + [(High-Low)/3)]
For sellstop
Close - [(High-Low)/3)]
They are weekly close, weekly high and weekly low.
Most of the negatives are on the yen. If it reverses, we are good. I wouldn’t get worried just yet. Yen pairs are pretty volatile and may switch at any time, especially when the Asian markets are open.
Wow Metin, thanks for all of the info. Very eye opening. I was able to get similar results with my own formula as well.
Thanks for the eye opener mate ! Really appreciate what you’re doing
That’s why we can’t discuss the strategy 
Thanx for the valuable info, I also think it’s a great strategy but the fundamental part worries me.
[QUOTE=“metin;539680”]Well, well, well…
https://www.facebook.com/chibecanforex.chibecan?hc_location=stream
https://www.facebook.com/groups/368277783289778/permalink/440835379367351/
This is where loveislife retrieves his golden signals. Someone from Lagos is the original owner of them. Yet our “master” here has acquired permission to publish them on the condition that he should not change the signals.
But the question is why does he call it “his strategy”. Isn’t that strange? Why doesn’t he want “his” strategy to be discussed openly here? As I understand it, he is not capable of answering. I doubt he would even respond to such a challenge because he doesn’t know either how this strategy was developed.
I was being naive enough to believe that he spent four years to develop this system so I had decided not to make comments on “his” strategy here publicly. Because ethically it wouldn’t be appropriate. Also, I recall another member here asserting that they were developing this project under their “legal” system. But now that the cat is out of the bag, there’s no problem in discussing this strategy with the participation of other members. I don’t know how the ”true believers” of loveislife would react but here we go!
Although I am not much in favor of applying this strategy completely, I must admit that it is great.
Because:
I didn’t backtest it for months but for the last 5 weeks it produced great results.
R/R ratio seems proper. (1:2)
But as I said earlier here, it has some flaws and I’d like to elaborate.
First of all, it has NO fundamental basis. The concept of stop order is based on the idea that if price goes that much up/down it is going to continue to go up/down, so it is safe to buy/sell. This logic can be useful when the critical levels pre-defined. But in this strategy, most of the buy/sell levels are the recent critical levels. In my opinion it would be safer to trigger an order after a support/resistance level gets broken. See this week CADJPY sellstop level, it speaks for itself. I have been following this thread sinc ethe beginning and each week I see this happening.
Regarding the fundamentals, the thinking behind placing a stop order needs to have a Plan B. Actually each trade with a sensible perspective must have Plan B. But our Plan B is 100 pips SL and expecting the counter order to get triggered. Now remember what happened last week. Everyone is amazed at the results but let’s not forget, most of the profits last week is due to the FOMC minutes after which USD lost greatly. Also the same day the JPY lost against all other currencies. If FED had stated otherwise, all the USD pairs would be in the red and hit SL levels. Let alone making any profit, you could lose 100 pips for 12 pairs, that means 1200 pips loss. (12 out of the 15 pairs for which the signals are published have are USD and JPY pairs).
Another weak point in this strategy is the inclusion of some crosses in the batch. Example: This week EURUSD, EURJPY and USDJPY sellstops are all triggered. You are all selling these pairs. When you sell EURUSD and EURJPY, you sell EUR twice and buy USD and JPY. But in this case selling also USDJPY is pointless. Each week there’s a contradicting trade in the batch that makes indecisive moves. Especially EURAUD and GBPAUD. If you are only interested in the results, that’s fine. But I for one prefer to know what I am trading.
Of all the 15 pairs published here, I prefer to trade only EURUSD, EURJPY, GBPUSD, GBPJPY, AUDUSD, AUDJPY, NZDUSD and NZDJPY. I don’t trade USDJPY, USDCAD, USDCHF, EURAUD, GBPAUD, GBPCHF, CADJPY and CHFJPY. Actually I did a performance test for different batches from these pairs and the results are quite funny.
I made 4 different batches which don’t contain contradicting ones. Namely I don’t buy one currency in a pair if I sell the same currency in another pair.
They are:
BATCH 1 includes EURUSD, EURJPY, GBPUSD, GBPJPY, AUDUSD, AUDJPY, NZDUSD
These are the best performing pairs in the list.
Compare the results for 15 pairs and this batch separately:
15 PAIRS BATCH 1
WEEK 1 1051 429
WEEK 2 660 455
WEEK 3 1176 757
WEEK 4 519 448
WEEK 5 1208 902
As you see most of the profits come from this batch.
BATCH 2 includes only USD pairs & JPY pairs
15 PAIRS BATCH 1
WEEK 1 1051 625
WEEK 2 660 615
WEEK 3 1176 886
WEEK 4 519 484
WEEK 5 1208 1125
BATCH 3 includes only EUR pairs & GBP pairs. It has also very consistent results.
15 PAIRS BATCH 1
WEEK 1 1051 447
WEEK 2 660 462
WEEK 3 1176 574
WEEK 4 519 526
WEEK 5 1208 509
BATCH 4 has EURUSD, EURJPY, GBPUSD, GBPJPY, AUDUSD, AUDJPY, NZDUSD, EURAUD, GBPAUD and GBPCHF.
15 PAIRS BATCH 1
WEEK 1 1051 855
WEEK 2 660 500
WEEK 3 1176 1067
WEEK 4 519 483
WEEK 5 1208 985
Of course, you may think that it would be more profitable to trade all 15 pairs, because more trading equals more pips. But as long as you don’t know what you do and why you do it, someday you will lose and you won’t know why you lose.
What I explained here may be found pointless, nonsense, etc… And of course maybe my thinking is wrong. But this is how I see it and I’d like to hear other opinions, criticisms, etc…
Regards
EDIT: I forgot to tell how to determine the buystop/sellstop levels in this system.
For buystop
Close + [(High-Low)/3)]
For sellstop
Close - [(High-Low)/3)]
They are weekly close, weekly high and weekly low.[/QUOTE]
Well done Metin,
Keep up the good work!
[QUOTE=“metin;539680”]Well, well, well…
https://www.facebook.com/chibecanforex.chibecan?hc_location=stream
https://www.facebook.com/groups/368277783289778/permalink/440835379367351/
This is where loveislife retrieves his golden signals. Someone from Lagos is the original owner of them. Yet our “master” here has acquired permission to publish them on the condition that he should not change the signals.
But the question is why does he call it “his strategy”. Isn’t that strange? Why doesn’t he want “his” strategy to be discussed openly here? As I understand it, he is not capable of answering. I doubt he would even respond to such a challenge because he doesn’t know either how this strategy was developed.
I was being naive enough to believe that he spent four years to develop this system so I had decided not to make comments on “his” strategy here publicly. Because ethically it wouldn’t be appropriate. Also, I recall another member here asserting that they were developing this project under their “legal” system. But now that the cat is out of the bag, there’s no problem in discussing this strategy with the participation of other members. I don’t know how the ”true believers” of loveislife would react but here we go!
.[/QUOTE]
How do we know loveislife has permission to post these signals that are from someone else?
[QUOTE=“loveislife786;525476”]
Plz dont ask me about my strategy but i can assure u that this kind of trading is best
As all we know that traders trade day and night but 90% to 95% of them lose money
why because of over trading and greed.
Now u dont have to sitt and trade every day because only put pending orders in starting of a week and enjoy free all week
This system makes enough pips to grow account rapidly…[/QUOTE]
Wohlex sent me the Facebook links. He said he contacted the signal provider and asked them if they were aware of their signals being published and they said they allowed it as long as the signals are not modified.
[QUOTE=“metin;539715”]
Wohlex sent me the Facebook links. He said he contacted the signal provider and asked them if they were aware of their signals being published and they said they allowed it as long as the signals are not modified.[/QUOTE]
Ahhh… Ok.
I noticed loveislife making comments that seemed rather novice on another thread… Thought it was weird since he had been posting signals to this thread… Now it makes sense that these aren’t his.
What is weird though is if he modified the signals… They would no longer be the original signals and the original owners would not be able to say anything because it is no longer their signal lol.
The cat got out the bag, I still feel these signals can be damaged when it comes to fundamentals, I just hope these signals are sustainable.
METIN!
great work and great analysis!
so many questions lol
first question: how did you decide on the batches?
second question: since you don’t trade these currencies USDJPY, USDCAD, USDCHF, EURAUD, GBPAUD, GBPCHF, CADJPY and CHFJPY, they are not in any of your batches right?
this question: why did you decide on not trading these?
sorry for so many questions! most likely I will have more lol newbie here!
Metin,
The reason they want you to trade 10 or more pairs is that it helps provide a hedge in the portfolio of currency due to the arrangement of these currencies. Lets take a long position on all the currencies he listed, the currencies risk exposure is only limited to EUR^4,CHF, GBP^3,1/JPY^3 and USD^2 out of the 32 currencies that you trade.Its an effective portfolio management strategy since now your only dealing with 12 currencies exposure risk.
Therefore fundamentals shouldnot matter that much per say
Accoding to your pairs, each pair will tend to perform better per say since their is no cross currency hedge considering you go long each pair but its going to make you bleed alot aswell on your bad days…
Well thats atleast my understanding of it. I would be very much interested to hear your take on this.
Metin I really owe you a sincere, hearty and humble apology. Yes I agree with you that this is an old method. Here is my analytical deduction all based on the ATR to standardise the system: the opening stops are approximately 63% of ATR, Stops at 106% and Targets about 191%. The method that is being used has its base in Gann’s square of nine with its basis on the Square Root Theory. The other point is to ensure that you select the pairing properly because of correlation and hedging issues. Again apologies.
Day 2 and still in red. Rough week so far but still riding it out!
Gd work Metin.Its an upgraded version of weekly volatility breakout strategy Named First strike plus by Joel Resnik.I tried with following calculations,for Buy stop= close+(high-low)*0.3 and for sell stop= close-(high-low)*0.3.And stop losses based on ATR.gd luck to all…
Nice Metin, we all owe you for decoding this strategy. This strategy can be used to reconfirm other strategies if you are already using more than 1 strategy.
But why does it has to be week’s high minus week’s low and divided by 3? What if we divided it by 2 or 2.5 or 4. Would that make the strategy less effective?
How abt TP? Is there a best way to calculate the best TP profit instead of waiting till week’s end or letting it run to next week?
Hi Erhnam… Im interested… include me in your donation list… did you clarify with the founder how to make a donation.
Nice work Metin.