Could you give a brief recap of the trades you are currently making? I like the basic rationale of these trades and would like to try them myself in a demo to get a better feel for them.I’ve tried to scour the thread but I think I may have missed somethings. To my understanding, you’re trading the following setups (all times CST and based off 30 min charts). Please let me know what I have incorrect or If I’m missing a pair/setup you are trading.
[B]EUR/USD:[/B]
If 6:30AM candle closes bullish, SELL at 7:00 AM, EXIT at 11:00AM
Target: 10 pips
Stop Loss: 40 pips
If 3:30PM candle closes bullish, SELL at 4:00PM, EXIT at 7:30PM
Target: 10 pips
Stop Loss: 40 pips
[B]GBP/USD:[/B]
If 1:30PM candle closes bearish, BUY at 2:00PM, EXIT at 5:00PM
You are almost correct on the trades listed. Here are the setups for each:
[B]7am CST, pre-US open, EUR/USD trade -[/B]
If the 6:30am CST bar closes up, short at the open of the 7am bar.
Exit: at the open of the 11am CST bar
TP: 20 pips
S/L: 60 pips
[B]3pm CST, GBP/USD trade -[/B]
If the 2:30pm CST bar closes down, buy at the open of the 3pm CST bar.
Exit: at the open of the 5pm CST bar
TP: 10 pips
S/L: 40 pips
[B]4pm CST, AU open, EUR/USD trade[/B]
If the 3:30pm CST bar closes up, short at the open of the 4pm CST bar.
Exit: at the open of the 7:30pm CST bar
TP: 10 pips
S/L: 40 pips
As listed, each of these systems are traded based on CST and the exits are static (meaning that no matter what price action does, time will dictate the trade’s exit if it has not reached TP or S/L).
I have been saying that I will add a new system to this thread for awhile now, and I promise that I will soon…I’ve just been incredible busy with life in general. Thanks to everyone for your patience.
Thanks for the update thefuture420, I am glad to hear that you made a bit of a profit from the trade. Hopefully the conditions line up for the 7am trade tomorrow morning to give you a chance to make a bit higher profit :).
hi tradetillidie… i just checked ur thread… ur sl is more then ur t.p how come???
i mean i ve been readin practicing 1:2 ratio , but here it seems different…
risking 60 gettin 10? how come??? can u plz explain???
anyhow if it is working well for all the peole out there gud luck for them…
but i wud like to peep in the timmings u r mentioning…
GUD LUCK
n HAPPY TRADING
The basis of these trades are a bit different than most that you receive advice on. The two factors that differ sharply from most trades are that they are time/price action based, and that they have a historical, proven track record of working.
As I have mentioned before, the time factor forces you to exit the trade at a certain time regardless of whether you reach TP or S/L. As you place these trades you will find that this concept is a saving grace as often times, if you don’t reach your stop or target, you will still exit the trade before a reversal occurs. This allows you to stay in trades in a calculating way and exactly time your entries and exits.
In addition, these trades have all been backtested for a significant number of years (and no, not using the MT4 platform as its results are often wildly inaccurate) with various sizes of TP and S/L. Historically, the combination of S/L and TP listed for these trades work best, and have done so for many years. Often times a larger S/L will allow your trade to “breathe” a bit before a pair takes a turn in your favor. I only recommend this method of trading for THIS TYPE OF TRADE. If you are a trend/swing trader, you will never want to have a stop that is significantly greater than your limit because the margin of error is much higher.
My continual advice is, that if the market is volatile, trade with a lower lot size. Also, this thread is not meant to take the place of a thorough understanding of TA and market movement concepts. Statistics do not always mean that history will repeat itself, statistics simply help to reveal the market’s natural biases on a day to day basis.
(PS. Just a clarification - the risk will never be greater than 4x the reward for these trades, meaning that you will never risk 60 pips to gain 10).
7am trade worked out beautifully! I think eur is on the way down though, so I set trailing stop and am going to ride it a bit more as I have constant line right in this range that wants to break. Good luck all
So much for riding it down, still ended up with +20 pips though :13:
[QUOTE=tradetilidie;257797]Hello MrPippps, thanks for the question.
The basis of these trades are a bit different than most that you receive advice on. The two factors that differ sharply from most trades are that they are time/price action based, and that they have a historical, proven track record of working.
As I have mentioned before, the time factor forces you to exit the trade at a certain time regardless of whether you reach TP or S/L. As you place these trades you will find that this concept is a saving grace as often times, if you don’t reach your stop or target, you will still exit the trade before a reversal occurs. This allows you to stay in trades in a calculating way and exactly time your entries and exits.
im glad to kno tht u have develop somthin new, n its really new for me, i always say traders comes in all sizez n n shapes… n here is one example. but i ve one question… as u mentioned… ur risk n reward ratio is 4:1. means if u risk 40 pips u gain 10. tht means if u have 4 winning days n one loosing day ur account size become same…? right? back to square one. n wht if u have two bad days or three bad days in a row? then wht wud be the outcome?
GUD LUCK
HAPPY TRADING…
Early on, I posted the results of each of these systems. Because the win rates are always 70% or higher and because, even if you lose, you seldom reach you S/L, the wins for the system outweigh the losses. It is a matter of volume with these trades, not single trade profit. These type of trades are designed to make you a consistent profit, which can certainly help if you are a swing trader in draw down. The more of these type of trades that you add to your portfolio, the greater profit you will see overall.
Also, thank you for the compliment, but I did not create this type of trade. What I was pointing out is that you generally do not hear about this type of trade, not that it has not been done before.
As with any system, if it is proven to work, the key is to press on through draw downs. Fortunately backtesting shows me the length of the largest drawdown and the amount. This allows me to pinpoint whether I am simply in a “trough” with regard to a system’s equity, or whether the system has simply stopped working (which does happen from time to time).
Once again, market statistics do not guarantee that history will repeat itself, but it does help you to identify natural biases that occur. The amount of trades in a system, the length of time backtested, the winning percentage, and the profit factor/average profit are elements that help determine whether a system is worth taking on.
Hopefully this helps! Thanks again for the questions.
price hadnt moved much though
but i ve one question… as u mentioned… ur risk n reward ratio is 4:1. means if u risk 40 pips u gain 10. tht means if u have 4 winning days n one loosing day ur account size become same…?